Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On Feb. 4, 2009,

Atwood Oceanics

(ATW)

reported that its Q1 FY09 earnings more than doubled, led by strong revenue growth. Net income rose to $78.36 million or $1.22 per share from $38.55 million or $0.60 per share in the same quarter of the last year. The latest quarterly earnings were in line with the consensus estimate of $1.15 per share.

During the latest first quarter, Atwood Oceanic's revenue increased 49.0% to $165.50 million from $111.05 million in Q1 FY08. Revenue from Atwood Eagle stood at $36.40 million, while that of Atwood Southern Cross was $25.60 million. Atwood Falcon revenue was $20.80 million, while revenue from Atwood Beacon stood at $11.90 million. Revenue from Vicksburg and Seahawk stood at $13.30 million and $7.80 million, respectively. In addition, sales from Atwood Hunter and Richmond stood at $42.60 million and $7.10 million, respectively.

During the quarter under review, contract drilling expenses increased 8.5% to $55.40 million from $51.06 million a year ago. General and administrative expenses ascended 23.3% to $10.24 million from $8.31 million a year ago. Operating income more than doubled to $91.91 million to $ 43.20 million in Q1 FY08.

Recently, Richmond, ATW's only rig in the Gulf of Mexico has been awarded another well with a day rate of $85,000 by

Contango

(MCF) - Get Report

. The company and its subsidiary, Atwood Oceanics Pacific, signed a new additional five-year $280.00 million reducing revolving loan facility, maturing in November 2013, with several banks. In addition, Atwood announced the delivery of its newly constructed rig, LeTourneau SUPER 116E Jack-Up, the ATWOOD AURORA from Keppel AmFELS in Brownsville, Texas. The company announced the promotion of Michael Campbell to Vice President -- Controller effective Jan. 1, 2009

A detailed report covering this quarterly release is now available. To purchase the report, click here.