EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF JUNE 5, 2008
As used herein, “we”, “us”, and “our” refers to Atwood Oceanics, Inc. and its subsidiaries, except where the context indicates otherwise. Statements contained in this Fleet Status Report, including information regarding our estimated rig availability, contract duration, future dayrates, future daily operating costs, future effective tax rates, customer or contract status 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: our dependence on the oil and gas industry; the risks involved in upgrade, repair and construction of our rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruptions in operations due to terrorism; risks associated with a possible disruption in operations due to the war with Iraq and governmental regulations and environmental matters. A list of additional risk factors can be found in our annual report on Form 10-K for the year ended September 30, 2007, filed with the Securities and Exchange Commission. All information in this Fleet Status Report is as of the date indicated above. We undertake no duty to update the content of this Fleet Status Report or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.
CHANGES WILL BE HIGHLIGHTED IN YELLOW
RIG NAME
| RATED WATER DEPTH | LOCATION | CUSTOMER | ESTIMATED CONTRACT END DATE | ESTIMATED
CONTRACT DAYRATE | UNAUDITED
AVERAGE PER DAY OPERATING COSTS (NOT INCLUDING TAX) FOR THE THREE MONTHS ENDED APRIL 30, 2008/MONTH ENDED APRIL 30, 2008 ONLY | ADDITIONAL COMMENTS |
SEMISUBMERSIBLES: |
ATWOOD
EAGLE | 5000’ | Australia | ENI Spa AGIP EXPLORATION & PRODUCTION DIVISION
| FIRM WORK – (1 well)
End of June 2008
| Approximately
$360,000 | $114,000/$120,000 | A portion of the dayrate is subject to some change due to currency exchange rate variance. |
| | | Australia | WOODSIDE
ENERGY LTD
(“WOODSIDE”) | FIRM WORK – (2 years)
June 2010
| Approximately $405,000 | N/A | A portion of the dayrate is subject to some change due to currency exchange rate variance.
|
| | | Australia
| BHP BILLITON PETROLEUM | FIRM WORK –
(One well deferred from previous drilling program which cannot be drilled before January 1, 2009 but must be drilled by the end of calendar year 2009.)
| Approximately
$170,000 for 35 days and $465,000 thereafter until completion. | N/A | |
| | | Australia | CHEVRON AUSTRALIA PTY. LTD. (“CHEVRON”) | FIRM WORK – (Until new semisubmersible arrives in Australia) February/March 2011
| $430,000/$450,000 | N/A | Subject to change due to cost escalation provision of contract. |
| | | Australia | CHEVRON | OPTION WORK –
Has option to continue to use rig for a mutually agreed term after the new semisubmersible arrives in Australia.
| $430,000/$450,000 | N/A | Subject to change due to cost escalation provision of contract. |
ATWOOD HUNTER | 5,000’ | Mauritania | PETRONAS CARIGALI SDN. BHD. From Farmout of WOODSIDE CONTRACT | FIRM WORK September 2008 | $240,000 | $73,000/$77,000 | |
| | TBD | N/A | N/A | N/A | N/A | The rig could incur ten (10) zero rate days in the fourth quarter of fiscal year 2009 for regulatory inspections. |
ATWOOD FALCON | 5,000’ | Malaysia | SARAWAK SHELL BERHAD (“SHELL”) | FIRM WORK – July 2009 | $160,000/
$200,000 (dayrate depends on water depth of each well)
plus approximately $24,000 of amortized per day revenue
| $74,000/$102,000 (Operating costs were high in April due to equipment maintenance. We expect operating costs to be lower for the remainder of the June quarter.) | Most of the work during this period is expected to be at the $160,000 dayrate level. (The rig could incur 5 to 10 zero rate days during the first quarter of fiscal year 2009 due to required regulatory inspections.) |
| | | Malaysia | SHELL | OPTION –
(1 year)
| TBD | N/A | |
ATWOOD SOUTHERN CROSS | 2,000’ | Italy | ENI Spa AGIP EXPLORATION & PRODUCTION DIVISION (“ENI”) | FIRM WORK –
(2 Wells)
August/September 2008
| $406,000 (plus approximately $20,000 of per day rental fee) | $96, 000/$99,000 | During the time of the ENI work per day revenues and costs will be increased by approximately $20,000 due to rental of certain equipment requested by ENI. The rig could incur two (2) zero rate days during the third quarter of fiscal year 2008. |
CANTILEVER JACK-UPS: |
ATWOOD BEACON | 400’ | India | GUJARAT STATE PETROLEUM CORPORATION LTD (“GSPC”) | FIRM WORK – January 2009
| $133,500 | $57,000/$61,000
| The rig could incur three (3) zero rate days during the third quarter of fiscal year 2008 for required inspections. |
| | | India | GSPC | OPTIONS – (1 year)
| TBD | N/A | |
| | | | | | | | |
VICKSBURG | 300’ | Thailand | CHEVRON OVERSEAS PETROLEUM
| FIRM WORK – June 2009
| $154,000 | $48,000/$49,000
| |
SEMISUBMERSIBLE TENDER ASSIST UNIT: |
SEAHAWK | 1,800’ | Equatorial Guinea | AMERADA HESS EQUATORIAL GUINEA, INC. (“HESS”) | FIRM WORK – March 2009 | $76,000 (plus approximately $ 17,000 of amortized per day revenue.) | $82,000/$82,000 (The rig could incur three (3) to five (5) days of zero rate days during the third quarter of fiscal year 2008 for some equipment upgrades.) | Contract provides for dayrate increases based upon certain cost escalations as well as an approximately $15,000 per day reduction during periods when the rig is being relocated to a new drilling site. |
| | | Equatorial Guinea | HESS | OPTIONS – (3 six-month options)
September 2010
(if all the three (3) six-month options are exercised)
| $76,000 | N/A | Dayrate subject to increase due to contract cost escalations. |
SUBMERSIBLE:
| | | | | |
RICHMOND | 70’ | US Gulf of Mexico | CONTANGO OPERATIONS INC. (“CONTANGO”) | FIRM WORK –
(2 Wells) July 2008 | $65,000 | $37,000/$35,000
| |
| | | US Gulf of Mexico | CONTANGO | OPTION –
(1 Well) September 2008 | $65,000 | N/A | |
NOTE – EXPECTED TAX RATE
1) Virtually all of the Company’s tax provision relates to taxes in foreign jurisdictions. Working in foreign jurisdictions with nontaxable or deemed profit tax systems contribute to the effective tax rate being significantly less than the United States statutory rate. We currently expect our effective tax rate for the remainder of fiscal year 2008 to be approximately 10%.
| 2) | Other Drilling Costs in Addition to the Above Rig Costs – |
AVERAGE PER DAY FOR THE THREE MONTHS ENDED APRIL 2008 $8,000
(Average per day of “other drilling costs” was low in the three months ended April 30, 2008 due to currency exchange gains).
(We expect other drilled costs for the quarter ending June 30, 2008 to be between $10,000 and $15,000
Assuming no significant currency exchange gains or losses.)
