Atwood Oceanics Announces Second Quarter Earnings for FY 2008

HOUSTON, May 8 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc., , Houston-based International Drilling Contractor, announced today 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