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0001193125-11-214168.txt : 20110808 0001193125-11-214168.hdr.sgml : 20110808 20110808154647 ACCESSION NUMBER: 0001193125-11-214168 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110808 DATE AS OF CHANGE: 20110808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 111017059 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

Form 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR QUARTERLY PERIOD ENDED JUNE 30, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 1-13167

ATWOOD OCEANICS, INC.

(Exact name of registrant as specified in its charter)


TEXAS		74-1611874
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

15835 Park Ten Place Drive Houston, Texas		77084
(Address of principal executive offices)		(Zip Code)

281-749-7800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filings requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of July 31, 2011: 64,931,339 shares of common stock, $1 par value

ATWOOD OCEANICS, INC.

FORM 10-Q

For the Quarter Ended June 30, 2011

INDEX


			Page

Part I. Financial Information

	Item 1.	Unaudited Condensed Consolidated Financial Statements

	a)	Unaudited Condensed Consolidated Statements of Operations For the Three and Nine months ended June 30, 2011 and 2010		3

	b)	Unaudited Condensed Consolidated Balance Sheets As of June 30, 2011 and September 30, 2010		4

	c)	Unaudited Condensed Consolidated Statements of Cash Flows For the Nine months ended June 30, 2011 and 2010		5

	d)	Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Equity For the Nine months ended June 30, 2011		6

	e)	Notes to Unaudited Condensed Consolidated Financial Statements		7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk		28

	Item 4.	Controls and Procedures		29

Part II. Other Information

	Item 1.	Legal Proceedings		30

	Item 1A.	Risk Factors		31

	Item 6.	Exhibits		33

Signatures				34

PART I. ITEM I - FINANCIAL STATEMENTS

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2011			2010			2011			2010

REVENUES:
Contract drilling	$	162,147		$	166,637		$	467,518		$	489,949


COSTS AND EXPENSES:
Contract drilling		53,004			63,139			161,750			186,950
Depreciation		10,395			9,611			27,991			28,967
General and administrative		9,742			9,339			34,480			30,683
Other, net		—			(822	)		(77	)		(1,521	)

		73,141			81,267			224,144			245,079

OPERATING INCOME		89,006			85,370			243,374			244,870


OTHER INCOME (EXPENSE):
Interest expense		(1,900	)		(698	)		(3,037	)		(2,010	)
Interest income		97			175			592			260

		(1,803	)		(523	)		(2,445	)		(1,750	)

INCOME BEFORE INCOME TAXES		87,203			84,847			240,929			243,120
PROVISION FOR INCOME TAXES		11,918			25,853			42,182			50,387

NET INCOME	$	75,285		$	58,994		$	198,747		$	192,733


EARNINGS PER COMMON SHARE (NOTE 3):
Basic		1.16			0.92			3.07			2.99
Diluted		1.15			0.91			3.04			2.96

AVERAGE COMMON SHARES OUTSTANDING (NOTE 3):
Basic		64,820			64,427			64,689			64,375
Diluted		65,470			65,037			65,355			65,054

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PART I. ITEM I - FINANCIAL STATEMENTS

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


	June 30, 2011		September 30, 2010
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	113,075	$	180,523
Accounts receivable		106,879		96,463
Income tax receivable		2,835		16,052
Inventories of materials and supplies		56,404		52,749
Prepaid expenses and deferred costs		1,998		14,207

Total Current Assets		281,191		359,994


NET PROPERTY AND EQUIPMENT		1,813,674		1,343,961

LONG TERM ASSETS:
Other receivables (See Note 9)		15,799		15,799
Deferred costs and other assets		16,032		4,686

Total Long Term Assets		31,831		20,485

Total Assets	$	2,126,696	$	1,724,440


LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	37,863	$	37,192
Accrued liabilities		26,684		25,368
Income tax payable		6,117		26,367
Deferred credits		33,834		4,533

Total Current Liabilities		104,498		93,460


LONG-TERM DEBT		400,000		230,000

LONG TERM LIABILITIES:
Deferred income taxes		10,028		10,845
Deferred credits		8,857		2,919
Other (See Note 6)		24,629		17,082

Total Long Term Liabilities		43,514		30,846


COMMITMENTS AND CONTINGENCIES (SEE NOTE 9)

SHAREHOLDERS’ EQUITY:
Preferred stock, no par value; 1,000 shares authorized, none outstanding		—		—
Common stock, $1 par value, 90,000 shares authorized with 64,781 and 64,443 issued and outstanding at June 30, 2011 and September 30, 2010, respectively		64,846		64,443
Paid-in capital		142,495		133,095
Retained earnings		1,371,343		1,172,596

Total Equity		1,578,684		1,370,134

Total Liabilities and Equity	$	2,126,696	$	1,724,440

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PART I. ITEM I - FINANCIAL STATEMENTS

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Nine Months Ended June 30,
	2011			2010

CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$	198,747		$	192,733
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation		27,991			28,967
Amortization of debt issuance costs		1,680			603
Amortization of deferred items		4,084			13,031
Provision for doubtful accounts		—			(65	)
Provision for inventory obsolesence		495			405
Deferred income tax expense (benefit)		(817	)		4,876
Share-based compensation expense		5,406			7,639
Other, net		(77	)		(1,521	)
Changes in assets and liabilities:
Decrease in accounts receivable		6,203			13,151
Decrease in insurance receivable		—			514
Decrease (increase) in income tax receivable		13,217			(9,094	)
Increase in inventory		(4,150	)		(3,880	)
Decrease in prepaid expenses		11,989			8,334
Increase in deferred costs and other assets		(8,259	)		(7,979	)
Increase in accounts payable		2,146			4,571
Increase in accrued liabilities		1,340			979
Decrease in income tax payable		(20,250	)		(1,002	)
Increase (decrease) in deferred credits and other liabilities		29,730			(22,707	)

Net cash provided by operating activities		269,475			229,555


CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures		(499,241	)		(136,870	)
Proceeds from insurance		—			3,374
Proceeds from sale of assets		115			162

Net cash used by investing activities		(499,126	)		(133,334	)


CASH FLOW FROM FINANCING ACTIVITIES:
Principal payments on debt		(55,000	)		(45,000	)
Proceeds from debt		225,000			—
Proceeds from exercise of stock options		4,397			840
Debt issuance costs paid		(12,194	)		—

Net cash provided and used by financing activities		162,203			(44,160	)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	$	(67,448	)	$	52,061
CASH AND CASH EQUIVALENTS, at beginning of period	$	180,523		$	100,259

CASH AND CASH EQUIVALENTS, at end of period	$	113,075		$	152,320


Non-cash activities
Increase (decrease) in accounts payable and accrued liabilities related to capital expenditures	$	(1,499	)	$	14,605

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PART I. ITEM I - FINANCIAL STATEMENTS

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES

IN SHAREHOLDERS’ EQUITY


										Total
	Common Stock				Paid-in			Retained		Stockholders’
(In thousands)	Shares		Amount		Capital			Earnings		Equity

September 30, 2010		64,443	$	64,443	$	133,095		$	1,172,596	$	1,370,134
Net income		—		—		—			198,747		198,747
Vesting of restricted stock awards		99		99		(99	)		—		—
Exercise of employee stock options		304		304		4,093			—		4,397
Stock option and restricted stock award compensation expense		—		—		5,406			—		5,406

June 30, 2011		64,846	$	64,846	$	142,495		$	1,371,343	$	1,578,684

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PART I. ITEM 1 - FINANCIAL STATEMENTS

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	UNAUDITED INTERIM INFORMATION

The unaudited interim condensed consolidated financial statements of Atwood Oceanics, Inc. and its subsidiaries as of June 30, 2011, and for the three and nine month period ended June 30, 2011 and 2010, included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Unless otherwise indicated, references to “we”, “us”, “our” and the “Company” refer collectively to Atwood Oceanics, Inc., its subsidiaries and affiliates. The year-end condensed consolidated balance sheet data was derived from the audited financial statements as of September 30, 2010. Although these financial statements and related information have been prepared without audit, and certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, we believe that the note disclosures are adequate to make the information not misleading. The interim financial results may not be indicative of results that could be expected for a full fiscal year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report to Shareholders for the year ended September 30, 2010. In our opinion, the unaudited interim financial statements reflect all adjustments considered necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented.

2.	SHARE-BASED COMPENSATION

We account for share-based compensation in accordance with ASC 718. Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). As of June 30, 2011, unrecognized compensation cost, net of estimated forfeitures, related to stock options and restricted stock awards was approximately $5.7 million and $7.9 million, respectively, which we expect to recognize over a weighted average period of approximately 2.5 years.

Awards of restricted stock and stock options have both been granted under the Atwood Oceanics, Inc. Amended and Restated 2007 Long-Term Incentive Plan (as amended or restated from time to time, the “2007 Plan”) during the nine months ended June 30, 2011. We no longer issue awards of restricted stock or stock options under either the Atwood Oceanics, Inc. 1996 Incentive Equity Plan (the “1996 Plan”) or the Atwood Oceanics, Inc. Amended and Restated 2001 Stock Incentive Plan (the “2001 Plan”), but stock options remain outstanding under those plans. We deliver newly issued shares of common stock for restricted stock awards upon vesting and upon exercise of stock options. All stock incentive plans currently in effect have been approved by the shareholders of the Company.

Stock Options

Under our stock incentive plans, the exercise price of each stock option must be equal to or greater than the fair market value of one share of our common stock on the date of grant, with all outstanding options having a maximum term of 10 years. Options vest ratably over a period from the end of the first to the fourth year from the date of grant under the option agreements for the 2007 and 2001 Plans and from the end of the second to the fifth year from the date of grant under the option agreements for the 1996 Plan. Each option is for the purchase of one share of our common stock. The per share weighted average fair value of stock options granted during the nine months ended June 30, 2011 was $15.72. We estimated the fair value of these stock options using the Black-Scholes pricing model and the following assumptions for the nine months ended June 30, 2011:


Risk-Free Interest Rate	1.9	%
Expected Volatility	44	%
Expected Life (Years)	5.2
Dividend Yield	None

The average risk-free interest rate is based on the five-year U.S. treasury security rate in effect as of the grant date. We determined expected volatility using a six year historical volatility figure and determined the expected term of the stock options using 10 years of historical data. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We have never paid any cash dividends on our common stock.

A summary of stock option activity during the nine months ended June 30, 2011 is as follows:


	Number of Options (000s)			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Life (Years)		Aggregate Intrinsic Value (000s)
Outstanding at September 30, 2010		1,720		$	21.58		6.0	$	15,260
Granted		290		$	37.41		—	$	—
Exercised		(306	)	$	14.63		—	$	7,881
Forfeited		(121	)	$	31.61		—	$	—

Outstanding at June 30, 2011		1,583		$	25.06		6.2	$	30,197

Exercisable at June 30, 2011		1,055		$	20.62		4.9	$	24,810

Restricted Stock

We have also awarded restricted stock under the 2007 Plan to certain employees and to our non-employee directors. All current awards of restricted stock to employees are subject to a vesting and restriction period ranging from three to four years, subject to early termination as provided in the 2007 Plan. All awards of restricted stock to non-employee directors are subject to a vesting and restriction period of a minimum of thirteen months, subject to early termination as provided in the 2007 Plan. We value restricted stock awards at fair market value of our common stock on the date of grant.

A summary of restricted stock activity for the nine months ended June 30, 2011 is as follows:


	Number of Shares (000s)			Wtd. Avg. Fair Value
Unvested at September 30, 2010		624		$	34.27
Granted		168		$	37.68
Vested		(102	)	$	39.58
Forfeited		(111	)	$	32.92

Unvested at June 30, 2011		579		$	34.58

3.	EARNINGS PER COMMON SHARE

The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts):


	Three Months Ended							Nine Months Ended
	Net Income		Shares		Per Share Amount			Net Income		Shares		Per Share Amount
June 30, 2011:
Basic earnings per share	$	75,285		64,820	$	1.16		$	198,747		64,689	$	3.07
Effect of dilutive securities:
Stock options		—		650	$	(0.01	)		—		666	$	(0.03	)


Diluted earnings per share	$	75,285		65,470	$	1.15		$	198,747		65,355	$	3.04


June 30, 2010:
Basic earnings per share	$	58,994		64,427	$	0.92		$	192,733		64,375	$	2.99
Effect of dilutive securities:
Stock options		—		610	$	(0.01	)		—		679	$	(0.03	)


Diluted earnings per share	$	58,994		65,037	$	0.91		$	192,733		65,054	$	2.96

The calculation of diluted earnings per share for the three and nine month period ended June 30, 2011 and 2010 excludes consideration of shares of common stock related to 684,000 and 508,000 outstanding stock options, respectively, because such options were anti-dilutive. These options could potentially dilute basic earnings per share in the future.

