Houston, Texas
April 30, 2014

FOR IMMEDIATE RELEASE - EARNINGS

ATWOOD OCEANICS, INC., announced today that the Company earned net income of $73.3 million or $1.13 per diluted share, on revenues of $273.1 million for the quarter ended March 31, 2014 compared to net income of $83.4 million or $1.28 per diluted share on revenues of $284.7 million for the quarter ended December 31, 2013 and compared to net income of $85.5 million or $1.28 per diluted share, on revenues of $253.2 million for the quarter ended March 31, 2013. For the six months ended March 31, 2014, the Company earned net income of $156.7 million or $2.41 per diluted share, on revenues of $557.8 million compared to net income of $158.4 million or $2.39 per diluted share, on revenues of $498.3 million for the six months ended March 31, 2013.

Rob Saltiel, President and CEO, commented, "Our second quarter financial results were affected negatively by start-up issues with the Atwood Advantage that resulted in 22 zero-rate days in March.  The remainder of our rig fleet performed well in the quarter, partially offsetting this lost revenue."

For the Three Months Ended
(Unaudited)
(In thousands, except per share amounts) March 31,
 2014		 December 31,
 2013		 March 31,
 2013
Revenues $ 273,097 $ 284,706 $ 253,161
Income before Income Taxes 97,283 94,260 97,432
Provision for Income Taxes (23,983 ) (10,863 ) (11,913 )
Net Income $ 73,300 $ 83,397 $ 85,519
Earnings per Common Share -
      Basic $ 1.14 $ 1.30 $ 1.30
      Diluted $ 1.13 $ 1.28 $ 1.28

For the Six Months Ended
(Unaudited)
(In thousands, except per share amounts) March 31,
 2014		 March 31,
 2013
Revenues $ 557,803 $ 498,254
Income before Income Taxes 191,543 181,519
Provision for Income Taxes (34,846 ) (23,169 )
Net Income $ 156,697 $ 158,350
Earnings per Common Share -
      Basic $ 2.44 $ 2.41
      Diluted $ 2.41 $ 2.39

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, Six Months Ended March 31,
(In thousands, except per share amounts) 2014 2013 2014 2013
REVENUES:
Contract drilling $ 260,062 $ 242,321 $ 533,619 $ 477,115
Revenues related to reimbursable expenses 13,035 10,840 24,184 21,139
Total revenues 273,097 253,161 557,803 498,254
COSTS AND EXPENSES:
Contract drilling 136,966 98,561 260,128 204,499
Reimbursable expenses 9,188 8,912 17,602 14,890
Depreciation 37,231 28,482 69,775 56,060
General and administrative 15,022 13,268 34,844 30,489
Gain on sale of equipment (34,443 ) - (34,079 ) -
Other, net 399 (20 ) (1,602 ) (13 )
164,363 149,203 346,668 305,925
OPERATING INCOME $ 108,734 $ 103,958 $ 211,135 $ 192,329
OTHER INCOME (EXPENSE)
Interest expense, net of capitalized interest (11,502 ) (6,547 ) (19,713 ) (10,955 )
Interest Income 51 21 121 145
(11,451 ) (6,526 ) (19,592 ) (10,810 )
INCOME  BEFORE INCOME TAXES 97,283 97,432 191,543 181,519
PROVISION FOR INCOME TAXES 23,983 11,913 34,846 23,169
NET INCOME $ 73,300 $ 85,519 $ 156,697 $ 158,350
EARNINGS PER COMMON SHARE:
Basic $ 1.14 $ 1.30 $ 2.44 $ 2.41
Diluted $ 1.13 $ 1.28 $ 2.41 $ 2.39
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 64,238 65,733 64,175 65,631
Diluted 65,031 66,589 65,028 66,341

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING COSTS

REVENUES
Three Months Ended Six Months Ended
(In millions) March 31,
 2014		 December 31,
 2013		 March 31,
 2013		 March 31,
 2014		 March 31,
 2013
Ultra-Deepwater $ 119.9 $ 87.2 $ 76.2 $ 207.1 $ 159.0
Deepwater 64.0 107.6 104.0 171.6 204.0
Jackups 76.2 78.8 62.1 154.9 114.1
Reimbursable 13.0 11.1 10.9 24.2 21.2
273.1 284.7 253.2 557.8 498.3

