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UNITED STATES
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: July 16, 2003
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
N/A
(Former name or former address, if changed since last report.)
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ITEM 7. EXHIBITS
EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT JULY 16, 2003
ITEM 9. REGULATION FD DISCLOSURE
ExxonMobil Exploration and Production Malaysia Inc. ("ExxonMobil") has
exercised an option to extend the contract for the SEAHAWK for one year
commencing December 18, 2003. For the one year extension, the operating dayrate
will be fixed at $50,000. ExxonMobil has the right to terminate the contract
after the completion of the first six months of the extension period with one
hundred twenty (120) days written notice.
The ATWOOD HUNTER has completed its contract in Israel and is being moved
to Egypt where it will be stacked while waiting for its next contract
opportunity. The ATWOOD SOUTHERN CROSS is expected to complete it contract in
Italy prior to the end of July 2003, at which time it will be moved to Egypt for
stacking while waiting for its next contract opportunity. Contract opportunities
for both drilling units are being pursued in the Mediterranean Area, as well as
in other areas of the world.
The worldwide offshore demand for drilling units continues to be impacted
by political uncertainties and soft market conditions. With the ATWOOD HUNTER
and ATWOOD SOUTHERN CROSS expected to incur significant idle time during the
fourth quarter of fiscal 2003, the Company anticipates a net loss of $4 to $6
million for the quarter ended September 30, 2003. The current near-term outlook
has not weakened the Company's optimism about the longer-term outlook and
fundamentals of the offshore drilling market.
Additional information with respect to the Company's Contract Status
Summary July 16, 2003 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 the construction of a rig; competition;
operating risks; risks involved in foreign operations; risks associated with
possible disruption in operations due to terrorism; risks associated with a
possible disruption in operations due to war; 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, 2002,
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: July 16, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Contract Status Summary at July 16, 2003
EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT July 16, 2003
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MOBILIZATION TO MURPHY SABAH OIL CO. AND The rig is being mobilized to Malaysia to
MALAYSIA SARAWAK SHELL drill one well for Murphy Sabah Oil Co and
one well for Sarawak Shell. The drilling of
these wells should commence around the third
week of July, 2003 and should take between
100 and 140 days to complete. Murphy has an
option to drill one additional well at a
later date. Following completion of its work
in Malaysia, the rig will be moved to Japan
to drill two wells estimated to take 100 to
120 days to complete.
ATWOOD HUNTER MOVING TO EGYPT The rig is being relocated to Egypt where it
will be stacked while waiting for its next
contract opportunity. There are short-term
contract opportunities for the rig commencing
in early September 2003. Longer-term
contract opportunities for additional work
are being pursued in the Mediterranean area,
as well as areas outside of the Mediterranean.
ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The rig is drilling the second well of a firm
(BLOCK 15) LIMITED three well contract with ESSO off the coast
("ESSO") of Angola. ESSO has options for four
additional wells. If no option wells are
drilled, the contract could terminate around
early August 2003. Contract opportunities
for additional work in Angola and elsewhere
in West Africa are being pursued.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in
PRODUCTION MALAYSIA December 2004, with an option for the
INC. ("EMEPMI") Operator to extend. EMEPMI has the right to
terminate the contract after the completion
of the first six months of the extension
period (which commences in December 2003)
with 120 days written notice.
ATWOOD SOUTHERN CROSS MEDITERRANEAN EDISON GAS S.p.A. The rig is contracted to EDISON to work on
SEA ("EDISON") three plug and abandonment wells which is
expected to be completed prior to the end of
July 2003. Contract opportunities for
additional work are being pursued in the
Mediterranean area, as well as areas outside
of the Mediterranean.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000
GULF OF MEXICO for future conversion to a tender-assist
unit, similar to the SEAHAWK, once an
acceptable contract opportunity is secured.
The rig is currently coldstacked.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year
PRODUCTION MALAYSIA INC. drilling program (with an option by EMEPMI
for one additional year), with EMEPMI having
the right to terminate the drilling program
after one year with at least 120 days notice
period.
ATWOOD BEACON SINGAPORE The final commissioning of the ATWOOD BEACON
continues on schedule. The shipyard portion
of the construction was completed in May
2003, with equipment commissioning and
testing currently being carried out.
Following completion of equipment
commissioning and testing estimated to be around
August 1, 2003, the rig will be moved to
Malaysia to drill three wells plus options
for five additional wells for Murphy Sarawak
Oil Co., Ltd. The three firm wells are
expected to be completed in October 2003.
Contract opportunities for
additional work following completion of the
Murphy contract are being pursued.
SUBMERSIBLE -
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RICHMOND UNITED STATES SPINNAKER EXPLORATION The rig is currently working under a
GULF OF MEXICO COMPANY, L.L.C. one-well, plus options for two additional
wells contract for Spinnaker Exploration
Company, L.L.C. The one firm well is
expected to be completed in early August 2003.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned
RANKIN 'A' 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.