ATW Atwood Oceanics, Inc. (delisted)

Atwood Announces First Quarter Earnings for FY 2005 HOUSTON, Jan. 27 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (NYSE:ATW), Houston-based international drilling contractor, announced today it earned net income of $8,650,000 or $.56 per diluted share, on revenues of $45,426,000 for the quarter ended December 31, 2004, compared to a net loss of ($1,904,000) or ($.14) per diluted share, on revenues of $35,325,000 for the quarter ended December 31, 2003. Net income for the quarter ended December 31, 2004 was enhanced by a foreign tax refund of approximately $1.6 million or $.10 per diluted share. The tax position for the quarter was also enhanced by the approximate $6 million of ATWOOD BEACON loss of hire insurance being received in a zero tax jurisdiction. Had the Company not received the $1.6 million tax refund during the first quarter, effective tax rate for the quarter would have been around 15%. FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 2003 (Unaudited) Revenues $45,426,000 $35,325,000 Income (Loss) before Income Taxes 8,143,000 (64,000) (Provision) Benefit for Income Taxes 507,000 (1,840,000) Net Income (Loss) 8,650,000 (1,904,000) Earnings (Loss) per Common Share - Basic 0.57 (0.14) Diluted 0.56 (0.14) Weighted Average Shares Outstanding - Basic 15,079,000 13,852,000 Diluted 15,422,000 13,852,000 DATASOURCE: Atwood Oceanics, Inc. CONTACT: Jim Holland of Atwood Oceanics, Inc., +1-281-749-7804 Web site: http://www.atwd.com/

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