Atwood Oceanics Announces Fourth Quarter Earnings

Atwood Oceanics, Inc. (NYSE: ATW), reports that the Company earned net income of $23,179,000 or $.74 per diluted share, on revenues of $81,817,000 for the quarter ended September 30, 2006, compared to net income of $6,661,000 or $.21 per diluted share, on revenues of $46,124,000 for the quarter ended September 30, 2005. For the year ended September 30, 2006, the Company earned net income of $86,122,000 or $2.74 per diluted share, on revenues of $276,625,000 compared to net income of $26,011,000 or $.83 per diluted share, on revenues of $176,156,000 for the year ended September 30, 2005.



                                                 FOR THE THREE MONTHS ENDED
                                                        SEPTEMBER 30,
                                                   2006              2005

    Revenues                                   $81,817,000       $46,124,000
    Income before Income Taxes                  27,885,000         5,432,000
    (Provision) Benefit for Income Taxes        (4,706,000)        1,229,000
    Net Income                                  23,179,000         6,661,000
    Earnings per Common Share -
          Basic                                       0.75              0.22
          Diluted                                     0.74              0.21
    Weighted Average Shares Outstanding -
          Basic                                 31,044,000        30,584,000
          Diluted                               31,534,000        31,452,000



                                                FOR THE TWELVE MONTHS ENDED
                                                        SEPTEMBER 30,
                                                   2006              2005

    Revenues                                  $276,625,000      $176,156,000
    Income before Income Taxes                  91,836,000        25,608,000
    (Provision) Benefit for Income Taxes        (5,714,000)          403,000
    Net Income                                  86,122,000        26,011,000
    Earnings per Common Share -
          Basic                                       2.78              0.86
          Diluted                                     2.74              0.83
    Weighted Average Shares Outstanding -
          Basic                                 30,936,000        30,412,000
          Diluted                               31,442,000        31,220,000
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