ATWOOD OCEANICS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2017 10-Q, filed Aug 3, 2017. Its latest SEC filing is a SC 13G/A from Nov 9, 2017.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Provides offshore contract drilling services to major integrated and independent oil and gas companies, drilling exploratory and development wells.

How Did They Make Money?

Oil and gas companies pay daily rates for drilling services during a contract, which can run for a set period or until a specified well or number of wells is drilled.

FY2016 revenue

Who Were Their Customers?

Oil and gas operators hire rigs directly for drilling programs; named clients include Shell, Kosmos and Noble.

Did Revenues Turn Into Profits?

Yes. It kept 26 cents of every revenue dollar as net income in FY2016 and turned 39 cents into free cash flow.

Operating income, FY2016

29% of revenue

▼ −45% vs FY2015 ($531.4M, 38%)

Net income, FY2016

26% of revenue

▼ −39% vs FY2015 ($432.6M, 31%)

Free cash flow, FY2016

39% of revenue

▲ +157% vs FY2015 ($156.3M, 11%)

How Were They Changing?

Since the FY2016 annual report

Latest quarter: Q3 FY2017, the three months to Jun 30, 2017

Revenue: ▼ −49%; vs $227.8M in Q3 FY2016
Net income: ▼ Now a loss; vs $99.5M in Q3 FY2016

Oct 6, 2017 Ensco completed its merger with Atwood Atwood became Ensco's wholly owned subsidiary.

Grew. Revenue grew 30% in 4 years, from $787.4M in FY2012 to $1B in FY2016, about 7% a year.

Who Did They Compete With?

Competes with Diamond Offshore Drilling, Ensco, Noble, Rowan, Seadrill, and Transocean

Comments