Atwood Reports on Fourth Quarter Earnings

Atwood Oceanics, Inc. announced that the Company and its subsidiaries reported net income of USD 27,346,000, or USD 1.96 per diluted share, on contract revenues of USD 147,541,000, for the fiscal year ended September 30, 2001, compared to net income of USD 23,148,000, or USD 1.66 per diluted share, on contract revenues of USD 135,974,000, for the fiscal year ended September 30, 2000. For the fourth quarter ended September 30, 2001, the Company recorded a net income of USD 7,791,000 or USD .56 per diluted share, on contract revenues of USD 35,694,000 compared to a net income of USD 6,862,000 or USD .49 per diluted share, on contract revenues of USD 37,923,000 for the fourth quarter of fiscal 2000.

As a result of changes effective October 1, 2000 in the Company's depreciation policy relating to certain rigs, depreciation expense for the year and quarter ended September 30, 2001 was reduced by approximately $5.8 million and $.9 million, respectively, resulting in enhancement to net income for the year of $.28 per diluted share and for the quarter ended September 30, 2001 of $.04 per diluted share.

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