Unassociated Document
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: June 5, 2009
ATWOOD OCEANICS,
INC.
(Exact
name of registrant as specified in its charter)
COMMISSION
FILE NUMBER 1-13167
TEXAS
(State
or other jurisdiction of incorporation or organization)
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))
ITEM
7.01 REGULATION FD DISCLOSURE
The ATWOOD HUNTER is currently
drilling the final well offshore Israel under its current drilling program for
Nobel Energy Inc. which is expected to be completed in July
2009. Upon completion of the drilling of this well, the rig will
undergo required regulatory inspections at zero dayrate estimated to take ten
(10) days to complete prior to being relocated to Ghana to commence working for
Kosmos Energy Ghana HC. These estimated ten (10) days of zero rate
will reduce the rig’s revenue in the fourth quarter of fiscal year 2009 by
approximately $5 million and reduce earnings per share for the quarter by
approximate. $0.07.
The ATWOOD SOUTHERN CROSS
continues to be “ready stacked” while contract opportunities are currently being
pursued. During this idle period, certain maintenance continues to be
performed on the rig which is expected to keep operating costs for the rig
around $70,000 per day through June 2009. Commencing with the fourth
quarter of fiscal year 2009, we expect to reduce operating costs on the rig to
less than $50,000 until a contract commitment is secured.
The VICKSBURG is in the process of
completing its last well (estimated completion around June 15, 2009) under its
contract with Chevron Overseas Petroleum. Upon completion of this
well, the rig will be moved to a shipyard in Thailand to undergo an estimated $8
million life-enhancing upgrade. We expect virtually all of this cost
will be capitalized and expect it will take around eight (8) weeks to
complete. If no contract opportunity is secured by the time this
upgrade is completed, the rig will be “ready stacked” in Thailand with its
operating costs expected to be reduced to around $30,000 per day until a
contract opportunity is secured.
The ATWOOD BEACON is currently drilling
the last well under its current contract offshore India which is expected to be
completed around mid-July 2009. If no additional contract is secured
by the time the rig completes its current drilling commitment, the rig will be
“ready stacked” in India.
The RICHMOND is in the process of
completing its current drilling commitment and could incur some zero rate days
while additional contract opportunities are being pursued. The RICHMOND on numerous occasions
has proven its durability during hurricane season and is not expected to incur a
long period of idle time; however, its dayrate for future short-term work is
expected to decline from its recent dayrate of $52,500.
Information with respect to the
Company’s Fleet Status Report at June 5, 2009 is attached hereto as Exhibit
99.1. Such information is being furnished under Regulation FD and
should not be deemed to be filed under Section 19 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 in the construction of a rig and
commencement of operations of the rig following delivery; competition; operating
risks; risks involved in foreign operations; risks associated with possible
disruption in operations due to terrorism, acts of piracy, embargoes, war or
other military operations; 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, 2008,
filed with the Securities and Exchange Commission.
ITEM
9.01 EXHIBITS
EXHIBIT
99.1 Fleet Status Report at June 5, 2009
EXHIBIT
INDEX
EXHIBIT
NO. DESCRIPTION
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99.1
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Fleet
Status Report at June 5, 2009
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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.
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ATWOOD
OCEANICS, INC
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(Registrant)
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/s/
James M. Holland
James
M. Holland
Senior
Vice President
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DATE:
June 5, 2009
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