Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Jim Holland

Rob Saltiel

Analysts

Collin Gerry - Raymond James

Scott Burk - Oppenheimer Funds

Tom Curran - Wells Fargo

Waqar Syed - Macquarie Capital

Mike Breard - Hodges Capital

Atwood Oceanics, Inc. (ATW) F1Q10 (Qtr End 12/31/09) Earnings Call February 4, 2010 11:00 AM ET

Operator

Good day, everyone and welcome to the Atwood Oceanics first quarter results for fiscal year 2010. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. I will be standing by if anyone should need any assistance. And it's now my pleasure to hand the call over to Mr. Jim Holland and Rob Saltiel. Please go ahead.

Jim Holland

Thank you and good morning. Before we commence our financial and operational review, let me as usual remind everyone that during the course of this conference call, we may make forward-looking statements based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a numbers of risks and under certainties.

We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements through words believe, estimate, impact, intend, anticipate are predictive by the uncertainty of future events or outcomes. Undue reliance should not be placed on these forward-looking statements which are applicable only on a date hereof.

Before Rob provides some comments on the company's current operations and future outlook, let me comment on some events, impact and results for the quarter. First, as a reminder, our monthly fleet status report was issued on February 1. Our current objective is to issue this report on the first Monday of each month. However, in order to meet this timing, we eliminated per day operating cost from this report.

We will continue to provide operating cost guidance during our quarterly market conference calls. Effective tax rate for the quarter as-well-as projected rate for the fiscal year was 18%. Total drilling cost for the December quarter was approximately $61 million which is $2 million over our guidance, and this $2 million increase was primarily due to higher than anticipated operating cost on the Atwood Hunter and the Atwood Falcon.

The Atwood Beacon incurred 45 days of zero rate at the beginning of the first quarter of fiscal year 2010 before commencing its 240 day contract commit went on November 15 with Hess. The Vicksburg incurred 25 days zero rate prior to commencing its current contract commitment in the Gulf of Mexico with the Atwood Southern Cross idle the entire quarter.

Currently the only planned zero rate time on rigs for the remainder of fiscal year 2010 relates to required regulatory inspections on the Vicksburg and Richmond. The Vicksburg inspection is expected to occur during the late third or early fourth quarter while the Richmond inspection is planned to occur during the third quarter. Both inspection periods are expected to take 10 days to complete.

After Rob's comments, I will provide some current expectations on drilling costs for the second quarter and comment on other items that could impact results for the fiscal year 2010. I will now turn the conference call over to Rob.

Rob Saltiel

Thank you, Jim. Good morning and welcome to all of you joining today's call. We appreciate your interest in Atwood Oceanics. I'm happy to be here today for my first earnings call as President and CEO of Atwood. I want to begin the call by acknowledging our former President and CEO, John Irwin, who retired from Atwood in mid-December after nearly 18 years of leading our company and more than 30 years of total service to Atwood.

Under John's leadership, our company has established a strong reputation in our industry, for providing safe, reliable and efficient drilling operations with a special focus on client service. This formula has worked well for our employees, clients and shareholders and we don't intend to change it. John has left a much better company behind than he joined and we are indebted to his many contributions to Atwood.

Much of my first two months here at Atwood has been spent meeting with our clients and in visiting our field offices and rig operations around the world. I'm gratified to hear a consistent message from our clients about the quality of Atwood's drilling services and interest in continuing long-standing relationships. I'm impressed by the quality and condition of our fleet and the experience and dedication of our employees.

Turning now to our quarterly results, you've seen from yesterday's release that we earned $1.03 per share, on revenues of $164 million, which represents one of the most profitable quarters in our company's history. These results were aided by a solid performance by our operations team as we experienced very good reliability on our rigs that resulted in strong revenue recognition.

In addition, as Jim already stated, our operating costs were largely inline with the guidance that we provided on our last call. The first quarter also saw the completion of the move of the Atwood Beacon to Equatorial Guinea and its subsequent startup for Hess and the return to service of the Richmond in the Gulf of Mexico after it had been idle. Both of these rigs experienced largely trouble free startups that contributed to this quarter's results.

