Atwood Oceanics Officials Deny Merger Rumors

HOUSTON (AP) — Offshore drilling contractor Atwood Oceanics Inc. executives said Tuesday a rumor circulating about the company being the target of a merger or acquisition was untrue.

The Houston-based company issued a statement saying Chief Executive John R. Irwin has informed analysts and others inquiring about the rumor that it was unfounded.

"The company is otherwise unaware of any corporate activities that would account for unusual market activity for the company's common stock," the statement said.

Shares fell 8 cents to close at $18.97, but had been trading as high as $19.80 Tuesday. More than 3 million shares were traded Tuesday, more than the typical trading volume for the company.