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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: December 20, 2000
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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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ITEM 7. EXHIBITS
EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT DECEMBER 20, 2000
ITEM 9. REGULATION FD DISCLOSURE
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 the 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 planned for the end
of fiscal 2001. 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. The estimated effect of these changes in
depreciable lives on the Company's financial results for the first quarter of
fiscal 2001 is a reduction in depreciation expense of approximately $1.5 million
or an approximate $.07 increase (after tax) in earnings per diluted share.
In December 2000, the ATWOOD SOUTHERN CROSS was awarded two one-well (plus
options) drilling contracts in the territorial waters of Egypt and a two-well
(plus one option) drilling contract in the territorial waters of Turkey. Upon
the rig completing its current contract for Isramco in Israel (estimated early
January 2001), it will move to Egypt to drill one well for GERMAN OIL & GAS
EGYPT and one or two wells for REPSOL EXPLORACION EGIPTO, S.A., and then move to
Turkey to drill two or three wells for EL PASO PRODUCTION COMPANY TURKEY B.V.
Since the ATWOOD SOUTHERN CROSS was relocated from Australia to the
Mediterranean Sea in June 2000, the rig has been awarded drilling contracts by
six companies. The rig's current contractual commitments should keep it employed
into August 2001, and depending upon the exercise of option wells, it could have
commitments extending into fiscal 2002, with dayrates ranging from $45,000 to
$61,000. Additional information with respect to the Company's contract status
summary at December 20, 2000 is attached hereto as Exhibit 99.1, which is being
furnished in accordance with Rule 101(e)(1) under Regulation FD and should not
be deemed to be filed.
Statements contained in this report with respect to the future 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; the Company's dependence on the oil and gas
industry; the risks involved in upgrade to the Company's rigs; competition;
operating risks; risks involved in foreign operations; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company' annual report on Form 10-K for the year ended September
30, 1999, filed with the Securities and Exchange Commission
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: DECEMBER 20,
2000
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Contract Status Summary at December 20, 2000
