Atwood Reports Second Quarter Earnings for FY 2008

Atwood Oceanics, Inc., (NYSE: ATW), announced that the Company earned net income of $41,755,000 or $1.30 per diluted share, on revenues of $113,530,000 for the quarter ended March 31, 2008 compared to net income of $31,757,000 or $1.01 per diluted share, on revenues of $94,262,000 for the quarter ended March 31, 2007. For the six months ended March 31, 2008, the Company earned net income of $80,304,000 or $2.49 per diluted share, on revenues of $224,578,000 compared to net income of $52,842,000 or $1.67 per diluted share, on revenues of $183,062,000 for the six months ended March 31, 2007.


                                          FOR THE THREE MONTHS ENDED MARCH 31,
                                                   2008              2007

    Revenues                                   $113,530,000       $94,262,000
    Income before Income Taxes                   46,354,000        37,618,000
    Provision for Income Taxes                   (4,599,000)       (5,861,000)
    Net Income                                   41,755,000        31,757,000
    Earnings per Common Share -
          Basic                                        1.31              1.02
          Diluted                                      1.30              1.01
    Weighted Average Shares
       Outstanding -
          Basic                                  31,801,000        31,148,000
          Diluted                                32,214,000        31,577,000


                                            FOR THE SIX MONTHS ENDED MARCH 31,
                                                  2008              2007

    Revenues                                  $224,578,000      $183,062,000
    Income before Income Taxes                  89,465,000        62,081,000
    Provision for Income Taxes                  (9,161,000)       (9,239,000)
    Net Income                                  80,304,000        52,842,000
    Earnings per Common Share -
          Basic                                       2.53              1.70
          Diluted                                     2.49              1.67
    Weighted Average Shares
       Outstanding -
          Basic                                 31,743,000        31,104,000
          Diluted                               32,188,000        31,595,000
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