Atwood Oceanics Announces Third Quarter Earnings for FY 2007

Atwood Oceanics (NYSE: ATW) earned a net income of $32,033,000 or $1.00 per diluted share, on revenues of $98,371,000 for the quarter ended June 30, 2007, compared to net income of $32,791,000 or $1.04 per diluted share, on revenues of $71,865,000 for the quarter ended June 30, 2006. For the nine months ended June 30, 2007, the Company earned net income of $84,875,000 or $2.68 per diluted share, on revenues of $281,433,000 compared to net income of $62,943,000 or $2.00 per diluted share, on revenues of $194,808,000 for the nine months ended June 30, 2006. Earning results for the three months and nine months ended June 30, 2006 included the recognition of $6.4 million of tax benefits which increased diluted earnings per share by $0.20 for both periods.

FOR THE THREE MONTHS ENDED
                                                          JUNE 30,
                                                   2007              2006

    Revenues                                   $98,371,000       $71,865,000
    Income before Income Taxes                  36,569,000        28,606,000
    (Provision) benefit for Income Taxes        (4,536,000)        4,185,000
    Net Income                                  32,033,000        32,791,000
    Earnings per Common Share -
          Basic                                       1.02              1.06
          Diluted                                     1.00              1.04
    Weighted Average Shares Outstanding -
          Basic                                 31,491,000        31,037,000
          Diluted                               31,964,000        31,580,000


                                                  FOR THE NINE MONTHS ENDED
                                                           JUNE 30,
                                                    2007              2006

    Revenues                                  $281,433,000      $194,808,000
    Income before Income Taxes                  98,650,000        63,951,000
    Provision for Income Taxes                 (13,775,000)       (1,008,000)
    Net Income                                  84,875,000        62,943,000
    Earnings per Common Share -
          Basic                                       2.72              2.04
          Diluted                                     2.68              2.00
    Weighted Average Shares Outstanding -
          Basic                                 31,233,000        30,900,000
          Diluted                               31,718,000        31,411,000

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