Atwood Oceanics, Inc., an offshore drilling contractor, engages in the drilling and completion of exploratory and developmental oil and gas wells worldwide. The company owns a fleet of 11 mobile offshore drilling units located in the United States (U.S.) Gulf of Mexico, the Mediterranean Sea, offshore West Africa, offshore Southeast Asia, and offshore Australia. The company is constructing two ultra-deepwater drillships scheduled for delivery in 2016. The mobile offshore drilling units and related equipment comprising the company’s offshore rig fleet operate in a single, global market for contract drilling services and are redeployed worldwide due to changing demands of its customers, which consist primarily of major integrated oil and natural gas companies, and independent oil and natural gas companies. The Atwood Admiral and Atwood Archer are DP-3 dual derrick, ultra-deepwater drillships rated to operate in water depths up to 12,000 feet and are under construction at the Daewoo Shipbuilding & Marine Engineering Co. Ltd. shipyard in South Korea. These drillships would have improved technical capabilities, including two seven-ram BOPs, three 100-ton knuckle boom cranes, a 165-ton active heave ‘tree-running’ knuckle boom crane, and 200 person accommodations. As of November 2, 2015, the company had nine in-service rigs. Customers In the year ended September 30, 2015, the company’s customers included Noble Energy Inc.; Shell Offshore Inc.; Woodside Energy Ltd.; Chevron Australia Pty. Ltd.; and Kosmos Energy Ltd. In addition, the company had certain customers that make up a major portion of its accounts receivable, such as BHP Billiton Petroleum Pty. Ltd. and PXP Morocco as of September 30, 2015. Governmental Regulation The company’s U.S. operations are subject to various U.S. laws and regulations, including drilling safety rules and workplace safety rules put in place by the Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement, which are designed to improve drilling safety by strengthening requirements for safety equipment, well control systems, and blowout prevention practices for offshore oil and gas operations, and to improve workplace safety by reducing the risk of human error. Competition The company’s competitors include, among others, the six members of its self-determined peer group, including Diamond Offshore Drilling, Inc.; Ensco plc; Noble Corporation; Rowan Companies plc; Seadrill Limited; and Transocean Ltd. History Atwood Oceanics, Inc. was founded in 1968.
atwood oceanics inc (ATW:New York)
15011 Katy Freeway
Houston, TX 77094
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