Atwood Oceanics Announces First Quarter Earnings for FY 2007

Atwood Oceanics, Inc. (NYSE: ATW) earned net income of $21,085,000 or $.67 per diluted share, on revenues of $88,800,000 for the quarter ended December 31, 2006, compared to net income of $14,523,000 or $.47 per diluted share, on revenues of $55,414,000 for the quarter ended December 31, 2005.



                                                 FOR THE THREE MONTHS ENDED
                                                         DECEMBER 31,
                                                    2006              2005

    Revenues                                $   88,800,000    $   55,414,000
    Income before Income Taxes                  24,463,000        17,027,000
    Provision for Income Taxes                  (3,378,000)       (2,504,000)
    Net Income                                  21,085,000        14,523,000
    Earnings per Common Share -
          Basic                                       0.68              0.47
          Diluted                                     0.67              0.47
    Weighted Average Shares
       Outstanding -
          Basic                                 31,060,000        30,738,000
          Diluted                               31,614,000        31,208,000

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