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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTERLY PERIOD ENDED JUNE 30, 2001
COMMISSION FILE NUMBER 1-13167
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
15835 Park Ten Place Drive 77084
Houston, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
281-749-7800
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 15 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filings
requirements for the past 90 days. Yes X No___
The number of shares outstanding of the issuer's class of common stock, as
of July 31, 2001; 13,831,951 shares of Common Stock, $1 par value.
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PART I. FINANCIAL INFORMATION
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
The condensed consolidated financial statements herein have been prepared
by the Company pursuant to the rules and regulations of the Securities and
Exchange Commission for interim financial reporting. Accordingly, these
financial statements and related information have been prepared without audit,
and certain information and disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted, although management believes that the
disclosures are adequate to make the information not misleading. The condensed
consolidated financial statements reflect all adjustments which are, in the
opinion of management, necessary to present fairly the financial position of the
Company as of June 30, 2001 and September 30, 2000, and the results of its
operations and cash flows for the three months and nine months ended June 30,
2001 and 2000, respectively. All adjustments were of a normal recurring nature.
The interim financial results may not be indicative of results that could be
expected for a full year. It is suggested these condensed consolidated financial
statements be read in conjunction with the consolidated financial statements and
the notes thereto included in the Company's September 30, 2000 Annual Report to
Shareholders.
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, September 30,
2001 2000
--------- -----------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 25,751 $ 19,740
Accounts receivable 30,930 31,466
Inventories of materials and supplies,
at lower of average cost or market 9,496 9,544
Deferred tax assets 950 950
Prepaid expenses 1,050 3,217
---------- ---------
Total Current Assets 68,177 64,917
---------- ---------
SECURITIES HELD FOR INVESTMENT:
Held-to-maturity, at amortized cost - 22,594
Available-for-sale, at fair value - 327
---------- ----------
- 22,921
------------ --------
PROPERTY AND EQUIPMENT, at cost:
Drilling vessels, equipment and drill pipe 443,192 391,879
Other 8,678 8,197
--------- ---------
451,870 400,076
Less-accumulated depreciation 194,453 175,969
------- -------
Net Property and Equipment 257,417 224,107
------- -------
DEFERRED COSTS AND OTHER ASSETS 3,501 1,306
---------- -----------
$329,095 $313,251
========== ===========
The accompanying notes are an integral part of these consolidated financial
statements.
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, September 30,
2001 2000
---------- ------------
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 8,702 $ 5,886
Accrued liabilities 15,016 11,598
---------- ---------
Total Current Liabilities 23,718 17,484
---------- ---------
LONG-TERM DEBT, net of current maturities: 40,000 46,000
---------- ---------
DEFERRED CREDITS:
Income taxes 12,723 10,390
Other 14,588 21,172
--------- --------
27,311 31,562
--------- --------
SHAREHOLDERS' EQUITY:
Preferred stock, no par value;
1,000,000 shares authorized, none outstanding --- ---
Common stock, $1 par value;
20,000,000 shares authorized with 13,832,000
and 13,823,000 shares issued and outstanding
at June 30, 2001 and September 30, 2000,
respectively 13,832 13,823
Paid-in capital 55,296 55,151
Accumulated other comprehensive loss ---- (152)
Retained earnings 168,938 149,383
-------- ---------
238,066 218,205
-------- ---------
$329,095 $313,251
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
June 30, June 30,
------------------------------ ---------------------------
2001 2000 2001 2000
-------- -------- --------- ---------
(Unaudited) (Unaudited)
REVENUES:
Contract drilling $ 33,346 $ 32,934 $ 106,886 $ 95,473
Contract management 1,598 477 4,708 1,483
-------- -------- --------- --------
34,944 33,411 111,594 96,956
-------- -------- --------- --------
COSTS AND EXPENSES:
Contract drilling 15,878 14,457 48,481 40,815
Contract management 1,449 370 4,454 1,113
Depreciation 6,342 7,883 19,603 21,591
General and administrative 2,285 2,050 7,021 6,187
-------- -------- --------- --------
25,954 24,760 79,559 69,706
-------- -------- --------- --------
OPERATING INCOME 8,990 8,651 32,035 27,250
-------- -------- --------- --------
OTHER INCOME (EXPENSE)
Interest expense (723) (901) (2,523) (2,829)
Interest income 275 662 1,362 1,780
Realized loss on sale of securities (132) --- (132) ---
-------- -------- --------- --------
(580) (239) (1,293) (1,049)
-------- -------- --------- --------
INCOME BEFORE INCOME TAXES 8,410 8,412 30,742 26,201
PROVISION FOR INCOME TAXES 2,925 3,160 11,187 9,915
-------- -------- --------- --------
NET INCOME $ 5,485 $ 5,252 $ 19,555 $ 16,286
======== ======= ========= ========
EARNINGS PER SHARE
Basic $ .40 $ .38 $ 1.41 $1.18
Diluted $ .39 $ .37 $ 1.40 $1.17
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
Basic 13,831 13,822 13,827 13,744
Diluted 13,981 14,026 13,971 13,902
The accompanying notes are an integral part of these consolidated financial
statements.
