Atwood Oceanics (ATW) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Houston, Texas

5 August 2009

FOR IMMEDIATE RELEASE

EARNINGS-

ATWOOD OCEANICS, INC., (NYSE: ATW)  Houston-based International Drilling Contractor, announced today that the Company earned net income of $67,671,000 or $1.05 per diluted share, on revenues of $149,307,000 for the quarter ended June 30, 2009 compared to net income of $60,381,000 or $0.93 per diluted share, on revenues of $141,372,000 for the quarter ended June 30, 2008.  For the nine months ended June 30, 2009, the Company earned net income of $202,461,000 or $3.14 per diluted share, on revenues of $455,463,000 compared to net income of $140,685,000 or $2.18 per diluted share, on revenues of $365,950,000 for the nine months ended June 30, 2008.

	FOR THE THREE MONTHS ENDED JUNE 30,
	2009			2008
Revenues	$	149,307,000		$	141,372,000
Income before Income Taxes		73,744,000			68,066,000
Provision for Income Taxes		(6,073,000	)		(7,685,000	)
Net Income		67,671,000			60,381,000
Earnings per Common Share -
Basic		1.05			0.94
Diluted		1.05			0.93
Weighted Average Shares
Outstanding -
Basic		64,190,000			64,023,000
Diluted		64,617,000			64,776,000
	FOR THE NINE MONTHS ENDED JUNE 30,
	2009			2008
Revenues	$	455,463,000		$	365,950,000
Income before Income Taxes		236,993,000			157,531,000
Provision for Income Taxes		(34,532,000	)		(16,846,000	)
Net Income		202,461,000			140,685,000
Earnings per Common Share -
Basic		3.16			2.21
Diluted		3.14			2.18
Weighted Average Shares
Outstanding -
Basic		64,152,000			63,665,000
Diluted		64,395,000			64,509,000

 Contact:  Jim Holland

281-749-7804