ATWOOD OCEANICS ANNOUNCES AMENDMENT TO CREDIT FACILITY
March 29 2016 - 9:04AM
FOR IMMEDIATE RELEASE
HOUSTON, March 29, 2016-- Atwood
Oceanics, Inc. (NYSE: ATW) announced today that it, as guarantor,
and its wholly-owned subsidiary, Atwood Oceanics Worldwide Limited,
as borrower, have entered into an amendment to the borrower's
Senior Secured Revolving Credit Facility (the "Amendment").
Among other things, the Amendment removes the maximum leverage
ratio financial covenant and delays the implementation of an
interest coverage ratio covenant until July 2018. In
addition, the Amendment adds a new minimum liquidity financial
covenant and reduces the aggregate principal amount of commitments
by $152 million.
Rob Saltiel, President and Chief
Executive Officer, commented, "This Amendment removes uncertainty
relating to the Company's access to our credit facility during this
challenging time for our industry. We continue to believe
that Atwood Oceanics has sufficient liquidity to weather this
downturn and to participate fully in the market recovery."
Mark Smith, Senior Vice President
and Chief Financial Officer, stated, "We appreciate the continued
strong support provided by the syndicate of banks in our credit
facility, who worked constructively with us to execute the
Amendment. In the process, we have also preserved financial
flexibility as our two drillships under construction remain
unencumbered by the facility. "
Atwood Oceanics, Inc. is a leading
offshore drilling contractor engaged in the drilling and completion
of exploratory and developmental wells for the global oil and gas
industry. The Company currently owns 11 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." For more
information about the Company, please visit www.atwd.com.
Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840
Forward Looking
Statements
Statements
contained in this press release with respect to the future,
including statements regarding access to our credit facility and
liquidity, are forward-looking statements. These statements reflect
management's reasonable judgment with respect to future events.
Forward-looking statements are subject to numerous risks,
uncertainties and assumptions and actual results could differ
materially from those anticipated as a result of various factors
including: uncertainties related to the level of activity in
offshore oil and gas exploration and development; oil and gas
prices; competition and market conditions in the contract drilling
industry; our ability to enter into and the terms of future
contracts; possible cancelation or suspension of drilling
contracts; the availability of qualified personnel; labor
relations; operating hazards and risks; terrorism and political and
other uncertainties inherent in foreign operations (including risk
of war, civil disturbances, seizure or damage to equipment and
exchange and currency fluctuations); the impact of governmental and
industry laws and regulations; and environmental matters. These
factors and others are described and discussed in our most recently
filed annual report on Form 10-K, in our Forms 10-Q for subsequent
periods and in our other filings with the Securities and Exchange
Commission which are available on the SEC's website at www.sec.gov.
Each forward looking statement speaks only as of the date of the
particular statement and we undertake no duty to update the content
of this press release or any forward-looking statement contained
herein to conform the statement to actual results or to reflect
changes in our expectations.
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#1997937
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