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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: April 27, 2006
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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 27, 2006, the Company announced its earnings for the Fiscal Year
2006 Second Quarter ended March 31, 2006. A copy of the press release
summarizing these earnings is filed with this Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
Additional information with respect to the Company's consolidated
statements of operations for the three months and six months ended March 31,
2006 and 2005 and an analysis of revenues and contract drilling costs for the
three months and six months ended March 31, 2006 and 2005 are attached hereto as
Exhibits 99.2 and 99.3, respectively, which are being furnished; however, should
not be deemed to be filed under Section 18 of the Exchange Act.
ITEM 7.01 REGULATION FD DISCLOSURE
Additional information with respect to the Company's Contract Stats Summary
at April 27, 2006 is attached hereto as Exhibit 99.5. Such information is being
furnished under Regulation FD and should not be deemed to be filed under Section
18 of the Exchange Act.
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 including; the Company's dependence on the oil
and gas industry; the risks involved 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 a war with Iraq; 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, 2005, filed with the Securities and Exchange Commission.
ITEM 9.01 EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED APRIL 27, 2006
EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS AND
SIX MONTHS ENDED MARCH 31, 2006 AND 2005
EXHIBIT 99.3 ANALYSIS OF REVENUES AND CONTRACT DRILLING COSTS FOR
THE THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 2006
EXHIBIT 99.4 CONTRACT STATUS SUMMARY AT APRIL 27, 2006
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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: April 27, 2006
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated April 27, 2006
99.2 Consolidated Statements of Operations for the Three Months and Six
Months ended March 31, 2006 and 2005
99.3 Analysis of Revenues and Drilling Costs for the Three Months and Six
Months ended March 31, 2006
99.4 Contract Status Summary at April 27, 2006
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Houston, Texas
27 April 2006
FOR IMMEDIATE RELEASE
ATWOOD OCEANICS, INC., Houston-based International Drilling Contractor,
announced today that the Company earned net income of $15,629,000 or $.50
per diluted share, on revenues of $67,529,000 for the quarter ended March
31, 2006, compared to net income of $4,711,000 or $.15 per diluted share,
on revenues of $41,017,000 for the quarter ended March 31, 2005. For the
six months ended March 31, 2006, the Company earned net income of
$30,152,000 or $.96 per diluted share, on revenues of $122,943,000 compared
to net income of $13,361,000 or $.43 per diluted share, on revenues of
$86,443,000 for the six months ended March 31, 2005.
FOR THE THREE MONTHS ENDED MARCH 31,
2006 2005
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Revenues $ 67,529,000 $ 41,017,000
Income before Income Taxes 18,318,000 6,100,000
Provision for Income Taxes (2,689,000) (1,389,000)
Net Income 15,629,000 4,711,000
Earnings per Common Share -
Basic 0.51 0.15
Diluted 0.50 0.15
Weighted Average Shares
Outstanding -
Basic 30,926,000 30,426,000
Diluted 31,446,000 31,284,000
FOR THE SIX MONTHS ENDED MARCH 31,
2006 2005
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Revenues $ 122,943,000 $ 86,443,000
Income before Income Taxes 35,345,000 14,243,000
Provision for Income Taxes (5,193,000) (882,000)
Net Income 30,152,000 13,361,000
Earnings per Common Share -
Basic 0.98 0.44
Diluted 0.96 0.43
Weighted Average Shares
Outstanding -
Basic 30,832,000 30,292,000
Diluted 31,327,000 31,164,000
Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
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2006 2005 2006 2005
---- ---- ---- ----
REVENUES:
Contract drilling $ 67,529 $ 39,801 $ 122,943 $ 78,787
Business interruption proceeds - 1,216 - 7,656
-------- -------- --------- --------
67,529 41,017 122,943 86,443
-------- -------- --------- --------
COSTS AND EXPENSES:
Contract drilling 37,270 23,601 71,040 48,804
Depreciation 6,207 6,639 12,597 13,165
General and administrative 4,605 3,019 10,598 6,590
-------- -------- --------- --------
48,082 33,259 94,235 68,559
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OPERATING INCOME 19,447 7,758 28,708 17,884
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OTHER INCOME (EXPENSE)
Interest expense, net of capitalized interest (1,467) (1,727) (3,207) (3,745)
Gain on sale of equipment - - 9,275 -
Interest income 338 69 569 104
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(1,129) (1,658) 6,637 (3,641)
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INCOME BEFORE INCOME TAXES 18,318 6,100 35,345 14,243
PROVISION FOR INCOME TAXES 2,689 1,389 5,193 882
-------- -------- --------- --------
NET INCOME $15,629 $4,711 $30,152 $13,361