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine Months Ended June 30,
---------------------------
2001 2000
------- --------
(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income $ 19,555 $ 16,286
-------- --------
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation 19,603 21,591
Amortization 42 391
Deferred federal income tax provision 2,250 850
Changes in assets and liabilities:
Decrease (increase) in accounts receivable 536 (6,691)
Increase (decrease) in accounts payable and
accrued liabilities 3,904 (3,141)
Net mobilization fees (6,191) 3,528
Other (288) 495
-------- --------
19,856 17,023
-------- --------
Net cash provided by operating activities 39,411 33,309
-------- --------
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures (50,583) (25,897)
Treasury note maturity 22,600 ---
Proceeds form sale of securities 429 ---
-------- --------
Net cash used by investing activities (27,554) (25,897)
-------- --------
CASH FLOW FROM FINANCING ACITIVITES:
Proceeds from revolving credit facility --- 6,000
Principal payments on long-term debt (6,000) (14,000)
Proceeds from exercises of stock options 154 2,101
-------- --------
Net cash used by financing activities (5,846) (5,899)
-------- --------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 6,011 1,513
CASH AND CASH EQUIVALENTS, at beginning of period
19,740 20,105
-------- --------
CASH AND CASH EQUIVALENTS, at end of period $ 25,751 $ 21,618
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for domestic
and foreign income taxes $ 5,590 $ 7,658
======== ========
Cash paid during the period for interest,
net of amounts capitalized $ 2,700 $ 3,914
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
PART I. ITEM 1 - FIANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. UNAUDITED INTERIM INFORMATION
The unaudited interim financial statements as of June 30, 2001 and for each
of the nine month periods ended June 30, 2001 and 2000, included herein, have
been prepared by the Company, pursuant to the rules and regulations of the
Securities and Exchange Commission for interim financial reporting. Accordingly,
these financial statements and related information have been prepared without
audit, and certain information and note disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted, although management believes that the
note disclosures are adequate to make the information not misleading. For
interim periods, the Company records income taxes using the expected effective
tax rate for the fiscal year. In the opinion of the Company's management, the
unaudited interim financial statements reflect all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation of
the financial position and results of operations of the Company for the periods
presented. The interim financial results may not be indicative of results that
could be expected for a full year.
2. EARNINGS PER COMMON SHARE
The computation of basic and diluted earnings per share is as follows (in
thousands, except per share amounts):
Three Months Ended Nine Months Ended
-------------------------------- --------------------------------
Net Per Share Net Per Share
Income Shares Amount Income Shares Amount
------ ------ -------- -------- ------- ---------
June 30, 2001:
Basic earnings per share $5,485 13,831 $ .40 $19,555 13,827 $ 1.41
Effect of dilutive securities-
Stock Options --- 150 (.01) --- 144 (.01)
------ ------ ----- ------- ------ -------
Diluted earnings per share $5,485 13,981 $.39 $19,555 13,971 $ 1.40
====== ====== ===== ======= ====== ======
June 30, 2000:
Basic earnings per share $5,252 13,822 $ .38 $16,286 13,744 $ 1.18
Effect of dilutive securities-
Stock Options --- 204 (.01) --- 158 (.01)
------ ------ ----- ------- ------ ------
Diluted earnings per share $5,252 14,026 $ .37 $16,286 13,902 $ 1.17
====== ====== ===== ======= ====== ======
3. COMPREHENSIVE INCOME
In May 2001, all available-for-sale securities were sold for a realized
loss of $132,000. Comprehensive income includes the following (in thousands):
THREE MONTHS ENDED JUNE 30, 2001 2000
------- -------
Net Income $ 5,485 $ 5,252
Other comprehensive income:
Unrealized holding gain on available-for-sale
securities, net of tax expense of $21 and $1 in 2001
and 2000 respectively. 37 3
Reclassification adjustment for losses realized in net
income, net of tax expense of $46 in 2001 86 ---
------- -------
Comprehensive income $ 5,608 $ 5,255
------- =======
NINE MONTHS ENDED JUNE 30, 2001 2000
------- -------
Net Income $ 19,555 $16,286
Other comprehensive income:
Unrealized holding loss on available-for-sale
securities, net of tax expense of $36 in 2001 and tax
benefit of $22 in 2000. 66 (20)
Reclassification adjustment for losses realized in net
income, net of tax expense of $46 in 2001 86 ---
-------- -------
Comprehensive income $ 19,707 $16,266
======== =======
4. CHANGE IN DEPRECIATION POLICY
In November 2000, the Company engaged an independent appraiser to evaluate
the expected useful lives of the ATWOOD HUNTER, ATWOOD FALCON and ATWOOD EAGLE.
