Atwood Oceanics Inc. (ATW, Financial) filed Quarterly Report for the period ended 2011-12-31.
Atwood Oceanics Inc. has a market cap of $2.97 billion; its shares were traded at around $45.79 with a P/E ratio of 10.53 and P/S ratio of 4.61. Atwood Oceanics Inc. had an annual average earning growth of 30.3% over the past 10 years. GuruFocus rated Atwood Oceanics Inc. the business predictability rank of 3-star.
Operating RevenuesOperating revenues for the three months ended December 31, 2011 increased $38.4 million, or approximately 26%, compared to the three months ended December 31, 2010. A comparative analysis of revenues by rig is as follows:
The increase in revenues for the Atwood Eagle during the three months ended December 31, 2011 is due to an extended downtime period for regulatory inspections during the three months ended December 31, 2010. During the current fiscal period, the rig has continued to work on the same contract offshore Australia that it was working under in fiscal year 2011.
The increase in revenues for the Atwood Aurora is due to the rig working on a higher day rate contract during the three months ended December 31, 2011, as compared to the prior fiscal period. The rig worked offshore Egypt through most of fiscal year 2011 and relocated in late September 2011 to work offshore West Africa.
Income TaxesOur effective tax rate was 16% for the three months ended December 31, 2011, which was consistent with the effective tax rate for the prior fiscal period. Our effective tax rate for each period was lower than the statutory rate of 35% as a result of working in certain foreign nontaxable and deemed profit tax jurisdictions.
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Atwood Oceanics Inc. has a market cap of $2.97 billion; its shares were traded at around $45.79 with a P/E ratio of 10.53 and P/S ratio of 4.61. Atwood Oceanics Inc. had an annual average earning growth of 30.3% over the past 10 years. GuruFocus rated Atwood Oceanics Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
We maintain a backlog of commitments for contract drilling revenues. Our contract backlog at December 31, 2011 was approximately $1.7 billion, representing a 55% increase compared to our contract backlog of $1.1 billion at December 31, 2010. We calculate our contract backlog by multiplying the day rate under our drilling contracts by the number of days remaining under the contract, assuming full utilization. The calculation does not include any revenues related to otherOperating RevenuesOperating revenues for the three months ended December 31, 2011 increased $38.4 million, or approximately 26%, compared to the three months ended December 31, 2010. A comparative analysis of revenues by rig is as follows:
The increase in revenues for the Atwood Eagle during the three months ended December 31, 2011 is due to an extended downtime period for regulatory inspections during the three months ended December 31, 2010. During the current fiscal period, the rig has continued to work on the same contract offshore Australia that it was working under in fiscal year 2011.
The increase in revenues for the Atwood Aurora is due to the rig working on a higher day rate contract during the three months ended December 31, 2011, as compared to the prior fiscal period. The rig worked offshore Egypt through most of fiscal year 2011 and relocated in late September 2011 to work offshore West Africa.
Income TaxesOur effective tax rate was 16% for the three months ended December 31, 2011, which was consistent with the effective tax rate for the prior fiscal period. Our effective tax rate for each period was lower than the statutory rate of 35% as a result of working in certain foreign nontaxable and deemed profit tax jurisdictions.
Read the The complete Report
