================================================================================
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: February 7, 2005
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
------------
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))
================================================================================
-1-
ITEM 8.01 OTHER EVENTS
On February 7, 2005, the Company announced that the ATWOOD HUNTER has been
awarded an additional contract by Burullus Gas Co. ("Burullus") to drill two
firm wells off the coast of Egypt, which is estimated to take 270 days to
complete. This contract requires that the rig be upgraded to include the
capability of drilling high pressure wells (15,000 P.S.I.). The cost of the
required equipment upgrade is estimated to be approximately $8 million
(including approximately $5.0 million of equipment previously acquired but
excluding rig time necessary to effect the upgrades), with equipment
installation estimated to take approximately 30 days to complete. The equipment
upgrade will commence immediately upon completion of the rig's current drilling
program with Burullus (estimated September 2005). The contract provides for a
dayrate of $62,400 during the upgrade period (estimated 30 days), an upgrade fee
of $1.5 million payable at the completion of the equipment upgrade period, an
operating dayrate of $125,000 during the drilling of the two firm wells
(estimated 270 days), and a demobilization fee of $500,000 if the rig has no
immediate ongoing work upon contract completion.
A copy of the press release announcing the contract awarded to the ATWOOD
HUNTER is filed with the Form 8-K as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 9.01 EXHIBITS
EXHIBIT NO.
EX-99.1 Press Release dated February 7, 2005
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, 2004, filed with the Securities and Exchange Commission.
-2-
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: February 7, 2005
-3-
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated February 7, 2005
-4-
EXHIBIT EX. - 99.1
ATWOOD ANNOUNCES CONTRACT AWARDED TO THE ATWOOD HUNTER
Houston, Texas
7 February 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston based International Offshore Drilling
Contractor - NYSE ATW) announced that the ATWOOD HUNTER has been awarded an
additional contract by Burullus Gas Co. ("Burullus") to drill two firm wells off
the coast of Egypt, which is estimated to take 270 days to complete. This
contract requires that the rig be upgraded to include the capability of drilling
high pressure wells (15,000 P.S.I.). The cost of the required equipment upgrade
is estimated to be approximately $8 million (including approximately $5.0
million of equipment previously acquired but excluding rig time necessary to
effect the upgrades), with equipment installation estimated to take
approximately 30 days to complete. The equipment upgrade will commence
immediately upon completion of the rig's current drilling program with Burullus
(estimated September 2005). The contract provides for a dayrate of $62,400
during the upgrade period (estimated 30 days), an upgrade fee of $1.5 million
payable at the completion of the equipment upgrade period, an operating dayrate
of $125,000 during the drilling of the two firm wells (estimated 270 days), and
a demobilization fee of $500,000 if the rig has no immediate ongoing work upon
contract completion.
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, 2004, filed with the Securities and Exchange Commission.
Contact: Jim Holland
(281) 749-7804
-5-