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Atwood Oceanics' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: ATW

Robert J. Saltiel

Thank you, Mark, and good morning to all of you joining today's call. I will make a few comments on the highlights from the fourth quarter and the key developments for Atwood and our industry since our last earnings call. Mark will then provide the details on the quarter's numbers and offer cost guidance for the fiscal year ahead.

I'm pleased to report that our company enjoyed another solid quarter of financial results. In fact, our quarterly revenue of nearly $178 million was the best in our company's 43-year history. Earnings were very strong as well at just under $73 million or $1.12 per diluted share. These results allowed us to achieve record high earnings for the 2011 fiscal year of $272 million or $4.15 per diluted share. Our fiscal year revenue of $645 million was just shy of last year's record of $651 million. These excellent results are once again due to delivering reliable drilling services to our clients, while managing our costs prudently. Our rig operations teams continue to drill our wells, maintain our equipment and respond to our clients' needs in accordance with our expectations as a top-performing drilling company. This is how we achieved a fleet-wide reliability factor of 97% for the fourth quarter. I will add that the Atwood Osprey concluded its first complete quarter of operation, with a 94% uptime.

Our asset management team in Houston is spending significant time with our rig teams to identify and scope maintenance projects well in advance of their due dates to ensure that potential supply chain issues do not jeopardize our fleet reliability down the road. Reliability and revenue recognition depend on solid execution, and our people continue to execute very well.

On the cost side, we are working to manage both onshore and offshore costs, even as we expand the Atwood team to accommodate our rig fleet growth over the next few years. We are adding some very talented people to Atwood who bring skills, experience and fresh ideas to our organization, however, we are very protective of our efficient structure and streamlined decision-making processes, and this is helping us to keep the costs in line.

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