Atwood Oceanics Reports Fourth Quarter Earnings

Atwood Oceanics reports that the Company earned net income of $7,021,000 or $.45 per diluted share, on revenues of $46,124,000 for the quarter ended September 30, 2005, compared to net income of $3,344,000 or $.24 per diluted share, on revenues of $42,933,000 for the quarter ended September 30, 2004. For the twelve months ended September 30, 2005, the Company earned net income of $26,371,000 or $1.69 per diluted share, on revenues of $176,156,000 compared to net income of $7,587,000 or $.54 per diluted share, on revenues of $163,454,000 for the twelve months ended September 30, 2004.

In the Company's Form 8-K filed on November 22, 2005, the Company advised that at this time diluted earnings per share for the quarter ended September 30, 2005 was expected to be between $.20 and $.25. On December 1, 2005, the Company received notification from the Internal Revenue Service that a previously reserved $3.3 million U.S. income tax refund the Company had been pursuing for over two years has been approved for payment. Based upon this approval, the Company reduced income tax provision by the refund amount for the quarter and year ended September 30, 2005 and also recorded approximately $300,000 of interest income relating to the tax refund. This tax refund and related interest income increased diluted earnings per share for the quarter and year ended September 30, 2005 by $.22 and $.23, respectively.



                                                 FOR THE THREE MONTHS ENDED
                                                        SEPTEMBER 30,
                                                   2005              2004

    Revenues                                   $46,124,000       $42,933,000
    Income before Income Taxes                   5,432,000         1,642,000
    (Provision) Benefit for Income Taxes         1,589,000         1,702,000
    Net Income                                   7,021,000         3,344,000
    Earnings per Common Share -
      Basic                                           0.46              0.24
      Diluted                                         0.45              0.24
    Weighted Average Shares Outstanding -
      Basic                                     15,293,000        13,860,000
      Diluted                                   15,726,000        14,073,000


                                               FOR THE TWELVE MONTHS ENDED
                                                       SEPTEMBER 30,
                                                  2005              2004

    Revenues                                  $176,156,000      $163,454,000
    Income before Income Taxes                  25,608,000        12,402,000
    (Provision) Benefit for Income Taxes           763,000        (4,815,000)
    Net Income                                  26,371,000         7,587,000
    Earnings per Common Share -
      Basic                                           1.73              0.55
      Diluted                                         1.69              0.54
    Weighted Average Shares Outstanding -
      Basic                                     15,207,000        13,858,000
      Diluted                                   15,610,000        13,999,000
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