We have experienced an increase in contracting activity since our last call. We recently announced our contract for the Atwood Southern Cross in Tunisia after many months of effort. In addition, we have extended work on the Richmond with two additional wells that are likely to keep that rig busy until at least May of 2010. Finally, the Vicksburg was extended for three months by its client, New Coastal, until June of 2010.

Including these commitments, our total contract backlog stands at approximately $1.6 billion as of February 1. I want to say a few things about the overall market as it impacts Atwood. We have seen a solid uptick in market inquiries for our rigs since the last conference call both in the shallow water and the floater categories.

We expect that with oil prices having stabilized in the $70 to $80 range that this positive trend may continue. The supply side seems to be the biggest challenge for the offshore rig market currently as there are a significant number of new rigs, both floaters and jack-ups that will exit their shipyards this year still seeking contracts.

The absorption of these new rigs into the market bears watching as it will impact our industry this year. Subletting of contracted rig time is also a factor that may influence day rates and utilization especially on the floater side. On the positive end, we are seeing some of our competitors stack rigs when oversupply situations are apparent. At Atwood, we will remain focused on maintaining a high level of utilization for our fleet, so that means working hard to secure attractive contracts that mitigate our risk of idle time.

Specifically, five of our rigs may have available time in fiscal year 2010. And these will be the focus of our marketing efforts. We will also work throughout this year identify an attractive contract for our second new build semi-submersible that is slated for delivery in mid-2012. You have seen that we released our fleet status report earlier this week. I won't repeat all of that here. But I will say a few words about certain rigs in our fleet before turning it back to Jim.

I recently returned from a trip to Singapore where I was able to see firsthand the progress on our two deepwater semi-submersible new builds at Jurong Shipyard. Our first, the Atwood Osprey, is a 12 point moored 6,000-foot water depth EXD design semi-submersible unit that is contracted to work for Chevron on their (inaudible) development offshore Australia. This rig is making good progress toward its expected delivery in the first quarter of calendar 2011, and we expect total rig cost to be approximately $625 million, consistent with prior guidance.

Our second new build is a dynamically positioned 10,000-foot water depth EXD design semi-sub scheduled for deliver in mid-2012. While it's relatively early days for this project, it remains on schedule and our previous estimate of a $750 million construction cost remains valid. The Atwood Southern Cross is preparing for its return to service for AuDAX Resources in Tunisia.

We expect drilling to commence by mid-June and the client has an option to extend drilling by one to four additional wells if exercised by March 1. In the meantime, we continue to seek longer-term work opportunities for this rig. The Atwood Beacon continues to drill for Hess in Equatorial Guinea under a contract that last until approximately June of this year. Hess as an option to extend this contract for an additional six wells at a rate of $110,000 that would keep the rig busy into fiscal year 2011.

However, we are looking at alternatives in the event this option exercise does not materialize and have commenced discussions with other potential clients. The Vicksburg's contract with New Coastal was also extended for an additional three months until June of 2010, at the prevailing rate of $90,000 per day. There is still one additional six month option priced at $90,000 per day that must be exercised by April 1. If extended, the Vicksburg program would last until December this year.

And finally, the Richmond is finishing up its second well since its reactivation and this will be followed by two more one well programs that will keep that rig busy until May of this year. Those are the significant comments on the market and the rig fleet. So with that I'll turn it back to Jim to provide additional financial updates.

Jim Holland

Thank you, Rob. I will now address certain items that will have an impact on operating results for the second quarter and fiscal year 2010. We currently expect drilling costs for the second quarter to be around $63 million, a primary reason for the increase over the drilling cost incurred in the first quarter is due to probably $1.5 million of additional cost expected to be incurred on the Atwood Southern Cross for certain maintenance that will be performed in preparation for this rig to return to work which as Rob stated we expect to occur in June of 2010.

