Atwood Oceanics Announces Third Quarter Earnings

Atwood Oceanics reports that the Company earned net income of $5,989,000 or $.38 per diluted share, on revenues of $43,589,000 for the quarter ended June 30, 2005, compared to net income of $5,685,000 or $.40 per diluted share, on revenues of $48,386,000 for the quarter ended June 30, 2004. For the nine months ended June 30, 2005, the Company earned net income of $19,350,000 or $1.24 per diluted share, on revenues of $130,032,000 compared to net income of $4,243,000 or $.30 per diluted share, on revenues of $120,521,000 for the nine months ended June 30, 2004.




                                                 FOR THE THREE MONTHS ENDED
                                                          JUNE 30,
                                                   2005              2004

    Revenues                                   $43,589,000       $48,386,000
    Income before Income Taxes                   5,933,000         8,589,000
    (Provision) Benefit for Income Taxes            56,000        (2,904,000)
    Net Income                                   5,989,000         5,685,000
    Earnings per Common Share -
          Basic                                       0.39              0.41
          Diluted                                     0.38              0.40
    Weighted Average Shares
       Outstanding -
          Basic                                 15,242,000        13,860,000
          Diluted                               15,650,000        14,073,000


                                                 FOR THE NINE MONTHS ENDED
                                                          JUNE 30,
                                                   2005              2004

    Revenues                                  $130,032,000      $120,521,000
    Income before Income Taxes                  20,176,000        10,760,000
    Provision for Income Taxes                    (826,000)       (6,517,000)
    Net Income (Loss)                           19,350,000         4,243,000
    Earnings (Loss) per Common Share -
          Basic                                       1.27              0.31
          Diluted                                     1.24              0.30
    Weighted Average Shares
       Outstanding -
          Basic                                 15,178,000        13,858,000
          Diluted                               15,572,000        13,999,000
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