Atwood Oceanics Sells 15,000 P.S.I. BOP Stack

Atwood Oceanics has sold its spare 15,000 P.S.I. BOP stack to a Norwegian company for approximately $15 million, which will result in an after tax gain of approximately $6 million or $.38 per diluted share. The Company completed this stack in 2003 for a possible future contractual requirement; however, the stack has never been utilized and the Company has no current contractual requirements for the use of this stack.