Atwood Oceanics Announces Fourth Quarter Earnings

Atwood Oceanics, Inc. (NYSE: ATW) announced that the Company earned net income of $3,344,000 or $.24 per diluted share, on revenues of $42,933,000 for the quarter ended September 30, 2004, compared to a net loss of ($14,257,000) or ($1.03) per diluted share on revenues of $38,004,000 for the quarter ended September 30, 2003. For the twelve months ended September 30, 2004, the Company earned net income of $7,587,000 or $.54 per diluted share, on revenues of $163,454,000 compared to a net loss of ($12,802,000) or ($.92) per diluted share, on revenues of $144,765,000 for the twelve months ended September 30, 2003.
                                                FOR THE THREE MONTHS ENDED
                                                       SEPTEMBER 30,
                                                  2004               2003
                                                        (unaudited)

    Contract Revenues                         $42,933,000        $38,004,000

    Income (Loss) before Income Taxes           1,642,000         (4,373,000)
    Provision (Benefit) for Income Taxes       (1,702,000)         9,884,000
    Net Income (Loss)                           3,344,000        (14,257,000)
    Earnings (Loss) per Common Share -
          Basic                                       .24              (1.03)
          Diluted                                     .24              (1.03)
    Weighted Average Shares
       Outstanding -
          Basic                                13,869,000         13,848,000
          Diluted                              14,139,000         13,848,000


                                                  FOR THE TWELVE MONTHS
                                                   ENDED SEPTEMBER 30,
                                                 2004                2003
                                                       (unaudited)

    Contract Revenues                        $163,454,000       $144,765,000
    Income before Income Taxes                 12,402,000          1,636,000
    Provision for Income Taxes                  4,815,000        (14,438,000)
    Net Income (Loss)                           7,587,000        (12,802,000)
    Earnings (Loss) per Common Share -
          Basic                                       .55               (.92)
          Diluted                                     .54               (.92)
    Weighted Average Shares
       Outstanding -
          Basic                                13,859,000         13,846,000
          Diluted                              14,032,000         13,846,000


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