M
ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF SEPTEMBER 11, 2007
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, 2006, 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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UNAUDITED AVERAGE
ESTIMATED ESTIMATED PER DAY OPERATING
RATED CONTRACT CONTRACT COSTS (NOT ADDITIONAL
RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE INCLUDING TAX) FOR COMMENTS
DEPTH THE THREE MONTHS
ENDED JULY 31,
2007/MONTH ENDED
JULY 31, 2007 ONLY
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SEMISUBMERSIBLES:
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ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 3 wells at $107,000/$105,000 Wells are
EAGLE PETROLEUM PTY (4 wells) approximately subject to a
("BHPB") December 2007 $160,000 change in
1 well at sequence and a
approximately portion of the
$170,000 dayrate is
subject to some
change due to
currency
exchange rate
variance.
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Australia BHPB OPTIONS - Approximately N/A A portion of the
(2 wells) $170,000 dayrate is
February 2008 subject to some
if the two change due to
remaining options currency
wells are drilled. exchange rate
variance.
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Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the
EXPLORATION & (1 well) well to take 40
PRODUCTION April 2008 (assuming to 45 days to
DIVISION that the two above complete.
("ENI") option wells are
drilled)
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Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the
ENERGY LTD (2 years) dayrate is
("WOODSIDE") April 2010 (assuming subject to some
that the two above change due to
option wells are currency
drilled) exchange rate
variance.
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Australia N/A N/A N/A N/A The rig is
expected to
incur ten to
fourteen zero
rate days during
the first
quarter of
fiscal year 2008
for required
regulatory
inspections and
planned
maintenance.
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ATWOOD 5,000' Egypt BURULLUS FIRM WORK - Commencing $76,000/$58,000 In August, the
HUNTER GAS CO. January 2008 August 22, 2007 rig incurred one
("BURULLUS") $320,000 first zero rate day
90 days due to equipment
$355,000 next issues.
35 days
$410,000
thereafter
(expected to be
15 days)
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Mauritania WOODSIDE FIRM WORK $240,000
(Reinstatement August 2008
of suspended
contract)
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TBD WOODSIDE OPTIONS - TBD N/A The rig could
Two (2) six-month incur ten (10)
options. zero rate days
August 2009, if in the fourth
exercised at quarter of
negotiated market fiscal year 2009
rate. (Agreement has for regulatory
to be executed by inspections.
December 2007)
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2
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TBD N/A N/A N/A N/A The rig could
incur three to
five zero rate
days during the
fourth quarter
of fiscal year
2007 for some
planned
maintenance. The
rig could also
incur fifteen to
twenty zero rate
days depending
upon the rigs
drilling
schedule
sometime between
December 2007
and August 2008
for certain
equipment
upgrades.
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ATWOOD 5,000' Malaysia SARAWAK SHELL FIRM WORK - $160,000/ $59,000/$64,000 (The $24
FALCON BERHAD (2 years) $200,000 million Shell
("SHELL") July 2009 (dayrate reimbursement is
depends on being amortized
water depth of as revenues over
each well) the remaining firm
contract commitment
following the upgrade
(32 months) which
will increase dayrate
revenues by
approximately
$24,000.)
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.)
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Malaysia SHELL OPTION - TBD N/A
(1 year)
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ATWOOD 2,000' Turkey TURKIYE FIRM WORK - 3 wells at $58,000/$54,000
SOUTHERN PETROLLERI (3 wells) $290,000
CROSS A.O.("TPAO") October/November
2007
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Bulgaria MELROSE FIRM WORK - $145,000 N/A
(2 wells)
December 2007
/January 2008
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Bulgaria MELROSE FIRM WORK - $380,000 N/A
(1 well)
January/February 2008
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Turkey TPAO FIRM WORK - $320,000 N/A
(1 well)
February/March 2008
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TBD N/A N/A N/A N/A The rig incurred
eight zero rate
days in August
2007 for
regulatory
inspections and
could incur
another two to
five zero rate
days during the
second quarter
of fiscal year
2008 for some
maintenance work.
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CANTILEVER JACK-UPS:
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ATWOOD 400' India GUJARAT STATE FIRM WORK - $113,000 $43,000/$43,000
BEACON PETROLEUM January 2008
CORPORATION LTD
("GSPC")
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India GSPC FIRM WORK - $133,500 N/A
(12 months)
January 2009
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India GSPC OPTIONS - (1 year) TBD N/A
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VICKSBURG 300' Thailand CHEVRON FIRM WORK - $154,000 $42,000/$43,000
OVERSEAS (2 years)
PETROLEUM June 2009
("CHEVRON")
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Thailand N/A N/A N/A N/A The rig incurred
two zero rate
days in July
2007 for
required
regulatory
inspections and
one zero rate
day in August
relating to
equipment
issues.
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SEMISUBMERSIBLE TENDER ASSIST UNIT:
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SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $71,900 $79,000/$74,000 Contract
Guinea EQUATORIAL September (plus provides for
GUINEA, INC. 2008 approximately dayrate
("HESS") $19,000 of increases
amortized per based upon
day revenue.) 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.
Thus far, in the
fourth quarter of
fiscal year 2007,
the rig has incurred
six zero rate days
due to equipment
related issues.
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Equatorial HESS OPTIONS - $71,900 N/A Dayrate
Guinea (2 years) subject to
September increase due
2010 to contract
(if all cost
four escalations.
six-month
options are
exercised)
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SUBMERSIBLE:
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RICHMOND 70' US Gulf of HELIS OIL & FIRM WORK - $80,000 $35,000/$32,000
Mexico GAS ("HELIS") October 2007
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US Gulf of N/A N/A N/A N/A The rig is
Mexico expected to
incur forty
(40) to sixty
(60) zero rate
days during the
first quarter
of fiscal year
2008 for a life
enhancing
upgrade. This
upgrade is
expected to
cost $13
million to $15
million and
will extend the
life of the rig
seven years
from January
2008.
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NOTE - EXPECTED TAX RATE
1) The effective tax rate for fiscal year 2007 is now expected to be
around 14%. Virtually all of the Company's 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 JULY 2007 $ 16,000
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