Atwood Oceanics Inc - Current report filing (8-K)
November 14 2007 - 9:59AM
Edgar (US Regulatory)
_____________________________________________________________________
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:
November 14,
2007
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))
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ITEM 7.01 REGULATION
FD
DISCLOSURE
In our Form 8-K dated
October 31, 2007, we stated that we expected that the ATWOOD HUNTER would complete its
current contract work for Burullus Gas Co. (“Burullus”) around the middle
of November 2007 and then return to work under the suspended contract for Woodside
Energy Ltd. (“Woodside”) in Mauritania at a dayrate of $240,000. We have
now reached agreement with Burullus to drill one more well which is expected to take
until mid-December 2007 to complete at a dayrate of $325,000. Immediately upon
completion of the Burullus work, the rig will be moved to a shipyard in Malta to
undergo some equipment upgrades prior to returning to work under the suspended contract
for Woodside. The rig is expected to be at zero rate for 20 days for this equipment
upgrade period. The estimated 30 additional days in Egypt will be a reduction in the
Woodside contract commitment; thus, July 2008 remains as the expected completion date
of the reinstated Woodside contract; however, Woodside has two (2) six month options at
dayrate to be mutually agreed, with a new agreement to use the rig beyond its current
commitment having to be executed by 15 December 2007.
The ATWOOD HUNTER is now expected to work for Burullus
and Woodside (assuming no option exercises) during fiscal year 2008 as follows:
Burullus
|
|
Estimated
Operating
Dayrate
|
|
|
|
|
|
October 1, 2007 through November 15,
2007
|
|
$320,000
|
|
|
|
|
|
November 16, 2007 through December 17,
2007
(4
th
well estimated 32 days)
|
|
$325,000
|
|
|
|
|
|
December 18, 2007 through December 25,
2007
(Mobilization to Malta)
|
|
$319,500
|
|
|
|
SHIPYARD
|
|
|
December 26, 2007 through January 15,
2008
(Malta Shipyard Period)
|
|
ZERO RATE
|
|
|
|
WOODSIDE
|
|
|
January 16, 2008 through February 6,
2008
(Tow to Mauritania)
|
|
$228,000
|
|
|
|
February 7, 2008 to Late July 2008
(Completion of Woodside Reinstated Contract)
|
|
$240,000
|
|
|
|
The
ATWOOD EAGLE continues to work offshore Australia under its contract with BHP Billiton
(“BHPB”). In our Form 8-K dated October 31, 2007, we stated that we
expected that the BHPB work will be completed around mid-April 2008. BHPB has now
advised that it could be early May 2008 before this work is completed. Based upon this
termination date, the two-year contract for Woodside at a dayrate of $405,000 would not
start until late June 2008 to early July 2008.
-2-
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, 2006, filed with the Securities and Exchange
Commission.
-3-
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
|
|
|
(Registrant)
|
|
|
|
|
|
|
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/s/ James M. Holland
James M. Holland
Senior Vice President
|
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DATE:
November 14, 2007
|
-4-
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