Atwood Oceanics Announces Fourth Quarter Earnings

Atwood Oceanics, Inc. announced that the Company and its subsidiaries reported net loss of USD (12,802,000), or USD (.92) per diluted share, on contract revenues of USD 144,766,000, for the fiscal year ended September 30, 2003, compared to net income of USD 28,285,000, or USD 2.02 per diluted share, on contract revenues of USD 149,157,000, for the fiscal year ended September 30, 2002. For the fourth quarter ended September 30, 2003, the Company recorded a net loss of USD (14,257,000) or USD (1.03) per diluted share, on contract revenues of USD 38,005,000 compared to a net income of USD 7,165,000 or USD .51 per diluted share, on contract revenues of USD 30,781,000 for the fourth quarter of fiscal 2002.

The Company's current tax provision for the quarter and year ended September 30, 2003 virtually all relates to taxes in foreign jurisdictions, with the Company not incurring taxable income in the United States necessary to utilize foreign tax credits. Due to the low level of earnings in the US, in addition to losses in certain nontaxable jurisdictions the Company's effective tax for fiscal year 2003 significantly exceeds the US statutory rate.

Further, the Company has recently determined that after reassessing certain tax planning strategies in conjunction with the Company's major reorganization of its foreign subsidiaries and the assets of those subsidiaries undertaken in fiscal year 2003, the Company should book deferred foreign tax liabilities relating to Australian and Malaysian taxes of $5.9 million. This deferred tax expense has no cash effect on the Company; however, the loss for the quarter and for fiscal year 2003 increased by approximately $.40 per share.
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