4.	PROPERTY AND EQUIPMENT

A summary of property and equipment by classification is as follows (in thousands):


	June 30, 2011			September 30, 2010

Drilling vessels and related equipment
Cost	$	2,230,982		$	1,733,298
Accumulated depreciation		(420,237	)		(392,808	)

Net book value		1,810,745			1,340,490


Drill Pipe
Cost		15,468			15,468
Accumulated depreciation		(13,775	)		(13,563	)

Net book value		1,693			1,905


Furniture and other
Cost		6,928			7,115
Accumulated depreciation		(5,692	)		(5,549	)

Net book value		1,236			1,566


NET PROPERTY AND EQUIPMENT	$	1,813,674		$	1,343,961

New Construction Projects

During fiscal year 2008, we entered into construction contracts with Jurong Shipyard Pte. Ltd. to construct two Friede & Goldman ExD Millennium semisubmersible drilling units (the Atwood Osprey and the Atwood Condor). The Atwood Osprey was delivered in April 2011, and the Atwood Condor is scheduled for delivery in the third quarter of fiscal year 2012.

In October 2010, we entered into turnkey construction agreements with PPL Shipyard PTE LTD in Singapore (“PPL”) to construct two Pacific Class 400 jack-up drilling units (the Atwood Mako and the Atwood Manta). The Atwood Mako and the Atwood Manta are scheduled for delivery in the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013, respectively.

In January 2011, we exercised the first of three option agreements and entered into a turnkey construction agreement with PPL to construct a third Pacific Class 400 jack-up drilling unit (the Atwood Orca). The Atwood Orca is scheduled for delivery in the third quarter of fiscal year 2013.

In January 2011, we entered into a turnkey construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd (“DSME”) to construct an ultra-deepwater drillship, the Atwood Advantage, at the DSME yard in South Korea. The Atwood Advantage is scheduled for delivery in the fourth quarter of fiscal year 2013.

As of June 30, 2011, we had expended approximately $645 million towards the construction of our five drilling units currently under construction. Total remaining firm commitments for our five drilling units currently under construction were approximately $1.2 billion at June 30, 2011.

5.	LONG-TERM DEBT

A summary of long-term debt is as follows (in thousands):


	June 30, 2011		September 30, 2010
2007 credit facility, bearing interest (market adjustable) at approximately 1.1% per annum at September 30, 2010	$	—	$	180,000
2008 credit facility, bearing interest (market adjustable) at approximately 1.8% per annum at September 30, 2010	$	—	$	50,000
2011 credit facility, bearing interest (market adjustable) at approximately 2.8% per annum at June 30, 2011	$	400,000	$	—

	$	400,000	$	230,000

During May 2011, we entered into a $750 million secured reducing revolving credit agreement with Nordea Bank Finland plc, New York Branch, as Administrative Agent and several lenders (the “2011 Credit Agreement”). The 2011 Credit Agreement includes provisions for incremental commitments up to $350 million, bringing the total commitment to $1.1 billion, if exercised. The maturity of the 2011 Credit Agreement is May 2016, subject to acceleration upon certain specified events of default, including but not limited to: delinquent payments, bankruptcy filings, breaches of representation or covenants, material adverse judgments, guarantees or security documents not being in full effect, non-compliance with the Employee Retirement Income Security Act of 1974, defaults under other agreements, and a change of control. The 2011 Credit Agreement contains limitations on our ability to incur liens; merge, consolidate or sell substantially all assets; pay cash dividends; incur additional indebtedness; make advances, investments or loans; and transact with affiliates. The 2011 Credit Agreement is secured primarily by first preferred mortgages on six of our active drilling units (the Atwood Aurora, the Atwood Beacon, the Atwood Eagle, the Atwood Falcon, the Atwood Hunter, and the Atwood Osprey).

Loans under this facility will bear interest of the Eurodollar Rate plus a margin of 2.50%. The credit agreement supports the issuance, when required, of standby letters of credit. Under the 2011 Credit Agreement, we will pay a commitment fee of 1.0% per annum on the unused portion of the underlying commitment. As of June 30, 2011, we have $350 million of funds available to borrow under this credit facility, with standby letters of credit issued in the aggregate amount of $2.2 million.

The 2011 Credit Agreement contains various financial covenants that impose a maximum leverage ratio of 4.0 to 1.0, a debt to capitalization ratio of 0.5 to 1.0, a minimum interest expense coverage ratio of 3.0 to 1.0 and a minimum collateral maintenance of 150% of the aggregate amount outstanding under the debt facility. We were in compliance with all financial covenants under the 2011 Credit Agreement at June 30, 2011, at execution and at all times subsequent to the execution of this credit agreement in May through June 30, 2011. No additional funds have been borrowed under our credit agreement subsequent to June 30, 2011 to the date of this report.

Prior to the execution of the 2011 Credit Agreement, we had a 5-year $300 million credit facility executed in October 2007 (as amended from time to time, the “2007 Credit Agreement”) and a 5-year $280 million credit facility executed in November 2008 (as amended from time to time, the “2008 Credit Agreement”). Both the 2008 Credit Agreement and the 2007 Credit Agreement were retired during May 2011 with funding from the 2011 Credit Agreement. We were in compliance with all financial covenants under the 2007 Credit Agreement and 2008 Credit Agreement during the period until execution of the 2011 Credit Agreement.

6.	INCOME TAXES

We record estimated accrued interest and penalties related to uncertain tax positions in income tax expense. At June 30, 2011, we had approximately $16.7 million of reserves for uncertain tax positions, including estimated accrued interest and penalties of $4.8 million, which are included in Other Long Term Liabilities in the Consolidated Balance Sheet. All $16.7 million of the net uncertain tax liabilities would affect the effective tax rate if recognized. A summary of activity related to the net uncertain tax positions including penalties and interest for the nine months ended June 30, 2011 is as follows (in thousands):


	Liability for Uncertain Tax Positions
Balance at September 30, 2010	$	9,968
Increases based on tax positions related to the current fiscal year		866
Increases based on tax positions related to prior fiscal years		5,866

Balance at June 30, 2011	$	16,700

Our United States tax returns for fiscal year 2006 and subsequent years remain subject to examination by tax authorities. As we conduct business globally, we have various tax years remaining open to examination in our international tax jurisdictions. We do not anticipate that any tax contingencies resolved during the next 12 months will have a material impact on our consolidated financial position, results of operations or cash flows.

We have recorded an estimated valuation allowance of approximately $1.7 million and $5.1 million on deferred tax assets primarily related to our United States net operating loss carryforwards for the three and nine months ended June 30, 2011, respectively.

As a result of working in foreign jurisdictions, we earned a high level of operating income in certain nontaxable and deemed profit tax jurisdictions, which significantly reduced our effective tax rate for the three and nine months ended June 30, 2011 when compared to the United States statutory rate. Our effective tax rate of 14% for the current quarter and 18% for the nine months ended June 30, 2011 is lower than the effective tax rates of 30% for the prior fiscal year quarter and 21% for the prior fiscal year to date period due to the valuation allowance on deferred tax assets we booked in fiscal year 2010.

7.	FAIR VALUE OF FINANCIAL INSTRUMENTS

At June 30, 2011, the carrying amounts of our cash and cash equivalents, receivables and payables approximated their fair values due to the short maturity of such financial instruments. The carrying amount of our floating-rate debt approximated its fair value at June 30, 2011, as such instruments bear short-term, market-based interest rates.

8.	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In April 2010, the FASB issued Accounting Standards Update 2010-13. The objective of this update is to address the classification of an employee share-based payment award with an exercise price denominated in the currency of a market in which the underlying equity security trades. FASB Accounting Standards Codification Topic 718, “Compensation—Stock Compensation”, provides guidance on the classification of a share-based payment award as either equity or a liability. A share-based payment award that contains a condition that is not a market, performance, or service condition is required to be classified as a liability. We adopted the amendments in this update on October 1, 2010, with no material impact on our financial statements or disclosures in our financial statements.

In May 2011, the FASB issued Accounting Standards Update 2011-04. The amendments in this update provide common fair value measurement and disclosure requirements in accordance with U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. We adopted the amendments in this update in May 2011 with no material impact on our financial statements or disclosures in our financial statements.

In June 2011, the FASB issued Accounting Standards Update 2011-05. The amendments in this update require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted the amendments in this update in June 2011 with no material impact on our financial statements or disclosures in our financial statements.

9.	COMMITMENTS AND CONTINGENCIES

Litigation

We are party to a number of lawsuits which are ordinary, routine litigation incidental to our business, the outcome of which, individually, or in the aggregate, is not expected to have a material adverse effect on our financial position, results of operations, or cash flows.

Other Matters

The Atwood Beacon operated in India from early December 2006 to the end of July 2008. In 2004, India enacted a service tax on revenues derived from seismic and exploration activities. This service tax law was subsequently amended in June 2007 and again in May 2008 to state that revenues derived from mining services and drilling services were specifically subject to this service tax. The terms of the contract with our customer in India for the Atwood Beacon provided that any liability incurred by us related to any taxes levied pursuant to laws not in effect at the time the contract was executed in 2005 were to be reimbursed by our customer. Based on the advice of our legal and tax advisors, the Company believes that any service taxes assessed by the Indian tax authorities under the provisions of either the 2007 or 2008 amendments are a reimbursable obligation of our customer. Our customer has disputed this obligation on the basis of their contention that revenues derived from drilling services were taxable under the initial 2004 service tax law, which interpretation, if correct, would have resulted in the service tax being our obligation.

After reviewing the drilling services we provided to our customer, the Indian tax authorities assessed service tax obligations on revenues derived from the Atwood Beacon commencing on June 1, 2007. The relevant Indian tax authority issued an extensive written ruling on this matter setting forth the application of the June 2007 service tax regulation and confirming the position that the drilling services were not covered by the original 2004 service tax law. As the Indian tax authority’s service tax assessments were made based on the provisions of the 2007 amendment to the service tax law and not pursuant to any law in effect at the time we executed the Atwood Beacon contract, we believe our customer is obligated under the terms of our contract to reimburse us for all service tax payments. The ruling of the Indian tax authority regarding the applicability of the June 2007 service tax law and not the original 2004 service tax law to drilling services is currently subject to the review of the Tax Appeal Tribunal in India.

As of June 30, 2011, we have paid to the Indian government $10.1 million in service taxes and have accrued $1.7 million of additional service tax obligations in accrued liabilities, for a total of $11.8 million relating to service taxes. We have recorded a corresponding $15.8 million long-term other receivable due from our customer for (a) such $11.8 million in reimbursables relating to service taxes and (b) approximately $4.0 million of additional accounts receivable related to revenues earned during fiscal year 2009 under the subject contract. We intend to pursue all options available to us to collect the receivable from our customer for the reimbursement of such service taxes and the payment of the accounts receivable due from the customer.

PART I. ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Form 10-Q for the quarterly period ended June 30, 2011 includes statements about Atwood Oceanics, Inc. (which together with its subsidiaries and affiliates is identified as the “Company,” “we” or “our,” unless the context indicates otherwise) which are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto) and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

These forward-looking statements are made based upon management’s current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us, and therefore involve a number of risks and uncertainties and are beyond our ability to control. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.

