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

EXHIBIT 99.1

Houston, Texas

May 3, 2011

FOR IMMEDIATE RELEASE

EARNINGS-

ATWOOD OCEANICS, INC., a Houston-based international drilling contractor, announced today that the Company earned net income of $70,611,000 or $1.08 per diluted share, on revenues of $159,085,000 for the quarter ended March 31, 2011 compared to net income of $66,755,000 or $1.03 per diluted share, on revenues of $159,069,000 for the quarter ended March 31, 2010.  For the six months ended March 31, 2011, the Company earned net income of $123,462,000 or $1.89 per diluted share, on revenues of $305,371,000 compared to net income of $133,739,000 or $2.06 per diluted share, on revenues of $323,312,000 for the six months ended March 31, 2010.

	For the Three Months Ended March 31,
	2011			2010
Revenues	$	159,085,000		$	159,069,000
Income before Income Taxes		90,485,000			77,018,000
Provision for Income Taxes		(19,874,000	)		(10,263,000	)
Net Income		70,611,000			66,755,000
Earnings per Common Share -
Basic		1.09			1.04
Diluted		1.08			1.03
Weighted Average Shares
Outstanding -
Basic		64,720,000			64,396,000
Diluted		65,409,000			65,103,000
	For the Six Months Ended March 31,
		2011			2010
Revenues	$	305,371,000		$	323,312,000
Income before Income Taxes		153,726,000			158,273,000
Provision for Income Taxes		(30,264,000	)		(24,534,000	)
Net Income		123,462,000			133,739,000
Earnings per Common Share -
Basic		1.91			2.08
Diluted		1.89			2.06
Weighted Average Shares
Outstanding -
Basic		64,624,000			64,349,000
Diluted		65,297,000			65,063,000