This additional cost will result in the rig's [direct] cost for the second quarter to increase to around $55,000. In the quarter, that the Atwood Southern Cross returns to work which I stated expected to be the third quarter of fiscal year, 2010 there will be a one time expense of approximately $3.5 million for additional equipment costs required for the rig to commence drilling operations. We also expect that our drilling cost will be impacted at some point this fiscal year by mild wage inflation.

Expected per day operating costs on a rig-by-rig basis for the second quarter are as follows. Atwood Hunter, $110,000, Atwood Eagle, $145,000, Atwood Falcon, $85,000. Atwood Southern Cross, as previously stated, $55,000. Atwood Aurora, $60,000. Atwood Beacon, $75,000 which includes some amortization of mobilization cost. Vicksburg, $40,000, Seahawk, $70,000, Richmond, $40,000 and other cost, $20,000.

Our general and administrative expenses for the first quarter of fiscal year are always highest because of our annual bonus and equity stock awards. We currently expect that our general and administrative expense will decline from the $11.5 million incurred in the first quarter to between $8 million and $9 million for the second quarter. Depreciation expense is expected to be around $9.5 million for the second quarter and around $38 million to $39 million for the year.

I will now comment on expected total capital expenditures for fiscal year 2010. Through December 31, we have expended approximately $645 million toward the construction of the Atwood Osprey and our dynamic position semi-submersible, which leads a approximately $730 million remaining to be expended. Our current projection of capital expenditures for fiscal years 2010, 2011, and 2012 are around $300 million, $400 million, and $330 million respectively.

With our current contracted backlogs expected to provide approximately $900 million in future after-tax cash flows, we foresee no covenant issues with our credit facilities. With the expected future cash flows from our current contract backlogs and available borrowing capacity with current cost of interest around less than 3%, we believe that we can complete the funding of the construction of our two deepwater semi-submersibles and maintain a strong balance sheet without requiring any additional sources of capital.

I will now turn the conference call back to Rob.

Rob Saltiel

Okay. Well, thank you, Jim. That completes our prepared comments and we would like to turn it over to the operator to take some questions.

Question-and-Answer Session

Operator

(Operator Instructions). Our first question will come from the site of Collin Gerry of Raymond James. Your line is now open.

Collin Gerry - Raymond James

Rob, I guess this is the inaugural conference call for you. It looks like on my numbers, if I kind of just look at what I have for your day rates and everything like that, that your utilization or revenues came in higher than what I was expecting. Was there any sort of upside or one event that happened during the quarter, was utilization particularly high? Maybe comment just revenues looked pretty strong this quarter.

Rob Saltiel

Yeah, well I appreciate, that Collin. They were strong. As I mentioned in my prepared comments, our operations team did a great job of ensuring that our rigs had maximum revenue recognition. We had very few down time events during the quarter and when the rigs got back to work, they stayed on the payroll and I think that excellent performance contributed to perhaps exceeding some of your expectations on revenue.

Collin Gerry - Raymond James

All right. Yeah. That's kind of what we suspected was that the utilization was a little bit higher. Might be a tall order to expect that on a quarter in, quarter out basis, more or less this was maybe just an outstanding quarter.

Rob Saltiel

We certainly have high expectations for our performance and we hope to repeat it. But I won't quibble, the quarter was very strong in terms of operations, reliability.

Collin Gerry - Raymond James

All right. And then moving on, the jack-up side, you have a couple of options that look to be above market rate. I guess walk us through what you think the likelihood of those getting exercised if and how do you market or how do you operate through that? Are you marketing the rigs just in case they do not get exercised on those options? Or are we waiting to hear from the customer? Maybe just talk us through that a little bit.

Rob Saltiel

Okay. Well, when you talk about a couple of the jack-ups that have options, I think you are referring to the Atwood Beacon and the Vicksburg. And I'm not sure that I would say that those rates are necessarily above market. The Beacon option is priced at $110,000 a day and Equatorial Guinea and Vicksburg's at $90,000 in Thailand.