Based, in part, upon such appraisal, the Company, effective October 1, 2000,
extended the depreciable lives of ATWOOD HUNTER and ATWOOD FALCON from 12 to 22
years and will extend the depreciable life of the ATWOOD EAGLE from 12 to 22
years following the completion of its water-depth upgrade currently planned in
early fiscal 2002. The Company believes that these changes in depreciable lives
provide a better matching of the revenues and expenses of these assets over
their anticipated useful lives. This change in the Company's depreciation policy
lowered depreciation expense by $1.5 million and $4.9 million for the three
months and nine months ended June 30, 2001, and increased net income by $.9
million ($0.07 per diluted share) and $3.1 million ($0.23 per diluted share) for
the three months and nine months ended June 30, 2001, respectively.
5. NEW ACCOUNTING PRONOUNCEMENTS
Statement of Financial Accounting Standard ("SFAS") No. 133 establishes
accounting and reporting standards requiring that any derivative instrument
(including certain derivative instruments embedded in other contracts) be
recorded in the balance sheet as either an asset or liability measured at fair
value. In the first quarter of fiscal 2001, the Company adopted SFAS No. 133,
which had no material impact on the Company's financial statements.
In December 1999, the SEC staff issued Staff Accounting Bulletin No. 101
"Revenue Recognition in Financial Statements" which summarized the staff's view
on applying generally accepted accounting principles to revenue recognition in
financial statements. This bulletin has been amended to become effective no
later than the fourth quarter of fiscal years beginning after December 15, 1999,
which is the fourth quarter of fiscal 2001 for the Company. In the opinion of
management, the Company's current accounting policies are in compliance with the
staff's views, and the adoption of SAB 101 will not have a material impact on
the Company's financial statements.
PART I. ITEM 2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
All statements other than statements of historical facts included in this
report regarding the Company's financial position, business strategy, budgets
and plans and objectives of management for future operations are forward-looking
statements. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to have been correct. These forward-looking
statements involve risks and uncertainties that may cause the Company's actual
future activities and results of operations to be materially different from
those suggested or described in this Report. The Company's periodic reports
filed with the Securities and Exchange Commission should be consulted for a
description of risk factors associated with an investment in the Company.
MARKET OUTLOOK
Despite the United States Gulf of Mexico drilling market showing some
recent weakness, the Company continues to be optimistic about the long-term
international offshore drilling market fundamentals. The Company recently
announced construction of a new jack-up drilling unit with a June 2003, target
delivery. This new rig is based on a proven design, with improved drilling
efficiency, which should provide an opportunity for premium dayrates and high
utilization. The ATWOOD HUNTER is currently in a shipyard undergoing its
upgrade, with discussions ongoing regarding a contract opportunity immediately
following the upgrade, which, if committed, will result in a multi-well drilling
program with dayrates ranging from $90,000 to $110,000, depending on water
depth. Despite the ATWOOD HUNTER being off dayrate for the reminder of fiscal
year 2001 for its upgrade, term contracts in place for the ATWOOD FALCON,
SEAHAWK, ATWOOD EAGLE, ATWOOD SOUTHERN CROSS and VICKSBURG should provide the
Company with slightly higher revenues and cash flows in fiscal 2001 than in
fiscal 2000.
