EXHIBIT 99.1

ATWOOD OCEANICS ANNOUNCE FOURTH QUARTER EARNINGS FOR FY2008

Houston, Texas
24 November 2008
 
FOR IMMEDIATE RELEASE
 

EARNINGS-

Atwood Oceanics, Inc., (NYSE: ATW) Houston-based International Drilling Contractor, announced today that the Company earned net income of $74,753,000 or $1.16 per diluted share, on revenues of $160,654,000 for the quarter ended September 30, 2008 compared to net income of $54,149,000 or $0.84 per diluted share, on revenues of $121,604,000 for the quarter ended September 30, 2007. For the twelve months ended September 30, 2008, the Company earned net income of $215,438,000 or $3.34 per diluted share, on revenues of $526,604,000 compared to net income of $139,024,000 or $2.18 per diluted share, on revenues of $403,037,000 for the twelve months ended September 30, 2007. 

	FOR THE THREE MONTHS ENDED
	SEPTEMBER 30,
		2008			2007
Revenues	$	160,654,000		$	121,604,000
Income before Income Taxes		87,244,000			61,309,000
Provision for Income Taxes		(12,491,000	)		(7,160,000	)
Net Income		74,753,000			54,149,000
Earnings per Common Share -
Basic		1.17			0.85
Diluted		1.16			0.84
Weighted Average Shares
Outstanding -
Basic		64,031,000			63,346,000
Diluted		64,697,000			64,198,000
	FOR THE TWELVE MONTHS ENDED SEPTEMBER 30,
		2008			2007
Revenues	$	526,604,000		$	403,037,000
Income before Income Taxes		244,775,000			159,959,000
Provision for Income Taxes		(29,337,000	)		(20,935,000	)
Net Income		215,438,000			139,024,000
Earnings per Common Share -
Basic		3.38			2.22
Diluted		3.34			2.18
Weighted Average Shares
Outstanding -
Basic		63,756,000			62,686,000
Diluted		64,556,000			63,628,000