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: October 20, 2004
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
Internal Revenue Service - Employer Identification No. 74-1611874
15835 Park Ten Place Drive, Houston, Texas, 77084
(281) 749-7800
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 7.01 REGULATION FD DISCLOSURE
The SEAHAWK has completed its contract with ExxonMobil Exploration &
Production Malaysia Inc. ("EMEPMI") and is in the process of rigging-down in
preparation moving to the demobilization site at Kemanan Supply Base, Malaysia.
Under the terms of the contract, EMEPMI will pay a $1.8 million demobilization
fee. The rig should arrive at the demobilization site by the end of October
2004. The rig will undergo some minor modifications and equipment change-out in
preparation for its next contract. This work is expected to take approximately
30 days to complete. Sarawak Shell Berhad ("Shell") has given a commitment to
utilize the SEAHAWK for a two-well drilling program offshore Malaysia. The two
wells have a combined expected duration of 60 days and will commence immediately
upon completion of the minor rig modifications and equipment change-out work.
This commitment provides for a dayrate of $45,900. Additional work, following
the Shell contract, is being pursued in Southeast Asia as well as other areas of
the world.
The ATWOOD FALCON is currently drilling the second of now four firm wells
after Sarawak Shell Berhad ("Shell") exercised one of its two options provided
under the contract. This contract is currently anticipated to extend into
February 2005. The contract provides for a dayrate of $83,300, $68,300 or
$53,000 depending upon water depth of wells drilled. The dayrate for the current
well is $83,300, with the dayrate for the next well is also expected to be
$83,300; while the dayrate for the last well is expected to be $68,300. One
option remains under the Shell contract.
The ATWOOD EAGLE has commenced drilling the second of three firm wells for
Woodside Energy, Ltd. ("Woodside"). The drilling of the three wells is expected
to take until the end of November 2004 to complete. BHP Billition Petroleum Pty.
("BHP"), the rig's prior customer, was previously granted three option wells
which can be drilled after the completion of the Woodside contract and are
subject to mutual agreement on timing. BHP has now exercised one of their three
options, with the drilling of this well to commence immediately after the
completion of the Woodside program and expected to take approximately 30 days to
complete. The dayrate for the Woodside and BHP work will be $89,000 for all
wells drilled in water depths between 600 meters and $109,000 for all wells
drilled in water depths of 600 meters or more. All Woodside wells drilled will
have a dayrate of $89,000, with the BHP option well expected to have a dayrate
of $109,000. BHP retains the right to drill two additional option wells.
Additional work, following the BHP commitment, is being pursued in Australia as
well as other areas of the world.
The ATWOOD HUNTER continues to work under its contract with Burullus Gas
Co. ("Burullus") offshore Egypt which now includes the drilling of eleven firm
wells after Burullus exercised one of its options to drilled six additional
wells. The drilling of the eleven firm wells (at a dayrate of $62,400) is
expected to take until February 2005 to complete, and if all the option wells
are drilled the contract could extend into September 2005.
The ATWOOD SOUTHERN CROSS continues to work under its contract with Murphy
Sarawak Oil Company, Ltd. ("Murphy") with the rig currently drilling the fourth
of now five firm wells, after Murphy exercised one option well and relinquished
its right for one remaining option well. This contract is currently anticipated
to extend into December 2004. Immediately following completion of the Murphy
contract, the rig will drill a two-well plus one option well program for Daewoo
International Corporation ("Daewoo") offshore Myanmar. The drilling of the two
firm wells is estimated to take 60 to 80 days to complete. The Daewoo contract,
similar to the Murphy contract, provides for a dayrate of $35,000 for the firm
wells and $40,000 for any option well drilled. Additionally, Daewoo will provide
a tow vessel plus pay the moving rate during the mobilization to Myanmar, which
is estimated to take 14 to 16 days to
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complete. Additional work, following the Daewoo contract, is being pursued
in Southeast Asia as well as other areas of the world.
In May 2004, the VICKSBURG's contract with ExxonMobil Exploration &
Production Malaysia Inc. ("EMEPMI") was suspended and the rig moved to Thailand
to commence a drilling program for Chevron Offshore (Thailand) Limited. This
drilling program has now been completed, with the rig relocated back to Malaysia
and the EMEPMI contract reinstated. The EMEPMI drilling commitment includes the
five months that the contract was suspended plus an extension of twelve months,
for a total of seventeen months commencing in October 2004. The reinstated
contract provides for a dayrate of $64,500 for the first five months,
representing the period the contract was suspended, and $63,500 during the
additional twelve months extension.
The repair to the ATWOOD BEACON continues on schedule. The rig is expected
to return to service in January 2005. It has been awarded a contract in Vietnam
which must be commenced between January 15, 2004 and April 15, 2005. The
contract provides for the drilling of three firm wells and options to drill
three additional wells. The three firm wells have a combined expected duration
of 200 days and if all option wells are drilled, this program could extend for
another 200 days. The contract provides for a dayrate of $62,000 during the
drilling of the three firm wells and $77,000 during the drilling of any option
wells.
