Atwood Announces First Quarter Earnings for FY 2005

Atwood Oceanics (NYSE: ATW) announced that it earned net income of $8,650,000 or $.56 per diluted share, on revenues of $45,426,000 for the quarter ended December 31, 2004, compared to a net loss of ($1,904,000) or ($.14) per diluted share, on revenues of $35,325,000 for the quarter ended December 31, 2003.

Net income for the quarter ended December 31, 2004 was enhanced by a foreign tax refund of approximately $1.6 million or $.10 per diluted share. The tax position for the quarter was also enhanced by the approximate $6 million of ATWOOD BEACON loss of hire insurance being received in a zero tax jurisdiction. Had the Company not received the $1.6 million tax refund during the first quarter, effective tax rate for the quarter would have been around 15%.

FOR THE THREE MONTHS
                                                        ENDED DECEMBER 31,
                                                       2004           2003
                                                           (Unaudited)

    Revenues                                       $45,426,000    $35,325,000
    Income (Loss) before Income Taxes                8,143,000        (64,000)
    (Provision) Benefit for Income Taxes               507,000     (1,840,000)
    Net Income (Loss)                                8,650,000     (1,904,000)
    Earnings (Loss) per Common Share -
        Basic                                             0.57          (0.14)
        Diluted                                           0.56          (0.14)
    Weighted Average Shares Outstanding -
        Basic                                       15,079,000     13,852,000
        Diluted                                     15,422,000     13,852,000

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