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On Feb. 4, 2009,

Atwood Oceanics


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


(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

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