Important factors that could cause our actual results of operations, financial conditions or cash flows to differ include, but are not necessarily limited to:

•

those risks described under “Item 1A. Risk Factors” included herein and in our annual report on Form 10-K for the year ended September 30, 2010, and our quarterly reports on Form 10-Q for the three months ended December 31, 2010 and March 31, 2011;

•

our dependence on the oil and gas industry;

•

the operational risks involved in drilling for oil and gas;

•

the occurrence of a major operational incident, such as the April 2010 Macondo incident in the U.S. Gulf of Mexico, resulting in the loss of life, significant damage to a rig or the total loss of a rig;

•

changes in rig utilization and day rates in response to the level of activity in the oil and gas industry;

•

the extent to which oil and natural gas companies will pursue offshore drilling in absolute terms and relative to onshore drilling opportunities;

•

exploration success or lack of exploration success by our customers and potential customers;

•

the highly competitive and volatile nature of our business, with periods of low demand and excess rig availability;

•

the potential impact of increased governmental or industry regulation, both in the United States and internationally, as a result of the Macondo incident;

•

the impact of possible disruption in operations due to terrorism, acts of piracy, embargoes, war or other military operations;

•

our ability to enter into, and the terms, of future drilling contracts, including contracts for our newbuild units;

•

the termination or renegotiation of contracts by our customers which could alter the timing and amount of our current contracted cash flows;

•

the availability of qualified personnel;

•

our failure to retain the business of one or more significant customers;

•

the availability of adequate insurance at a reasonable cost;

•

the occurrence of an uninsured loss;

•

the risks of disruptions to international operations, including possible economic, political, social or monetary instability, civil unrest and compliance with foreign laws;

•

the effect public health concerns could have on our international operations and financial results;

•

compliance with environmental laws or any breach which could result in a potential damage claim;

•

the ability to obtain financing for our current and long term obligations, including for general operational needs, for new construction, for acquisitions, and for drilling unit upgrades;

•

the adequacy of sources of liquidity for our customers;

•

currently unknown rig repair needs and/or additional opportunities to accelerate planned maintenance expenditures due to presently unanticipated rig downtime;

•

higher than anticipated severance expenses due to unanticipated employee terminations, higher than anticipated legal and accounting fees due to unanticipated financing or other corporate transactions, and other factors that could increase general and administrative expenses;

•

the actions of our competitors in the offshore drilling industry, which could significantly influence rig day rates and utilization;

•

changes in the geographic areas in which our customers plan to operate or the resulting in changes in tax rates, which could change our expected effective tax rate;

•

changes in oil and gas drilling technology or in our competitors’ drilling rig fleets that could make our drilling rigs less competitive or require major capital investments to keep them competitive;

•

rig availability;

•

the effects and uncertainties of legal and administrative proceedings and other contingencies;

•

the impact of governmental laws and regulations and the uncertainties involved in their administration and the associated access to offshore acreage for drilling activities;

•

changes in accepted interpretations of accounting guidelines and other accounting pronouncements and tax laws;

•

the risks involved in the construction, upgrade, and repair of our drilling units, including project delays affecting our ability to meet contractual commitments, as well as commencement of operations of our drilling units following delivery; and

•

such other factors as may be discussed in this report and our other filings with the U.S. Securities and Exchange Commission, or SEC.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. The words “believe,” “impact,” “intend,” “estimate,” “anticipate,” “plan,” “could,” “expect,” “forecast,” “may,” “predict,” “should,” and similar expressions identify forward-looking

statements. When considering any forward-looking statement, you should also keep in mind the risk factors described in other reports or filings we make with the SEC from time to time, including our annual report in Form 10-K for the year ended September 30, 2010 and our quarterly reports on Form 10-Q for the three months ended December 31, 2010 and March 31, 2011. Undue reliance should not be placed on these forward-looking statements, which are applicable only on the date hereof. All subsequent written or oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. Neither we nor our representatives undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

MARKET OUTLOOK

Overview

Financial and operating results for the three months ended June 30, 2011, include:

•

Operating revenues totaling $162 million on 536 operating days in the current quarter consistent with $167 million on 705 operating days for the quarter ended June 30, 2010;

•

Net income of $74 million as compared to $59 million for the quarter ended June 30, 2010;

•

Net cash from operating activities of $96 million as compared to $61 million for the quarter ended June 30, 2010; and,

•

Debt to capitalization of approximately 20% at June 30, 2011, up from approximately 14% at September 30, 2010

Against a backdrop of continuing geopolitical events in the Middle East and North Africa, structural economic and debt concerns in Southern Europe and the impact of Standard & Poor’s recent lowering of the credit rating of U.S. debt along with the credit rating of agencies linked to long-term U.S. debt, Brent crude oil prices have remained consistently above $105 per barrel. Oil prices have also withstood the impact of the release of 60 million barrels of crude oil by the International Energy Agency in late June. This continuing strength in oil prices continues to drive increased international exploration and development activity.

The increase in tendering activity and related contract awards continues with day rates strengthening in most high specification asset sub-sectors depending on the geographical operating basin.

Deepwater activity in the Gulf of Mexico, as measured by the issuance of new drilling permits, remains weak. Additionally, in early June 2011, an environmental lawsuit was filed challenging a Shell Oil Company exploration plan which could, if successful, further challenge the permitting process. Nonetheless, during the quarter ended June 30, 2011, we have seen improvement in the permitting process, but such permitting continues at a slow pace. The Bureau of Ocean Energy Management, Regulations and Enforcement recognizes this predicament and appears to be implementing procedures to accelerate the submission and approval of drilling permits.

To date during this current building cycle, and since our early October 2010 announcement, 47 jack-up orders and 39 floater orders have been placed and 47 options for additional orders remain outstanding. Including the rigs ordered during the previous building cycle, 61 jack-ups and 73 floaters competitive with our vessels will be added to the world-wide fleet over the next seven years. Although this represents an increase of 13% and 27% to the jack-up and floater fleets, respectively, we believe that the offshore contract drilling industry is undergoing a major renewal of equipment. We believe this will result in the replacement of a large percentage of the rigs constructed during previous build cycles and rigs built in the current cycle will be utilized in the place of rigs built in previous cycles. In analyzing the expected fleet in 2015, when most of these newbuilds will have been delivered, 324 of the existing 479 jack-ups and 137 of the existing 272 floaters will be 30 years old or older. Currently there are 138 jack-ups and 36 floaters idled, substantially all of which are currently 30 years old or older.

Customer preference for higher specification jack-ups and floaters is evidenced by stronger utilization rates for these vessels compared to older classes of assets. For example, high specification jack-ups continue to operate, on average, at utilization rates approximating 92%, while the remainder of the jack-up fleet comprised of commodity rigs built in previous build cycles operates at a low-to-mid 70% utilization rate. Markets exhibiting increased activity include South East Asia, the Middle East and West Africa. Similarly, ultra-deepwater floaters are operating at 99% utilization, with deepwater and mid-water floaters built in previous build cycles operating at 88% utilization and 80% utilization, respectively.

Activity levels continue to increase globally as reflected in increases in the number of inquiries and tenders from current and potential customers regarding rig availability. This increased level of activity has subsequently resulted in an increase in the number of contract awards, specifically in the offshore markets of Mexico, the North Sea, West Africa, Southeast Asia and Australia. We believe this trend will continue to strengthen during the remainder of 2011 and into 2012 with offshore Brazil and the U.S. Gulf of Mexico adding to the positive momentum. Brazil currently has two active deepwater tenders which could result in several contract awards in the near future and the pace of drilling permit issuance in the U.S. Gulf of Mexico is expected to improve.

Ultra-Deepwater and Deepwater

Despite the ongoing slow pace of drilling permit issuance in the U.S. Gulf of Mexico, the global ultra-deepwater and deepwater markets continue to operate at very high utilization rates. Additionally, day rates in the ultra-deepwater market are approaching $500,000 per day, with deepwater day rates stable to increasing, depending in the operating region. We expect day rates to continue to improve in several markets into calendar year 2012, including offshore Australia, Southeast Asia, West Africa and Brazil.

The Atwood Osprey, our conventionally moored, 8,200 foot water depth ultra-deepwater semisubmersible, was delivered from the Jurong shipyard on April 27, 2011 and began its three year contract with Chevron in Australia on May 27, 2011.

The Atwood Condor, a dynamically-positioned, 10,000 foot water depth ultra-deepwater semisubmersible, remains on schedule for delivery from the Jurong shipyard during the third quarter of fiscal year 2012, at a total cost of approximately $750 million. This rig is currently being marketed globally for appropriate contract opportunities. As of June 30, 2011, we have invested approximately $380 million, including project management, drilling, handling tools and spares and capitalized interest, toward the construction of the Atwood Condor.

The Atwood Advantage, a DP-3 dynamically-positioned, dual derrick ultra-deepwater drillship rated to operate in water depths up to 12,000 feet and to drill to a depth of 40,000 feet, is currently under construction at the DSME shipyard in South Korea. The Atwood Advantage will also have enhanced technical capabilities, including a 7-ram blowout preventer, the capability to operate two BOPs, three 100-ton knuckle boom cranes, a 165-ton active heave “tree-running” knuckle boom crane and 200 person accommodations. The Atwood Advantage is expected to be delivered during the fourth quarter of fiscal year 2013, at a total cost, including project management, drilling, handling tools and spares, of approximately $600 million.

We have until October 28, 2011 to exercise options to build two additional ultra-deepwater drillships with DSME. At this time, we have made no determination as whether either of the two remaining options will be exercised.

Our deepwater semisubmersibles, the Atwood Eagle and Atwood Falcon, are contracted through fiscal year 2011 while the Atwood Hunter is contracted through fiscal year 2012.

Jack-ups

The global jack-up market continues to bifurcate with newer, higher specification rigs experiencing significantly higher day rates than the older commodity rigs. In addition, higher specification rigs continue to achieve utilization levels consistently above 90% as compared to utilization rates of approximately 70% for the remainder of the marketed jack-up fleet. Higher specification rigs represent less than 30% of the global jack-up fleet. In spite of the expected supply increase from newbuild jack-up rigs being delivered in calendar year 2011, we expect this bifurcation trend to continue into calendar year 2012.

The Vicksburg and Atwood Beacon are contracted through December 2011 and March 2012, respectively. Based on the market bifurcation, we expect the Atwood Beacon to continue to enjoy high utilization at modestly increasing day rates, while the Vicksburg recently announced a six-month contract extension at the same rate through December 31, 2011.

The Atwood Aurora, having completed minor rig enhancements, is currently located in a shipyard in southern Italy awaiting mobilization to Cameroon to start its nine month contract with Noble Energy Inc.

We currently have three Pacific Class 400 jack-up drilling units, the Atwood Mako, the Atwood Manta and the Atwood Orca, under construction at the PPL shipyard in Singapore. These new rigs will have rated water depths of 400 feet, accommodations for 150 personnel and significant offline handling features. The three rigs are expected to cost approximately $190 million each, and are scheduled for delivery during the fourth quarter of fiscal 2012, the first quarter of fiscal year 2013, and the third quarter of fiscal year 2013, respectively.

We have until December 31, 2011 to exercise options to build two additional Pacific Class 400 jack-up drilling units with PPL. At this time, we have made no determination as whether either of the two remaining options will be exercised.

Other

During fiscal year 2010, the Atwood Southern Cross, Richmond and Seahawk completed their drilling contracts and were subsequently idled. We anticipate these units will not return to service during fiscal year 2011 due to the lack of sufficient continuous demand, and thus, we are not actively marketing these rigs at this time.

Contract Backlog

We maintain a backlog of commitments for contract drilling revenues. The following table sets forth as of June 30, 2011, the amount of our contract drilling revenue backlog and the percent of available operating days committed for our actively marketed drilling units for the periods indicated (in millions except for percent of available operating days committed):


	Fiscal 2011			Fiscal 2012			Fiscal 2013			Fiscal 2014			Total
Semisubmersibles	$	165		$	437		$	196		$	114		$	912
Jack-ups		19			57			—			—			76

	$	184		$	494		$	196		$	114		$	988


Percent of Available Operating Days Committed		86	%		42	%		10	%		5	%

RESULTS OF OPERATIONS

Revenues for the three months and nine months ended June 30, 2011 decreased approximately 3% and 5%, respectively, compared to the three and nine months ended June 30, 2010. A comparative analysis of revenues is as follows:


	REVENUES
	(In millions)
	Three Months Ended June 30,								Nine Months Ended June 30,
	2011			2010		Variance			2011			2010		Variance

Atwood Osprey	$	16.2		$	—	$	16.2		$	16.2		$	—	$	16.2
Atwood Eagle		39.6			36.6		3.0			104.6			107.2		(2.6	)
Atwood Beacon		12.2			9.4		2.8			34.1			26.1		8.0
Atwood Falcon		39.0			38.0		1.0			118.5			114.1		4.4
Vicksburg		8.8			8.8		—			25.6			25.1		0.5
Atwood Aurora		6.1			11.9		(5.8	)		28.5			36.0		(7.5	)
Atwood Hunter		40.4			49.5		(9.1	)		140.2			148.1		(7.9	)
Richmond		—			3.3		(3.3	)		—			8.6		(8.6	)
Seahawk		—			7.8		(7.8	)		—			23.4		(23.4	)
Atwood Southern Cross		(0.2	)		1.3		(1.5	)		(0.2	)		1.3		(1.5	)

	$	162.1		$	166.6	$	(4.5	)	$	467.5		$	489.9	$	(22.4	)

Our newest drilling rig, the Atwood Osprey, commenced drilling operations in late May 2011 and thus, earned no revenue in the prior fiscal year periods.

