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| TEXAS (State or other jurisdiction of incorporation or organization) 15835 Park Ten Place Drive Houston, Texas (Address of principal executive offices) | 74-1611874 (I.R.S. Employer Identification No.) 77084 (Zip Code) |
N/A
(Former name or former address, if changed since last report.)
On April 27, 2003, the Company announced that it closed the general syndication of its Senior Secured Credit Facility dated as of April 1, 2003 with a total of nine industry banks. Due to strong interest in syndication, the Credit Facility has been increased from $225,000,000 to $250,000,000. A copy of the press release announcing the new Credit Facility is filed with this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Current contracts for ATWOOD HUNTER in Israel and the ATWOOD SOUTHERN CROSS in Italy are expected to be completed during July 2003. Currently, neither drilling unit has immediate on-going work following completion of their current contracts. There is a short-term contract opportunity for one of the rigs commencing around September 2003. Contract opportunities for both drilling units are being pursued in the Mediterranean Areas, as well as in other areas of the world.
Additional information with respect to the Company’s Contract Status Summary June 27, 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 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, 2002, filed with the Securities and Exchange Commission.
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: June 27, 2003
99.1 Press Release on Senior Secured Credit Facility
99.2 Contract Status Summary at June 27, 2003
Houston, Texas27
June 2003
FOR IMMEDIATE RELEASE:
| Atwood Oceanics, Inc. (Houston based International Drilling Contractor, NYSE: “ATW”), announced today that general syndication of its Senior Secured Credit Facility dated as of April 1, 2003 successfully closed with a total of nine industry banks. Due to strong interest in syndication, the Credit Facility has been increased from $225,000,000 to $250,000,000. Consequently, the Credit Facility consists of a 5-year $150,000,000 amortizing Term Loan Facility and a 5-year $100,000,000 non-amortizing Revolving Loan Facility. The Credit Facility carries an interest rate, which varies depending upon the ratio of outstanding debt to earnings before interest, taxes and depreciation, from a range of 1.5% to 2.75% over LIBOR. In connection with the increase in the Credit Facility, the allowed ratio of outstanding debt to earnings, before interest, income taxes and depreciation was increased to 5.75 to March 30, 2004, thereafter reducing to 4.75 to June 29, 2004, thereafter reducing to 4.0 to December 30, 2004 and thereafter to 3.0. |
Contact: Jim Holland
(281) 749-7804
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
SEMISUBMERSIBLES -
ATWOOD FALCON MOBILIZATION TO SARAWAK SHELL AND MURPHY The rig is being mobilized to Malaysia to
MALAYSIA SABAH OIL CO. drill one well for Sarawak Shell and one well
for Murphy Sabah Oil Co. The drilling of
these wells should commence around August 1,
2003 and should take approximately 100 days
to complete. Murphy has an option to drill
one additional well at a later date.
Following completion of its work in Malaysia,
the rig will be moved to Japan to drill two
wells estimated to take 100 to 120 days to
complete.
ATWOOD HUNTER ISRAEL SAMEDAN, MEDITERRANEAN The rig is drilling one well for Samedan,
SEA Mediterranean Sea ("Samedan"). This well is
estimated to be completed in mid-July 2003,
with Samedan having an option to drill one
additional well at a later date. Contract
opportunities for additional work are being
pursued in the Mediterranean Area, as well as
areas outside of the Mediterranean.
ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The rig is drilling the second well of a firm
(BLOCK 15) LIMITED three well contract with ESSO off the coast
("ESSO") of Angola. ESSO has options for four
additional wells. If no option wells are
drilled, the contract could terminate around
early August 2003.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in
PRODUCTION MALAYSIA INC. December 2003, with an option for the
Operator to extend.
ATWOOD SOUTHERN CROSS MEDITER-RANEAN EDISON GAS S.p.A. The rig is contracted to EDISON to work on
SEA ("EDISON") three plug and abandonment wells which is
expected to take approximately 60 days to
complete. Contract opportunities for
additional work are being pursued in the
Mediterranean Area, as well as areas outside
of the Mediterranean.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000
GULF OF MEXICO for future 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 -
VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year
PRODUCTION MALAYSIA INC. drilling program (with an option by EMEPMI
("EMEPMI") for one additional year), with EMEPMI having
the right to terminate the drilling program
after one year at any time with a 120 days
notice period.
ATWOOD BEACON SINGAPORE The construction of the ATWOOD BEACON
continues on schedule. The shipyard portion
of the construction was completed in May
2003, with equipment commissioning and
testing currently being carried out.
Following completion of equipment
commissioning and testing estimated around
August 1, 2003, the rig will be moved to
Malaysia to drill three wells plus options
for five additional wells for Murphy Sarawak
Oil Co., Ltd. Contract opportunities for
additional work following completion of the
Murphy contract are being pursued.
SUBMERSIBLE -
RICHMOND UNITED STATES OCEAN ENERGY, INC./DEVON The rig is currently completing the second of
GULF OF MEXICO two wells for Ocean Energy, Inc./Devon.
Following completion of this contract, the
rig will commence a one-well, plus options
for two additional wells contract for
Spinnaker Exploration Company, L.L.C. The
one firm well is expected to take 50 days to
complete.
MODULAR PLATFORMS -
GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned
RANKIN 'A' break in 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.