EXHIBIT 99.1
HOUSTON, TEXAS
17 NOVEMBER 2000
FOR IMMEDIATE RELEASE:
ATWOOD OCEANICS, INC. (A HOUSTON BASED INTERNATIONAL OFFSHORE
DRILLING CONTRACTOR - NYSE: ATW) ANNOUNCED TODAY THAT IT HAS REACHED AN
AGREEMENT TO AMEND ITS CONTRACT WITH BRITISH-BORNEO PETROLEUM, INC. FOR THE USE
OF THE ATWOOD HUNTER IN THE GULF OF MEXICO. THE AMENDMENT PROVIDES FOR A DAYRATE
OF APPROXIMATELY $85,000 FROM SEPTEMBER 1, 2000 THROUGH DECEMBER 27, 2000 AND
$65,000 THEREAFTER. THE RIG COMMENCED ITS CONTRACT WITH BRITISH-BORNEO
PETROLEUM, INC. IN SEPTEMBER 1997 FOLLOWING AN UPGRADE TO EXTEND ITS WATER-DEPTH
DRILLING CAPACITY TO 3,600 FEET, AND THE AMENDMENT SHOULD EXTEND THE CONTRACT TO
THE END OF JANUARY 2001.
CURRENTLY, THE COMPANY PLANS TO MOVE THE RIG UPON COMPLETION OF ITS CONTRACT TO
A SHIPYARD IN THE UNITED STATES TO UNDERGO AN ADDITIONAL INCREASE IN ITS
WATER-DEPTH DRILLING CAPACITY AND OTHER UPGRADES AND ENHANCEMENTS ESTIMATED TO
COST BETWEEN $40 AND $45 MILLION. THE RIG'S UPGRADES AND ENHANCEMENTS COULD BE
DELAYED TWO TO THREE MONTHS IF THE COMPANY IDENTIFIES AN ACCEPTABLE SHORT-TERM
CONTRACT OPPORTUNITY IMMEDIATELY FOLLOWING COMPLETION OF ITS CURRENT CONTRACT.
THE UPGRADES AND ENHANCEMENTS WILL INCLUDE EXTENDING THE WATER-DEPTH DRILLING
CAPACITY TO 5,000 FEET FOR CERTAIN ENVIRONMENTAL CONDITIONS, A NEW HIGH CAPACITY
CRANE, NEW 120-BED QUARTERS, ENHANCED COMPLETION AND SUB-SEA TREE HANDLING
CAPABILITY, UPGRADED WELL CONTROL, DRILLING AND MUD SYSTEMS, IN ADDITION TO
OTHER IMPROVEMENTS IN EFFICIENCY. PRESENTLY, THE COMPANY ESTIMATES THAT THESE
UPGRADES AND ENHANCEMENTS WILL TAKE FOUR TO FIVE MONTHS TO COMPLETE.
THE COMPANY ALSO ANNOUNCED THAT IT CONTINUES WITH ITS PLANNING AND ORDERING OF
EQUIPMENT FOR THE UPGRADES AND ENHANCEMENTS OF THE ATWOOD EAGLE FOLLOWING
COMPLETION OF ITS CONTRACTUAL COMMITMENT IN EGYPT (ESTIMATED JUNE TO AUGUST
2001). THE UPGRADES AND ENHANCEMENTS WILL INCLUDE MODIFICATION OF THE HULL TO
EXTEND THE RIG'S WATER-DEPTH DRILLING CAPACITY TO 5,000 FEET, NEW 120-BED
QUARTERS, ENHANCED COMPLETION AND SUB-SEA TREE HANDLING CAPABILITY, UPGRADED
WELL CONTROL, DRILLING AND MUD SYSTEMS, IN ADDITION TO OTHER IMPROVEMENTS IN
EFFICIENCY. PRESENTLY, THE COMPANY ESTIMATES THAT THESE UPGRADES AND
ENHANCEMENTS WILL TAKE FIVE TO SIX MONTHS TO COMPLETE AND COST APPROXIMATELY $80
MILLION.
Statements contained in this press release 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's annual report on Form 10-K for the year ended September
30, 1999, filed with the Securities and Exchange Commission.
CONTACT: JIM HOLLAND
(281) 749-7804
