EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF OCTOBER 11, 2006
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, 2005, 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
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AVERAGE PER DAY
ESTIMATED ESTIMATED OPERATING COSTS (NOT
RATED CONTRACT CONTRACT INCLUDING TAX) FOR THE ADDITIONAL
RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE THREE MONTHS ENDED COMMENTS
DEPTH AUGUST 31, 2006/MONTH
OF AUGUST 31, 2006 ONLY
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SEMISUBMERSIBLES:
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ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 8 wells at $86,000/86,000 Wells are subject
EAGLE PETROLEUM PTY (10 wells) $158,000 to a change in
("BHPB") August 2007 1 well at sequence and a
$168,000 portion of the
1 well at dayrate is subject
$150,000 to some change due
to currency
exchange rate
variance.
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Australia BHPB OPTIONS - $168,000 N/A A portion of the
(3 wells) dayrate is subject
November 2007 (if to some change due
all three option to currency
wells are drilled) exchange rate
variance.
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Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well
EXPLORATION & (1 well) to take 40 to 45
PRODUCTION December 2007 days to complete.
DIVISION ("ENI") (assuming that all
of the above option
wells are drilled)
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Australia WOODSIDE FIRM WORK - $420,000 N/A Woodside has an
(1 year) option (which
December 2008 expires October 15,
(assuming that all 2006) to extend
of the above option the drilling
wells are drilled program from one
and that Woodside year to two or
does not extend three years. If
their program to either the two or
two or three years) three year option
period is selected,
the dayrate for the
entire selected
period will be
$405,000. If a one
year period is
selected, the
dayrate will be
$420,000.
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Australia N/A N/A N/A N/A The rig could be
off dayrates for
ten to fourteen
days during the
first quarter of
fiscal year 2008
for required
regulatory
inspections and
maintenance.
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ATWOOD 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $66,000/65,000 Operating costs
HUNTER Libya April 2008 (Mauritania) (Operating costs were are expected to be
$245,000 (Libya) higher than normal for $50,000 to $55,000
(The rig the three months and per day while
incurred nine month ended August 31, working in
(9) days of zero 2006 due to higher Mauritania/Libya;
rate in August costs incurred during however, costs
2006 due to an the period that the could be higher
equipment repair rig was relocated from during any
issue, which Egypt to Mauritania.) relocation period.
reduced revenues
by approximately
$2.2 million).
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Mauritania N/A N/A N/A N/A The rig is
expected to be off
dayrate for ten to
fourteen days
during the first
quarter of fiscal
year 2007 for
required
regulatory
inspections and
maintenance.
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TBD WOODSIDE OPTIONS - TBD N/A
Two (2) six-month
options.
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ATWOOD In process Shipyard SARAWAK SHELL FIRM WORK - $90,000 $40,000/44,000 The rig is
FALCON of being BERHAD ("SHELL") November 2006 (for up to 85 currently
upgraded days) undergoing an
to 5,000' estimated $32
million upgrade
with Shell paying
$24 million of the
costs. (The rig's
average per day
costs during
September and
October 2006 could
be higher than the
August 2006 per day
costs of $44,000
depending upon
the determination
of the accounting
treatment (expense
or capitalize) of
certain shipyard
project costs.)
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Malaysia SHELL FIRM WORK - $93,200 N/A The rig should
(2 wells) drill two wells at
January 2007 $93,200 following
the upgrade. (The
$24 million Shell
reimbursement will
be amortized as
revenues over the
remaining firm
contract
commitment
following the
upgrade (33
months) which will
increase dayrate
revenues by
approximately
$24,000.)
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Malaysia SHELL FIRM WORK - $113,000 N/A
July 10, 2007
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Malaysia SHELL FIRM WORK - $160,000/ N/A Most of the work
(2 years) $200,000 during this period
July 2009 (dayrate depends is expected to be
on water depth at the $160,000
of each well) dayrate level.
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Malaysia SHELL OPTION - TBD N/A
(1 year)
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ATWOOD 2,000' Mobilization TOREADOR TURKEY FIRM WORK - $100,000 $42,000/40,000 Operating costs
SOUTHERN to Black Sea- LIMITED November 2006 are expected to be
CROSS Bulgaria/ ("TOREADOR") AND between $60,000 to
Turkey MELROSE RESOURCES $65,000 per day
("MELROSE") mobilization and
$45,000 to $50,000
while working in
the Black Sea.
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Turkey TOREADOR FIRM WORK - $125,000 N/A TOREADOR might
(3 wells) drill its last
February 2007 well after the
(Assumes all three MELROSE program is
wells are drilled.) completed. If so,
the dayrate for
the last well will
be $135,000.
