ATWOOD OCEANICS ANNOUNCES NEW AGREEMENT WITH AUSTRALIAN OFFSHORE EMPLOYEES

Company Release - 8/23/2017 4:06 PM ET

FOR IMMEDIATE RELEASE

HOUSTON, August 23, 2017 - Atwood Oceanics, Inc.  (NYSE: ATW) announced today that the offshore employees of its Australian operating subsidiary have approved a new four year Enterprise Bargaining Agreement ("EBA").  Among other provisions, the EBA provides clarity on working conditions for Atwood Oceanics' Australian offshore employees and resets wage levels to better align with current offshore drilling industry market conditions.  The EBA will take effect upon the expiry of the nominal term of the current EBA on 24 November 2017, once it is approved by the Australian Fair Work Commission (which is anticipated to occur in September).

Rob Saltiel, President and Chief Executive Officer of Atwood Oceanics, commented, "We are very pleased that our Australian offshore employees have ratified the new EBA. This is an agreement which has been developed after constructive negotiations with the employees directly affected, as occurred with our previous EBAs. Through application of cost reduction initiatives and innovative approaches to offshore employment, this agreement will reduce offshore personnel costs by more than 19% in its first year and will allow Atwood Oceanics to provide our clients in Australia superior drilling services at more competitive day rates over the next years. We have operated in Australia since 1972, and we look forward to a bright future in this important offshore energy market."

Atwood Oceanics, Inc. is a leading offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry. The Company owns 10 mobile offshore drilling units and is constructing two 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."

Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840

Forward Looking Statements

Statements contained in this press release with respect to the future, including the anticipated date of approval by the Australian Fair Work Commission and levels of employment cost reductions, are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements are subject to numerous risks, uncertainties and assumptions and actual results could differ materially from those anticipated as a result of various factors including: uncertainties related to the level of activity in offshore oil and gas exploration and development; oil and gas prices; competition and market conditions in the contract drilling industry; our ability to enter into and the terms of future contracts; possible cancelation or suspension of drilling contracts; the availability of qualified personnel; labor relations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreign operations (including risk of war, civil disturbances, seizure or damage to equipment and exchange and currency fluctuations); the impact of governmental and industry laws and regulations; and environmental matters. These factors and others are described and discussed in our most recently filed annual report on Form 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Each forward looking statement speaks only as of the date of the particular statement and we undertake no duty to update the content of this press release or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.




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Source: Atwood Oceanics, Inc. via Globenewswire