Revenues for the Atwood Eagle during the current quarter and fiscal year period are relatively consistent with the prior fiscal year periods. The rig has continued to work offshore Australia during fiscal years 2010 and 2011.

Revenues are higher for the Atwood Beacon for the three and nine months ended June 30, 2011, as a result of working on a higher day rate contract in Suriname compared to the prior fiscal year periods when the rig was working at a lower day rate offshore West Africa.

Revenues for the Atwood Falcon and Vicksburg were relatively consistent for the three and nine month periods ended June 30, 2011, when compared to the prior fiscal year periods. The Atwood Falcon worked offshore Malaysia and the Philippines during the current and prior fiscal year while the Atwood Vicksburg worked on the same long term contract offshore Thailand that it was working under in fiscal year 2010.

Revenues for the Atwood Aurora decreased during the current quarter and fiscal year period due to the completion of its most recent contract commitment in May, which was followed by a planned shipyard project for certain enhancements compared to virtually no downtime during the same periods in the prior fiscal year. In fiscal year 2011, until the time of the shipyard project, the rig worked offshore Egypt on the same long term contract that it worked under during fiscal year 2010. The Atwood Aurora is expected to resume drilling operations offshore West Africa under a new contract commencing early October 2011.

Revenues for the Atwood Hunter were negatively impacted during the three and nine months ended June 30, 2011 by 17 days of unplanned downtime in the current quarter resulting in lower revenue when compared to the prior fiscal year periods which had virtually no downtime. In fiscal year 2011, the Atwood Hunter has continued to work offshore West Africa on the same long term contract that it was working under during fiscal year 2010.

During fiscal year 2010, the Atwood Southern Cross, Richmond, and Seahawk all completed their respective drilling contracts and were subsequently idled. The idle state of these rigs resulted in the decrease of revenues for the Atwood Southern Cross, Richmond, and Seahawk rigs for the three and nine months ended June 30, 2011, compared to the same periods in the previous fiscal year.

Contract drilling costs for the three and nine months ended June 30, 2011 decreased approximately 16% and 13%, respectively, compared to the three and nine months ended June 30, 2010. An analysis of contract drilling costs by rig is as follows:


	CONTRACT DRILLING COSTS
	(In millions)
	Three Months Ended June 30,								Nine Months Ended June 30,
	2011			2010		Variance			2011			2010		Variance

Atwood Osprey	$	6.5		$	—	$	6.5		$	8.4		$	—	$	8.4
Atwood Eagle		16.7			13.7		3.0			49.4			38.9		10.5
Atwood Falcon		7.9			7.0		0.9			23.0			24.0		(1.0	)
Vicksburg		3.7			3.8		(0.1	)		11.9			12.0		(0.1	)
Atwood Beacon		7.2			8.4		(1.2	)		23.6			22.6		1.0
Atwood Aurora		3.7			5.5		(1.8	)		14.6			16.4		(1.8	)
Atwood Hunter		7.1			9.9		(2.8	)		26.0			27.6		(1.6	)
Atwood Southern Cross		0.5			3.5		(3.0	)		2.6			9.6		(7.0	)
Richmond		0.2			3.2		(3.0	)		1.5			10.4		(8.9	)
Seahawk		0.5			6.2		(5.7	)		2.3			19.1		(16.8	)
Other		(1.0	)		1.9		(2.9	)		(1.5	)		6.4		(7.9	)

	$	53.0		$	63.1	$	(10.1	)	$	161.8		$	187.0	$	(25.2	)

Our new drilling rig, the Atwood Osprey, commenced drilling operations in late May 2011 and thus, incurred no contract drilling costs in the prior fiscal year periods.

The increase in contract drilling costs for the Atwood Eagle for the three month period ending June 30, 2011 is attributable to higher local payroll and payroll related costs due to the strengthening of the Australian dollar when compared to exchange rates in the prior fiscal quarter. The increase in contract drilling costs for the Atwood Eagle for the nine month period ending June 30, 2011, compared to the prior fiscal year period, is also attributable to the strengthening Australian dollar along with increased equipment related costs due to contract specific enhancements and additional maintenance projects performed during the extended regulatory inspection period during the first quarter of fiscal year 2011.

Contract drilling costs for the Atwood Falcon and Vicksburg for the current quarter and fiscal year to date period were relatively consistent when compared to the prior fiscal year periods.

The decrease in contract drilling costs for the Atwood Beacon during the three month period ended June 30, 2011 is due to a higher mobilization cost amortization in the prior fiscal year period related to moving the rig from India to West Africa compared to the current fiscal year amortization costs related to the move from West Africa to South America. Contract drilling costs for the Atwood Beacon for the fiscal year to date period ended June 30, 2011 were relatively consistent when compared to the prior fiscal year to date period ended June 30, 2010 as the lower amortization costs are offset by increased personnel costs resulting from higher local labor expenses and additional personnel required while working offshore South America.

The decrease in contract drilling costs for the Atwood Aurora for the three and nine months ended June 30, 2011 compared to the same periods in the prior fiscal year is due to a planned shipyard project that began in May 2011, during which the rig incurred less operating expenses.

The decrease in contract drilling costs for the Atwood Hunter for the three months ended June 30, 2011 is primarily due to lower equipment related costs and the amount and timing of repair and maintenance projects, while contract drilling costs for the fiscal year to date period were relatively consistent when compared to the prior fiscal year to date period.

The decrease in contract drilling costs for the Atwood Southern Cross, Richmond and Seahawk is due to reduced operating costs as these rigs are currently idle and are not being actively marketed.

Decreases in Other contract drilling costs incurred during the quarter and fiscal year to date period ended June 30, 2011 are due to a combination of higher percentage of Other contract drilling costs allocated to rig contract drilling costs in the current fiscal year periods when compared to the prior fiscal year periods and recognition of foreign exchange gains in the current fiscal year compared to foreign exchange losses in the prior fiscal year periods.

Depreciation expense for the three and nine months ended June 30, 2011, increased approximately 8% when compared to the three months ended June 30, 2010 and decreased by approximately 3% for the nine months ended June 30, 2010. An analysis of depreciation expense by rig is as follows:


	DEPRECIATION EXPENSE
	(In millions)
	Three Months Ended June 30,							Nine Months Ended June 30,
	2011		2010		Variance			2011		2010		Variance

Atwood Osprey	$	1.6	$	—	$	1.6		$	1.6	$	—	$	1.6
Atwood Beacon		1.2		1.2		—			3.5		3.5		—
Atwood Eagle		1.2		1.2		—			3.6		3.6		—
Atwood Hunter		1.6		1.6		—			4.8		4.7		0.1
Atwood Falcon		1.3		1.3		—			3.9		4.1		(0.2	)
Vicksburg		0.5		0.5		—			1.5		1.5		—
Richmond		0.4		0.4		—			1.3		1.3		—
Seahawk		0.5		0.5		—			1.5		1.5		—
Atwood Aurora		1.8		1.9		(0.1	)		5.5		5.5		—
Atwood Southern Cross		0.2		1.0		(0.8	)		0.5		3.0		(2.5	)
Other		0.1		—		0.1			0.3		0.3		—

	$	10.4	$	9.6	$	0.8		$	28.0	$	29.0	$	(1.0	)

Our new drilling rig, the Atwood Osprey, was placed into service during late May and thus, incurred no depreciation expense prior to the current quarter.

Depreciation expense for the Atwood Southern Cross decreased significantly in the three and nine month periods ended June 30, 2011, compared to the same periods in fiscal year 2010 due to the extension of the useful life of the rig from one year to five years based upon the completion of a life enhancing upgrade during the third quarter of fiscal year 2010.

Depreciation expense for all other rigs has remained relatively consistent during the current quarter and nine months ended June 30, 2011, when compared to the prior fiscal year periods.

General and administrative expenses for the three months ended June 30, 2011 were relatively consistent compared with the prior fiscal period. For the nine months ended June 30, 2011, general and administrative expenses increased by approximately 11%, when compared with the prior fiscal year period primarily due to payments made during the first quarter of fiscal year 2011 in connection with retirements under the executive retention agreements of our former President and Chief Executive Officer and our former Senior Vice-President and Chief Financial Officer and due to an increase in professional fees related to ongoing internal international restructuring.

In connection with the new 2011 Credit Agreement and subsequent retirement of the 2007 Credit Agreement and 2008 Credit Agreement, we recorded as interest expense, the remaining approximate $0.9 million of deferred financing costs related to the retired credit agreements.

statutory rate. Our effective tax rate of 14% for the current quarter and 18% for the nine months ended June 30, 2011 is lower than the effective tax rates of 30% for the prior fiscal year quarter and 21% for the prior fiscal year to date period due to the valuation allowance on deferred tax assets we booked in fiscal year 2010.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2011, we have $400 million borrowed under our 5-year $750 million credit reducing revolving facility executed in May 2011 (“2011 Credit Agreement”) for a total debt to capitalization ratio of 20%. As of the date of this report, no additional funds have been borrowed subsequent to June 30, 2011. The 2011 Credit Agreement contains various financial covenants that impose a maximum leverage ratio of 4.0 to 1.0, a debt to capitalization ratio of 0.5 to 1.0, a minimum interest expense coverage ratio of 3.0 to 1.0 and a minimum collateral maintenance of 150% of the aggregate amount outstanding under the debt facility. The 2011 Credit Agreement is secured primarily by first preferred mortgages on six of our active drilling units (the Atwood Aurora, the Atwood Beacon, the Atwood Eagle, the Atwood Falcon, the Atwood Hunter, and the Atwood Osprey). We were in compliance with all financial covenants under the 2011 Credit Agreement at June 30, 2011, at execution and at all times subsequent to the execution of this credit agreement in May through June 30, 2011.

We estimate that our total capital expenditures for fiscal year 2011 will be approximately $575 million, substantially all of which is contractually committed, and expect to end fiscal year 2011 with outstanding long-term debt between $400 million and $425 million. As of June 30, 2011, we had expended approximately $645 million towards the construction of our five drilling units currently under construction. At June 30, 2011, expected remaining construction costs for our five drilling units under construction are as follows (in millions):


Three Months Remaining Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014		Total

$	75	$	323	$	471	$	406	$	1,275

We believe that we will be able to fund the construction costs of our five drilling units and general and corporate needs with cash on hand, cash flow from operations and our credit facility under the 2011 Credit Agreement.

Our portfolio of accounts receivable is primarily comprised of large independent or multinational corporate entities with stable payment experience. Historically, we have not encountered significant difficulty in collecting receivables and typically do not require collateral for our receivables. Accounts receivable at June 30, 2011, have increased by approximately $10.4 million when compared to September 30, 2010 due to the addition of the Atwood Osprey to the fleet and the associated revenues which were outstanding at the end of the current quarter. As discussed in Note 9 to our Unaudited Condensed Consolidated Financial Statements, under “Other Matters”, at June 30, 2011, we have approximately $15.8 million in outstanding receivables due from a customer in India; as this receivable is currently in dispute, we expect that this collection effort will extend beyond one year and have, therefore, reclassified this amount as a long term other receivable.

Income tax receivable and income tax payable have decreased by approximately $13.2 million and $20.3 million at June 30, 2011, when compared to September 30, 2010, respectively, due to the amount and timing of income taxes accrued and paid.

Prepaid expenses and deferred costs have decreased by approximately $12.2 million at June 30, 2011 compared to September 30, 2010, primarily due to the amortization of annual rig insurance premiums which are generally renewed and paid for during the fourth quarter of each fiscal year.

Deferred costs and other assets have increased by approximately $11.3 million at June 30, 2011 compared to September 30, 2010, primarily due to increases in deferred financing costs related to our new credit facility.

Short-term deferred credits have increased by approximately $29.3 million at June 30, 2011, compared to September 30, 2010, primarily due to prepayments of revenue by a customer during the quarter ended June 30, 2011, which will be recognized as revenue when the related services are performed during the quarter ended September 30, 2011 as compared to no prepayments of revenue at June 30, 2010.

The increase in long-term deferred credits of $5.9 million at June 30, 2011 when compared to September 30, 2010 is primarily due to deferred revenue related to the Atwood Osprey mobilization from the shipyard in Singapore to Australia which will be recognized on a straight line basis over the estimated life of the contract.

