Exhibit 99.1

FOR IMMEDIATE RELEASE - EARNINGS

HOUSTON, July 29, 2015 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"), announced today that it had earned net income of $113.0 million or $1.73 per diluted share, on revenues of $330.6 million for the quarter ended June 30, 2015 compared to net income of $122.7 million or $1.89 per diluted share on revenues of $350.4 million for the quarter ended March 31, 2015 and compared to net income of $71.9 million or $1.11 per diluted share, on revenues of $292.8 million for the quarter ended June 30, 2014. For the nine months ended June 30, 2015, the Company earned net income of $281.9 million or $4.33 per diluted share, on revenues of $1.03 billion compared to net income of $228.6 million or $3.52 per diluted share, on revenues of $850.6 million for the nine months ended June 30, 2014.

  For the Three Months Ended
  (Unaudited)
(In thousands, except per share amounts) June 30,
 2015		   March 31,
 2015		   June 30,
 2014
Revenues $ 330,562     $ 350,387   $ 292,777  
           
Income before Income Taxes $ 122,539     $ 134,976     $ 79,365  
Provision for Income Taxes (9,547 )   (12,307 )   (7,440 )
Net Income $ 112,992     $ 122,669     $ 71,925  
           
Earnings per Common Share -          
Basic $ 1.75     $ 1.90     $ 1.12  
Diluted $ 1.73     $ 1.89     $ 1.11  

  For the Nine Months Ended
  (Unaudited)
(In thousands, except per share amounts) June 30,
 2015		   June 30,
 2014
Revenues $ 1,032,675     $ 850,580  
       
Income before Income Taxes $ 312,855     $ 270,908  
Provision for Income Taxes (30,976 )   (42,286 )
Net Income $ 281,879     $ 228,622  
       
Earnings per Common Share -      
Basic $ 4.37     $ 3.56  
Diluted $ 4.33     $ 3.52  

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

  Three Months Ended June 30,   Nine Months Ended June 30,
(In thousands, except per share amounts) 2015   2014   2015   2014
REVENUES:              
Contract drilling $ 317,531     $ 264,925     $ 992,913     $ 798,544  
Revenues related to reimbursable expenses 13,031     27,852     39,762     52,036  
Total revenues 330,562     292,777     1,032,675     850,580  
               
COSTS AND EXPENSES:              
Contract drilling 134,258     128,586     401,847     388,715  
Reimbursable expenses 9,066     23,493     29,634     41,095  
Depreciation 42,534     37,601     129,637     107,376  
General and administrative 10,473     12,844     42,619     47,688  
Asset impairment -     -     60,777     -  
(Gain) loss on sale of assets 27     7     15,362     (34,072 )
Other, net -     (212 )   -     (1,815 )
  196,358     202,319     679,876     548,987  
               
OPERATING INCOME $ 134,204     $ 90,458     $ 352,799     $ 301,593  
               
OTHER INCOME (EXPENSE):              
Interest expense, net of capitalized interest (11,677 )   (11,219 )   (40,028 )   (30,932 )
Interest income 12     126     84     247  
  (11,665 )   (11,093 )   (39,944 )   (30,685 )
               
INCOME  BEFORE INCOME TAXES 122,539     79,365     312,855     270,908  
PROVISION FOR INCOME TAXES 9,547     7,440     30,976     42,286  
NET INCOME $ 112,992     $ 71,925     $ 281,879     $ 228,622  
               
EARNINGS PER COMMON SHARE:              
Basic $ 1.75     $ 1.12     $ 4.37     $ 3.56  
Diluted $ 1.73     $ 1.11     $ 4.33     $ 3.52  
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:              
Basic 64,649     64,309     64,557     64,204  
Diluted 65,130     65,060     65,063     65,023  

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING COSTS

  REVENUES
  Three Months Ended   Nine Months Ended
(In millions) June 30,
 2015		   March 31,
 2015		   June 30,
 2014		   June 30,
 2015		   June 30,
 2014
Ultra-Deepwater $ 174     $ 183     $ 118     $ 524     $ 326  
Deepwater 77     82     70     257     241  
Jackups 67     73     77     212     232  
Reimbursable 13     12     28     40     52  
  $ 331     $ 350     $ 293     $ 1,033     $ 851  

  DRILLING COSTS
  Three Months Ended   Nine Months Ended
(In millions) June 30,
 2015		   March 31,
 2015		   June 30,
 2014		   June 30,
 2015		   June 30,
 2014
Ultra-Deepwater $ 75     $ 68     $ 44     $ 206     $ 125  
Deepwater 29     32     52     102     157  
Jackups 29     30     32     91     102  
Reimbursable 9     9     23     30     41  
Other 1     1     1     3     5  
  $ 143     $ 140     $ 152     $ 432     $ 430  

