form8k_11march2009.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
____________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF EARLIEST EVENT REPORTED: MARCH 11, 2009
ATWOOD OCEANICS,
INC.
(Exact
name of registrant as specified in its charter)
COMMISSION
FILE NUMBER 1-13167
TEXAS
(State
or other jurisdiction of incorporation or organization)
Internal
Revenue Service – Employer Identification No. 74-1611874
15835
Park Ten Place Drive, Houston, Texas, 77084
(281)
749-7800
____________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
ITEM
7.01 REGULATION FD DISCLOSURE
The ATWOOD BEACON is currently drilling
the last well under its contract with Gujarat State Petroleum Corporation
offshore India. The drilling of this well is currently expected to
take until mid-July 2009 to complete. Currently, we do not have a
contract commitment for the rig following the completion of its current
contract. The VICKSBURG continues to work offshore Thailand under its
contract with Chevron Overseas Petroleum, which extends to June
2009. Currently, we do not have a contract commitment for the
VICKSBURG following the completion of its current contract. We
continue to evaluate the possibility of the VICKSBURG undergoing an equipment
upgrade which we had previously reported could cost up to $30 million; however,
we currently estimated the cost of this upgrade to be $10 million to $15
million. This upgrade, which could take approximately 4 weeks to
complete, could occur during the last quarter of fiscal year 2009; however,
depending upon the rig’s future contract opportunities, this upgrade could be
deferred to a later date. We will pursue additional contract
opportunities for both the ATWOOD BEACON and VICKSBURG in all worldwide markets
in which they can technically work; however, we expect all contract
opportunities to be very competitive.
The ATWOOD AURORA is now on location
offshore Egypt. The rig is currently completing its commissioning
following weather delays and is expected to commence working under its contract
with RWE DEA Nile GmbH before the end of March 2009.
We have taken the opportunity since the
ATWOOD SOUTHERN CROSS has been idle to replace certain equipment and perform
general maintenance on the rig. Contract opportunities are currently
being pursued for the rig in all worldwide markets in which it technically can
work.
The ATWOOD HUNTER has commenced
drilling the second of now three wells to be drilled for Noble Energy, Inc.,
(“Noble”) offshore Israel. The joint contract with Noble and Kosmos
Energy Ghana (“Kosmos”) was amended to allow Noble to drill a third well
offshore Israel. The work offshore Israel is currently expected to
extend to July 2009. Immediately upon completion of this work, the
rig will mobilize to Ghana (estimated to take 55 days) to commence working for
Kosmos under a drilling program expected to take 270 days to complete, at which
time, the rig will again work for Noble offshore Equatorial
Guinea. The combined contract commitments with Noble and Kosmos are
expected to extend to October/November 2012.
The RICHMOND is preparing to commence
drilling the last well currently committed under its contract with Contango
Operations, Inc. at a dayrate of $85,000, which is expected to extend to May
2009. We are optimistic the RICHMOND will remain highly utilized
following the completion of its current contract; however, we anticipate its
dayrate will decline.
The construction of our two deepwater
semisubmersibles continues on schedule. The ATWOOD OSPREY, which we
have invested to-date approximately $175 million towards its estimated total
construction costs of around $600 million, is expected to be delivered in early
2011. The ATWOOD OSPREY’s contract with Chevron Australia Pty Ltd.,
(“Chevron”) provides that Chevron could elect to cancel the contract if the
construction of the rig has not been completed by January 31,
2012. Our dynamically positioned semisubmersible, which has not as
yet been named and which we have invested to-date approximately $200 million
toward its estimated total construction costs of around $750 million, is
expected to be delivered in 2012.
Additional
information with respect to the Company’s Fleet Status Report at March 10, 2009
is attached hereto as Exhibit 99.1. Such information is being
furnished under Regulation FD and should not be deemed to be filed under Section
19 of the Exchange Act.
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 including; the Company's dependence
on the oil and gas industry; the risks involved the construction of a rig;
competition; operating risks; risks involved in foreign operations; risks
associated with possible disruption in operations due to terrorism; risks
associated with a possible disruption in operations due to a war with Iraq; 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, 2008, filed with the Securities and Exchange
Commission.
ITEM
9.01 EXHIBITS
EXHIBIT
99.1 Fleet Status Report at March 11, 2009
EXHIBIT
INDEX
EXHIBIT
NO. DESCRIPTION
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99.1
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Fleet
Status Report at March 11, 2009
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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.
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ATWOOD
OCEANICS, INC
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(Registrant)
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/s/
James M. Holland
James
M. Holland
Senior
Vice President
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DATE:
March 11, 2009
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