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ATWOOD OCEANICS, INC. Bank of America Securities 2005 Energy Conference November 13 – 15, 2005
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Transcript of ATWOOD OCEANICS, INC. -...
ATWOOD OCEANICS, INC.
Bank of America Securities2005 Energy Conference
November 13 – 15, 2005
Forward Looking DisclaimerForward Looking Disclaimer
Except for the historical information contained herein, the matters discussed in this presentation are forward-looking statements. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. These statements, however, are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations and other factors discussed in our filings with the Securities and Exchange Commission (SEC). We refer you to the disclaimers and warnings set forth in these filings with the SEC.
Atwood StrategyAtwood Strategy
Maintain a premium fleet of offshore drilling units
Focus on attractive international markets
Cultivate strong client relationships
Provide quality services through a focus on safety
Optimize mix of long-term and short-term contracts in portfolio
Continue to opportunistically expand offshore rig fleet
CURRENT FLEET
ATWOOD EAGLE Semisubmersible 5,000 Australia 2000/2002ATWOOD HUNTER Semisubmersible 5,000 Mediterranean 1997/2001ATWOOD FALCON Semisubmersible 3,700 Japan 1998ATWOOD SOUTHERN CROSS Semisubmersible 2,000 Mediterranean 1997
SEAHAWK SemisubmersibleTender Assist 600 Malaysia 1999
ATWOOD BEACON Jack-up 4001 Vietnam 2003VICKSBURG Jack-up 300 Malaysia 1998RICHMOND Submersible 75 Gulf of Mexico 2000
Rig Water Depth Year Type (Feet) Location Upgraded
Premium EquipmentPremium Equipment
1 Current plan is to return unit to 400 foot capacity during an appropriate period between future contracts.
Successful Rig Upgrade and Successful Rig Upgrade and New Construction ProgramNew Construction Program
PROJECTPROJECT AMOUNT
YEAR ($mm)
UPGRADES
ATWOOD FALCON 1998 $ 45
SEAHAWK 2000 22
VICKSBURG 1998 35
ATWOOD HUNTER 1997/2002 98
ATWOOD SOUTHERN CROSS 1997 35
RICHMOND 2000 7
ATWOOD EAGLE 2000/2003 98
TOTAL UPGRADES 340
NEW CONSTRUCTION
ATWOOD BEACON 2003 120
TOTAL FLEET 460
TOTAL BUDGET 457
Worldwide OperationsWorldwide Operations
RICHMOND
ATWOOD EAGLE
VICKSBURGSEAHAWK
ATWOOD FALCONATWOOD SOUTHERN CROSS
ATWOOD BEACON
ATWOOD HUNTER
Jakarta
Kuala LumpurSingapore
PerthMelbourne
NORTH RANKIN ‘A’GOODWYN ‘A’
Corporate Headquarters
Office / ShorebaseRig
Legend
Cairo
Great Yarmouth
LongLong--Standing Customer Standing Customer RelationshipsRelationships
Contract ReviewContract Review
Contracted Rig Days Contracted Rig Days ––FY 2006 and Calendar 2006FY 2006 and Calendar 2006
Contracted Days Not Contracted Days Not Days (excludes Option Committed Days (excludes Option Committed
options) Days and No Options options) Days and No Options
ATWOOD EAGLE 365 --- --- 365 --- ---
ATWOOD HUNTER 365 --- --- 365 --- ---
ATWOOD FALCON 365 --- --- 365 --- ---
ATWOOD SOUTHERN CROSS 305 45 15 215 45 105
ATWOOD BEACON 365 --- --- 365 --- ---
VICKSBURG 365 --- --- 365 --- ---
SEAHAWK 365 --- --- 365 --- ---
RICHMOND 180 90 95 90 90 185
2,675 135 110 2,495 135 290
92% 4% 4% 85% 5% 10%
CALENDAR 2006FY 2006
Contracted Rig Days Contracted Rig Days –– FY 2007FY 2007
Contracted Days Not Days (exlcudes Option Committed
options) Days and No Options
ATWOOD EAGLE 105 180 80
ATWOOD HUNTER 365 --- ---
ATWOOD FALCON 365 --- ---
ATWOOD SOUTHERN CROSS --- --- 365
ATWOOD BEACON 365 --- ---
VICKSBURG 225 45 95
SEAHAWK 365 --- ---
RICHMOND --- --- 365
1,790 225 905
61% 8% 31%
FY 2007
ATWOOD EAGLE
ATWOOD HUNTER
ATWOOD FALCON
SOUTHERN CROSS
ATWOOD BEACON
VICKSBURG
SEAHAWK
RICHMOND
ATWOOD
semisubmersible
semisubmersible
semisubmersible
jack-up
jack-up
semisubmersible tender assist
submersible
semisubmersible
RIG TYPE
5,000 ft.