RESULTS OF OPERATIONS
Contract revenues for the three months and nine months ended June 30, 2001
increased 5% and 15%, respectively, compared to the same periods ended June 30,
2000. A comparative analysis of contract revenues is as follows:
CONTRACT REVENUES
------------------------------------------------------------------------
(In Millions)
Three Months Ended Nine Months Ended
June 30, June 30,
----------------------------------- -------------------------------
2001 2000 Variance 2001 2000 Variance
------ ------ -------- ------ ----- --------
ATWOOD SOUTHERN CROSS $ 4.9 $ 0.8 $ 4.1 $ 12.9 $ 0.8 $ 12.1
RICHMOND 2.9 1.8 1.1 7.7 4.8 2.9
SEAHAWK 5.9 5.7 0.2 17.5 13.6 3.9
ATWOOD EAGLE 4.6 4.5 0.1 14.9 11.8 3.1
ATWOOD FALCON 10.0 10.0 0.0 30.1 30.4 (0.3)
VICKSBURG 1.9 2.9 (1.0) 8.0 9.1 (1.1)
ATWOOD HUNTER 3.1 7.2 (4.1) 15.8 25.0 (9.2)
GOODWYN 'A'/NORTH RANKIN 'A' 1.6 0.5 1.1 4.7 1.4 3.3
------ ----- ----- ------ ------ ------
$ 34.9 $33.4 $ 1.5 $111.6 $ 96.9 $ 14.7
====== ===== ===== ====== ====== ======
Since the ATWOOD SOUTHERN CROSS was moved from Australia to the
Mediterranean Sea, it has worked continuously since June 2000, which accounts
for its increase in revenue. Revenue increase for the RICHMOND was due to higher
dayrates being realized in the United States Gulf of Mexico during 2001. The
SEAHAWK has worked continuously at a dayrate of approximately $50,000 since it
returned to work in January 2000, following its upgrade period, during which
reduced revenue were received. Following the ATWOOD EAGLE's Phase I upgrade in
January/February 2000, the rig has worked continuously, which accounts for its
increase in revenue for the nine months ended June 30, 2001, compared to the
same period in 2000. The ATWOOD FALCON continues to work in the last year of its
three year contract in the Philippines. Revenue decreased on the VICKSBURG due
to the drilling unit being off dayrate during the period it was relocated from
India to Vietnam. Revenue has declined on the ATWOOD HUNTER due to a reduction
in dayrates realized following completion of its long-term contract commitment
in the United States Gulf of Mexico at the end of 2000, and due to its entering
a shipyard in early June to commence its upgrade. As a result of drilling
activities recommencing on the GOODWYN'A'/NORTH RANKIN 'A' platforms, following
completion of their upgrades during 2000, revenues and costs increased on these
operations.
Contract drilling and management costs for the three months and nine months
ended June 30, 2001 increased 17% and 26%, respectively, compared to the same
periods in 2000. An analysis of contract drilling and management costs by rig is
as follows:
CONTRACT DRILLING AND
MANAGEMENT COSTS
----------------------------------------------------------------------
(In Millions)
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------------------- -------------------------------
2001 2000 Variance 2001 2000 Variance
----- ----- -------- ----- ----- --------
RICHMOND $ 2.8 $ 1.5 $ 1.3 $ 5.8 $ 4.3 $ 1.5
ATWOOD SOUTHERN CROSS 2.4 2.0 0.4 7.4 4.1 3.3
ATWOOD EAGLE 2.7 2.5 0.2 8.6 6.7 1.9
SEAHAWK 2.0 1.9 0.1 5.7 6.0 (0.3)
ATWOOD FALCON 2.1 2.1 0.0 6.5 6.2 0.3
VICKSBURG 1.2 1.4 (0.2) 4.5 4.2 0.3
ATWOOD HUNTER 2.0 2.7 (0.7) 8.1 7.9 0.2
GOODWYN 'A'/NORTH RANKIN 'A' 1.4 0.4 1.0 4.5 1.2 3.3
OTHER 0.7 0.3 0.4 1.8 1.3 0.5
----- ----- ----- ----- ----- -----
$17.3 $14.8 $ 2.5 $52.9 $41.9 $11.0
===== ===== ===== ===== ===== =====
During the quarter ended June 30, 2001, the RICHMOND incurred some
extraordinary costs associated with certain repairs and operational issues,
which accounted for its increase in operating costs. Operating costs increased
for the ATWOOD SOUTHERN CROSS due to the rig having some idle time (with reduced
costs) during most of fiscal 2000 compared to being fully employed during the
first nine months of fiscal 2001. The increase in operating costs for the ATWOOD
EAGLE for the nine months ended June 30, 2001 was due to the drilling unit
undergoing a Phase I upgrade (with no operating costs being realized during the
upgrade period) in January/February 2000 compared to being fully utilized, thus
far, in fiscal 2001. Operating costs decreased on the ATWOOD HUNTER due to the
rig commencing its upgrade in June 2001, whereby no operating costs will be
realized during this upgrade period.
