================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
----------------
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: October 1, 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.)
================================================================================
ITEM 7. EXHIBITS
EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT OCTOBER 1, 2003
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD EAGLE has completed its contractual work for ExxonMobil and is
preparing to commence in early October 2003 a one-well drilling program for CNR
Ranger (Angola) Limited. The drilling program is estimated to take between 40
and 106 days to complete, with a dayrate of $90,000.
At the time that the ATWOOD EAGLE commenced working for ExxonMobil in
Angola in March 2003, the Company expected work under that contract to extend
into the second quarter of 2004. Based upon this expectation, the mobilization
costs to move the drilling unit from Greece to Angola were being amortized over
a one-year period. The Company bid the CNR work as an assignment of the
ExxonMobil contract; however, a separate contract was executed with CNR instead
of an assignment. Thus, as the ExxonMobil contract was not assigned to CNR, the
remaining unamortized balance of the ATWOOD EAGLE mobilization costs
(approximately $2 million) will be expensed in September 2003. With this
additional mobilization expense coupled with idle time incurred by the ATWOOD
SOUTHERN CROSS and ATWOOD HUNTER during the quarter ending September 30, 2003,
we expect to incur a total loss in the fourth quarter of fiscal year 2003 of
$8 to $9 million.
The ATWOOD HUNTER is expected to complete its one-well program in Israel in
early October 2003. Upon completion of this work, the rig may incur some idle
time while waiting for its next contract opportunity. Contract opportunities for
additional work are being pursued in the Mediterranean area, as well as outside
of the Mediterranean.
In September 2003, the RICHMOND commenced a two-well plus one option well
contract for Union Oil Company of California. Drilling of the two firm wells is
expected to take around 50 days to complete.
Additional information with respect to the Company's Contract Status
Summary October 1, 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: October 1, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Contract Status Summary at October 1, 2003
EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT OCTOBER 1, 2003
-
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
----------- -------- -------- ---------------
SEMISUBMERSIBLES -
------------------
ATWOOD FALCON MALAYSIA SARAWAK SHELL ("SHELL") The rig is currently working under a drilling
program in Malaysia to drill one well for
Shell. The drilling of this well is
estimated to take until mid-November 2003 to
complete. 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 ISRAEL ISRAMCO, INC. The rig is expected to complete its one well
program in Israel in mid-October 2003. Upon
completion of this work, the rig may be idle
while waiting for its next contract
opportunity. Future contract opportunities
for additional work are being pursued in the
Mediterranean area, as well as areas outside
of the Mediterranean.
ATWOOD EAGLE ANGOLA CNR RANGER (ANGOLA) On September 22, 2003, the rig completed its
LIMITED ("CNR") work for ExxonMobil and is currently
preparing to commence in early to mid October
2003 a one-well drilling program for CNR,
which is expected to take 40 to 106 days to
complete. 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 EGYPT The rig is currently stacked in Egypt while
waiting for its next contract opportunity.
Contract opportunities for future 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 -
---------------------
VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year
PRODUCTION MALAYSIA INC. drilling program (with an option by EMEPMI
("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 MALAYSIA MURPHY SARAWAK OIL In early August 2003, the rig commenced
COMPANY, LTD. ("MURPHY") working under a contract with Murphy which
provided for the drilling of three firm wells
plus options to drill five additional wells
off the coast of Malaysia. Murphy has now
exercised its option to extend the contract
for the additional five wells. It should
take until January/February 2004 to complete
the drilling of the eight wells. Contract
opportunities for additional work following
completion of the Murphy contract are being
pursued.
SUBMERSIBLE -
--------------
RICHMOND UNITED STATES UNION OIL COMPANY OR In September 2003, the rig commenced a
GULF OF MEXICO CALIFORNIA ("UNION") two-well plus one option well contract for
UNION. Drilling of the two firm wells is
expected to take around 50 days to complete.
MODULAR PLATFORMS -
------------------
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.