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ATWOOD OCEANICS, INC., its international operating subsidiary, Atwood Oceanics Pacific Limited and related subsidiaries (“the Atwood Group”) are engaged in the business of international offshore drilling of exploratory and developmental oil and gas wells, and related support services. Atwood Oceanics, Inc. commenced operations in 1970 and conducted its first public offering in 1972 with its common stock currently traded on the New York Stock Exchange under the symbol “ATW”. The Atwood Group has conducted drilling operations in most of the major offshore exploration areas of the world including the: Arabian Gulf, Red Sea, Black Sea, Australia, East and West Africa, Southeast Asia, China, Far East, Papua New Guinea, India, Mediterranean Sea, Central and South America and the U.S. Gulf of Mexico. The Atwood Group currently supports its operations from offices in Houston, Australia, Malaysia, Egypt, Malta, Indonesia and United Kingdom. Currently, the Atwood Group’s fleet consists of eight active, wholly-owned drilling units, which includes three semi-submersibles capable of drilling in up to 5,000 feet of water, one semi-submersible capable of drilling in up to 2,000 feet of water, one 400 feet cantilever jack-up, one 300 feet cantilever jack-up, one semi-submersible self-erecting tender-assist rig, and one submersible. Currently, seven of the eight active drilling units are owned and operated by Atwood Oceanics Pacific Limited (“AOPL”) (a Cayman Islands wholly owned subsidiary of Atwood Oceanics, Inc.) or one of its subsidiaries. AOPL (with the assistance of Atwood Oceanics, Inc) is in the process of constructing a new jack-up drilling unit (the ATWOOD AURORA) which is expected to be delivered by December 2008. During the Atwood Group’s thirty-eight plus history, the majority of its drilling units have operated outside of the United States. AOPL has historically served as the Atwood Group’s main entity for marketing, negotiating and performing drilling contract outside of the United States. Being primarily international in scope, the Atwood Group is able to find and develop quality employees from a diversity of nationalities. Since 1996, the Atwood Group has expended approximately $400 million in upgrading seven of its active offshore mobile drilling units. The ATWOOD HUNTER and ATWOOD EAGLE (both owned and operated by AOPL) were both upgraded to 5,000 feet water depth capability in 2001 and 2002, respectively. The upgrades to both rigs included new 120 bed quarters, new higher capacity cranes, along with upgraded well control, drilling and mud systems, in addition to other improvements to the drilling and subsea completion capabilities of the units. The ATWOOD FALCON was upgraded to 5,000 feet water depth capabilities at the of 2006. Construction of the $120 million KFELS MOD-V, Enhanced B-Class, jack-up drilling unit, the ATWOOD BEACON (owned and operated by AOPL) was completed on schedule, with the unit commencing operation as the Atwood Group’s eighth active mobile offshore drilling unit in early August 2003. The ATWOOD AURORA is scheduled to become the Atwood Group’s ninth active mobile offshore drilling unit upon its expected delivery December 2008 at an expected cost of around $180 million (including capitalized interest and overhead costs). The Atwood Group constantly monitors industry trends and is receptive to innovations and advancements brought about by our customers’ requirements for safe, efficient and reliable drilling and completion capabilities. Additionally, the Atwood Group places a strong emphasis on safety and its safety management system, which has been a key to the Atwood Group’s record for consistently providing quality, safe drilling performance. It
is the Atwood Group’s vision, as a premier international offshore
drilling and completion contractor, to remain dedicated to: An overview of current activities by geographic area is as follows: DRILLING ACTIVITIES CONDUCTED BY ATWOOD OCEANICS PACIFIC LIMITED MEDITERRANEAN DRILLING UNITS – • The ATWOOD HUNTER, following its major upgrade in 2001, has earned a client award for its outstanding safety, drilling and subsea completions performance in the Mediterranean. The rig is currently working in Egypt and is expected to return to work offshore Mauritania in January 2008. • The ATWOOD SOUTHERN CROSS was mobilized from Australia to the Mediterranean Sea in June 2000 where the rig provided safe and efficient drilling operations for several operators offshore Turkey, Egypt and Italy. In November 2003, the rig was mobilized to India where it drilled one (1) well before being mobilized to Malaysia. In 2005, the rig was mobilized back to the Mediterranean for a multi-well contract with Isramco and Agip. The rig has received numerous letter of commendation since joining the ATWOOD fleet in 1997. The rig is