February 20, 2017 10:33 AM ET

Energy Equipment and Services

Company Overview of Atwood Oceanics, Inc.

Company Overview

Atwood Oceanics, Inc., an offshore drilling contractor, engages in the drilling and completion of exploratory and developmental oil and gas wells. As of November 11, 2016, it owned a fleet of 10 mobile offshore drilling units. The company operates its fleet in the United States, Gulf of Mexico, the Mediterranean Sea, offshore West Africa, offshore Southeast Asia, and offshore Australia. Atwood Oceanics, Inc. was founded in 1968 and is headquartered in Houston, Texas.

15011 Katy Freeway

Suite 800

Houston, TX 77094

United States

Founded in 1968

938 Employees



Key Executives for Atwood Oceanics, Inc.

Chief Executive Officer, President and Director
Age: 53
Total Annual Compensation: $1.3M
Chief Financial Officer and Senior Vice President
Age: 45
Total Annual Compensation: $554.0K
Senior Vice President of Operations
Age: 61
Total Annual Compensation: $561.7K
Senior Vice President, General Counsel and Corporate Secretary
Age: 54
Total Annual Compensation: $521.0K
Senior Vice President of Technical Services
Age: 57
Total Annual Compensation: $544.1K
Compensation as of Fiscal Year 2016.

Atwood Oceanics, Inc. Key Developments

Atwood Oceanics Seeks Acquisitions

Atwood Oceanics, Inc. (NYSE:ATW) filed a shelf registration, the proceeds of which may be used for acquisitions among other things. The company recently disclosed, "Unless we inform you otherwise in an applicable prospectus supplement, we expect to use the net proceeds from the sale of securities offered by us under this prospectus for general corporate purposes. These purposes may include: capital expenditures; acquisitions; working capital; and repayment, refinancing or redemption of indebtedness or other securities."

Atwood Oceanics Announces Program Changes for Australia Rigs

Atwood Oceanics, Inc. announced that its Australia operating subsidiary's drilling services contract with Woodside Energy Ltd, as operator, for the semisubmersible Atwood Osprey has been amended effective February 2, 2017 to substitute the dynamically-positioned, ultra-deepwater semisubmersible Atwood Condor for the Atwood Osprey for the Greater Enfield Project campaign. The work scope is expected to commence by first calendar quarter 2018 at an operating rate of $222,295 per day and for a total of 12 wells. The mobilization fee will be $36.5 million. Woodside and the Atwood Australian operating subsidiary have also reached a new agreement to utilize the Atwood Osprey for an additional exploration well. Drilling of the exploration well is expected to commence in 2018 at an operating rate of $190,000 per day.

Atwood Oceanics, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016

Atwood Oceanics, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company announced total revenues of $157,556,000 compared to $307,819,000 for the same period a year ago. Operating income was $28,353,000 compared to $46,076,000 for the same period a year ago. Income before income taxes was $12,064,000 compared to $50,295,000 for the same period a year ago. Net income was $9,671,000 compared to $39,081,000 for the same period a year ago. Basic and diluted net income per share was $0.15 compared to diluted net income per share of $0.60 for the same period a year ago. Net cash provided by operating activities was $83,497,000 compared to $220,148,000 for the same period a year ago. Capital expenditures were $138,814,000 compared to $131,547,000 for the same period a year ago.

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