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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: September 3, 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 5. OTHER EVENTS
On September 3, 2002, the Company announced that the VICKSBURG has been
awarded a two year contract by ExxonMobil Exploration and Production Malaysia
Inc. ("EMEPMI") for operations off the coast of Malaysia, with EMEPMI having the
right to terminate the contract after one year at any time with a 120 days
notice period. A copy of the press release announcing the contract award is
filed with the Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED SEPTEMBER 3, 2002
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT SEPTEMBER 3, 2002
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD SOUTHERN CROSS is currently expected to complete its one-well
drilling program for Oil Fields Ltd in Israel around September 6, 2002. When
this drilling program is completed, the rig will be idle three to four weeks
while completing certain upgrades to meet certain Italian requirements before it
can commence its next contract for Eni S.p.A. - AGIP division ("AGIP"). These
required upgrades are estimated to cost approximately $750,000, with AGIP
covering $550,000 of these costs. The operating dayrate for the AGIP work is
$60,000, with the work estimated to take 60 to 90 days to complete.
Additional information with respect to the Company's contract status
summary at September 3, 2002 is attached hereto as EXHIBIT 99.2, 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 disruptions in operations due to terrorism; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company's 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: September 3, 2002
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release Dated September 3, 2002
99.2 Contract Status Summary at September 3, 2002
EXHIBIT 99.1
HOUSTON, TEXAS
3 SEPTEMBER 2002
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (a Houston based internationally offshore drilling
contractor - NYSE - ATW) announced today that the VICKSBURG has been awarded a
two year contract by ExxonMobil Exploration and Production Malaysia Inc.
("EMEPMI") for operations off the coast of Malaysia, with EMEPMI having the
right to terminate the contract after one year at any time with a 120 days
notice period. The operating dayrate is $64,500, with EMEPMI having an option
for one additional year at a mutually agreed dayrate. The contract provides for
EMEPMI to reimburse the Company for approximately $3.6 million of certain
modifications and equipment upgrades to be performed on the rig, which is
expected to take at least 18 days to complete, prior to it commencing the
drilling program. The contract provides for the Company to receive a dayrate of
$52,000 for 18 days during the upgrade period. The VICKSBURG completed its
contract with Carigali-Triton Operating Company on September 1, 2002 and is
currently undergoing the modifications and upgrades for the EMEPMI contract.
CONTACT: JIM HOLLAND
(281) 749-7804
EXHIBIT 99.2
EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT SEPTEMBER 3, 2002
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA SARAWAK SHELL BERHAD/ The rig is conducting a drilling program in Malaysia for
SABAH SHELL Sarawak Shell Berhad and Sabah Shell Petroleum Company Ltd.
PETROLEUM ("Shell"). The drilling contract includes five firm wells
COMPANY LTD plus provides Shell with options to drill five additional
wells. Immediately upon completion of the Shell contract
commitment for its firm wells (estimated October 2002), the
rig will be moved to Australia to commence a program
providing for the drilling of two wells plus options to
drill three additional wells for Woodside Energy Ltd.
ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig commenced an eleven-well drilling program in
December 2001 estimated to be completed in October 2002.
Contract opportunities to commence following completion of
the rig's current contract are being pursued
internationally.
ATWOOD EAGLE SHIPYARD IN The rig is currently undergoing an approximate $90 million
GREECE water-depth upgrade and refurbishment. The upgrade should
take approximately six months shipyard time to complete
(October/November 2002). Contract opportunities to
commence following the rig's upgrade are being pursued
internationally.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION The rig's current contract terminates in December 2003,
& PRODUCTION with an option for the Operator to extend.
MALAYSIA INC
ATWOOD SOUTHERN CROSS MEDITERRANEAN ENI S.P.A. - AGIP The rig is currently expected to complete its one-well
SEA DIVISION ("AGIP") contract for Oil Fields Ltd. in Israel around September 6,
2002 and will then be idle for three to four weeks while
completing the required upgrades to meet certain Italian
requirements under its contract with AGIP. Upon
completion of these required Italian upgrades, the rig
will commence the AGIP drilling program which is expected
to take 60 to 90 days to complete.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for future
GULF OF MEXICO 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 EXXONMOBIL EXPLORATION The rig is preparing to commence modifications and
& PRODUCTION upgrades for the EMEPMI contract. Following completion of
MALAYSIA INC. these modifications and upgrades, the rig will commence a
("EMEPMI") two-year drilling program (with an option by EMEPMI for
one additional year), with EMEPMI having the right to
terminate the drilling program after one year at any time
with a 120 days notice period.
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 EL PASO PRODUCTION OIL The rig's current contract is expected to conclude in
GULF OF MEXICO & GAS September 2002 unless the current operator exercises an
option to drill one more well, which, if drilled could add
another 45 days of drilling commitments. The rig has been
awarded a contract by Applied Drilling Technology Inc. to
drill one firm well (estimated to take 30 days to complete)
following completion of its current contract.
MODULAR PLATFORMS -
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GOODWYN 'A' /
NORTH RANKIN 'A AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in drilling
activity for the two client-owned rigs managed by the
Company. The Company is involved in maintenance of the
two rigs for future drilling programs.