Atwood Oceanics Announces Second Quarter Earnings

Atwood Oceanics, Inc. (NYSE: ATW) reports that the Company earned net income of $4,711,000 or $.30 per diluted share, on revenues of $41,017,000 for the quarter ended March 31, 2005, compared to net income of $462,000 or $.03 per diluted share on revenues of $36,810,000 for the quarter ended March 31, 2004. For the six months ended March 31, 2005, the Company earned a net income of $13,361,000 or $.86 per diluted share, on revenues of $86,443,000 compared to a net loss of $(1,442,000) or $(.10) per diluted share, on revenues of $72,135,000 for the six months ended March 31, 2004.



                                             FOR THE THREE MONTHS
                                                ENDED MARCH 31,
                                            2005             2004

    Contract Revenues                   $41,017,000      $36,810,000
    Income before Income Taxes            6,100,000        2,235,000
    Provision for Income Taxes           (1,389,000)      (1,773,000)
    Net Income                            4,711,000          462,000
    Earnings per Common Share -
        Basic                                   .31              .03
        Diluted                                 .30              .03
    Weighted Average Shares
     Outstanding -
        Basic                            15,213,000       13,855,000
        Diluted                          15,642,000       14,019,000


                                          FOR THE SIX MONTHS ENDED
                                                   MARCH 31,
                                            2005             2004

    Contract Revenues                   $86,443,000      $72,135,000
    Income before Income Taxes           14,243,000        2,171,000
    Provision for Income Taxes             (882,000)      (3,613,000)
    Net Income (Loss)                    13,361,000       (1,442,000)
    Earnings (Loss) per Common Share -
        Basic                                   .88             (.10)
        Diluted                                 .86             (.10)
    Weighted Average Shares
     Outstanding -
        Basic                            15,146,000       13,855,000
        Diluted                          15,532,000       13,855,000

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