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Section 1: 8-K (8-K)

Document


 
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 Report (Date of earliest event reported): July 24, 2017

ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)

Texas
1-13167
74-1611874
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)


15011 Katy Freeway, Suite 800, Houston, Texas
77094
(Address of principal executive offices)
(Zip Code)
 
 
 
 
 Registrant’s telephone number, including area code: (281) 749-7800
 
 
N/A
 
 
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
 


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:

¨ 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))

 







ITEM 7.01 REGULATION FD DISCLOSURE

Information with respect to the Company’s Fleet Status Report at July 24, 2017 is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 19 of the Exchange Act.

Given the proposed transaction with Ensco plc, the Company does not anticipate issuing another quarterly Fleet Status Report.


SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)
EXHIBITS

The exhibit to this report furnished pursuant to item 7.01 is as follows:

99.1
Fleet Status Report at July 24, 2017








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.


 
ATWOOD OCEANICS, INC.
 
(Registrant)
Date: July 24, 2017


 
/s/ Mark W. Smith
 
Mark W. Smith
 
Chief Financial Officer






EXHIBIT INDEX

EXHIBIT NO
DESCRIPTION
99.1
Fleet Status Report at July 24, 2017



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1
389577477_atw72417fleetstatusfi_image1.jpg
FLEET STATUS REPORT
Atwood Oceanics, Inc. and Subsidiaries Fleet Status Report as of July 24, 2017

Rig Name
Rated Water Depth
Location
Client
Estimated Contract End Date
Estimated Contract Day Rate
Additional Comments
ULTRA-DEEPWATER DRILLSHIPS
ATWOOD ADVANTAGE
12,000'
Israel
NOBLE ENERGY INC.
 July 31, 2017
(Fixed term)
$581,000

A demobilization fee of $4.5 million will be due upon conclusion of the contract.
The rig will be idled quayside in the Mediterranean and actively marketed.
ATWOOD ACHIEVER
12,000'
Mauritania / Senegal
KOSMOS ENERGY LTD.
November 11, 2017
(Fixed term)
$595,500 (all applicable taxes to be reimbursed by client)

Well in progress is estimated to be completed in January 2018.
The day rate for well in progress is lower than the contract day rate and is not disclosed.

ATWOOD ADMIRAL
12,000'
South Korea
---
AVAILABLE
N/A
Delivery to occur on or prior to September 30, 2019 at Atwood’s option.

ATWOOD ARCHER
12,000'
South Korea
---
AVAILABLE
N/A
Delivery to occur on or prior to June 30, 2020 at Atwood’s option. The rig is expected to commence accruing shipyard and interest expenses in September 2017.

ULTRA-DEEPWATER SEMISUBMERSIBLES
ATWOOD CONDOR
10,000'
Singapore
---
N/A
N/A
The rig is in Singapore undergoing maintenance and projects prior to mobilization to Australia.
 
 
Australia
WOODSIDE ENERGY LTD.
July 2019
(12 wells)
$222,295
A fee of $36.5 million will be received to mobilize the rig to Australia which will be amortized over the contract term. Milestone payments totaling $18.25 million have been billed and received.  
Operations are expected to commence January 2018 for an estimated duration of 550 days.
ATWOOD OSPREY
8,200'
In transit to next location
---
N/A
N/A

The rig is expected to arrive on location for the next program in August 2017.






 
 
Australia
WOODSIDE ENERGY LTD.
Mid-November 2017
(1 well)
$185,000
A total of $1.25 million in demobilization and mobilization fees will be received.
Operations are expected to commence in August 2017 for an estimated duration of 100 days.
 
 
Australia
---
AVAILABLE
N/A

Being actively marketed November 2017 to March 2018.

 
 
Australia
WOODSIDE ENERGY LTD.
June 2018
(1 well)
$190,000
Operations are expected to commence in early March 2018 for an estimated duration of 100 days. The contract provides a one well option at the contracted rate.
DEEPWATER SEMISUBMERSIBLE
ATWOOD EAGLE
5,000'
Singapore
SOLD
 
N/A

We have entered into an agreement to scrap/recycle the rig and the transaction is expected to close in September 2017.  



JACKUPS
ATWOOD MAKO
400'
Philippines
---
AVAILABLE
N/A
Idled and being actively marketed.
ATWOOD MANTA
400'
Philippines
---
AVAILABLE
N/A
Idled and being actively marketed.
ATWOOD ORCA
400'
Thailand
MUBADALA PETROLEUM
April 2018
(Fixed term)
Not Disclosed
 
ATWOOD BEACON
400'
Malta
---
AVAILABLE
N/A
Idled and being actively marketed.
ATWOOD AURORA
350'
Malta
---
AVAILABLE
N/A
Idled and being actively marketed.







FORWARD-LOOKING STATEMENTS

As used herein, “we”, “us”, and “our” refers to Atwood Oceanics, Inc. and its subsidiaries, except where the context indicates otherwise. Statements contained in this Fleet Status Report, including, but not limited to, information regarding our estimated rig availability, estimated delivery dates, estimated contract duration, day rates, future contract commencement dates and locations and planned out of service time are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements are subject to numerous risks, uncertainties and assumptions and actual results could differ materially from those anticipated as a result of various factors including: uncertainties related to the level of activity in offshore oil and gas exploration and development; oil and gas prices; competition and market conditions in the contract drilling industry; shipyard delays and the risks inherent in the construction of a rig; delays in the commencement of operations of a rig following delivery; our ability to enter into and the terms of future contacts; possible cancellation or suspension of drilling contracts; the availability of qualified personnel; labor relations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreign operations (including risk of war, civil disturbances, seizure or damage to equipment and exchange and currency fluctuations); the impact of governmental and industry laws and regulations; and environmental matters. These factors and others are described and discussed in our most recently filed annual report on Form 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. All information in this Fleet Status Report is as of the date indicated above and is subject to change without notice. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no duty to update the content of this Fleet Status Report or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.



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