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value) June 30,
 2015		   September 30,
 2014
  (Unaudited)    
ASSETS      
Cash $ 74,504     $ 80,080  
Accounts receivable 257,320     242,684  
Income tax receivable 10,128     6,260  
Inventories of materials and supplies 137,949     132,368  
Prepaid expenses, deferred costs and other current assets 20,857     36,415  
Total current assets 500,758     497,807  
       
Property and equipment, net 4,188,794     3,967,028  
       
Other receivables 11,831     11,831  
Deferred income taxes 165     589  
Deferred costs and other assets 22,697     29,973  
Total assets $ 4,724,245     $ 4,507,228  
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
Accounts payable $ 85,650     $ 94,315  
Accrued liabilities 19,765     19,158  
Dividends payable 16,163     16,090  
Short-term debt -     11,885  
Interest payable 18,261     8,099  
Income tax payable 8,784     14,234  
Deferred credits and other liabilities 4,333     3,596  
Total current liabilities 152,956     167,377  
       
Long-term debt 1,716,247     1,742,122  
Deferred income taxes 835     783  
Deferred credits 3,320     4,100  
Other 37,909     37,322  
Total long-term liabilities 1,758,311     1,784,327  
       
Commitments and contingencies      
       
Preferred stock, no par value, 1,000 shares authorized, none outstanding -     -  
Common stock, $1.00 par value, 180,000 shares authorized with 64,653 issued and outstanding at June 30, 2015 and 180,000 shares authorized and 64,362 shares issued and outstanding at September 30, 2014 64,653     64,362  
Paid-in capital 209,541     201,464  
Retained earnings 2,535,619     2,286,137  
Accumulated other comprehensive income 3,165     3,561  
Total shareholders' equity 2,812,978     2,555,524  
Total liabilities and shareholders' equity $ 4,724,245     $ 4,507,228  

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH

  Nine Months Ended June 30,
(In thousands) 2015   2014
Cash flows from operating activities:      
Net income $ 281,879     $ 228,622  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 129,637     107,376  
Amortization 5,179     5,876  
Provision for doubtful accounts and inventory obsolescence 3,337     1,905  
Deferred income tax benefit (3,453 )   (649 )
Share-based compensation expense 9,277     10,924  
Asset impairment 60,777     -  
(Gain) loss on sale of assets 15,362     (34,072 )
Changes in assets and liabilities:      
Accounts receivable (17,917 )   (5,069 )
Income tax receivable (3,868 )   (1,425 )
Inventories of materials and supplies (16,917 )   (8,816 )
Prepaid expenses, deferred costs and other current assets 13,274     14,100  
Deferred costs and other assets (341 )   (10,512 )
Accounts payable (17,511 )   (11,303 )
Accrued liabilities 24,049     15,118  
Income tax payable (5,450 )   6,032  
Deferred credits and other liabilities 6,291     21,141  
Net cash provided by operating activities 483,605     339,248  
       
Cash flows from investing activities:      
Capital expenditures (420,077 )   (564,119 )
Proceeds from sale of assets 2,339     61,516  
Net cash used in investing activities (417,738 )   (502,603 )
       
Cash flows from financing activities:      
Borrowings from credit facilities 225,000     370,000  
Repayments on credit facilities (250,000 )   (165,000 )
Repayments on short-term debt, net (11,885 )   (8,071 )
Dividends paid (32,397 )   -  
Proceeds from exercise of stock options 1,279     3,468  
Debt issuance costs paid (3,440 )   (6,650 )
Net cash (used) provided by financing activities (71,443 )   193,747  
Net increase (decrease) in cash and cash equivalents (5,576 )   30,392  
Cash and cash equivalents, at beginning of period 80,080     88,770  
Cash and cash equivalents, at end of period $ 74,504     $ 119,162  
       
Non-cash activities:      
Increase in accounts payable and accrued liabilities related to capital expenditures $ (15,501 )   $ (13,573 )

Atwood Oceanics, Inc. is a leading offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company currently owns 12 mobile offshore drilling units and is constructing two ultra-deepwater drillships. The Company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

As part of our ongoing commitment to our shareholders, Atwood Oceanics uses a variety of Social Networks sites to disseminate company information. For a full list of the official Social Media pages for Atwood Oceanics, please visit the Social Media Disclaimer page of our IR site at: http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376.

Conference Call

The Company has scheduled a conference call and webcast related to its third quarter 2015 results on Thursday, July 30, 2015, at 9:00 a.m. CDT.  Interested parties are invited to listen to the call by dialing 1-800-894-5910, or internationally 1-785-424-1052, Conference ID - 36982. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Web site at http://services.choruscall.com/links/atw150730

A replay of the conference call will be available on the Company's Web site following the end of the live call.

Contact: Mark W. Smith
Senior Vice President & CFO
(281) 749-7840




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#1942303
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