5,000 ft.
3,700 ft.
2,000 ft.
400 ft.
300 ft.
600 ft.
75 ft.
RIG NAME WD RATING
Rig Contract StatusRig Contract Status11
1 As of Nov 1, 2005.
Nov Dec Jan Feb Mar Apr May Jun Jul
FY 2006
Aug Sep Oct Nov Dec
FY 2007
Jan Feb Mar Apr May Jun Jul Aug Sep
Firm Options Shipyard/MOB
Dayrate ComparisonDayrate Comparison
* Current Dayrate commitment represents historically highest dayrate for rig.
AVERAGEPER DAY CURRENT
AVERAGE REVENUE HIGHESTPER DAY FY 2005 CONTRACTED PERCENTAGEREVENUE (Through DAYRATE CHANGEFY 2004 August 31, 2005) COMMITMENT From FY 2005
ATWOOD EAGLE 83,000$ 97,000$ 180,000$ * 86%
ATWOOD HUNTER 53,000 61,000 245,000 * 302%
ATWOOD FALCON 71,000 80,000 200,000 * 150%
ATWOOD SOUTHERN CROSS 34,000 33,000 125,000 * 279%
ATWOOD BEACON 57,000 67,000 133,500 * 99%
VICKSBURG 67,000 65,000 94,500 * 45%
SEAHAWK 51,000 38,000 68,430 * 80%
RICHMOND 26,000 32,000 45,000 * 41%
AVERAGE DAYRATE INCREASEFOR DRILLING FLEET 130%
Financial PerformanceFinancial Performance
Revenue ($mm)Revenue ($mm) Gross Operating MarginGross Operating Margin
Net Income (Loss) ($mm)Net Income (Loss) ($mm) Operating Cash Flow3 and Capex ($mm)Operating Cash Flow3 and Capex ($mm)
$153 $153$136
$148 $149 $145$163
$130
$0$20$40$60$80
$100$120$140$160$180
1998 1999 2000 2001 2002 2003 2004 2005NineMos
$61 $56 $55 $56 $55
$20$39 $40
$80
$108$89
$102
$6$7$39 $35
$0$20$40$60$80
$100$120
1998 1999 2000 2001 2002 2003 2004 2005NineMos
Capital Expenditures
$39
$28$23 $27 $28
$(13)
$8
$20
$(20)$(10)
$0$10$20$30$40$50
1998 1999 2000 2001 2002 2003 2004 2005NineMos
56% 52% 55% 53% 50%
32%39%
43%
0%
10%
20%
30%
40%
50%
60%
1998 1999 2000 2001 2002 2003 2004 2005NineMos
Strong Financial PositionStrong Financial Position
CASH AND CASH EQUIVALENTS $26 Million
BORROWING CAPACITY UNDERCURRENT CREDIT FACILITY $99 Million
LONG-TERM DEBT $99 MillionSTOCKHOLDERS EQUITY 352
TOTAL $451 Million
DEBT TO TOTAL CAP RATIO 22%
JUNE 30, 2005
Investment HighlightsInvestment Highlights
Uniquely positioned to benefit from improving international and premium offshore drilling markets
Premium, modern fleet as a result of successful fleet upgrade and new rig construction program
Well-balanced portfolio consisting of long-term and short-term drilling contracts
Strong, long-standing customer relationships
Consistent track record of superior financial performance
Highly experienced management team
Additional rig information not included in presentation.
