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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: April 1, 2003
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
TEXAS
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:
281-749-7800
N/A
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On April 1, 2003 the Company announced that it executed a $225,000,000
Senior Secured Credit Facility with a Bank Group to refinance existing
indebtedness of approximately $175,000,000 and to provide for on-going working
capital and general corporate needs. A copy of the press release announcing the
new Credit Facilities is filed with this Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED APRIL 1, 2003
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT APRIL 1, 2003
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD HUNTER is currently drilling a one well for Apache Egypt
Companies, which is expected to be completed in April 2003. Burullus Gas Company
has issued a Letter of Award to use the ATWOOD HUNTER to drill one well off the
coast of Egypt immediately following the completion of the Apache work. This
well is expected to take 45 to 60 days to complete and has a dayrate of $37,000.
The ATWOOD FALCON is drilling its fifth well of an eight well contract with
Woodside on assignment to BHP Billiton. The dayrate of $108,000 will apply to
the final three wells.
Additional information with respect to the Company's Contract Status
Summary at April 1, 2003 is attached hereto as exhibits 99.2 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; risks associated with
possible disruption in operations due to terrorism; 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, 2002, 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: April 1, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated April 1, 2003
99.2 Contract Status Summary at April 1, 2003
EXHIBIT 99.1
Houston, Texas
1 April 2003
FOR IMMEDIATE RELEASE:
Atwood Oceanics, Inc. (Houston based International Drilling Contractor,
NYSE: "ATW"), announced today that it has executed a $225,000,000 Senior Secured
Credit Facility with several banks with Nordea Bank Finland, PLC as Lead
Arranger, to refinance all of its existing indebtedness of approximately
$175,000,000 and to provide for on-going working capital and general corporate
needs. The Credit Facility consists of a $150,000,000 Term Loan Facility and a
$75,000,000 Revolving Loan Facility. The Term Loan Facility is structured as a
five-year term loan and will amortize through 18 consecutive quarterly
installments commencing on December 31, 2003. The Revolving Loan Facility
matures in March 2008. Loans under the Facilities will bear interest at varying
rates ranging from 1.5% to 2.5% over LIBOR, depending upon the ratio of
outstanding debt to earnings before interest, taxes and depreciation.
Contact: Jim Holland
(281) 749-7804
EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT APRIL 1, 2003
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON AUSTRALIA BHP BILLITON ("BHP") on The rig is drilling its fifth well of an
assignment from eight well contract with Woodside on
WOODSIDE ENERGY LTD. assignment to BHP. The contract is estimated
("WOODSIDE") to be complete in June 2003.
ATWOOD HUNTER EGYPT APACHE MEDITERRANEAN The rig is currently drilling a well for
CORPORATION LDC Apache which is expected to be completed in
("APACHE") April 2003. Burullus Gas Copmany has issued
a letter of award to use the rig to drill one
well off the coast of Egypt following the
completion of the Apache work. Contract
opportunities for additional work following
completion of the Burullus well are being
pursued in the Mediterranean Area.
ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The Company has executed a contract with ESSO
(BLOCK 15) LIMITED for the use of the rig to drill three firm
("ESSO") wells, plus options for four additional
wells, off the coast of Angola. The rig
arrived Angola on February 18, 2003 and
commenced drilling operations in early March
2003. The drilling program could extend 6 to
12 months depending on the length of wells
and number of options exercised.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in
PRODUCTION MALAYSIA INC. December 2003, with an option for the
Operator to extend.
ATWOOD SOUTHERN CROSS MEDITERRANEAN SEA ENI S.P.A. - AGIP The rig is drilling the last well under its
DIVISION ("AGIP") contract with AGIP, which is expected to be
completed in late April/early May 2003.
Contract opportunities for additional work
following completion of the AGIP wells are
being pursued in the Mediterranean Area.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000
GULF OF MEXICO for future conversion to a tender-assist
unit, similar to the SEAHAWK, once an
acceptable contract opportunity is secured.
The rig is currently coldstacked.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION In early October 2002, the rig commenced a
AND PRODUCTION MALAYSIA two-year drilling program (with an option by
INC. ("EMEPMI") EMEPMI for one additional year), with EMEPMI
having the right to terminate the drilling
program after one year at any time with a 120
days notice period.
ATWOOD BEACON The Company expects the construction of this
UNDER ultra-premium jack-up drilling unit to be
CONSTRUCTION completed by May/June 2003.
SUBMERSIBLE -
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RICHMOND UNITED STATES BURLINGTON RESOURCES OIL The rig is currently drilling one well for
GULF OF MEXICO & GAS COMPANY Burlington, with an estimated completion date
("BURLINGTON") in April 2003. Immediately upon completion
of its current contract, the rig will
commence a two-firm wells, plus four-option
wells contract for Ocean Energy, Inc. The
two firm wells have an estimated duration of
60 to 90 days. The contract contains a
30-day early termination provision.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned
RANKIN 'A' break in drilling activity for the two
client-owned rigs managed by the Company.
The Company is involved in maintenance of the
two rigs for future drilling programs.