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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: May 19, 2004
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
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(Former name or former address, if changed since last report.)
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EXHIBIT 99.1 PRESS RELEASE DATED MAY 19, 2004
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT MAY 19, 2004
ITEM 5.
On May 19, 2004, the Company announced that Conoco Phillips Indonesia Ltd.
("COPI") has given a commitment to utilize the ATWOOD BEACON for a drilling
program offshore Indonesia which includes the drilling of three firm wells plus
options for four additional wells. The three firm wells have a combined expected
duration of ninety days, with the option wells, if exercised, having an expected
duration of thirty days each. This commitment provides for a dayrate of $90,000
for the three firm wells, a dayrate of $82,400 for any option wells drilled, and
a payment of a $800,000 mobilization fee. The COPI work will commence
immediately upon the rig completing its current contract in Malaysia which is
estimated to be in late May or early June 2004. Execution of a formalized
contract with COPI is pending final Indonesian governmental approval which is
expected to occur before the end of May 2004.
ITEM 9. REGULATION FD DISCLOSURE
As planned, the VICKSBURG's contract with ExxonMobil Exploration &
Production of Malaysia Inc. ("EMEPMI") has now been suspended and the rig has
been moved to Thailand where it has commenced its drilling program for Chevron
Offshore (Thailand) Limited. This program is expected to take approximately five
months to complete, at which time, the rig will be moved back to Malaysia
whereby EMEPMI will reinstate the rig's contract, as previously reported, with
its remaining five months term plus a one year extension.
We previously reported that EMEPMI had given written notice that they will
terminate the current contract for the SEAHAWK upon completion of work in
progress at June 29, 2004. They have now amended this notice of contract
termination to state that the contract will terminate upon completion of work in
progress at October 1, 2004.
Additional information with respect to the Company's Contract Status
Summary at May 19, 2004 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, 2003,
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: May 19, 2004
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated May 19, 2004
99.2 Contract Status Summary at May 19, 2004
EXHIBIT 99.1
Houston, Texas
19 May 2004
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston-based International Offshore Drilling
Contractor - NYSE: ATW) announced today that Conoco Phillips Indonesia Ltd.
("COPI") has given a commitment to utilize the ATWOOD BEACON a drilling program
offshore Indonesia which includes the drilling of three firm wells plus options
for four additional wells. The three firm wells have a combined expected
duration of ninety days, with the option wells, if exercised, having an expected
duration of thirty days each. This commitment provides for a dayrate of $90,000
for the three firm wells, a dayrate of $82,400 for any option wells drilled, and
a payment of a $800,000 mobilization fee. The COPI work will commence
immediately upon the rig completing its current contract in Malaysia which is
estimated to be in June 2004. Execution of a formalized contract with COPI is
pending final Indonesian governmental approval which is expected to occur before
the end of May 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, 2003, 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 MAY 19, 2004
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON JAPAN JAPAN ENERGY DEVELOPMENT The rig is currently finalizing operations on the last
CO. LTD. ("JED") well of its two well contract with JED. Immediately
upon completing the JED contract, the rig will be
moved to China to drill one well for Husky Oil China
Ltd. Additional work is currently being pursued in
Southeast Asia to follow the Husky well.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003, the rig commenced a drilling
("BURULLUS") program for Burullus 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
approximately 550 days.
ATWOOD EAGLE AUSTRALIA BHP BILLITON PETROLEUM BHP has recently exercised two of its three original
PTY. LTD. ("BHP") options. In this connection Apache has also exercised
their one option well involving the rig. With the
options that have now been exercised, the rig has
three remaining firm wells after the current well, and
one outstanding option. The drilling of the current
four firm wells should take approximately 100 days to
complete.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & EMEPMI has given written notice that they will
PRODUCTION MALAYSIA terminate the current contract upon completion of work
INC. ("EMEPMI") in progress on October 1, 2004. Additional work is
being pursued in Southeast Asia as well as other areas
of the world.
ATWOOD SOUTHERN CROSS MALAYSIA MURPHY SARAWAK OIL In March 2004 the rig commenced the Murphy drilling
COMPANY, LTD. ("MURPHY") program which includes the drilling of two firm wells
plus options to drill an additional four wells.
Drilling of the two firm wells is expected to take 45
to 60 days to complete and if all option wells are
drilled, the drilling program could extend too around
150 to 180 days.
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 THAILAND CHEVRON OFFSHORE In May 2004 the rig's contract with ExxonMobil
(THAILAND) LIMITED Exploration & Production Malaysia Inc. ("EMEPMI") was
("CHEVRON") suspended and the rig moved to Thailand to commence a
drilling program for Chevron. This program is
expected to take approximately five months to
complete, at which time, the rig will be moved back to
Malaysia whereby EMEPMI will reinstate the rig's
contract. The EMEPMI drilling commitment will include
the estimated five months suspension period plus an
extension of twelve months, for a total of seventeen
months commencing in October 2004. Once EMEPMI
recommences its contract it will retain its right to
terminate the contract by providing 120 days notice.
ATWOOD BEACON MALAYSIA PETRONAS CARIGALI SDN. Upon the rig completing its current contract with
BHD. ("PETRONAS") Petronas (estimated late May or early June 2004), it
will be moved to Indonesia to commence a drilling
program for Conoco Phillips Indonesia Ltd. which
includes the drilling of three firm wells plus options
to drill four additional wells. The drilling of the
three firm wells is expected to take around 90 days to
complete, with any option wells drilled expected to
take 30 days to complete.
SUBMERSIBLE -
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RICHMOND UNITED STATES BOIS D'ARC OFFSHORE LTD. In late March 2004, the rig commenced a drilling
GULF OF MEXICO ("BOIS") program for Bois which is expected to take
approximately 90 days to complete. Immediately upon
completion of the Bois contract, the rig will commence
a drilling program for Helis Oil & Gas Company, L.L.C.
which includes the drilling of four firm wells plus
options to drill four additional wells. The drilling
of the four firm wells is expected to take around 120
to 150 days to complete and if all four option wells
are drilled, the contract could extend to around 240
to 300 days.
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.