ATWOOD EAGLE ATWOOD EAGLE –– 5,000 ft. Semi5,000 ft. Semi--SubmersibleSubmersible
l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: Australia - NWSClient: WOODSIDE ENERGY LTD Contract: Ten (10) firm wellsDayrates:
$89,000 to $109,000 for the first seven wells$160,000 to $180,000 for the last three wells
Est Completion: FY2Q2006
Follow-on ContractClient: BHP BILLITON PETROLEUMLocation: Australia – NWSContract Term:
Nine (9) firm wells, with options for five (5) additional wells
Dayrates:Approximately $150,000 to $170,000
8397
180
020406080
100120140160180200
dayr
ate
in th
ousa
nd U
SD
FY04 (avg) FY05 (avg -thru Aug)
CurrentHighest
ContractedCommitment
Dayrate Analysis
EagleFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
WEL BHPB
ATWOOD HUNTER ATWOOD HUNTER –– 5,000 ft. Semi5,000 ft. Semi--SubmersibleSubmersible
HunterFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Follow-on ContractClient: Woodside Energy LimitedLocation: Anywhere in the World except the United StatesContract Term: Two yearsDayrates:
$240,000 to $245,000
5361
245
0
40
80
120
160
200
240
dayr
ate
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FY04 (avg) FY05 (avg - thruAug)
CurrentHighest
ContractedCommitment
Dayrate Analysis
Burullus Woodside
Current ContractLocation: Mediterranean Sea - EgyptClient: Burullus Gas (BG) Contract: 150 daysDayrates:
$125,000 for the 150 day periodEst Completion: FY2Q2006
ATWOOD FALCON ATWOOD FALCON –– 3,700 ft. Semi3,700 ft. Semi--SubmersibleSubmersible
FalconFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractClient: ShellLocation: MalaysiaContract Term:
13 wells + two years + an upgrade feeDayrates – 13 well period:
$93,000 to $113,000Dayrates – 2 year period:
$160,000 to $200,000
7180
200
0
40
80
120
160
200
dayr
ate
in th
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nd U
SD
FY04 (avg) FY05 (avg - thruAug)
CurrentHighest
ContractedCommitment
Dayrate Analysis
Shell
ATWOOD SOUTHERN CROSS ATWOOD SOUTHERN CROSS –– 2,000 ft rated 2,000 ft rated SemiSemi--SubmersibleSubmersible
SX Firm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: Eastern MediterraneanClient: IsramcoContract: 1 wellDayrate: $60,000 per dayEst Completion: FY1Q2006
Follow-on ContractsClient: AGIPLocation: Italy (Sicily)Contract Term: 2 wellsDayrates: $70,000 & 73,000
Client: Melrose ResourcesLocation: Black Sea (Bulgaria)Contract Term: 3 firm + 2 option wellsDayrate: $125,000
34 33
125
0
40
80
120
160
dayr
ate
in th
ousa
nd U
SD
FY04 (avg) FY05 (avg - thruAug)
CurrentHighest
ContractedCommitment
Dayrate Analysis
IsramcoAGIP Melrose
ATWOOD BEACON ATWOOD BEACON –– 375 ft. rated IC 375 ft. rated IC JackJack--upup
BeaconFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: VietnamClient: Hoan Vu/Hoang LongContract: 6 wellsDayrate:
$62,400 per day first 3 wells $77,000 for next three wellEst Completion: FY2Q-3Q2006
Follow-on ContractClient: GSPCLocation: India (East Coast)Contract Term: 25 monthsDayrates:
First 13 months = $113,000Next 12 months = $133,500
5767
133.5
0
40
80
120
160
dayr
ate
in th
ousa
nd U
SD
FY04 (avg) FY05 (avg -thru Aug)
CurrentHighest
ContractedCommitment
Dayrate Analysis
HV/HL GSPC
VICKSBURG VICKSBURG –– 300 ft. rated IC Jack300 ft. rated IC Jack--upup
VicksburgFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: MyanmarClient: TotalContract: 2 firm + 1 optionDayrate: $92,000Est Completion: FY2Q2006
Follow-on Contracts
Client: PetrofacLocation: MalaysiaContract Term: 4 firm + 3 optionsDayrate: Firm = $82,000 & Options = $87,000
Client: ChevronLocation: CambodiaContract Term: 8 monthsDayrate: $94,500
67 65
94.5
0
20
40
60
80
100
dayr
ate
in th
ousa
nd U
SDFY04 (avg) FY05 (avg - thru
Aug)CurrentHighest
Contracted Commitment
Dayrate Analysis
Total Petrofac Chevron
SEAHAWK SEAHAWK –– 600 ft rated Semi600 ft rated Semi--Submersible TADSubmersible TAD
SeahawkFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: MalaysiaClient: ShellContract: work at 2 platformsDayrate: $50,000Est Completion: FY2Q2006
Follow-on ContractClient: Amerada HessLocation: Equatorial GuineaContract Term: 730 days + 4 ea. six month optionsDayrate: $68,430
51
38
68.4
0
20
40
60
80
dayr
ate
in th
ousa
nd U
SDFY04 (avg) FY05 (avg - thru
Aug)CurrentHighest
ContractedCommitment
Dayrate Analysis
Shell Amerada Hess
RICHMOND RICHMOND –– 90 ft rated submersible90 ft rated submersible
SeahawkFirm
Options
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4l FY 2006 I FY 2007 I FY2008 I FY2009 I
Current ContractLocation: USGoMClient: Helis/NewfieldContract: 5 firm wells + 1 ea. Option of up to 4 wellsDayrate: 1 well at $39,500 & four wells at $45,000Est Completion: FY2Q2006
Follow-on ContractClient: None
2632
45
0
20
40
60
dayr
ate
in th
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SDFY04 (avg) FY05 (avg - thru
Aug)CurrentHighest
ContractedCommitment
Dayrate Analysis
Helis