As discussed in Note 6 to our Unaudited Condensed Consolidated Financial Statements, the increase in other long-term liabilities of $7.5 million at June 30, 2011 when compared to September 30, 2010 is primarily due to the increase in liabilities for uncertain tax positions in various geographical areas.

To date, general inflationary trends have not had a material effect on our operating revenues or expenses.

PART I. ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk, including adverse changes in interest rates and foreign currency exchange rates as discussed below.

INTEREST RATE RISK

All $400 million of long-term debt outstanding at June 30, 2011, was floating rate debt. As a result, our annual interest costs for the remainder of fiscal year 2011 will fluctuate based on interest rate changes. The impact on annual cash flow of a 10% change in the floating rate (approximately 28 basis points) would be approximately $1.1 million, which we believe to be immaterial. We did not have any open derivative contracts relating to our floating rate debt at June 30, 2011.

FOREIGN CURRENCY RISK

Certain of our subsidiaries have monetary assets and liabilities that are denominated in a currency other than their functional currencies. Based on June 30, 2011 amounts, a decrease in the value of 10% in the foreign currencies relative to the United States Dollar from the year-end exchange rates would result in a foreign currency transaction gain of approximately $0.7 million. Thus, we consider our current risk exposure to foreign currency exchange rate movements, based on net cash flows, to be immaterial. We did not have any open derivative contracts relating to foreign currencies at June 30, 2011.

PART I. ITEM 4

CONTROLS AND PROCEDURES

(a)	Evaluation of Disclosure Controls and Procedures

In accordance with Exchange Act Rules 13a-15 and 15d-15, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report have been designed and are effective at the reasonable assurance level so that the information required to be disclosed by us in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and forms and have been accumulated and communicated to our management, including executive and financial officers, as appropriate, to allow timely decisions regarding required disclosures. We believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

(b)	Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during the most recent fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. ITEM 1

LEGAL PROCEEDINGS

We have certain actions, claims and other matters pending as discussed and reported in Notes to Consolidated Financial Statements Note 9 – Commitments and Contingencies. As of June 30, 2011, we were also involved in a number of lawsuits which have arisen in the ordinary course of business and for which we do not expect the liability, if any, resulting from these lawsuits to have a material adverse effect on our current consolidated financial position, results of operations or cash flows. We cannot predict with certainty the outcome or effect of any of these matters described above or any such other proceeding or threatened litigation or legal proceedings. There can be no assurance that our beliefs or expectations as to the outcome or effect of any lawsuit or other matters will prove correct or the eventual outcome of these matters could materially differ from management’s current estimates.

PART II. ITEM 1A

RISK FACTORS

In addition to the risk factors set forth below and the other information set forth in this quarterly report on Form 10-Q, careful consideration should be given to factors described in “Item 1A – Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2010, and in our quarterly reports on Form 10-Q for the quarters ended December 31, 2010 and March 31, 2011, that could materially affect our business, financial condition or future results.

OPERATING HAZARDS INCREASE OUR RISK OF LIABILITY; WE MAY NOT BE ABLE TO FULLY INSURE AGAINST THESE RISKS.

Our operations are subject to various operating hazards and risks, including:

•

Catastrophic marine disaster;

•

adverse sea and weather conditions;

•

mechanical failure;

•

navigation errors;

•

collision;

•

oil and hazardous substance spills, containment and clean up;

•

labor shortages and strikes;

•

damage to and loss of drilling rigs and production facilities; and,

•

war, sabotage, terrorism and piracy.

These risks present a threat to the safety of personnel and to our rigs, cargo, equipment under tow and other property, as well as the environment. Our operations and those of others could be suspended as a result of these hazards, whether the fault is ours or that of a third party. In certain circumstances, governmental authorities may suspend drilling operations as a result of these hazards, and our customers may cancel or terminate their contracts. Third parties may have significant claims against us for damages due to personal injury, death, property damage, pollution and loss of business if such event were to occur in our operations.

We maintain insurance coverage against casualty and liability risks and have renewed our primary insurance program through June 30, 2012. Certain risks, however, such as pollution, reservoir damage and environmental risks generally are not fully insurable. Although we believe our insurance is adequate, our policies and contractual indemnity rights may not adequately cover all losses or may have exclusions of coverage for certain losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance for the rigs in our fleet.

In addition, we may be unable to renew or maintain our existing insurance coverage at commercially reasonable rates or at all. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could adversely affect our financial position, results of operations or cash flows. There is no assurance that our insurance coverage will be available or affordable and, if available, whether it will be adequate to cover future claims that may arise. Additionally, there is no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks.

WE ARE SUBJECT TO WAR, SABOTAGE, TERRORISM AND PIRACY, WHICH COULD HAVE AN ADVERSE EFFECT ON OUR BUSINESS.

It is unclear what impact the current United States military campaigns in Afghanistan and Iraq or possible future campaigns will have on the energy industry in general, or us in particular, in the future. Uncertainty surrounding retaliatory military strikes or a sustained military campaign may affect our operations in unpredictable ways, including changes in the insurance markets, disruptions of fuel supplies and markets, particularly oil, and the possibility that infrastructure facilities, including pipelines, production facilities, refineries, electric generation, transmission and distribution facilities, could be direct targets of, or indirect casualties of, an act of terror. War or risk of war may also have an adverse effect on the economy.

Instability in the financial markets as a result of war, sabotage, terrorism or piracy could also affect our ability to raise capital and could also adversely affect the oil, gas and power industries and restrict their future growth.

PART II. ITEM 6.

EXHIBITS

(a)

Exhibits


10.1		Credit Agreement dated as of May 6, 2011 (Incorporated herein by reference to Exhibit 10.1 of our Form 8-K filed May 9, 2011).

*31.1		Certification of Chief Executive Officer.

*31.2		Certification of Chief Financial Officer.

*32.1		Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes – Oxley Act of 2002.

*32.2		Certificate of Chief Financial Officer pursuant to Section 906 of Sarbanes – Oxley Act of 2002.

*101		The following materials from Atwood Oceanics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Operations, (ii) Unaudited Condensed Consolidated Balance Sheets, (iii) Unaudited Condensed Consolidated Statement of Cash Flows, (iv) Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity, and (v) Notes to Unaudited Consolidated Condensed Financial Statements.

*	Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


				ATWOOD OCEANICS, INC. (Registrant)

Date: August 8, 2011				/s/ MARK L. MEY
				Mark L. Mey
				Senior Vice President and Chief Financial Officer

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

10.1		Credit Agreement dated as of May 6, 2011 (Incorporated herein by reference to Exhibit 10.1 of our Form 8-K filed May 9, 2011).

*31.1		Certification of Chief Executive Officer.

*31.2		Certification of Chief Financial Officer.

*32.1		Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes – Oxley Act of 2002.

*32.2		Certificate of Chief Financial Officer pursuant to Section 906 of Sarbanes – Oxley Act of 2002.

*101		The following materials from Atwood Oceanics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Operations, (ii) Unaudited Condensed Consolidated Balance Sheets, (iii) Unaudited Condensed Consolidated Statement of Cash Flows, (iv) Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity, and (v) Notes to Unaudited Consolidated Condensed Financial Statements.

*	Filed herewith

EX-31.1 2 dex311.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

Exhibit 31.1

CERTIFICATIONS

I, Robert J. Saltiel, certify that:

I have reviewed this quarterly report on Form 10-Q of Atwood Oceanics, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2011


		/s/ ROBERT J. SALTIEL
		Robert J. Saltiel
		Chief Executive Officer

EX-31.2 3 dex312.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

Exhibit 31.2

CERTIFICATIONS

I, Mark L. Mey, certify that:

I have reviewed this quarterly report on Form 10-Q of Atwood Oceanics, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2011


		/s/ MARK L. MEY
		Mark L. Mey
		Chief Financial Officer

EX-32.1 4 dex321.htm SECTION 906 CEO CERTIFICATION Section 906 CEO Certification

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Atwood Oceanics, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Saltiel, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented.


Date: August 8, 2011		/s/ ROBERT J. SALTIEL
		Robert J. Saltiel
		President and Chief Executive Officer

EX-32.2 5 dex322.htm SECTION 906 CFO CERTIFICATION Section 906 CFO Certification

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Atwood Oceanics, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark L. Mey, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented.


Date: August 8, 2011		/s/ MARK L. MEY
		Mark L. Mey
		Senior Vice President and
		Chief Financial Officer

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<td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Liability for Uncertain Tax Positions</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,968</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Increases based on tax positions related to the current fiscal year</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">866</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Increases based on tax positions related to prior fiscal years</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,866</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Balance at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,700</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> 10100000 10 <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Drilling vessels and related equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,230,982</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,733,298</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(420,237</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(392,808</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,810,745</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,340,490</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Drill Pipe</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,468</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,468</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,775</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,563</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,905</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Furniture and other</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,928</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,115</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,692</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,549</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,236</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,566</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> NET PROPERTY AND EQUIPMENT</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,813,674</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,343,961</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> 11800000 866000 5866000 false --09-30 Q3 2011 2011-06-30 10-Q 0000008411 64931339 Large Accelerated Filer ATWOOD OCEANICS INC

37192000

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392808000

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420237000

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142495000

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4084000

603000

1680000

508000

684000

1724440000

2126696000

359994000

281191000

100259000

152320000

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52061000

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645000000

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81267000

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4876000

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10845000

10028000

28967000

9611000

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10395000

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr><td valign="top" align="left" width="4%">2.</td> <td valign="top" align="left">SHARE-BASED COMPENSATION </td></tr></table> We account for share-based compensation in accordance with ASC 718. Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). As of June 30, 2011, unrecognized compensation cost, net of estimated forfeitures, related to stock options and restricted stock awards was approximately $5.7 million and $7.9 million, respectively, which we expect to recognize over a weighted average period of approximately 2.5 years. Awards of restricted stock and stock options have both been granted under the Atwood Oceanics, Inc. Amended and Restated 2007 Long-Term Incentive Plan (as amended or restated from time to time, the "2007 Plan") during the nine months ended June 30, 2011. We no longer issue awards of restricted stock or stock options under either the Atwood Oceanics, Inc. 1996 Incentive Equity Plan (the "1996 Plan") or the Atwood Oceanics, Inc. Amended and Restated 2001 Stock Incentive Plan (the "2001 Plan"), but stock options remain outstanding under those plans. We deliver newly issued shares of common stock for restricted stock awards upon vesting and upon exercise of stock options. All stock incentive plans currently in effect have been approved by the shareholders of the Company.   Stock Options Under our stock incentive plans, the exercise price of each stock option must be equal to or greater than the fair market value of one share of our common stock on the date of grant, with all outstanding options having a maximum term of 10 years. Options vest ratably over a period from the end of the first to the fourth year from the date of grant under the option agreements for the 2007 and 2001 Plans and from the end of the second to the fifth year from the date of grant under the option agreements for the 1996 Plan. Each option is for the purchase of one share of our common stock. The per share weighted average fair value of stock options granted during the nine months ended June 30, 2011 was $15.72. We estimated the fair value of these stock options using the Black-Scholes pricing model and the following assumptions for the nine months ended June 30, 2011:   <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr><td width="91%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Risk-Free Interest Rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.9</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr><td valign="top"> Expected Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">44</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected Life (Years)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Dividend Yield</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">None</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> The average risk-free interest rate is based on the five-year U.S. treasury security rate in effect as of the grant date. We determined expected volatility using a six year historical volatility figure and determined the expected term of the stock options using 10 years of historical data. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We have never paid any cash dividends on our common stock. A summary of stock option activity during the nine months ended June 30, 2011 is as follows:   <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr><td width="60%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Number of Options (000s)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Remaining Contractual Life (Years)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Aggregate Intrinsic Value (000s)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,720</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21.58</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,260</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">290</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.41</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Exercised</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(306</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14.63</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,881</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(121</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31.61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,583</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25.06</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.2</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,197</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Exercisable at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,055</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.62</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,810</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>   Restricted Stock We have also awarded restricted stock under the 2007 Plan to certain employees and to our non-employee directors. All current awards of restricted stock to employees are subject to a vesting and restriction period ranging from three to four years, subject to early termination as provided in the 2007 Plan. All awards of restricted stock to non-employee directors are subject to a vesting and restriction period of a minimum of thirteen months, subject to early termination as provided in the 2007 Plan. We value restricted stock awards at fair market value of our common stock on the date of grant. A summary of restricted stock activity for the nine months ended June 30, 2011 is as follows:   <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr><td width="76%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Number of Shares (000s)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Fair Value</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Unvested at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">624</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34.27</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">168</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.68</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(102</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39.58</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(111</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32.92</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Unvested at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">579</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34.58</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>

2.99

0.92

3.07

1.16

2.96

0.91

3.04

1.15

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr><td valign="top" align="left" width="4%">3.</td> <td valign="top" align="left">EARNINGS PER COMMON SHARE </td></tr></table> The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts):   <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr><td width="61%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="10">Three Months Ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="10">Nine Months Ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Net Income</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Per Share Amount</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Net Income</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Per Share Amount</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> June 30, 2011:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,820</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.16</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">198,747</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,689</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.07</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Effect of dilutive securities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Stock options</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">650</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">666</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.03</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,470</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.15</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">198,747</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,355</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.04</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr><td valign="top"> June 30, 2010:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,994</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,427</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.92</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">192,733</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,375</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.99</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Effect of dilutive securities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Stock options</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">610</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">679</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.03</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr><td valign="top"> Diluted earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,994</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,037</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">192,733</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,054</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.96</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> The calculation of diluted earnings per share for the three and nine month period ended June 30, 2011 and 2010 excludes consideration of shares of common stock related to 684,000 and 508,000 outstanding stock options, respectively, because such options were anti-dilutive. These options could potentially dilute basic earnings per share in the future.

