Atwood Oceanics Announces Second Quarter Earnings

Atwood Oceanics, Inc. (NYSE: ATW) announced that the Company earned net income of $462,000 or $.03 per diluted share, on contract revenues of $36,810,000 for the quarter ended March 31, 2004, compared to net income of $587,000 or $.04 per diluted share on contract revenues of $35,073,000 for the quarter ended March 31, 2003. For the six months ended March 31, 2004, the Company incurred a net loss of ($1,442,000) or $(.10) per diluted share, on contract revenues of $72,135,000 compared to net income of $1,537,000 or $.11 per diluted share, on contract revenues of $64,914,000 for the six months ended March 31, 2003.

                                                  FOR THE THREE MONTHS
                                                     ENDED MARCH 31,
                                                2004               2003

    Contract Revenues                       $36,810,000        $35,073,000
    Income before Income Taxes                2,235,000          1,428,000
    Provision for Income Taxes               (1,773,000)          (841,000)
    Net Income                                  462,000            587,000
    Earnings per Common Share -
          Basic                                     .03                .04
          Diluted                                   .03                .04
    Weighted Average Shares Outstanding -
          Basic                              13,855,000         13,845,000
          Diluted                            14,019,000         13,900,000


                                                   FOR THE SIX MONTHS
                                                     ENDED MARCH 31,
                                                2004                2003

    Contract Revenues                       $72,135,000         $64,914,000
    Income before Income Taxes                2,171,000           3,802,000
    Provision for Income Taxes               (3,613,000)         (2,265,000)
    Net Income                               (1,442,000)          1,537,000
    Earnings per Common Share -
          Basic                                    (.10)                .11
          Diluted                                  (.10)                .11
    Weighted Average Shares Outstanding -
          Basic                              13,855,000          13,846,000
          Diluted                            13,855,000          13,903,000
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