So, not sure those are above market numbers but it is fair to say that we don't rely on options being exercised. We continue to look at market opportunities in the event those options aren't exercised. So, we are actively pursuing those and in the event that those options don't get exercised.

Collin Gerry - Raymond James

Okay, perfect. And my final question is, and I've kind of been asking this a bunch is, we saw some new builds get ordered out of Daewoo shipyard recently and the price tag looked a little bit lower than what we have seen in the past year. Does that worry you in terms of what it does to pricing on day rates if we see costs coming down?

Rob Saltiel

We saw those numbers as well and I think those are for some longer term deliveries. But the bottom line is that the supply and demand for market for rigs in the current market is really going to drive the day rates that we see today. We've seen over the course of time in the drilling market shipyard rates fluctuate, depending on whether the order book was full or getting toward empty. Clearly, the shipyards are hungry to keep their forces working, and I think you've seen a little bit of that in some of the latest pricing.

But I don't see that as having an impact on us, certainly in the near term, in terms of our day rate expectations.

Collin Gerry - Raymond James

All right. I'll turn it back over. Good quarter, guys. Thanks.

Operator

We'll move next to the site of Scott Burk of Oppenheimer Funds. Your line is now open.

Scott Burk - Oppenheimer Funds

And welcome, Rob. I just had a couple of follow-up or couple of questions. First of all, I wanted to ask about the Southern Cross and kind of probe what the options are for that, after AuDAX. What does the potential look like for work after the AuDAX contract?

Rob Saltiel

Okay, Scott. I'll take that. We've got our first agreement is a one well firm with an option for additional wells and we're not sure at this point how many of those will be exercised. We're hopeful that there may be some time added on to what we've already got. But beyond that, we are looking at other opportunities in the mid-water range.

I don't want to say too much about those because those are under discussion, but we do see other mid-water opportunities that would be suitable for the Southern Cross and keep in mind, we wouldn't be starting the rig up if we thought it was really just going to be a very short campaign. We're anticipating that we can keep the rig active through this fiscal year and into next year.

Scott Burk - Oppenheimer Funds

Okay. Are any of the opportunities you're looking at potentially longer-term than just one or two well, one well with options kind of work?

Rob Saltiel

Yes, they are.

Scott Burk - Oppenheimer Funds

Okay. Then I also had a question, follow-up question on CapEx. You have entered the CapEx number for the next (inaudible) CapEx number for the next three years. Any other potential CapEx beyond those, beyond that for the two rigs that you're currently working on, specifically wondering if there's any potential for additional, for customer requests for additional new builds from Atwood?

Rob Saltiel

We don't have additional new builds factored into any of the CapEx numbers that Jim would have given in his comments. One of the things that we certainly look at is opportunities to grow our fleet and if there were an opportunity to do something with a customer for a contract, we would certainly take a look at that. Keep in mind of course, as I said in my opening comments, we have one DP semi-submersible that's already underway at Jurong that we don't have a contract for. So that's our first order of business in terms of priority would be to get a contract for that.

But if there were opportunities subsequent to that around new builds and we had customer sponsorship for that we would certainly take a look at additional capital expenditures to grow our business. We like our balance sheet position. We feel that we've got some flexibility to do some things and we're certainly on the lookout for those opportunities.

Operator

Our next question will come from the site of Tom Curran of Wells Fargo. Your line is now open.

Tom Curran - Wells Fargo

Rob, I'll echo the preceding comments in welcoming you to your first quarterly conference call and hopefully it's an auspicious sign for your tenure that you would be viewing following such a strong quarter. Congratulations on that.

Rob Saltiel

Thank you.

Tom Curran - Wells Fargo

Curious, I understand why you don't want to go into too much detail about the nature of the opportunities you're exploring for the Southern Cross. Could you perhaps speak instead to the Geo markets where you're seeing the strongest signs of life right now for that class of rig?

