Atwood Names First Ultra-deepwater DP Rig Atwood Condor

Atwood Oceanics (“Atwood”), a Houston-based offshore drilling contractor, has chosen Atwood Condor as the name for its newbuild ultra-deepwater dynamically positioned (“DP”) semisubmersible. The Atwood Condor remains on track for delivery from Jurong Shipyard in Singapore by the middle of 2012.

Atwood is actively marketing the unit -- which is especially suited for deep drilling exploration and development applications – for opportunities commencing directly after the rig’s commissioning and delivery.

The Atwood Condor is an ExD Millennium class ultra-deepwater DP semisubmersible with 10,000 feet of water depth capability and state-of-the-art drilling and completion features. Operating capabilities include a six-ram Blowout Preventer (including three shear rams, high-pressure shearing capacity and enhanced subsea energy for activating subsea functions), high-torque top drive providing one million pound rotating hook load, low-emissions engines, efficient pipe-handling and subsea tree-running equipment and accommodations for 200 personnel.

The Atwood Condor represents the eleventh rig in Atwood’s worldwide fleet. Condor is the name of a species of large, broad-wing soaring birds that are native to the Western Hemisphere and are known for their majestic flight.

About Atwood Oceanics, Inc.

Houston-based Atwood Oceanics, Inc. (NYSE: ATW), its international operating subsidiary, Atwood Oceanics Pacific Limited and related subsidiaries are engaged in the business of international offshore drilling and completion of exploratory and developmental oil and gas wells, as well as providing related support, management and consulting services. With a multinational workforce of more than 1,400 highly trained employees, Atwood aims to be the performance leader and the most client-focused company in the offshore drilling industry. For more information about Atwood Oceanics and its subsidiaries, visit http://www.atwd.com/.

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 in the construction of a rig and commencement of operations of the rig following delivery; competition; operating risks; risks involved in foreign operations; risks associated with possible disruption in operations due to terrorism, acts of piracy, embargoes, war or other military 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, 2009, filed with the Securities and Exchange Commission.

Atwood Oceanics (NYSE:ATW)
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