Atwood Oceanics ends fiscal 2010 with $180 million of cash, $230 million in borrowings

By Jennifer Lanning Drey

Savannah, Ga., Nov. 19 - Atwood Oceanics, Inc. ended fiscal 2010 with $180 million in cash and $230 million drawn under its two credit facilities at Sept. 30, Mark Mey, its chief financial officer, said Friday during the company's fourth-quarter and year-end earnings conference call.

Atwood drew down an additional $70 million in October to fund the initial payments on two 400-foot water depth Pacific-class jack-up rigs ordered from PPL Shipyard in Singapore, he said.

Mey later noted that the company's current contract backlog is expected to provide about $700 million of future after-tax cash flows.

The company believes that amount, combined with its forecast and contracted cash flows and availability under its credit facility, will allow it to complete the funding of its new build construction program without needing any external capital or to access the $500 million shelf it filed in August, Mey said.

For the fourth quarter, Atwood posted revenues of $160.6 million, compared to revenues of $131.0 million for the same period in 2009. Mey said the current-year figure was slightly above the company's expectations.

Atwood reported full-year revenues of $650.6 million in 2010, compared to revenues of $586.5 million in 2009.

Atwood is a Houston-based company engaged in the offshore drilling and completion of exploratory and developmental oil and gas wells.

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