ATW Atwood Oceanics, Inc. (delisted)

Houston, January 13, 2017 - Atwood Oceanics, Inc. (NYSE: ATW) ("Atwood" or the "Company") today announced that it has closed the previously announced underwritten public offering of 15,525,000 shares of its common stock. The shares issued at closing included 2,025,000 shares issued pursuant to the underwriters' exercise in full of their option to purchase additional shares of common stock.  The Company received net proceeds from the offering, before deducting estimated offering expenses, of approximately $181.1 million. The Company expects to use the net proceeds from the offering for general corporate purposes, which may include the repayment of borrowings under its credit facility, the funding of future purchases of its outstanding 6.50% Senior Notes due 2020, working capital and capital expenditures, and otherwise to enhance its liquidity.

Goldman, Sachs & Co. acted as lead book-running manager, and Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. The offering was made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-209647) filed by Atwood with the Securities and Exchange Commission ("SEC") and only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement, prospectus supplement and the accompanying base prospectus related to the offering may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting:

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Atwood Oceanics, Inc. is a leading offshore drilling company engaged in the drilling and completion of exploration and developmental wells for the global oil and gas industry. The Company currently owns 10 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."

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

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