EXHIBIT 99.1
HOUSTON, TEXAS
06 DECEMBER 2000
FOR IMMEDIATE RELEASE:
ATWOOD OCEANICS, INC. (A HOUSTON BASED INTERNATIONAL OFFSHORE DRILLING
CONTRACTOR - NYSE: ATW) ANNOUNCED TODAY THAT IT HAS PURCHASED THE
SEMISUBMERSIBLE UNIT "OCEAN SCOUT" FROM OCEANEERING INTERNATIONAL, INC. FOR $4.5
MILLION. THE HULL OF THE OCEAN SCOUT IS SIMILAR IN DESIGN TO THE COMPANY'S
SEMISUBMERSIBLE TENDER UNIT "SEAHAWK" CURRENTLY WORKING IN MALAYSIA UNDER A
FOUR-YEAR CONTRACT EXTENSION. THE COMPANY PURCHASED THE OCEAN SCOUT FOR
CONVERSION AND UPGRADE TO A SEMISUBMERSIBLE TENDER UNIT. DEPENDING UPON WATER
DEPTH AND OTHER OPERATIONAL REQUIREMENTS, THE COST OF THE CONVERSION AND UPGRADE
COULD RANGE FROM $40 TO $60 MILLION AND TAKE ELEVEN TO TWELVE MONTHS TO
COMPLETE. THE CONVERSION AND UPGRADE WILL NOT BE UNDERTAKEN UNTIL AN ACCEPTABLE
CONTRACT OPPORTUNITY HAS BEEN SECURED.
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