The RICHMOND is currently drilling a third well for Applied Drilling
Technology Inc. which was assigned from Helis Oil & Gas Company ("Helis"). Upon
completion of this well, the rig will have three firm wells to drill for Helis,
with Helis retaining one option to drill two additional wells. The drilling of
the three remaining firm wells is expected to take until February/March 2005 to
complete and if the option wells are drilled, the contract could extend to
June/July 2005. The dayrate for the current well and for the next well is
$29,000. The dayrate for the last two firm wells is $30,000 and if Helis
exercised its option to drill two additional wells, the dayrate will be $32,500.
ITEM 9.01 FINANCIAL STATEMENT AND EXHIBITS
EXHIBIT NO.
99.1 Contract Status Summary at October 20, 2004
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 and repair 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.
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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 20, 2004
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Contract Status Summary at October 20, 2004
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EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT OCTOBER 20, 2004
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA SARAWAK SHELL BERHAD The rig continues to work under the Shell contract
("SHELL") with the rig currently drilling the second of now four
firm wells after Shell exercised one of its two
options provided under the contract. This contract is
currently anticipated to extend into February 2005.
One option remains under the Shell contract.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003, the rig commenced a drilling
("BURULLUS") program for Burullus which currently includes eleven
firm wells plus options to drill five additional
wells. The drilling of the eleven firm wells is
expected to take until February 2005 to complete, and
if all the option wells are drilled, the contract
could extend into September 2005.
ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig has commenced drilling the second of three
("WOODSIDE") firm wells for Woodside. The current Woodside
drilling program is expected to take until the end of
November 2004 to complete. BHP Billiton Petroleum
Pty. ("BHP"), the rig's prior customer, was previously
granted three option wells which can be drilled after
the completion of the Woodside contract and are
subject to mutual agreement on timing. BHP has now
exercised one of their three options, with the
drilling of this well to commence immediately after
the completion of the Woodside program and is expected
to take approximately 30 days to complete. BHP
retains the right to drill two option wells using the
rig. Additional work, following the BHP commitment,
is being pursued in Australia as well as other areas
of the world.
SEAHAWK MALAYSIA SARAWAK SHELL BERHAD The rig has completed its contract with ExxonMobil
("SHELL") Exploration & Production Malaysia and is in the
process of rigging-down in preparation for moving to
the demobilization site at Kemanan Supply Base,
Malaysia. The rig should arrive at the demobilization
site by the end of October 2004. The rig will undergo
some minor modifications and equipment change-out in
preparation for its next contract. This work is
expected to take approximately 30 days to complete.
Shell has given a commitment to utilize the SEAHAWK
for a two-well drilling program offshore Malaysia.
The two-well drilling program has an expected duration
of 60 days, and will commence immediately upon
completion of the minor rig modifi- cations and
equipment change-out work. Additional work, following
the Shell contract, is being pursued in Southeast Asia
as well as other areas of the world.
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ATWOOD SOUTHERN CROSS MALAYSIA MURPHY SARAWAK OIL The rig continues to work under the Murphy contract
COMPANY, LTD. ("MURPHY") with the rig currently drilling the fourth of now five
firm wells with Murphy relinquishing its last option.
This contract is currently anticipated to extend into
December 2004. The rig has been awarded a contract by
Daewoo International Corporation ("Daewoo") to drill
two firm wells plus an option to drill one additional
well offshore Myanmar. The Daewoo work will commence
immediately after completing the Murphy program, and
is expected to take 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. There are currently no upgrade plans and the
rig is currently coldstacked.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In May 2004, the rig's contract with EMEPMI was
PRODUCTION MALAYSIA INC. suspended and the rig moved to Thailand to commence a
("EMEPMI") drilling program for Chevron Offshore (Thailand)
Limited. This program has now been completed. The
rig has been relocated back to Malaysia and the EMEPMI
contract reinstated. The EMEPMI drilling commitment
includes the five months that the contract was
suspended plus an extension of twelve months, for a
total of seventeen months commencing in October 2004.
EMEPMI retains its right to terminate the contract by
providing 120 days notice.
ATWOOD BEACON UNDER REPAIR AT The process of repairing the damage incurred by the
A SINGAPORE ATWOOD BEACON on July 25, 2004 continues on schedule.
SHIPYARD The rig is expected to return to service in January
2005. The ATWOOD BEACON has been awarded a contract
by HOANG LONG and HOAN VU Joint Operating Companies to
drill three firm wells, with options to drill three
additional wells, offshore Vietnam. The three firm
wells have a combined expected duration of 200 days
and if all option wells are drilled, the program could
extend for another 200 days. The drilling of this
program must commence between January 15, 2005 and
April 15, 2005.
SUBMERSIBLE -
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RICHMOND UNITED STATES APPLIED DRILLING The rig is currently drilling a third well for ADTI
GULF OF MEXICO TECHNOLOGY INC. ("ADTI") which was assigned from Helis Oil & Gas Company
("Helis"). Upon completion of this well, the rig will
have three firm wells to drill for Helis, with Helis
retaining one option to drill two additional wells.
The drilling of the three remaining firm wells is
expected to take until February/March 2005 to complete
and if the option wells are drilled, the contract
could extend to June/July 2005.
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MODULAR PLATFORMS -
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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
managed by the Company. The Company is involved in
maintenance of the two rigs for future drilling
programs.
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