Atwood Oceanics Sells Seascout

Atwood Oceanics has entered into an agreement with a Norwegian company to sell the SEASCOUT, subject to U.S. Maritime Administration (MARAD) approval, for $10 million (net after certain expenses), which will result in a gain of approximately $1 million ($.06 per diluted share after tax effect).

The SEASCOUT has been cold-stack since its purchase in 2000. Subject to MARAD approval, the sale is expected to be closed in September, 2005.

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