Atwood Oceanics Inc ATW
Q4 2012 Earnings Call Transcript

Transcript Call Date 11/16/2012

Operator: Welcome to today's Fiscal 2012 Fourth Quarter and Year End Results program. Your speakers for today will be Rob Saltiel, President and Chief Executive Officer; and Mark Mey, Vice President and Chief Financial Officer.

At this time all participants are in listen-only mode. Please note, today's call is being recorded.

It's now my pleasure to turn the program over to Mark Mey. Please begin, sir.

Mark Mey - SVP and CFO: Thanks, Kevin, and good morning and welcome to Atwood Oceanics's conference call and webcast to review the Company's operating results for the year ended September 30, 2012. As Kevin mentioned, the speakers today will be Rob Saltiel, President and CEO and myself Mark Mey, Senior Vice President and CFO.

Before we begin, let me remind everyone that during the course of this conference call, we may make forward-looking statements, which are not historical facts and are not based upon management's current plans, expectations, estimates, assumptions, and beliefs concerning future events impacting us. These statements involve a number of risks and uncertainties, including the risks which are described in the Company's most recent Form 10-K and other filings with the U.S. Securities and Exchange Commission.

We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements if one of these risks or uncertainties were to occur or our assumptions prove incorrect. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof.

Now let me turn the call over to Rob for opening comments.

Robert J. Saltiel - President and CEO: Thanks, Mark and good morning to all of you as we discuss Atwood’s fourth quarter and full fiscal year 2012 results. The fourth quarter was clearly one of the busiest and most successful quarters in Atwood's 44 year history. Before discussing the results I want to commend our operations and technical teams around the world and at our Houston headquarters for their continued excellent performance. Their efforts are distinguishing our Company as the leading provider of safe and reliable offshore drilling services and as the preferred drilling contractor for our clients.

Turning now to our financial results, we achieved Company records for revenues and net income both in the fourth quarter and for the full fiscal year. For the quarter revenues of $252.5 million were more than 35% higher than any other quarter in our history and more than 45% improvement on our third quarter revenue. Similarly our fourth quarter net income of $95.5 million was easily a quarterly record and was nearly 85% higher than our third quarter net income.

Mark will provide more color on our numbers in his section. Our fourth quarter financial results would not have been possible without stellar operations performance. In fact, we achieved close to 99% revenue efficiency over our entire rig fleet. This means that all Atwood rigs and all operations teams were performing at the top of their game for the entire quarter. As I've said on previous calls, consistent reliability performance is a real difference maker for Atwood and more importantly for our clients.

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