Atwood Oceanics Announces First Quarter Earnings for Fiscal Year 2008

HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- EARNINGS -- Atwood Oceanics, Inc., Houston-based International Drilling Contractor, announced today that the Company earned net income of $38,549,000 or $1.20 per diluted share, on revenues of $111,048,000 for the quarter ended December 31, 2007, compared to net income of $21,085,000 or $0.67 per diluted share, on revenues of $88,800,000 for the quarter ended December 31, 2006.

FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 2006 Revenues $111,048,000 $88,800,000 Income before Income Taxes 43,111,000 24,463,000 Provision for Income Taxes (4,562,000) (3,378,000) Net Income 38,549,000 21,085,000 Earnings per Common Share - Basic 1.22 0.68 Diluted 1.20 0.67 Weighted Average Shares Outstanding - Basic 31,685,000 31,060,000 Diluted 32,162,000 31,614,000