======== ======== ========== ========
EARNINGS PER COMMON SHARE:
Basic 0.51 0.15 0.98 0.44
Diluted 0.50 0.15 0.96 0.43
AVERAGE COMMON SHARES OUTSTANDING:
Basic 30,926 30,426 30,832 30,292
Diluted 31,446 31,284 31,327 31,164
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EXHIBIT 99.3
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS ENDED
MARCH 31, 2006
CONTRACT
DRILLING
REVENUES COSTS
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(In Millions)
ATWOOD EAGLE $ 13.4 $ 6.2
ATWOOD FALCON 6.6 3.5
ATWOOD BEACON 7.1 2.8
VICKSBURG 7.8 2.5
ATWOOD HUNTER 12.1 3.9
SEAHAWK 2.9 1.7
ATWOOD SOUTHERN CROSS 10.7 10.6
RICHMOND 4.1 2.5
AUSTRALIA MANAGEMENT CONTRACTS 2.8 2.4
OTHER - 1.2
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67.5 37.3
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FOR THE SIX MONTHS ENDED
MARCH 31, 2006
CONTRACT
DRILLING
REVENUES COSTS
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(In Millions)
ATWOOD EAGLE $ 21.4 $ 12.2
ATWOOD FALCON 13.4 7.2
ATWOOD BEACON 13.0 5.1
VICKSBURG 14.5 6.0
ATWOOD HUNTER 22.4 7.7
SEAHAWK 7.5 4.1
ATWOOD SOUTHERN CROSS 16.7 16.1
RICHMOND 8.1 4.9
AUSTRALIA MANAGEMENT CONTRACTS 5.9 5.2
OTHER - 2.5
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122.9 71.0
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EXHIBIT 99.4
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT APRIL 27, 2006
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA SARAWAK SHELL ("SHELL") The rig is currently working under an approximate four
year commitment with Shell. Commencing in August
2006, the rig is scheduled to undergo a $30 million
upgrade of which $24 million will be funded by Shell.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. The rig has a two year contract commitment with
("BURULLUS") FARM-OUT Woodside. Woodside has farmed-out to Burullus two
FROM WOODSIDE ENERGY, wells that will be drilled under this two year
LTD. ("WOODSIDE") commitment. The rig is currently working for Burullus
under the farm-out arrangement. Immediately upon the
rig completing the Burullus drilling program the rig
will commence working for Woodside.
ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig continues to work under drilling programs for
("WOODSIDE") and BHP Woodside and BHP. Following completion of its current
BILLITON PETROLEUM PTY. commitments with Woodside/BHP (estimated June/July
("BHP") 2007), the rig will drill one well for ENI then
commence a new one (1) to three (3) year commitment
for Woodside. Woodside has until October 2006 to
decide the length of its contract commitment. All of
the above commitments should keep the rig employed
through at least fiscal year 2008 and possibly fiscal
year 2010.
SEAHAWK SINGAPORE AMERADA HESS EQUATORIAL The rig is currently in a shipyard undergoing certain
SHIPYARD GUINEA, INC. ("HESS") upgrades and refurbishment. Upon completion of the
shipyard work the rig will be moved to West Africa to
commence a contract for Hess. The rig should return
to work in August 2006. The Hess contract is for a
firm period of 730 days with four options of 180 days
each.
ATWOOD SOUTHERN CROSS ITALY ENI SPA AGIP EXPLORATION The rig is currently working for AGIP under a drilling
& PRODUCTION DIVISION program that should be completed in June/July 2006.
("AGIP") Upon completion of the AGIP contract, the rig will be
moved to the Black Sea to commence a drilling program
for Melrose followed by a drilling program for
Toreador.
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CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA PETRONAS CARIGALI The rig is currently drilling one-well for Petronas
FARM-OUT FROM Carigali which is farm-out from Petrofac. Following
PETROFAC (MALAYSIA-PM 304) the drilling of this well, the rig will commence a
four (4) firm plus three (3) options wells contract
for Petrofac which is estimated to take until the
first quarter of fiscal year 2007 to complete.
Immediately upon completion of the Petrofac contract,
the rig will be moved Cambodia to work under an eight
month drilling program for Chevron, followed by a
two-year drilling program with Chevron in Thailand.
ATWOOD BEACON VIETNAM HOANG LONG AND HOAN VU The rig is currently working under a drilling program
JOINT OPERATING COMPANIES for Hoang Long. This drilling program is currently
("HOANG LONG") expected to be completed in September 2006 to
complete. Immediately upon completion of its current
contract, the rig will be moved (after a brief stop in
Singapore) to India to commence a 25-month contract
for GSPC.
SUBMERSIBLE -
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RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently working under a drilling program
GULF OF MEXICO ("HELIS") for Helis. This drilling program is expected to take
until May/June 2007 to complete.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. The Company is managing drilling operations on behalf
RANKIN 'A' of Woodside for the NORTH RANKIN 'A'. The GOODWYN 'A'
continues with an indefinite planned break in drilling
activity, with the Company involved in rig maintenance.
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