Atwood Oceanics Announces New Credit Facility

Atwood Oceanics has executed a $225,000,000 Senior Secured Credit Facility with several banks with Nordea Bank Finland, PLC as Lead Arranger, to refinance all of its existing indebtedness of approximately $175,000,000 and to provide for on-going working capital and general corporate needs. The Credit Facility consists of a $150,000,000 Term Loan Facility and a $75,000,000 Revolving Loan Facility. The Term Loan Facility is structured as a five-year term loan and will amortize through 18 consecutive quarterly installments commencing on December 31, 2003. The Revolving Loan Facility matures in March 2008. Loans under the Facilities will bear interest at varying rates ranging from 1.5% to 2.5% over LIBOR, depending upon the ratio of outstanding debt to earnings before interest, taxes and depreciation.