Atwood Oceanics Announces Third Quarter Earnings

Atwood Oceanics, Inc. a Houston-based international drilling contractor, said late Friday that the company earned net income of $27,623,000, or $.87 per diluted share, on revenues of $71,565,000 for the quarter ended June 30, 2006, compared to net income of $5,989,000 or $.19 per diluted share, on revenues of $43,589,000 for the quarter ended June 30, 2005. For the nine months ended June 30, 2006, the company earned net income of $57,775,000 or $1.84 per diluted share, on revenues of $194,508,000 compared to net income of $19,350,000 or $.62 per diluted share, on revenues of $130,032,000 for the nine months ended June 30, 2005.

Net income for the quarter and nine months ended June 30, 2006, was enhanced by approximately $1.9 million or $.06 per diluted share from income tax benefits discrete to the June 2006 quarter and by approximately $1.1 million or $0.03 per diluted share from the gains on sales of excess equipment.

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