Rob Saltiel

Let me give a general statement. We're active, when we come out of our idle period, we're going to be active in the Mediterranean area, which is a mid-water area. That's certainly a potential area for us to stay. There may be other opportunities in the Med, and then I think that the West Africa area is another area to be thinking about. But depending on the term and the attractiveness in terms of the rate, we can the take the rig further away as well. So I don't want to limit us by Geo market but clearly when we come out into the Med that would be an area that we would certainly take a close look at to avoid long mobilization costs, if we can do that.

Tom Curran - Wells Fargo

And would that rig be eligible for and would you consider working in Libya?

Rob Saltiel

I mean, I think we worked in Libya before. There's no reason why we can't work in Libya again if an opportunity presented itself.

Tom Curran - Wells Fargo

Okay and then turning to the Richmond and the Seahawk, curious, Rob, how do you think about those assets? And then you may need some help on this from Jim for the historical comparison, but how does potential buyer interest in those rigs compare to where it was, say, three months ago, six months ago, both in terms of the number of potential buyers expressing interest, and then the attractiveness of the bids they're presenting?

Rob Saltiel

Okay. Let me take those in turn, and if Jim has anything to add, he can certainly jump in. Both of those rigs are considered niche rigs as part of our fleet. The Richmond being a submersible, it's the only active submersible I believe in the Gulf of Mexico right now. The other submersible rigs are idle and what the Richmond tends to do is drill in very shallow water, primarily for gas opportunities.

And we've worked with a number of smaller players, some through a turnkey driller, in order to keep that rig active and as we go forward, we think that there is further opportunities on the natural gas front, as natural gas prices seem to have stabilized and financing opportunities for some of the smaller players have increased.

So our expectation is that we keep working the Richmond in the Gulf of Mexico. I can tell you that we're not looking to actively sell that rig and, so comments on any potential interest from buyers would be premature. The Seahawk is also fair to say a niche rig in our fleet, as a tender assist. Because it's a niche rig, it has found a unique opportunity in Equatorial Guinea, working with Hess, along a couple of their platforms.

TLP work that it's supporting, and we are hopeful that we can continue to keep that rig busy. The market for tender assist rigs is probably a less visible market to a lot of folks, but we are seeing multiple opportunities for that rig to continue to work beyond its current work and hopeful to keep the rig active through this year and into next.

Echoing comments that I made on the Richmond, we're not looking to actively sell that rig either, so we don't really have any comments on potential buyers.

Operator

(Operator Instructions). And we'll go next to the site of Waqar Syed of Macquarie Capital. Your line is now open.

Waqar Syed - Macquarie Capital

Congratulations, Rob on a great quarter. Just a couple of questions. One, just a clarification on an earlier question regarding the contract that Daewoo announced at about $530 million per rig. Do you think that's an all-in cost for the rig or that's just a Daewoo component. And so when you include the cost of risers, drill pipes, inventories, capitalized interest and training cost, the cost could be closer to the $600 million mark?

Rob Saltiel

I'm not privy to the details of that contract, so it would just be speculation. Depending on how those deals are negotiated, they may or may not include some owner-furnished equipment which could bring the price tag higher. But again, not having seen the contract it's probably inappropriate for me to comment.

Waqar Syed - Macquarie Capital

Sure. The secondly, just on the cost inflation, rate inflation that was mentioned, what percentage we are talking about and also is there an offset in the material supply side?

Rob Saltiel

Yeah, we're still reviewing our personnel costs for 2010, so I'm not going to give you a specific percentage but we're talking about GDP type increases here, just to keep up with cost of living, that kind of thing. So we're really contrasting that to some of the higher wage inflation you would have seen in the past.

Waqar Syed - Macquarie Capital

Okay. And then on the Southern Cross, obviously near term there's going to be some one-time higher costs, but once those are taken away, what's the underlying operating costs that you could incur for that rig in the Mediterranean?

Jim Holland

This is Jim Holland. We believe once we get to this June quarter, that if it starts up as we expect, which would put the cost somewhere in the $100,000, $110,000 for that one quarter, as far as average with that $3.5 million that should go back down more in the 80, 85 range, the normal cost range going forward.

