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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: December 12, 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 PRESS RELEASE DATED DECEMBER 11, 2003
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT DECEMBER 12, 2003
ITEM 5.
On December 11, 2003, the Company announced that the ATWOOD HUNTER had been
awarded a contract by Burullus Gas Company to drill ten firm wells, plus options
to drill six additional wells, off the coast of Egypt. The Company also
announced that it has commitments from BHP Billiton Petroleum Pty. Ltd. And
Apache Company Limited to enter into contracts for the use of the ATWOOD EAGLE
to drill three firm wells, plus options for four additional wells, off the coast
of Australia. A copy of the press release announcing these contracts is filed
with the Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD SOUTHERN CROSS completed its mobilization from Egypt to India on
December 2, 2003 and has commenced a drilling program for Cairn Energy India
Pty. Limited, which includes one firm well plus options to drill one or two
additional wells. The one firm well is expected to take 60 days to complete and
if the two option wells are drilled, an additional 70 days could be added to the
drilling program. Contract opportunities for additional work in Southeast Asia
are being pursued.
The ATWOOD FALCON has completed its drilling program for Sarawak Shell
("Shell") and is preparing to mobilize to Japan to drill two wells for Japan
Energy Development Co., LTD. ("JED"). The JED contract provides for a dayrate of
$83,300, with mobilization and demobilization payments of $1.35 million,
respectively. The time to move the rig plus perform certain required inspections
is expected to take approximately four weeks thus, anticipated commencement of
drilling operations in Japan is mid-January 2004. The drilling of the two wells
in Japan is estimated to take around 100 to 120 days to complete.
The ATWOOD FALCON has been awarded a contract by Husky Oil China Ltd.
("Husky") to drill one well offshore China. The rig will immediately move to the
Husky drilling location following completion of its drilling program in Japan.
The contract provides for a dayrate of $83,300, with a mobilization fee of
$400,000. The one well is expected to take 20 to 25 days to complete.
The ATWOOD BEACON is currently drilling for Petronas Carigali SDN. BHD.
"Petronas" under a contract assignment from Murphy Sarawak Oil Company, Ltd.
("Murphy"). In early August 2003, the rig commenced 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 exercised its
options to extend the contract for the additional five wells. Murphy used one of
the options and then assigned the remaining four to Petronas. Petronas then
awarded the rig four more firm wells for a current total of eight wells to be
drilled. The dayrate for the Murphy assigned wells is $52,250, with a dayrate of
$56,000 for the four additional wells awarded by Petronas. Petronas is presently
drilling its first well. It should take until April/May 2004 to complete the
drilling of eight wells for Petronas.
Additional information with respect to the Company's Contract Status
Summary at December 12, 2003 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, 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: December 12, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated December 11, 2003
99.2 Contract Status Summary at December 12, 2003
EXHIBIT 99.1
ATWOOD OCEANICS ANNOUNCES CONTRACTS
Houston, Texas
11 December 2003
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (a Houston based International offshore Drilling
Contractor - NYSE: ATW) announced today that the ATWOOD HUNTER has been awarded
a contract by Burullus Gas Company ("Burullus") to drill ten firm wells plus
options to drill six additional wells offshore Egypt. Drilling of the ten firm
wells is expected to take around 400 days to complete and if all six option
wells are drilled, the contract could extend to around 550 days. The contract
provides for a dayrate of $62,400 for all firm and option wells, with a
mobilization fee of $100,000 plus towing vessels to tow the rig to Egypt from
its present location in Tunisia provided by Burullus. The rig will move to the
first Burullus drilling location immediately upon completing its current
contract in Tunisia, which should be completed in late December 2003 or early
January 2004.
The ATWOOD EAGLE is currently idle offshore Angola preparing to be
mobilized in January 2004 to its next contract location. The Company has
commitments from BHP Billiton Petroleum Pty. Ltd. ("BHP") and Apache Energy
Limited ("Apache") to equally share $5.5 million of mobilization fees to
relocate the ATWOOD EAGLE from Angola to Australia for drilling programs which
include three firm wells plus four option wells. Drilling of the three firm
wells is expected to take three to four months to complete. These commitments
provide for a dayrate of $109,000 for all wells drilled in water depths of 600
meters or more and a dayrate of $89,000 for all wells drilled in water depths
below 600 meters. The first three wells are planned to be in over 600 meters
water depth. A demobilization fee ranging from $4 million if no more than four
wells are drilled to zero if twelve or more wells are drilled is also provided.