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Bulgaria MELROSE FIRM WORK - $125,000 N/A
(3 wells)
May 2007
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Bulgaria MELROSE OPTIONS - $125,000 N/A
(2 wells)
July 2007 (if both
option wells are
drilled)
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Turkey TURKIYE FIRM WORK - $290,000 N/A
PETROLLERI A.O. (3 wells)
("TPAO") October
2007
(assuming
above
option
wells are
drilled)
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Turkey TPAO OPTIONS - $320,000 N/A If TPAO exercises
(3 wells) their options, the
January 2008 well sequence for
(assuming MELROSE TPAO option wells
option wells and VANCO wells
drilled and TPAO could change.
exercises options
to drill all three
option wells)
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Ukraine VANCO FIRM WORK - $305,000 N/A See above
INTERNATIONAL (1 well)
LTD. ("VANCO")
March 2008
(assuming
MELROSE
and TPAO
options
are
exercised)
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Ukraine VANCO OPTIONS - $325,000 N/A See above
(1 well)
April 2008
(assuming MELROSE,
TPAO and VANCO
options are all
exercised)
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CANTILEVER JACK-UPS:
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ATWOOD 400' Vietnam HOANG LONG AND FIRM WORK - $110,000 $28,000/29,000
BEACON HOAN VU JOINT October 2006
OPERATING
COMPANIES ("HOANG
LONG")
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Mobilization GUJARAT STATE FIRM WORK - $110,000 N/A
to Singapore PETROLEUM October 2006
CORPORATION LTD (Mobilization is
("GSPC") expected to take
one week.)
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Singapore N/A November 2006 $70,000 N/A Loss of hire
(The rig is insurance coverage
expected to be in (includes dayrate
Singapore and cost of tow
approximately three boat during the
weeks to reattach Singapore period.)
its last leg
sections.)
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Mobilization GSPC FIRM WORK - $110,000 N/A
to India November 2006
(Mobilization is
expected to take 17
days.)
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India GSPC FIRM WORK - $113,000 N/A
(13 months)
December 2007
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India GSPC FIRM WORK - $133,500 N/A
(12 months)
December 2008
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India GSPC OPTIONS - (1 year) TBD N/A
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VICKSBURG 300' Malaysia PETROFAC FIRM WORK - $82,000 $32,000/34,000 The rig will batch
(MALAYSIA - (7 wells) (4 wells) drill the seven
PM304), LTD. October 2006 $87,000 wells; which could
("PETROFAC") (3 wells) result in the
$82,000 and
$87,000 dayrate
occurring in the
same month.
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Mobilization CHEVRON OVERSEAS FIRM WORK - $89,775 (95% of N/A
to Thailand PETROLEUM October/November operating rate)
("CHEVRON") 2006
(Mobilization
is expected
to take three
days.)
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Thailand CHEVRON FIRM WORK - $94,500 N/A
(8 months)
June 2007
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Thailand CHEVRON FIRM WORK - $154,000 N/A
(2 years)
June 2009
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Thailand N/A N/A N/A N/A The rig could be
off dayrate for
ten to fourteen
days during the
first quarter of
fiscal year 2008
for required
regulatory
inspections and
maintenance.
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SEMISUBMERSIBLE TENDER ASSIST UNIT:
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SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $68,430 Average per day The rig's
Guinea EQUATORIAL (2 years) operating costs operating costs in
GUINEA, INC. September 2008 during August Equatorial Guinea,
("HESS") 2006 were are expected to be
$46,000. $45,000 to $50,000
per day; however,
costs could be
higher during the
initial start-up
period. Fees
received during
the mobilization
period are
expected to cover
mobilization costs.
(The $5.5 million
of fees received
prior to and
during the
mobilization
period along with
all mobilization
costs will be
amortized over the
firm two year
period of the
contract; which is
expected to
increase per day
revenues and costs
by approximately
$7,500.)(Contract
provides for
dayrate increases
based upon certain
cost escalations
beginning with the
second year of
the contract.)
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Equatorial HESS OPTIONS - $68,430 N/A Dayrate subject to
Guinea (2 years) increase due to
September 2010 contract cost
(if all four escalations.
six-month options
are exercised)
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SUBMERSIBLE:
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RICHMOND 70' US Gulf HELIS OIL & GAS FIRM WORK - $80,000 $28,000/29,000
of Mexico ("HELIS") (5 wells remaining,
including current
well) July 2007
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US Gulf HELIS OPTIONS - TBD N/A
of Mexico October/November
2007
(one option for
four additional
wells)
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US Gulf o N/A N/A N/A N/A The rig could be
of Mexico off dayrate for
ten to fourteen
days during the
first quarter of
fiscal year 2008
for required
regulatory
inspections and
maintenance.
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MANAGEMENT CONTRACT
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NORTH N/A Australia WOODSIDE FIRM WORK - Daily margin of The management
RANKIN 'A' December 2006 $5,000 to $7,000 contract could
terminate upon
completion of the
current drilling
program for the
NORTH RANKIN `A'
platform. This
work is expected
to be completed
in December 2006.
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NOTE - EXPECTED TAX RATE
1) An effective tax rate of 11% to 13% is expected for the fourth
quarter of fiscal year 2006, with an effective tax rate of 4% to 6% expected for
fiscal year 2006. The effective tax rate for fiscal year 2007 is expected to be
20% to 25%. Virtually all of the Company's tax provision for fiscal year 2006
and expected tax provision for fiscal year 2007 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.
2) Other Drilling Costs in Addition to the Above Rig Costs -
PER DAY FOR THREE MONTHS ENDED AUGUST 2006 $14,000
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