0.21

0.30

0.18

0.14

7900000

5700000

2.5

30683000

9339000

34480000

9742000

243120000

84847000

240929000

87203000

16052000

2835000

4800000

50387000

25853000

42182000

11918000

4571000

2146000

-13151000

-6203000

-1002000

-20250000

979000

1340000

7979000

8259000

9094000

-13217000

-514000

3880000

4150000

-22707000

29730000

-8334000

-11989000

679000

610000

666000

650000

2010000

698000

3037000

1900000

405000

495000

260000

175000

592000

97000

2200000

1724440000

2126696000

93460000

104498000

30846000

43514000

9968000

16700000

50000000

180000000

400000000

ratio of 0.5 to 1.0

ratio of 3.0 to 1.0

ratio of 4.0 to 1.0

Loans under this facility will bear interest of the Eurodollar Rate plus a margin of 2.50%.

300000000

280000000

1100000000

750000000

350000000

230000000

400000000

0.018

0.011

0.028

20485000

31831000

-44160000

162203000

-133334000

-499126000

229555000

269475000

192733000

58994000

198747000

75285000

192733000

58994000

198747000

75285000

-1750000

-523000

-2445000

-1803000

244870000

85370000

243374000

89006000

4686000

16032000

-1521000

-822000

-77000

4533000

33834000

2919000

8857000

17082000

24629000

12194000

136870000

499241000

1000000

14207000

1998000

3374000

225000000

162000

115000

840000

4397000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">4.</td> <td valign="top" align="left">PROPERTY AND EQUIPMENT </td></tr></table> A summary of property and equipment by classification is as follows (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2010</td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Drilling vessels and related equipment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,230,982</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,733,298</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(420,237</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(392,808</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,810,745</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,340,490</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Drill Pipe</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,468</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,468</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,775</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,563</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,905</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Furniture and other</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cost</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,928</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,115</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,692</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,549</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net book value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,236</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,566</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> NET PROPERTY AND EQUIPMENT</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,813,674</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,343,961</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> New Construction Projects During fiscal year 2008, we entered into construction contracts with Jurong Shipyard Pte. Ltd. to construct two Friede & Goldman ExD Millennium semisubmersible drilling units (the Atwood Osprey and the Atwood Condor). The Atwood Osprey was delivered in April 2011, and the Atwood Condor is scheduled for delivery in the third quarter of fiscal year 2012. In October 2010, we entered into turnkey construction agreements with PPL Shipyard PTE LTD in Singapore ("PPL") to construct two Pacific Class 400 jack-up drilling units (the Atwood Mako and the Atwood Manta). The Atwood Mako and the Atwood Manta are scheduled for delivery in the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013, respectively. In January 2011, we exercised the first of three option agreements and entered into a turnkey construction agreement with PPL to construct a third Pacific Class 400 jack-up drilling unit (the Atwood Orca). The Atwood Orca is scheduled for delivery in the third quarter of fiscal year 2013. In January 2011, we entered into a turnkey construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd ("DSME") to construct an ultra-deepwater drillship, the Atwood Advantage, at the DSME yard in South Korea. The Atwood Advantage is scheduled for delivery in the fourth quarter of fiscal year 2013.   As of June 30, 2011, we had expended approximately $645 million towards the construction of our five drilling units currently under construction. Total remaining firm commitments for our five drilling units currently under construction were approximately $1.2 billion at June 30, 2011.

1733298000

15468000

7115000

2230982000

15468000

6928000

1343961000

1340490000

1905000

1566000

1813674000

1810745000

1693000

1236000

-65000

96463000

106879000

45000000

55000000

1172596000

1371343000

489949000

166637000

467518000

162147000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2007 credit facility, bearing interest (market adjustable) at approximately 1.1% per annum at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">180,000</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> 2008 credit facility, bearing interest (market adjustable) at approximately 1.8% per annum at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50,000</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> 2011 credit facility, bearing interest (market adjustable) at approximately 2.8% per annum at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">400,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">400,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">230,000</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr><td width="61%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="10">Three Months Ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="10">Nine Months Ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Net Income</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Per Share Amount</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Net Income</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Per Share Amount</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> June 30, 2011:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,820</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.16</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">198,747</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,689</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.07</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Effect of dilutive securities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Stock options</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">650</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">666</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.03</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Diluted earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,470</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.15</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">198,747</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,355</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.04</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr><td valign="top"> June 30, 2010:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,994</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,427</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.92</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">192,733</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,375</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.99</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Effect of dilutive securities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Stock options</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">610</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">679</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.03</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td> <td colspan="4" height="8"> </td></tr> <tr><td valign="top"> Diluted earnings per share</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,994</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,037</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">192,733</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,054</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.96</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr><td width="76%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Number of Shares (000s)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Fair Value</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Unvested at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">624</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34.27</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">168</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.68</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Vested</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(102</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39.58</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(111</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32.92</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Unvested at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">579</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34.58</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr><td width="60%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Number of Options (000s)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Wtd. Avg. Remaining Contractual Life (Years)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center" colspan="2">Aggregate Intrinsic Value (000s)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,720</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21.58</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,260</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">290</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37.41</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Exercised</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(306</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14.63</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,881</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(121</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31.61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,583</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25.06</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.2</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,197</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Exercisable at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,055</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.62</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,810</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table>

<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr><td width="91%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Risk-Free Interest Rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.9</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr><td valign="top"> Expected Volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">44</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected Life (Years)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Dividend Yield</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">None</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>

7639000

5406000

four

three

111000

32.92

168000

37.68

624000

579000

34.27

34.58

102000

39.58

0.00

5.2

0.44

0.019

24810000

306000

20.62

4.9

7881000

14.63

121000

31.61

290000

37.41

15.72

15260000

30197000

1720000

1583000

21.58

25.06

6.0

6.2

1055000

64443000

64846000

1370134000

133095000

64443000

1172596000

1578684000

142495000

64846000

1371343000

99000

304000

-99000

99000

4397000

4093000

304000

52749000

56404000

5100000

1700000

65054000

65037000

65355000

65470000

64375000

64427000

64689000

64820000

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Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Sep. 30, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 113,075	$ 180,523
Accounts receivable	106,879	96,463
Income tax receivable	2,835	16,052
Inventories of materials and supplies	56,404	52,749
Prepaid expenses and deferred costs	1,998	14,207
Total Current Assets	281,191	359,994
NET PROPERTY AND EQUIPMENT	1,813,674	1,343,961
LONG TERM ASSETS:
Other receivables (See Note 9)	15,799	15,799
Deferred costs and other assets	16,032	4,686
Total Long Term Assets	31,831	20,485
Total Assets	2,126,696	1,724,440
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	37,863	37,192
Accrued liabilities	26,684	25,368
Income tax payable	6,117	26,367
Deferred credits	33,834	4,533
Total Current Liabilities	104,498	93,460
LONG-TERM DEBT	400,000	230,000
LONG TERM LIABILITIES:
Deferred income taxes	10,028	10,845
Deferred credits	8,857	2,919
Other (See Note 6)	24,629	17,082
Total Long Term Liabilities	43,514	30,846
COMMITMENTS AND CONTINGENCIES (SEE NOTE 9)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value; 1,000 shares authorized, none outstanding
Common stock, $1 par value, 90,000 shares authorized with 64,781 and 64,443 issued and outstanding at June 30, 2011 and September 30, 2010, respectively	64,846	64,443
Paid-in capital	142,495	133,095
Retained earnings	1,371,343	1,172,596
Total Equity	1,578,684	1,370,134
Total Liabilities and Equity	$ 2,126,696	$ 1,724,440

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data	Jun. 30, 2011	Sep. 30, 2010
Condensed Consolidated Balance Sheets
Preferred stock, par value
Preferred stock, shares authorized	1,000	1,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	90,000	90,000
Common stock, shares issued	64,781	64,443
Common stock, shares outstanding	64,781	64,443

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Issuance value per share of no-par value, nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

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Share-Based Compensation (Stock Option Activity) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Jun. 30, 2011
Share-Based Compensation
Number of Options Outstanding at September 30, 2010	1,720
Wtd. Avg. Exercise Price, Outstanding at September 30, 2010	$ 21.58
Wtd. Avg. Remaining Contractual Life (Years), Outstanding at September 30, 2010	6.0
Aggregate Intrinsic Value, Outstanding at September 30, 2010	$ 15,260
Number of Options, Granted	290
Wtd. Avg. Exercise Price, Granted	$ 37.41
Number of Options, Exercised	(306)
Wtd. Avg. Exercise Price, Exercised	$ 14.63
Aggregate Intrinsic Value , Exercised	7,881
Number of Options, Forfeited	(121)
Wtd. Avg. Exercise Price, Forfeited	$ 31.61
Number of Options Outstanding at June 30, 2011	1,583
Wtd. Avg. Exercise Price, Outstanding at June 30, 2011	$ 25.06
Wtd. Avg. Remaining Contractual Life (Years), Outstanding at June 30, 2011	6.2
Aggregate Intrinsic Value, Outstanding at June 30, 2011	30,197
Number of Options, Exercisable at June 30, 2011	1,055
Wtd. Avg. Exercise Price, Exercisable at June 30, 2011	$ 20.62
Wtd. Avg. Remaining Contractual Life (Years), Exercisable at June 30, 2011	4.9
Aggregate Intrinsic Value, Exercisable at June 30, 2011	$ 24,810

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Document And Entity Information	9 Months Ended
Document And Entity Information	Jun. 30, 2011	Jul. 31, 2011
Document And Entity Information
Entity Registrant Name	ATWOOD OCEANICS INC
Entity Central Index Key	0000008411
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		64,931,339
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011

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Property And Equipment (Narrative) (Details) (USD $)	9 Months Ended
Property And Equipment (Narrative) (Details) (USD $)	Jun. 30, 2011
Number of drilling units	5
Expenditure on construction of drilling units in progress	$ 645,000,000
Commitments on drilling units under construction	$ 1,200,000,000
Atwood Osprey [Member]
Number of drilling units	1
Atwood Condor [Member]
Number of drilling units	1
Atwood Mako [Member]
Number of drilling units	1
Atwood Manta [Member]
Number of drilling units	1
Atwood Orca [Member]
Number of drilling units	1
Atwood Advantage [Member]
Number of drilling units	1

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Income Taxes

9 Months Ended

Jun. 30, 2011

Income Taxes

Income Taxes

6.	INCOME TAXES


	Liability for Uncertain Tax Positions
Balance at September 30, 2010	$	9,968
Increases based on tax positions related to the current fiscal year		866
Increases based on tax positions related to prior fiscal years		5,866

Balance at June 30, 2011	$	16,700

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
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-Name Accounting Standards Codification
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 19 R27.htm IDEA: XBRL DOCUMENT

Property And Equipment (Property And Equipment By Classification) (Details) (USD $) In Thousands	Jun. 30, 2011	Sep. 30, 2010
Net book value	$ 1,813,674	$ 1,343,961
Drilling Vessels And Related Equipment [Member]
Cost	2,230,982	1,733,298
Accumulated depreciation	(420,237)	(392,808)
Net book value	1,810,745	1,340,490
Drill Pipe [Member]
Cost	15,468	15,468
Accumulated depreciation	(13,775)	(13,563)
Net book value	1,693	1,905
Furniture And Other [Member]
Cost	6,928	7,115
Accumulated depreciation	(5,692)	(5,549)
Net book value	$ 1,236	$ 1,566

