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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: March 14, 2002
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
15835 Park Ten Place Drive 77084
Houston, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
281-749-7800
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ITEM 7. EXHIBITS
EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT MARCH 14, 2002
ITEM 9. REGULATION FD DISCLOSURE
As previously reported, the RICHMOND was moved to a dockside location in
February 2002 to undergo some general maintenance, painting and required
inspections. After completing certain inspections, the Company has increased the
scope of work on the rig which could take until the end of April to complete.
The Company will incur approximately $1 million of additional cost in the
quarter relating to the work being performed on the RICHMOND. Contract
opportunities for the rig immediately following the completion of the work
planned for the dockside period are being pursued.
The ATWOOD EAGLE continues to work under its one-well program in Sicily
which is currently expected to extend into April 2002. Upon completion of this
commitment, the rig will be immediately moved to a shipyard in Greece to
commence its $90 million upgrade.
The ATWOOD FALCON continues its work in the Philippines, which is currently
expected to extend into April 2002. Upon completion of this commitment, the rig
will be moved to Malaysia to commence its firm five-well plus options contract.
The ATWOOD SOUTHERN CROSS should complete its current drilling program in
Egypt by the end of March, at which time it will commence drilling a one-well
program in Egypt at a dayrate of $55,000. The Company is continuing with its
planning to move the ATWOOD SOUTHERN CROSS to Israel to commence a four to five
month drilling program following completion of its commitments in Egypt with
dayrates of $69,000 for the firm wells and $74,000 for an option well. The
Company continues to monitor the ongoing situation in Israel, in particular, and
the Middle East, in general for any furute developments which could negatively
affect future operations.
The current consensus estimate of diluted earnings per share for the
Company's fiscal 2002 second quarter is $.48. With the additional expense to be
incurred in the quarter relating to the current ongoing work on the Richmond,
the Company feels more comfortable with an estimated diluted earnings per share
of $.45 for the quarter ending March 31, 2002.
Additional information with respect to the Company's contract status
summary at March 14, 2002 is attached hereto as Exhibit 99.1 which is being
furnished in accordance with Rule 101 (e) (1) under Regulation FD and should not
be deemed to be filed.
Statements contained in this report with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve risks
and uncertainties. Actual results could differ materially from those anticipated
as a result of various factors; the Company's dependence on the oil and gas
industry; the risks involved in upgrade to the Company's rigs; competition;
operating risks; risks involved in foreign operations; risks associated with
possible disruption in operations due to terrorism; and governmental regulations
and environmental matters. A list of additional risk factors can be found in the
Company' annual report on Form 10-K for the year ended September 30, 2001, filed
with the Securities and Exchange Commission.
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 hereunto duly authorized.
ATWOOD OCEANICS, INC.
(Registrant)
/s/ James M. Holland
James M. Holland
Senior Vice President
DATE: March 14, 2002
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Contract Status Summary at March 14, 2002
EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT MARCH 14, 2002
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON PHILIPPINES SHELL PHILIPPINES The rig's current contract terminates upon
EXPLORATION B.V. completion of the present work in progress,
estimated to be in April 2002. Immediately
upon completion of the current contract, the
rig will be moved to Malaysia to commence a
drilling program for Sarawak Shell Berhad and
Sabah Shell Petroleum Company Ltd. ("Shell"). The
drilling contract includes five firm wells
plus provides Shell with options to drill five
additional wells.
ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig commenced in December 2001 an eleven-well drilling
program estimated to take between 280 and 340 days
to complete.
ATWOOD EAGLE MEDITERRANEAN ENI S.P.A. - AGIP The rig is drilling a one-well program off the
SEA DIVISION ("AGIP") coast of Sicily (estimated to be completed in April
2002). An approximate $90 million upgrade of the rig is
planned immediately upon the rig completing its current
contractual commitment. The upgrade should take
approximately six months shipyard time
to complete. Contract opportunities to commence
following the rig's upgrade are being pursued
internationally. AGIP has an option to drill one
additional well at a future date.
SEAHAWK MALAYSIA EXXONMOBIL The rig's current contract terminates in November
EXPLORATION & 2003, with an option for the Operator to extend.
PRODUCTION MALAYSIA
INC.
ATWOOD
SOUTHERN CROSS MEDITERRANEAN GERMAN OIL & GAS EGYPT The rig has contractual commitments in Egypt and
SEA Israel which should keep the rig employed until the
fourth quarter of fiscal 2002.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for
GULF OF MEXICO future conversion to a tender-assist unit, similar
to the SEAHAWK, once an acceptable contract
opportunity is secured.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA-THAILAND CARIGALI - TRITON The rig commenced in October 2001 a drilling program expected
JOINT DEVELOPMENT OPERATING COMPANY to include 31 wells (estimated to take around 540
AREA ("CTOC") days). CTOC has the option of canceling the
contract at any time after giving a sixty-day
written notice of termination.
ATWOOD BEACON UNDER CONSTRUCTION The Company expects the construction of this
ultra-premium jack-up drilling unit to be
completed in June 2003.
SUBMERSIBLE -
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RICHMOND UNITED STATES The drilling unit is at a dockside location
GULF OF MEXICO undergoing some general maintenance, painting and
inspections which could take until the end of April
2002 to complete. Contract opportunities for the rig
following the completion of the work planned for
this dockside period are currently being pursued.
MODULAR PLATFORMS -
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RIG-200 AUSTRALIA The rig is available for contract since
it became idle in June 1999.
MANAGEMENT/LABOR CONTRACTS
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in
RANKIN 'A' drilling activity for the two client-owned rigs.
The Company is involved in maintenance of
the two rigs for future drilling programs.