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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: January 4, 1999
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 0-6352
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:
281-492-2929
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ITEM 5. OTHER EVENTS
On January 4, 1999, Atwood Oceanics, Inc announced that it had executed
a four-year contract extension, with a further option to extend, for the use of
the SEAHAWK (a semisubmersible tender-assist rig). The contract extension
provides for approximately $19 million in upgrades to the rig, including a new
drilling equipment set, new generators, a new tender SCR system, a new top
drive, new drill string and other enhancements. The rig is expected to complete
its current drilling program in March/April 1999 and should be undergoing the
upgrades during the remainder of calendar 1999. The contract provides that
upgrade costs will be reimbursed by the operator and that the company will be
paid a reduced dayrate during the upgrade period. Following completion of the
upgrades, the four-year contract should produce gross revenues of approximately
$65 million.
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 hereunto duly authorized.
ATWOOD OCEANICS, INC.
(Registrant)
/s/ James M. Holland
James M. Holland
Senior Vice President
DATE: 8 January 1999
