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February 13, 2014

Rob SaltielPresident and CEO

Atwood Oceanics, Inc.

Credit Suisse19th Annual

Summit EnergyConference

Atwood Advantage

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Forward Looking Statements

Statements contained in this report with respect to the future are forward-looking statements. 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; 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 contracts; possible cancelation 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 risks 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. Each forward looking statement speaks only as of the date of this presentation and we undertake no duty to update the content of this presentation 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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Investment Thesis

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Atwood Oceanics Investment Thesis

Modern, high quality rig fleet

6 UDW floaters and 3 high-specification jackups delivered from 2011

Industry-leading margins and returns

Early cycle capital investment

Superior revenue efficiency and cost control

Consistent revenue and earnings growth through previous cycles

Earnings visibility, predictability and built-in growth

96% of 2014 available days contracted

Limited negative earnings revisions

Expect 15% EPS CAGR through 2016

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Modern, High Quality Fleet- $4.5 billion Investment in Expanding our High Specification Rig Fleet

2011 2012 2013 2014 2015

Atwood Osprey

Atwood Orca

Atwood Mako

Atwood Manta

Atwood AdvantageAtwood Condor

CALENDAR YEAR

2015 EBITDA: Approximately 80%1 derived from UDW floaters and high specification jackups

Atwood Achiever Atwood Admiral

Delivered and Working Under Construction; Contracted

Atwood Archer

1 Source: FactSet dated February 6, 2014 and Internal Analysis

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Specification“A- Class” Drillship

Typical 5th Gen Floater

Max Water Depth (Ft) 12,000 10,000

Max Drilling Depth (Ft) 40,000 35,000

Variable Deckload (mt)

23,000 20,000

Dual 15K BOP Yes No

BOP Rams 7 6

Hookload (Lbs) 2,500,000 2,000,000

Mud Pumps 5 4

Cranes 3 x 100 mt 3 x 85 mt

Compensating Crane Yes – 165 mt No

Active Heave with Crown-Mounted Compensator

Yes No

Atwood Advantage

Modern, High Quality Fleet- Bifurcation – Why the New Rigs will Rule

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Modern, High Quality Fleet- Revenue-weighted Age of Fleet

2010

2011

2012

2013

2014

2015

0

5

10

15

20

25

30

DO RIG NE ESV RDC

Fle

et

Ag

e (

Ye

ars

)

Source: Johnson Rice & Company, January 2014

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Revenue Efficiency

Industry-leading Margins and Returns- Achieving Top-Tier Execution

Cost Control

ProjectManagement

Best-in-class Operating and Net Margins

Consistent, Superior Shareholder Returns

2011- Atwood Osprey2012- Atwood Mako- Atwood Condor2013- Atwood Manta- Atwood Orca2014- Atwood Advantage- Atwood Achiever2015- Atwood Admiral

Key Enablers

- Centralized maintenance and technical support

- Consistent standards and institutionalizing lessons learned

- Common equipment across rigs and supplier consolidation

- Organic growth with proven rig designs and world-class shipyards

- Early capital project scoping and detailed project planning

- Experienced project management teams

Value Drivers

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Industry-leading Margins and Returns- EBITDA Margin Comparison

Source: Tudor, Pickering, Holt & Co. – January 2014

FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'1520%

30%

40%

50%

60%

70%

RIG ESV NE DO RDC ATW

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Industry-leading Margins and Returns - Net Income Margin – trailing 8 quarters

ATW ESV SDRL DO NE RDC RIG*0%

5%

10%

15%

20%

25%

30%

35%

40%34%

27% 27%24%

17%15% 13%

Source: SEC Financials – Trailing 8 Quarters Net Margin* RIG – Impairment loss not included

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Industry-leading Margins and Returns- Consensus Earnings Reliability

Earnings revisions influence stock price performance

Source: Tudor, Pickering, Holt & Co.

Dec-1

2

Jan-

13

Feb-1

3

Mar

-13

Mar

-13

Apr-1

3

May

-13

Jun-

13

Jun-

13

Jul-1

3

Aug-1

3

Aug-1

3

Sep-1

3

Oct-1

3

Nov-1

3

Nov-1

3

Dec-1

30.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

2014 EPS Estimate Revisions

RIG ESV NE

DO RDC ATW

Ind

exed

to

12/

31/2

012

2013 Stock Price Performance

DO ESV NE RIG RDC ATW-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

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Market Snapshot- Floater and Jackup Markets