In accordance with these commitments, the Company has entered into a contract
with a towing company to transport the rig from Angola to Australia, which is
estimated to take approximately 30 days, with the tow scheduled to commence
around mid-January 2004. Drilling contracts with BHP and Apache should be
formalized by late December 2003 or early January 2004.
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, 2002, 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 DECEMBER 12, 2003
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA JAPAN ENERGY DEVELOPMENT The rig is preparing to be mobilized to Japan to
PREPARING TO BE CO. LTD. ("JED") commence its two-well drilling program for JED. The
MOBILIZED TO rig should arrive in Japan around mid-January 2004,
JAPAN with the drilling program estimated to take around 100
to 120 days to complete. Immediately upon completing
the JED contract, the rig will be moved to China to
drill one well for Husky Oil China Ltd.
ATWOOD HUNTER TUNISIA MP ZARAT The rig is drilling a one-well program for MP Zarat
which should be completed by late December 2003 or
early January 2004. Immediately upon completing the
MP Zarat contract, the rig will be moved to Egypt to
commence a drilling program for Burullus Gas Co.,
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 around 550 days.
ATWOOD EAGLE ANGOLA PREPARING BHP BILLITON PETROLEUM The rig is currently idle offshore Angola preparing to
TO MOBILIZE IN PTY. LTD. ("BHP") AND be mobilized in January 2004 to Australia. The
JANUARY 2004 TO APACHE ENERGY LIMITED Company has commitments from BHP and Apache to drill
AUSTRALIA ("APACHE") three firm wells plus options to drill an additional
four wells. Drilling of the three firm wells is
expected to take three to four months to complete. In
accordance with these commitments, the Company has
entered into a contract with a towing company to
transport the rig from Angola to Australia which is
estimated to take approximately 30 days, with the tow
scheduled to commence around mid-January 2004.
Drilling contracts with BHP and Apache should be
formalized by late December 2003 or early January 2004.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in December
PRODUCTION MALAYSIA 2004, with an option for the Operator to extend.
INC. ("EMEPMI") 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 INDIA CAIRN ENERGY INDIA PTY. The rig is currently drilling a firm one-well plus an
LIMITED ("CAIRN") option of one or two wells program for Cairn. The one
firm well is expected to take 60 days to complete and,
if the two options are exercised, an additional 70
days could be added to the drilling program. Contract
opportunities for additional work in Southeast Asia
are being pursued.
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, 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 drilling
PRODUCTION MALAYSIA INC. program (with an option by EMEPMI for one additional
("EMEPMI") year), with EMEPMI having the right to terminate the
drilling program after one year with at least 120 days
notice period.
ATWOOD BEACON MALAYSIA PETRONAS CARIGALI SDN. In early August 2003, the rig commenced working under
BHD. ("PETRONAS") a contract with Murphy Sarawak Oil Company, Ltd.
("Murphy") which provided for the drilling of three
firm wells plus options to drill five additional wells
off the coast of Malaysia. Murphy exercised its
option to extend the contract for the additional five
wells and then assigned four of the option wells to
Petronas. Petronas has awarded the rig four more firm
wells for a current total of eight wells to be
drilled. Petronas is presently drilling its first
well. It should take until April/May 2004 to complete
the drilling of the eight wells. Contract
opportunities for additional work following completion
of the Petronas contract are being pursued in Malaysia
as well as other areas outside of Malaysia.
SUBMERSIBLE -
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RICHMOND UNITED STATES UNION OIL COMPANY OF In September 2003, the rig commenced a two-well plus
GULF OF MEXICO CALIFORNIA ("UNOCAL") one option well contract for UNOCAL. UNOCAL has
exercised the option well and in addition, has awarded
the rig two more firm wells; thus, providing for a
total of five wells to be drilled under the contract.
It should take until around February 2004 to complete
the drilling of the five wells.
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.