ATW Atwood Oceanics, Inc. (delisted)

Atwood Announces Damage to Rig HOUSTON, July 26 /PRNewswire-FirstCall/ -- Atwood Oceanics (NYSE:ATW) (Houston-based International Offshore Drilling Contractor) today announced that on July 25, 2004 the ATWOOD BEACON, while positioning for its next well offshore Indonesia, incurred unexpected rapid leg penetration on two of its legs. All personnel have been evacuated from the rig with no injuries and there were no environmental consequences. The rig is currently stable and, following inspection on-site, the rig will be removed from the location and is expected to be towed to a shipyard in Singapore for inspections and repairs. While some damage to the derrick and legs has occurred, the extent of damage to the rig is not known at this time. The Company has insurance to cover the cost of repairs to the rig in excess of a $1 million deductible and has Loss of Hire Insurance coverage of $70,000 per day for 180 days, which commences after a 30-day waiting period. Statements contained in this release 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 disruptions in operations due to terrorism; 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, 2003, filed with the Securities and Exchange Commission. 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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