DRILLING COSTS
Three Months Ended Six Months Ended
(In millions) March 31,
 2014		 December 31,
 2013		 March 31,
 2013		 March 31,
 2014		 March 31,
 2013
Ultra-Deepwater $ 45.9 $ 35.2 $ 30.0 $ 81.1 $ 59.7
Deepwater 56.6 48.8 38.7 105.4 84.4
Jackups 33.3 36.6 29.8 69.9 58.1
Reimbursable 9.2 8.4 8.9 17.6 14.9
Other 1.2 2.6 0.1 3.7 2.3
$ 146.2 $ 131.6 $ 107.5 $ 277.7 $ 219.4

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) March 31,
 2014		 September 30,
 2013
ASSETS
Cash and cash equivalents $ 59,635 $ 88,770
Accounts receivable, net of allowance for doubtful accounts of $679 and $0 at March 31, 2014 and September 30, 2013, respectively 238,569 199,689
Income tax receivable 6,215 4,672
Inventories of materials and supplies 124,416 121,833
Prepaid expenses and deferred costs 28,841 38,796
Total current assets 457,676 453,760
Property and equipment, net 3,575,172 3,164,724
Other receivables 11,831 11,831
Deferred costs and other assets 39,937 26,951
Deferred income taxes 518 -
Total assets $ 4,085,134 $ 3,657,266
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 88,585 $ 95,827
Accrued liabilities 16,319 17,653
Notes payable - 8,071
Interest payable 8,278 7,945
Income tax payable 19,645 16,554
Deferred credits 12,653 10,822
Total current liabilities 145,480 156,872
Long-term debt 1,512,685 1,263,232
Deferred income taxes 354 485
Deferred credits 12,305 1,176
Other 41,269 28,130
Total long-term liabilities 1,566,613 1,293,023
Commitments and contingencies
Preferred stock, no par value, 1,000 shares authorized, none outstanding - -
Common stock, $1.00 par value, 180,000 shares authorized with 64,253 and 64,057 issued and outstanding at March 31, 2014 and September 30, 2013, respectively 64,253 64,057
Paid-in capital 192,570 183,390
Retained earnings 2,118,102 1,961,405
Accumulated other comprehensive loss (1,884 ) (1,481 )
Total shareholders' equity 2,373,041 2,207,371
Total liabilities and shareholders' equity $ 4,085,134 $ 3,657,266

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS

Six Months Ended March 31,
(In thousands) 2014 2013
Cash flows from operating activities:
Net income $ 156,697 $ 158,350
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 69,775 56,060
Amortization of debt issuance costs and bond premium 2,328 2,073
Amortization of deferred items 2,185 1,448
Provision for doubtful accounts 679 1,871
Provision for inventory obsolescence 860 360
Deferred income tax benefit (649 ) (466 )
Share-based compensation expense 7,725 6,813
Gain on sale of assets (34,079 ) -
Other, net 2,118 (13 )
Change in assets and liabilities:
Accounts receivable (39,559 ) 24,563
Income tax receivable (1,543 ) (199 )
Inventory (8,097 ) (14,106 )
Prepaid expenses 9,524 10,109
Deferred costs and other assets (26,568 ) (8,084 )
Accounts payable (8,617 ) (43,864 )
Accrued liabilities (1,276 ) (5,282 )
Income tax payable 3,091 6,582
Deferred credits and other liabilities 33,910 8,247
Net cash provided by operating activities 168,504 204,462
Cash flows from investing activities:
Capital expenditures (497,634 ) (372,957 )
Proceeds from sale of assets 56,517 61
Net cash used in investing activities (441,117 ) (372,896 )
Cash flows from financing activities:
Proceeds from bank credit facilities 340,000 310,000
Principal payments on bank credit facilities (90,000 ) (100,000 )
Principal payments on notes payable (8,071 ) (5,148 )
Proceeds from exercise of stock options 1,651 3,418
Debt issuance costs paid (102 ) -
Net cash provided by financing activities 243,478 208,270
Net increase (decrease) in cash and cash equivalents $ (29,135 ) $ 39,836
Cash and cash equivalents, at beginning of period $ 88,770 $ 77,871
Cash and cash equivalents, at end of period $ 59,635 $ 117,707
Non-cash activities:
Changes in accounts payable and accrued liabilities related to capital expenditures $ 1,375 $ 34,046

Atwood Oceanics is a leading offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The company currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

As part of our ongoing commitment to our shareholders, Atwood Oceanics uses a variety of Social Networks sites to disseminate company information. For a full list of the official Social Media pages for Atwood Oceanics, please visit the Social Media Disclaimer page of our IR site at: http://ir.atwd.com/GenPage.aspxIID=4010374&GKP=210376.

Contact: Mark L. Mey
(281) 749-7902




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#1781974
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