ATWOOD OCEANICS REPORTS ON STATUS OF ATWOOD OSPREY

FOR IMMEDIATE RELEASE

HOUSTON, March 16, 2015 - Atwood Oceanics, Inc. ATW announced today that its semisubmersible drilling unit, the Atwood Osprey, parted several mooring lines and drifted approximately three nautical miles from its original position during Cyclone Olwyn, which impacted the northwest coast of Australia on March 12th.  The rig is currently stable with a support vessel in position, and preliminary results indicate minimal damage with an estimated maximum of 30 days out of service time for repairs.  No rig personnel were injured in the event.

The Atwood Osprey is contracted to Chevron Australia Pty. Ltd. and was on location at the Iago 1B well.  The well had been shut down and secured in accordance with Chevron's cyclone demobilization procedures and the rig had ballasted down and evacuated all its rig personnel in advance of the cyclone.  Atwood Oceanics is coordinating its efforts with Chevron, the Australian offshore regulator (NOPSEMA) and other affected parties. 

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 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."  For a full list of the official Social Media pages for Atwood Oceanics, Inc. please visit our Investor Relations site at: http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376

Media Contact: Anthony Hasluck
Within Australia:               (08) 9380 0700  
Outside Australia:            +61 8 9380 0700

Forward Looking Statements

Statements contained in this press release with respect to the future, including damage to the vessel and expected out of service time, 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; the risks inherent in the construction of a rig; delays in the commencement of operations of a rig following delivery; 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.