currently working in the Black Sea and is expected to return to work in the Mediterranean Sea in early 2008. SOUTHEAST ASIA DRILLING UNITS - • The ATWOOD FALCON underwent a major upgrade in 1998. Since the upgrade, the rig participated in the massive four (4) year Malampaya Gas Project for Shell in the Philippines and has worked throughout Southeast Asia, from Australia to Japan, China and Malaysia. In 2006, the rig’s water depth drilling capability was increased to 5,000 feet for certain areas of the word, which includes Malaysia. The rig is currently operating offshore Malaysia under a long-term commitment with Shell that extends to July 2009. • The VICKSBURG, following its 1998 upgrade, operated under a term contract with Enron offshore India for over two (2) years followed by two (2) wells with Samedan offshore Vietnam and a multi-well contract with CTOC in the Joint Development Area between Malaysia and Thailand. Following the completion of the CTOC contract in 2002, the rig performed a long-term contract for ExxonMobil Exploration Production Malaysia Inc. (“EMEPMI”). In 2004, the VICKSBURG completed a five (5) month farm out to ChevronTexaco offshore Thailand and then returned to Malaysia to work for EMEPMI. The rig is currently working in Thailand under drilling programs that should extend to June 2009. • The ATWOOD BEACON, an ultra-premium, 400 foot rated jack-up, was delivered from the shipyard in the summer of 2003. The rig immediately began work with Murphy Malaysia offshore Malaysia and was later farmed out to Petronas Carigali. The rig then worked offshore Indonesia and Vietnam. The rig is currently working in India under a drilling program that contractually extends to January 2009. • The SEAHAWK worked for EMEPMI and operated for more than twelve (12) years without an operating lost-time injury – all-the-while completing many record breaking “Pacesetter” wells for EMEPMI. The rig is working for Amerada Hess offshore Equatorial Guinea, West Africa under a contract commitment that should extend to September 2008. AOPL’s affiliate, Clearways Drilling (M) Sdn. Bhd. (“Clearways”) was formed in Malaysia in 1984. The Atwood Group’s activities in Malaysia have been conducted through this entity, and have included operation of three (3) modern semi-submersible units, two (2) jackups and a semi-submersible tender-assist rig. Clearways’ main office is in Kuala Lumpur; it has also operated through field bases in Kerteh, Kuching and Miri in East Malaysia. Since inception, Clearways has been active in promoting Malaysianization and employs and trains skilled Malaysian personnel to operate its offshore drilling equipment, including a Malaysian Safety, Training and Personnel Manager. Malaysian personnel are also employed in key shore based positions and on an expatriate basis on Company-owned rigs outside of Malaysia. AUSTRALIA DRILLING UNITS - • The ATWOOD EAGLE arrived off the Northwest Shelf in 2004 and commenced a contract with Apache and BHP Billiton. The ATWOOD EAGLE currently has contracts with BHP Billiton, ENI and Woodside which should occupy the rig to June/July 2010. ATWOOD OCEANICS AUSTRALIA PTY.LTD. (“AOA”) (a wholly owned subsidiary of AOPL) began operations in Australia in 1972. The Atwood Group’s activities in Australia have been conducted through this entity which has, since its inception, drilled in excess of two hundred (200) wells from the Bass Strait to the Timor Gap utilizing a variety of drilling rigs. Major client companies have included Esso, Shell, BHP Petroleum, Woodside, BP, Apache, Chevron, WAPET, Elf Aquitaine, Marathon, Phillips, Santos and Western Mining/Novus. The ATWOOD EAGLE, GOODWYN “A” and NORTH RANKIN “A” operations are supported by office, warehouse and yard storage facilities in Perth. DRILLING ACTIVITIES CONDUCTED BY ATWOOD OCEANICS, INC. U.S. GULF OF MEXICO DRILLING UNIT - • The RICHMOND (owned and operated by Atwood Drilling, Inc., a wholly- owned U.S. subsidiary of Atwood Oceanics, Inc.) has operated in the Gulf of Mexico for the past nineteen (19) years and has worked almost continuously for over twelve (12) years. The RICHMOND underwent upgrades in 2000 and 2007 to enhance the rig’s operational capabilities. NEW RIG UNDER CONSTRUCTION – ATWOOD AURORA AOPL has contracted through Keppel AmFELS, Inc. to construct a mobile self elevating LeTourneau SUPER 116E design Jack-Up. The rig is being constructed at the Keppel AmFELS yard in Brownsville, Texas and delivery is expected to occur in October/November 2008. AOPL estimates the total cost of construction (including administrative and overhead costs and capitalized interest) will be around $160 million. This rig will become the Atwood Group’s ninth owned mobile offshore drilling unit. AOPL has engaged Atwood Oceanics, Inc. to assist in supervising the construction process. |
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