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

- Definition

Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

- Definition

Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

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Earnings Per Common Share (Details) (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Common Share
Net Income, Basic	$ 75,285	$ 58,994	$ 198,747	$ 192,733
Shares, Basic	64,820,000	64,427,000	64,689,000	64,375,000
Per Share Amount, Basic	$ 1.16	$ 0.92	$ 3.07	$ 2.99
Effect of dilutive securities: Stock options, Shares	650,000	610,000	666,000	679,000
Effect of dilutive securities: Stock options, Per Share Amount	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
Net Income, Diluted	$ 75,285	$ 58,994	$ 198,747	$ 192,733
Shares, Diluted	65,470,000	65,037,000	65,355,000	65,054,000
Per Share Amount, Diluted	$ 1.15	$ 0.91	$ 3.04	$ 2.96
Outstanding stock options excluded in the calculation of earnings per share	684,000	508,000	684,000	508,000

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Earnings Per Common Share (Tables)

9 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Computation Of Basic And Diluted Earnings Per Share


	Three Months Ended							Nine Months Ended
	Net Income		Shares		Per Share Amount			Net Income		Shares		Per Share Amount
June 30, 2011:
Basic earnings per share	$	75,285		64,820	$	1.16		$	198,747		64,689	$	3.07
Effect of dilutive securities:
Stock options		—		650	$	(0.01	)		—		666	$	(0.03	)


Diluted earnings per share	$	75,285		65,470	$	1.15		$	198,747		65,355	$	3.04


June 30, 2010:
Basic earnings per share	$	58,994		64,427	$	0.92		$	192,733		64,375	$	2.99
Effect of dilutive securities:
Stock options		—		610	$	(0.01	)		—		679	$	(0.03	)


Diluted earnings per share	$	58,994		65,037	$	0.91		$	192,733		65,054	$	2.96

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Share-Based Compensation

9 Months Ended

Jun. 30, 2011

Share-Based Compensation

Share-Based Compensation

2.	SHARE-BASED COMPENSATION

Awards of restricted stock and stock options have both been granted under the Atwood Oceanics, Inc. Amended and Restated 2007 Long-Term Incentive Plan (as amended or restated from time to time, the "2007 Plan") during the nine months ended June 30, 2011. We no longer issue awards of restricted stock or stock options under either the Atwood Oceanics, Inc. 1996 Incentive Equity Plan (the "1996 Plan") or the Atwood Oceanics, Inc. Amended and Restated 2001 Stock Incentive Plan (the "2001 Plan"), but stock options remain outstanding under those plans. We deliver newly issued shares of common stock for restricted stock awards upon vesting and upon exercise of stock options. All stock incentive plans currently in effect have been approved by the shareholders of the Company.

Stock Options


Risk-Free Interest Rate	1.9	%
Expected Volatility	44	%
Expected Life (Years)	5.2
Dividend Yield	None

A summary of stock option activity during the nine months ended June 30, 2011 is as follows:


	Number of Options (000s)			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Life (Years)		Aggregate Intrinsic Value (000s)
Outstanding at September 30, 2010		1,720		$	21.58		6.0	$	15,260
Granted		290		$	37.41		—	$	—
Exercised		(306	)	$	14.63		—	$	7,881
Forfeited		(121	)	$	31.61		—	$	—

Outstanding at June 30, 2011		1,583		$	25.06		6.2	$	30,197

Exercisable at June 30, 2011		1,055		$	20.62		4.9	$	24,810

Restricted Stock

A summary of restricted stock activity for the nine months ended June 30, 2011 is as follows:


	Number of Shares (000s)			Wtd. Avg. Fair Value
Unvested at September 30, 2010		624		$	34.27
Granted		168		$	37.68
Vested		(102	)	$	39.58
Forfeited		(111	)	$	32.92

Unvested at June 30, 2011		579		$	34.58

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
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-SubTopic 40
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

XML 23 R14.htm IDEA: XBRL DOCUMENT

Recently Issued Accounting Pronouncements

9 Months Ended

Jun. 30, 2011

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

8.	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In April 2010, the FASB issued Accounting Standards Update 2010-13. The objective of this update is to address the classification of an employee share-based payment award with an exercise price denominated in the currency of a market in which the underlying equity security trades. FASB Accounting Standards Codification Topic 718, "Compensation—Stock Compensation", provides guidance on the classification of a share-based payment award as either equity or a liability. A share-based payment award that contains a condition that is not a market, performance, or service condition is required to be classified as a liability. We adopted the amendments in this update on October 1, 2010, with no material impact on our financial statements or disclosures in our financial statements.

In June 2011, the FASB issued Accounting Standards Update 2011-04. The amendments in this update require that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted the amendments in this update in June 2011 with no material impact on our financial statements or disclosures in our financial statements.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 28
-Paragraph 23, 24
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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 2, 17, 18
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-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

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-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-Paragraph 2
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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

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Long-Term Debt (Tables)

9 Months Ended

Jun. 30, 2011

Long-Term Debt

Schedule Of Long-Term Debt


	June 30, 2011		September 30, 2010
2007 credit facility, bearing interest (market adjustable) at approximately 1.1% per annum at September 30, 2010	$	—	$	180,000
2008 credit facility, bearing interest (market adjustable) at approximately 1.8% per annum at September 30, 2010	$	—	$	50,000
2011 credit facility, bearing interest (market adjustable) at approximately 2.8% per annum at June 30, 2011	$	400,000	$	—

	$	400,000	$	230,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

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-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

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-Paragraph 7
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Topic 505
-SubTopic 10
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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Commitments And Contingencies

9 Months Ended

Jun. 30, 2011

Commitments And Contingencies

Commitments And Contingencies

9.	COMMITMENTS AND CONTINGENCIES

Litigation

Other Matters

After reviewing the drilling services we provided to our customer, the Indian tax authorities assessed service tax obligations on revenues derived from the Atwood Beacon commencing on June 1, 2007. The relevant Indian tax authority issued an extensive written ruling on this matter setting forth the application of the June 2007 service tax regulation and confirming the position that the drilling services were not covered by the original 2004 service tax law. As the Indian tax authority's service tax assessments were made based on the provisions of the 2007 amendment to the service tax law and not pursuant to any law in effect at the time we executed the Atwood Beacon contract, we believe our customer is obligated under the terms of our contract to reimburse us for all service tax payments. The ruling of the Indian tax authority regarding the applicability of the June 2007 service tax law and not the original 2004 service tax law to drilling services is currently subject to the review of the Tax Appeal Tribunal in India.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
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-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

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Commitments And Contingencies (Details) (USD $)	9 Months Ended
Commitments And Contingencies (Details) (USD $)	Jun. 30, 2011	Sep. 30, 2010
Commitments And Contingencies
Service taxes paid	$ 10,100,000
Accrued additional service tax	1,700,000
Total service taxes	11,800,000
Long-term other receivable	15,799,000	15,799,000
Accounts receivable relating to service taxes	11,800,000
Accounts receivable relating to revenues	$ 4,000,000

XML 27 R13.htm IDEA: XBRL DOCUMENT

Fair Value Of Financial Instruments

9 Months Ended

Jun. 30, 2011

Fair Value Of Financial Instruments

Fair Value Of Financial Instruments

7.	FAIR VALUE OF FINANCIAL INSTRUMENTS

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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-Subparagraph a-d
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-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
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-Number 107
-Paragraph 3, 10, 14, 15
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-Number 107
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-Subparagraph a, b
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-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
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+ Details

XML 28 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement Of Changes In Shareholders' Equity (USD $) In Thousands	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning Balance at Sep. 30, 2010	$ 64,443	$ 133,095	$ 1,172,596	$ 1,370,134
Beginning Balance (in shares) at Sep. 30, 2010	64,443
Net income			198,747	198,747
Vesting of restricted stock awards	99	(99)
Vesting of restricted stock awards (in shares)	99
Exercise of employee stock options	304	4,093		4,397
Exercise of employee stock options (in shares)	304
Stock option and restricted stock award compensation expense		5,406		5,406
Ending Balance at Jun. 30, 2011	$ 64,846	$ 142,495	$ 1,371,343	$ 1,578,684
Ending Balance (in shares) at Jun. 30, 2011	64,846

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

+ References

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-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 39
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

- Definition

Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.

+ References+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

- Definition

Aggregate value of stock related to Restricted Stock Awards issued during the period.

+ References+ Details

- Definition

Value stock issued during the period as a result of the exercise of stock options.

+ References+ Details

XML 29 R9.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

9 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

3.	EARNINGS PER COMMON SHARE

The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts):


	Three Months Ended							Nine Months Ended
	Net Income		Shares		Per Share Amount			Net Income		Shares		Per Share Amount
June 30, 2011:
Basic earnings per share	$	75,285		64,820	$	1.16		$	198,747		64,689	$	3.07
Effect of dilutive securities:
Stock options		—		650	$	(0.01	)		—		666	$	(0.03	)


Diluted earnings per share	$	75,285		65,470	$	1.15		$	198,747		65,355	$	3.04


June 30, 2010:
Basic earnings per share	$	58,994		64,427	$	0.92		$	192,733		64,375	$	2.99
Effect of dilutive securities:
Stock options		—		610	$	(0.01	)		—		679	$	(0.03	)


Diluted earnings per share	$	58,994		65,037	$	0.91		$	192,733		65,054	$	2.96

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 30 R31.htm IDEA: XBRL DOCUMENT

Income Taxes (Summary Of Activity Related To Net Uncertain Tax Positions) (Details) (USD $) In Thousands	9 Months Ended
	Jun. 30, 2011
Income Taxes
Balance at September 30, 2010	$ 9,968
Increases based on tax positions related to the current fiscal year	866
Increases based on tax positions related to prior fiscal years	5,866
Balance at June 30, 2011	$ 16,700

XML 31 R10.htm IDEA: XBRL DOCUMENT

Property And Equipment

9 Months Ended

Jun. 30, 2011

Property And Equipment

Property And Equipment

4.	PROPERTY AND EQUIPMENT

A summary of property and equipment by classification is as follows (in thousands):


	June 30, 2011			September 30, 2010

Drilling vessels and related equipment
Cost	$	2,230,982		$	1,733,298
Accumulated depreciation		(420,237	)		(392,808	)

Net book value		1,810,745			1,340,490


Drill Pipe
Cost		15,468			15,468
Accumulated depreciation		(13,775	)		(13,563	)

Net book value		1,693			1,905


Furniture and other
Cost		6,928			7,115
Accumulated depreciation		(5,692	)		(5,549	)

Net book value		1,236			1,566


NET PROPERTY AND EQUIPMENT	$	1,813,674		$	1,343,961

New Construction Projects

In October 2010, we entered into turnkey construction agreements with PPL Shipyard PTE LTD in Singapore ("PPL") to construct two Pacific Class 400 jack-up drilling units (the Atwood Mako and the Atwood Manta). The Atwood Mako and the Atwood Manta are scheduled for delivery in the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013, respectively.

In January 2011, we entered into a turnkey construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd ("DSME") to construct an ultra-deepwater drillship, the Atwood Advantage, at the DSME yard in South Korea. The Atwood Advantage is scheduled for delivery in the fourth quarter of fiscal year 2013.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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Long-Term Debt (Narrative) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended			9 Months Ended			9 Months Ended
	Jun. 30, 2011	Oct. 31, 2007 2007 Credit Facility [Member]	Nov. 30, 2008 2008 Credit Facility [Member]	Jun. 30, 2011 2011 Credit Facility [Member]	Jun. 30, 2011 2011 Credit Facility [Member] Maximum [Member]	Jun. 30, 2011 2011 Credit Facility [Member] Minimum [Member]	Jun. 30, 2011 Leverage Ratio [Member]	Jun. 30, 2011 Debt To Capitalization Ratio [Member]	Jun. 30, 2011 Interest Expense Coverage Ratio [Member]
Credit facility capacity		$ 300.0	$ 280.0		$ 1,100.0	$ 750.0
Incremental commitment				350
Funds available under credit facility				350
2011 Credit Agreement, description	Loans under this facility will bear interest of the Eurodollar Rate plus a margin of 2.50%.
2011 Credit Agreement, commitment fee (per annum)				1.00%
Standby letters of credit				2.2
Various financial covenants							ratio of 4.0 to 1.0	ratio of 0.5 to 1.0	ratio of 3.0 to 1.0
Minimum collateral percentage	150.00%
Additional funds borrowed				$ 0

- Definition

Description of a short-term or long-term contractual arrangement with a lender, including letter of credit, standby letter of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line of credit.