Waqar Syed - Macquarie Capital

Okay. And Rob, Seahawk is a fairly unique asset like you mentioned it is a semi-submersible design and it is probably the preferred design for tenders. Bigger market for that is in Southeast Asia. Do you see that rig going back to that market or do you see it staying in West Africa?

Rob Saltiel

Well, as I said, the market for these kinds of opportunities is a bit less visible and you might argue thinner than what you would see for jack-ups and floaters. So we're going to be taking a broad look at opportunities for the Seahawk.

Obviously, if we can get into a long-term deal, similar to what we've done currently, that justifies a larger mobilization so we'll certainly take a look at that part of the world as-well-as other parts of the world as those opportunities present themselves.

Operator

We'll move next to the site of (inaudible) Assets.

Unidentified Analyst

Hi. Thanks a lot for taking my question. I'm working for a sustainable investing company and I noticed in doing some research that Atwood has been involved or has been listed as being involved in Burma in the past. And I was wondering if you could confirm that any just or just talk a little bit about any intentions that you might have of operating in Burma in the future. Maybe a contentious question. You don't have to answer it if you don't?

Rob Saltiel

I'm looking. It predates my time. I think the last time we worked in Burma, Myanmar was 2003.

Unidentified Analyst

That's right. Okay. Do you have any feedback or any information you could share with us about your intention or willingness to operate in that geopolitical area in the future?

Rob Saltiel

There's nothing that by law prohibits us from working in Myanmar. And as you can see from our fleet status report, we don't have any active rigs there. That's about what I'm prepared to say.

Operator

(Operator Instructions). We'll move next to the site of Mike Breard of Hodges Capital. Your line is now open.

Mike Breard - Hodges Capital

First, Rob, welcome aboard.

Rob Saltiel

Thank you.

Mike Breard - Hodges Capital

What are the prospects of upgrading some of your older rigs in the near future? I mean expensive upgrades, not just a little bit of extra equipment.

Rob Saltiel

Yeah I'm not sure which of the rigs you may be referring to. As you may be aware, our deepwater rigs, Hunter, Falcon, and Eagle have already gone through pretty extensive upgrades. I think that as we look to extend contracts to the extent that they're of a sufficient duration and there's a client need for additional capability, we always take a look at the opportunity to upgrade our fleet if it makes it more marketable, both for the current and for future work.

At this point in time, those opportunities have not manifested themselves where we're ready to announce any kind of upgrades but through the course of discussion with clients for future work, the concept of upgrades is often times mentioned and as I said, we're open to doing that. We have the balance sheet to do out. We've done it successfully in the past and if it makes sense for our clients, we'll do it again.

Mike Breard - Hodges Capital

Okay, and one other question. Your big rigs are pretty well committed for quite a while but have you had any substantive discussions about extending some of those contracts, even though they don't expire for quite a while?

Rob Saltiel

There have been some discussions, but I think it's fair to say that it hasn't been as much of a focus for us as some other areas where we have short-term availability as. As I mentioned, we've got five rigs with availability here and at fiscal year 2010. None of those are deepwater rigs. So those discussions do take place, but I would say they're secondary to some of our near term focus.

Mike Breard - Hodges Capital

Okay. I was just wondering how far out your customers might be looking for rig availability?

Rob Saltiel

Yeah, I mean, there's ongoing dialogue with existing customers for those rigs about opportunities to potentially extend. But in terms of the certainty of that, I think it's probably a bit early to make a comment on that.

Operator

And it appears that we have to further questions at this time.

Rob Saltiel

Okay. Well, if there are no further questions, we appreciate everybody's interest and we'll look forward to talking to you for our second quarter call coming up in three months.

Operator

And this does conclude today's teleconference. Thank you for your participation. You may disconnect at any time. And have a great day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Atwood Oceanics F1Q10 (Qtr End 12/31/09) Earnings Call Transcript
This Transcript
All Transcripts