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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: May 26, 2004
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
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(Former name or former address, if changed since last report.)
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EXHIBIT 99.1 PRESS RELEASE DATED MAY 26, 2004
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT MAY 26, 2004
ITEM 5.
On May 26, 2004, the Company announced that Sarawak Shell has reinstated a
contract to utilize the ATWOOD FALCON to drill two firm wells with options to
drill three additional wells offshore Malaysia. The dayrate for all wells
drilled will vary with the water depth of the wells: $83,300 for water depths in
excess of 2,500 feet; $68,300 for water depths between 1,000 feet and 2,500 feet
and $53,000 for water depths less than 1,000 feet. This drilling program should
commence around August 1, 2004, with the drilling of the two firm wells expected
to take approximately 60 days to complete. If all three option wells are
drilled, the program could extend into December 2004.
The Company also announced that Woodside Energy Ltd. ("Woodside") has
awarded the ATWOOD EAGLE a contract to drill two firm wells, with an option to
drill an additional well, offshore Australia; however, Woodside has the option
to only drill one well in the event that due to an extension in the rigs current
drilling program Woodside cannot drill both firm wells before the end of
November 2004. The contract provides for a dayrate of $89,000 for all wells
drilled in up to 600 meters of water. This drilling program will commence
immediately upon the rig completing its current drilling program for BHP
Billiton Petroleum Pty. and Apache Energy Limited which is currently estimated
to be in August 2004. The drilling of the two firm wells is estimated to take
approximately 100 days to complete.
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD FALCON has completed its contract with Japan Energy Development
and is currently mobilizing to China to drill one well for Husky Oil China Ltd.
("Husky"). The drilling of this well should be completed in June 2004. The
Company is currently pursuing another one well program for the rig to fill the
period from the completion of the Husky work in June 2004 to the commencement of
the Sarawak Shell contract in August 2004.
In March 2004, the ATWOOD SOUTHERN CROSS commenced a drilling program for
Murphy Sarawak Oil Company, Ltd. ("Murphy") in Malaysia. This program includes
the drilling of two firm wells plus options to drill an additional four wells.
Murphy has now exercised one option. The rig has commenced drilling of the
second of the now three committed wells, with the current drilling program
expected to extend into August 2004. The option well will have a dayrate of
$40,000. If the remaining three option wells are drilled, the program could
extend into November 2004.
The RICHMOND is in the process of completing its current drilling program
with Bois D'Arc Offshore Ltd. Immediately upon completion of this contract, the
rig will commence a drilling contract with Helis Oil & Gas Company, L.L.C.
("Helis"), which initially included the drilling of four firm wells plus options
to drill four additional wells. Helis has now assigned the first well to Applied
Drilling Technology, Inc ("ADTI"). The drilling of the one well for ADTI and the
three firm wells for Helis is expected to take around 120 to 150 days to
complete and if all four option wells are drilled, the contract could extend to
around 240 to 300 days in total.
Additional information with respect to the Company's Contract Status
Summary at May 26, 2004 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 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, 2003,
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: May 26, 2004
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated May 26, 2004
99.2 Contract Status Summary at May 26, 2004
EXHIBIT 99.1
Houston, Texas
26 May 2004
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston-based International Offshore Drilling
Contractor - NYSE: ATW) announced today that Sarawak Shell has reinstated a
contract to utilize the ATWOOD FALCON to drill two firm wells with options to
drill three additional wells offshore Malaysia. The dayrate for all wells
drilled will vary with the water depths of the wells: $83,300 for water depths
in excess of 2,500 feet; $68,300 for water depths between 1,000 feet and 2,500
feet and $53,000 for water depths less than 1,000 feet. This drilling program
should commence around August 1, 2004 with the drilling of the two firm wells
expected to take approximately 60 days to complete. If all three options wells
are drilled, the program could extend into December 2004.
The Company also announced that Woodside Energy Ltd. has awarded the ATWOOD
EAGLE a contract to drill two firm wells, with an option to drill one additional
well, offshore Australia; however, Woodside has the option to only drill one
well in the event that due to an extension in the rig's current drilling program
Woodside cannot drill both firm wells before the end of November 2004. The
contract provides for a dayrate of $89,000 for all wells drilled in up to 600
meters of water. This drilling program will commence immediately upon the rig
completing its current drilling program for BHP Billiton Petroleum Pty. and
Apache Energy Limited which is currently estimated to be in August 2004. The
drilling of the two firm wells is estimated to take approximately 100 days to
complete.
Statements contained in this release 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, 2003, filed with the Securities and Exchange Commission.