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XML 35 R30.htm IDEA: XBRL DOCUMENT

Income Taxes (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Sep. 30, 2010
Income Taxes
Uncertain tax positions reserves	$ 16,700,000		$ 16,700,000		$ 9,968,000
Estimated accrued interest and penalties	4,800,000		4,800,000
Valuation allowance	$ 1,700,000		$ 5,100,000
Effective income tax rate	14.00%	30.00%	18.00%	21.00%

- Definition

A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

+ References+ Details

- Definition

The amount of the change in the period in the valuation allowance for a specified deferred tax asset.

+ References+ Details

XML 36 R18.htm IDEA: XBRL DOCUMENT

Property And Equipment (Tables)

9 Months Ended

Jun. 30, 2011

Property And Equipment

Property And Equipment By Classification


	June 30, 2011			September 30, 2010

Drilling vessels and related equipment
Cost	$	2,230,982		$	1,733,298
Accumulated depreciation		(420,237	)		(392,808	)

Net book value		1,810,745			1,340,490


Drill Pipe
Cost		15,468			15,468
Accumulated depreciation		(13,775	)		(13,563	)

Net book value		1,693			1,905


Furniture and other
Cost		6,928			7,115
Accumulated depreciation		(5,692	)		(5,549	)

Net book value		1,236			1,566


NET PROPERTY AND EQUIPMENT	$	1,813,674		$	1,343,961

XML 37 R11.htm IDEA: XBRL DOCUMENT

Long-Term Debt

9 Months Ended

Jun. 30, 2011

Long-Term Debt

Long-Term Debt

5.	LONG-TERM DEBT

A summary of long-term debt is as follows (in thousands):


	June 30, 2011		September 30, 2010
2007 credit facility, bearing interest (market adjustable) at approximately 1.1% per annum at September 30, 2010	$	—	$	180,000
2008 credit facility, bearing interest (market adjustable) at approximately 1.8% per annum at September 30, 2010	$	—	$	50,000
2011 credit facility, bearing interest (market adjustable) at approximately 2.8% per annum at June 30, 2011	$	400,000	$	—

	$	400,000	$	230,000

During May 2011, we entered into a $750 million secured reducing revolving credit agreement with Nordea Bank Finland plc, New York Branch, as Administrative Agent and several lenders (the "2011 Credit Agreement"). The 2011 Credit Agreement includes provisions for incremental commitments up to $350 million, bringing the total commitment to $1.1 billion, if exercised. The maturity of the 2011 Credit Agreement is May 2016, subject to acceleration upon certain specified events of default, including but not limited to: delinquent payments, bankruptcy filings, breaches of representation or covenants, material adverse judgments, guarantees or security documents not being in full effect, non-compliance with the Employee Retirement Income Security Act of 1974, defaults under other agreements, and a change of control. The 2011 Credit Agreement contains limitations on our ability to incur liens; merge, consolidate or sell substantially all assets; pay cash dividends; incur additional indebtedness; make advances, investments or loans; and transact with affiliates. The 2011 Credit Agreement is secured primarily by first preferred mortgages on six of our active drilling units (the Atwood Aurora, the Atwood Beacon, the Atwood Eagle, the Atwood Falcon, the Atwood Hunter, and the Atwood Osprey).

Loans under this facility will bear interest of the Eurodollar Rate plus a margin of 2.50%.The credit agreement supports the issuance, when required, of standby letters of credit. Under the 2011 Credit Agreement, we will pay a commitment fee of 1.0% per annum on the unused portion of the underlying commitment. As of June 30, 2011, we have $350 million of funds available to borrow under this credit facility, with standby letters of credit issued in the aggregate amount of $2.2 million.

Prior to the execution of the 2011 Credit Agreement, we had a 5-year $300 million credit facility executed in October 2007 (as amended from time to time, the "2007 Credit Agreement") and a 5-year $280 million credit facility executed in November 2008 (as amended from time to time, the "2008 Credit Agreement"). Both the 2008 Credit Agreement and the 2007 Credit Agreement were retired during May 2011 with funding from the 2011 Credit Agreement. We were in compliance with all financial covenants under the 2007 Credit Agreement and 2008 Credit Agreement during the period until execution of the 2011 Credit Agreement.

XML 38 R21.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	9 Months Ended
	Jun. 30, 2011
Unrecognized compensation cost, recognition period (in years)	2.5
Outstanding options maximum term (in years)	10
Weighted average fair value of stock options	$ 15.72
Stock Options [Member]
Unrecognized compensation cost	$ 5.7
Restricted Stock Awards [Member]
Unrecognized compensation cost	$ 7.9
Restricted Stock [Member]
Vesting period minimum (in years)	three
Vesting period maximum (in years)	four
2007 Plan [Member]
Vesting period minimum (in years)	1
Vesting period maximum (in years)	4
2001 Plan [Member]
Vesting period minimum (in years)	1
Vesting period maximum (in years)	4
1996 Plan [Member]
Vesting period minimum (in years)	2
Vesting period maximum (in years)	5

XML 39 R29.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Sep. 30, 2010
Long term debt	$ 400,000	$ 230,000
2007 Credit Facility [Member]
Outstanding credit facility		180,000
Market adjustable interest rate (per annum)		1.10%
2008 Credit Facility [Member]
Outstanding credit facility		50,000
Market adjustable interest rate (per annum)		1.80%
2011 Credit Facility [Member]
Outstanding credit facility	$ 400,000
Market adjustable interest rate (per annum)	2.80%

XML 40 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands	9 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 198,747	$ 192,733
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation	27,991	28,967
Amortization of debt issuance costs	1,680	603
Amortization of deferred items	4,084	13,031
Provision for doubtful accounts		(65)
Provision for inventory obsolescence	495	405
Deferred income tax expense (benefit)	(817)	4,876
Share-based compensation expense	5,406	7,639
Other, net	(77)	(1,521)
Changes in assets and liabilities:
Decrease in accounts receivable	6,203	13,151
Decrease in insurance receivable		514
Decrease (increase) in income tax receivable	13,217	(9,094)
Increase in inventory	(4,150)	(3,880)
Decrease in prepaid expenses	11,989	8,334
Increase in deferred costs and other assets	(8,259)	(7,979)
Increase in accounts payable	2,146	4,571
Increase in accrued liabilities	1,340	979
Decrease in income tax payable	(20,250)	(1,002)
Increase (decrease) in deferred credits and other liabilities	29,730	(22,707)
Net cash provided by operating activities	269,475	229,555
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures	(499,241)	(136,870)
Proceeds from insurance		3,374
Proceeds from sale of assets	115	162
Net cash used by investing activities	(499,126)	(133,334)
CASH FLOW FROM FINANCING ACTIVITIES:
Principal payments on debt	(55,000)	(45,000)
Proceeds from debt	225,000
Proceeds from exercise of stock options	4,397	840
Debt issuance costs paid	(12,194)
Net cash provided and used by financing activities	162,203	(44,160)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(67,448)	52,061
CASH AND CASH EQUIVALENTS, at beginning of period	180,523	100,259
CASH AND CASH EQUIVALENTS, at end of period	113,075	152,320
Non-cash activities
Increase (decrease) in accounts payable and accrued liabilities related to capital expenditures	$ (1,499)	$ 14,605

XML 41 R22.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Fair Value Assumptions) (Details)	9 Months Ended
	Jun. 30, 2011
Share-Based Compensation
Risk-Free Interest Rate	1.90%
Expected Volatility	44.00%
Expected Life (Years)	5.2
Dividend Yield	0.00%

- Definition

The period of time an equity-based award is expected to be outstanding. An equity-based award's expected term is generally determined based on, among other factors, the instrument's contractual term and the effects of employees' expected exercise and post-vesting employment termination behavior.

+ References+ Details

- Definition

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References+ Details

XML 42 R24.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Summary Of Restricted Stock Activity) (Details) (USD $) In Thousands, except Per Share data	9 Months Ended
	Jun. 30, 2011
Share-Based Compensation
Number of Shares, Unvested at September 30, 2010	624
Wtd. Avg. Fair Value, Unvested at September 30, 2010	$ 34.27
Number of Shares, Granted	168
Wtd. Avg. Fair Value, Granted	$ 37.68
Number of Shares, Vested	(102)
Wtd. Avg. Fair Value, Vested	$ 39.58
Number of Shares, Forfeited	(111)
Wtd. Avg. Fair Value, Forfeited	$ 32.92
Number of Shares, Unvested at June 30, 2011	579
Wtd. Avg. Fair Value, Unvested at June 30, 2011	$ 34.58

- Definition

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

- Definition

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References+ Details

XML 43 R7.htm IDEA: XBRL DOCUMENT

Unaudited Interim Information

9 Months Ended

Jun. 30, 2011

Unaudited Interim Information

Unaudited Interim Information

1.	UNAUDITED INTERIM INFORMATION

The unaudited interim condensed consolidated financial statements of Atwood Oceanics, Inc. and its subsidiaries as of June 30, 2011, and for the three and nine month period ended June 30, 2011 and 2010, included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Unless otherwise indicated, references to "we", "us", "our" and the "Company" refer collectively to Atwood Oceanics, Inc., its subsidiaries and affiliates. The year-end condensed consolidated balance sheet data was derived from the audited financial statements as of September 30, 2010. Although these financial statements and related information have been prepared without audit, and certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, we believe that the note disclosures are adequate to make the information not misleading. The interim financial results may not be indicative of results that could be expected for a full fiscal year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report to Shareholders for the year ended September 30, 2010. In our opinion, the unaudited interim financial statements reflect all adjustments considered necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

XML 44 R16.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2011

Share-Based Compensation

Fair Value Assumptions


Risk-Free Interest Rate	1.9	%
Expected Volatility	44	%
Expected Life (Years)	5.2
Dividend Yield	None

Stock Option Activity


	Number of Options (000s)			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Life (Years)		Aggregate Intrinsic Value (000s)
Outstanding at September 30, 2010		1,720		$	21.58		6.0	$	15,260
Granted		290		$	37.41		—	$	—
Exercised		(306	)	$	14.63		—	$	7,881
Forfeited		(121	)	$	31.61		—	$	—

Outstanding at June 30, 2011		1,583		$	25.06		6.2	$	30,197

Exercisable at June 30, 2011		1,055		$	20.62		4.9	$	24,810

Summary Of Restricted Stock Activity


	Number of Shares (000s)			Wtd. Avg. Fair Value
Unvested at September 30, 2010		624		$	34.27
Granted		168		$	37.68
Vested		(102	)	$	39.58
Forfeited		(111	)	$	32.92

Unvested at June 30, 2011		579		$	34.58

XML 45 R20.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

9 Months Ended

Jun. 30, 2011

Income Taxes

Summary Of Activity Related To Net Uncertain Tax Positions


	Liability for Uncertain Tax Positions
Balance at September 30, 2010	$	9,968
Increases based on tax positions related to the current fiscal year		866
Increases based on tax positions related to prior fiscal years		5,866

Balance at June 30, 2011	$	16,700

XML 46 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
REVENUES:
Contract drilling	$ 162,147	$ 166,637	$ 467,518	$ 489,949
COSTS AND EXPENSES:
Contract drilling	53,004	63,139	161,750	186,950
Depreciation	10,395	9,611	27,991	28,967
General and administrative	9,742	9,339	34,480	30,683
Other, net		(822)	(77)	(1,521)
TOTAL COSTS AND EXPENSES	73,141	81,267	224,144	245,079
OPERATING INCOME	89,006	85,370	243,374	244,870
OTHER INCOME (EXPENSE):
Interest expense	(1,900)	(698)	(3,037)	(2,010)
Interest income	97	175	592	260
OTHER INCOME (EXPENSE) TOTAL	(1,803)	(523)	(2,445)	(1,750)
INCOME BEFORE INCOME TAXES	87,203	84,847	240,929	243,120
PROVISION FOR INCOME TAXES	11,918	25,853	42,182	50,387
NET INCOME	$ 75,285	$ 58,994	$ 198,747	$ 192,733
Earnings Per Common Share
Basic	$ 1.16	$ 0.92	$ 3.07	$ 2.99
Diluted	$ 1.15	$ 0.91	$ 3.04	$ 2.96
AVERAGE COMMON SHARES OUTSTANDING (NOTE 3):
Basic	64,820	64,427	64,689	64,375
Diluted	65,470	65,037	65,355	65,054

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company