An analysis of depreciation expense by rig is as follows:
DEPRECIATION EXPENSE
----------------------------------------------------------------------------------
(In Millions)
Three Months Ended Nine Months Ended
June 30, June 30,
------------------------------------- ------------------------------------
2001 2000 Variance 2001 2000 Variance
----- ----- -------- ----- ----- --------
RICHMOND $0.4 $0.0 $ 0.4 $ 1.1 $ 0.2 $ 0.9
SEAHAWK 1.7 1.7 0.0 5.1 3.3 1.8
ATWOOD EAGLE 0.9 0.9 0.0 2.7 2.1 0.6
ATWOOD SOUTHERN CROSS 0.9 1.0 (0.1) 2.9 2.9 0.0
VICKSBURG 0.6 0.7 (0.1) 2.0 2.2 (0.2)
ATWOOD HUNTER 0.4 1.3 (0.9) 1.5 3.9 (2.4)
ATWOOD FALCON 0.7 1.6 (0.9) 2.1 4.9 (2.8)
OTHER 0.7 0.7 0.0 2.2 2.1 0.1
------ ----- ----- ----- ----- -----
$6.3 $7.9 $(1.6) $19.6 $21.6 $(2.0)
====== ===== ===== ===== ===== =====
The increase in depreciation for the RICHMOND is due to the increase in its
depreciable basis of approximately $7 million due to the upgrade it incurred
toward the end of fiscal 2000. The Company does not recognize depreciation
expense during the period a rig is out of service for a significant upgrade,
which accounts for the SEAHAWK and ATWOOD EAGLE having reduced depreciation for
the nine months ended June 30, 2000. The decrease in depreciation expense for
the ATWOOD HUNTER and ATWOOD FALCON was due to extending the depreciable lives
of these rigs (effective October 1, 2000) from 12 to 22 years.
LIQUIDITY AND CAPITAL RESOURCES
During the first nine months of fiscal 2001, operating cash flow (before
changes in working capital and other assets and liabilities) was $41.5 million
compared to $39.1 million for the first nine months of fiscal 2000. During the
first nine months of fiscal 2001, the Company utilized internally generated
funds, along with proceeds of $23 million from the treasury notes maturities, to
invest $4.5 million to purchase the SEASCOUT for future conversion and upgrade
to a semisubmersible tender assist unit when an acceptable contract opportunity
has been secured; to invest approximately $22.6 million in the upgrade of the
ATWOOD HUNTER; to invest $17.8 million in early order items relating to the
upgrade of the ATWOOD EAGLE; to invest approximately $3.0 million in completing
the upgrade of the RICHMOND; to fund approximately $7.2 million of other capital
expenditures and to reduce long-term debt by $6 million.
The ATWOOD HUNTER is currently in a shipyard undergoing an upgrade, which
is estimated to have a total cost of approximately $50 million. Immediately upon
the ATWOOD EAGLE completing its current contractual commitments (estimated late
fourth quarter of 2001 or first quarter of 2002) it is anticipated that the rig
will enter a shipyard for an approximate $90 million upgrade. In July 2001, the
Company announced that it had entered into a vessel construction agreement with
Keppel Fels Limited to construct a KFELS mod-V enhanced B-class Jack-Up drilling
unit in Singapore, with delivery scheduled for June 2003. This rig is estimated
to cost $125 million (including capitalized interest) to construct. The
construction of the jack-up drilling unit in addition to the upgrades of the
ATWOOD HUNTER and ATWOOD EAGLE will be financed through the Company's existing
$150 million credit facility and internally generated cash flows. Subsequent to
June 30, 2001, the Company borrowed another $10 million under the credit
facility for a current outstanding balance of $50 million.
PART II. OTHER INFORMATION
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ITEM 6. Reports on Form 8-K
(a) Exhibits
None
(b) Report on Form 8-K
1) Current and planned activities relating to the RICHMOND,
ATWOOD SOUTHERN CROSS, SEASCOUT AND VICKSBURG
(Filed April 10, 2001)
2) Earnings for the second quarter of Fiscal Year 2001 along
with supportive information (Filed May 2, 2001)
3) Current and planned activities relating to the VICKSBURG
and RICHMOND (Filed May 25, 2001)
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 thereunto duly authorized.
ATWOOD OCEANICS, INC.
(Registrant)
Date: August 14, 2001 s/JAMES M. HOLLAND
---------------------
James M. Holland
Senior Vice President
and Chief Accounting Officer