Contact: Jim Holland
(281) 749-7804
EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT MAY 26, 2004
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MOBILIZING TO HUSKY OIL CHINA LTD. The rig is being mobilized to China to commence a one
CHINA ("HUSKY") well program for Husky. The drilling of this well
should be completed in June 2004. Around August 1,
2004, the rig is committed to commence a drilling
program for Sarawak Shell which includes the drilling
of two firm wells, plus options to drill three
additional wells, offshore Malaysia. The drilling of
the two firm wells is expected to take approximately
60 days to complete, with the program possibly
extending into December 2004 if all three option wells
are drilled.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003, the rig commenced a drilling
("BURULLUS") program for Burullus which includes ten firm wells
plus options to drill six additional wells. The
drilling of the ten firm wells are expected to take
around 400 days to complete, and if all the option
wells are drilled, the contract could extend for
approximately 550 days.
ATWOOD EAGLE AUSTRALIA BHP BILLITON PETROLEUM BHP has recently exercised two of its three original
PTY. LTD. ("BHP") options. In this connection, Apache has also
exercised their one option well involving the rig.
With the options that have now been exercised, the rig
has three remaining firm wells after the current well,
and one outstanding option. The drilling of the
current four firm wells should take approximately 100
days to complete. Immediately following the
completion of its current drilling program, the rig
will commence a drilling program for Woodside Energy
Ltd. This program includes the drilling of two firm
wells which could take approximately 100 days to
complete and provides for an option to drill one
additional well. In the event that the current
drilling program for the rig is further extended and
Woodside is unable to drill both firm wells before the
end of November 2004, Woodside has the right to reduce
its commitment to one firm well.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & EMEPMI has given written notice that they will
PRODUCTION MALAYSIA terminate the current contract upon completion of work
INC. ("EMEPMI") in progress on October 1, 2004. Additional work is
being pursued in Southeast Asia as well as other areas
of the world.
ATWOOD SOUTHERN CROSS MALAYSIA MURPHY SARAWAK OIL In March 2004, the rig commenced the Murphy drilling
COMPANY, LTD. ("MURPHY") program which includes the drilling of two firm wells
plus options to drill an additional four wells. One
option well has now been exercised. The rig is in the
process of completing the drilling of the first well.
The drilling of the next two wells could extend into
August 2004. If the remaining three option wells are
drilled, the program could extend into November 2004.
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. There are currently no upgrade plans and the
rig is currently coldstacked.
CANTILEVER JACK-UPS -
VICKSBURG THAILAND CHEVRON OFFSHORE In May 2004 the rig's contract with ExxonMobil
(THAILAND) LIMITED Exploration & Production Malaysia Inc. ("EMEPMI") was
("CHEVRON") suspended and the rig moved to Thailand to commence a
drilling program for Chevron. This program is
expected to take approximately five months to
complete, at which time, the rig will be moved back to
Malaysia whereby EMEPMI will reinstate the rig's
contract. Upon reinstatement, the EMEPMI drilling
commitment will include the estimated five months
suspension period plus an extension of twelve months,
for a total of seventeen months commencing in October
2004. Once EMEPMI recommences its contract it will
retain its right to terminate the contract by
providing 120 days notice.
ATWOOD BEACON MALAYSIA PETRONAS CARIGALI SDN. Upon the rig completing its current contract with
BHD. ("PETRONAS") Petronas (estimated late May or early June 2004), the
rig will be moved to Indonesia to commence a drilling
program for Conoco Phillips Indonesia Ltd. which
includes the drilling of three firm wells plus options
to drill four additional wells. The drilling of the
three firm wells is expected to take around 90 days to
complete, with any option wells drilled expected to
take 30 days each to complete. The final government
approval expected prior to rig mobilization.
SUBMERSIBLE -
RICHMOND UNITED STATES BOIS D'ARC OFFSHORE LTD. The rig is in the process of completing its current
GULF OF MEXICO ("BOIS") contract with Bois. Immediately upon completion of
the Bois contract, the rig will commence a contract
for Helis Oil & Gas Company, L.L.C. ("Helis") which
initially included the drilling of four firm wells
plus options to drill four additional wells. Helis
has now assigned the first well to Applied Drilling
Technology Inc ("ADTI"). The drilling of the one well
for ADTI and the three firm wells for Helis is
expected to take around 120 to 150 days to complete
and if all four option wells are drilled, the contract
could extend to around 240 to 300 days.
MODULAR PLATFORMS -
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
managed by the Company. The Company is involved in
maintenance of the two rigs for future drilling
programs.