Ultra-Deepwater Deepwater High-Spec Jackups

E & P project delays lead to lack of contract awards

Increased sublet availability in certain geographies

Increased customer interest for 2015 project starts

4th and 5th generation rig dayrates under pressure

52 UDW floaters scheduled for delivery in 2014 and 2015

Shipyard delivery delays easing contracting pressure

Atwood Advantage

Bifurcation effect to accentuate utilization differential

Several assets idle with limited contract opportunities

Region and asset specific challenges

Continued high utilization and steady dayrates

Newbuilds targeted for specific geographic areas

101 newbuilds scheduled for delivery in 2014 and 2015 - may reduce forward utilization rates for standard and commodity jackups

Atwood MakoAtwood Falcon

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Earnings Visibility, Predictability and Built-in Growth- Atwood Fleet Contract Status - (by calendar year)

Rig Class/Rig Customer2014 2015 2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Ultra-Deepwater Drillships                       

  Atwood Advantage Noble Energy $584K

  Atwood Achiever Kosmos Energy Delivery mid-

2014$463K $595K / $661K*

Atwood Admiral Available Delivery early 2015

Atwood Archer Available Delivery Late 2015

Ultra-Deepwater Semisubs                          

  Atwood Osprey Chevron  $490K $470K

Atwood Condor Shell $555K

Deepwater Semisubs                        

  Atwood Eagle Apache / Woodside $385K $460K

  Atwood Falcon Apache / Murphy Oil $385K  

  Atwood Hunter GEPetrol $515K        

                           Jack-Ups                         

  Atwood Aurora Glencore / Addax $155K $164K / $193K*

  Atwood Beacon ENI $175K

  Atwood Mako Salamander    $155K      

  Atwood Manta CEC International $160K

  Atwood Orca Mubadala Petroleum  $160K

Contracted (current)Contracted (follow on work)ShipyardMobilization (as of 2/01/14)

Firm Term 22.8 Rig Years

Firm Revenue $3.5 Billion

* Rates shown are “exclusive of tax / inclusive of tax”

$409K

$499K

Fiscal 2014 rig availability

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Earnings Visibility, Predictability and Built-in Growth- Revenue Backlog Analysis as of February 1, 2014

2014 2015 20160

200

400

600

800

1,000

1,200

1,400

$829

$1,230

$960

$0.9B

N

$1.3BN

$1.3BN

$ Millions

Majors/Large NOCsLarge IndependentsSmall IndependentsFiscal Year

By Year By Customer Type

$

Percentage of Days Contracted2014 2015 2016

95% 70% 38%

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2008 2010 2012 2014 2016F$0

$400

$800

$1,200

$1,600

$2,000

$527

$651$787

$1,265 $1,788

Note: Revenue and Net Income represented on fiscal year basis.Source: FactSet forecast consensus dated as of January 27, 2014

Earnings Visibility, Predictability and Built-in Growth - Steady Revenue and Earnings Growth: 2008 - 2016

$ Millions

2008 2010 2012 2014 2016F$0

$100

$200

$300

$400

$500

$600

$215

$257

$272

$385 $570

$ MillionsRevenue Net Income

8 - Year C

AGR: 19%

8 - Year C

AGR: 15%

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4Q102Q11

4Q112Q12

4Q122Q13

4Q132Q14

4Q142Q15

4Q150

50

100

150

200

250

ATW T4Q EPS

Peer T4Q EPS

Ind

exEarnings Visibility, Predictability and Built-in Growth - Trailing 4 Quarters EPS Growth, Indexed to Calendar Year 2010

Source – Johnson Rice & Company, January 2014

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$0

$200

$400

$600

$800

510535 525$4502

$7022

$5622

$60

1. Includes $230 million of maintenance and other CAPEX and capital spares for 2014 – 20162. Excludes all currently uncontracted operating cashflow

Earnings Visibility, Predictability and Built-in Growth- Planned Capital Expenditures Fully Financed

$ Millions• $1.6 billion1 in remaining total

capital expenditures as of February 1, 2014

• Approximately $1.7 billion in contracted after tax cash flow through FY2016 is available to fund these expenditures

• With current liquidity in the revolving credit facility of $245 million and the exercise of the $200 million credit facility accordion, CAPEX is fully funded

• Credit metrics peak in FY2014 with the delivery of the Atwood Achiever

Fiscal Year

2014 2015 2016

Contracted Operating Cashflow Debt CAPEX

$510

Debt/Cap (EOY) 40.6% 35.2% 27.3% Debt/EBITDA (EOY) 2.6x 2.0x 1.4x

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Summary

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Atwood Investment Thesis

Modern, High Quality Rig Fleet

Superior Shareholder

Returns through the Cycle

Industry-Leading Margins

Earnings Visibility and Reliability

Strong Balance Sheet providing

Financial Flexibility

Solid Earnings and FCF Growth

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Thank You

www.atwd.comwww.atwd.com