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Atwood Oceanics, Inc.

INTRO

Atwood Oceanics Inc. is an offshore oil and gas drilling company that participates in drilling in exploratory regions around the world.3 Atwood Oceanics Pacific Limited (A.O.P.L.) and related subsidiaries of Atwood Oceanics Inc. make up what is referred to as the “Atwood Group.”1

HISTORY

The “Atwood Group” owns and operates eight offshore oil and gas drilling rigs.1 Organized in 1968 Atwood Oceanics inc. began operation by 1970.3 In 1972 Atwood was placed on the stock market and is currently under the symbol “ATW” on the New York Stock Exchange.1 The Atwood Group has conducted drilling operations in the Red Sea, Arabian Gulf, Black Sea, Australia, East and West Africa, Southeast Asia, Mediterranean Sea, China, Far East, Papua New Guinea, India, Central and South America and the U.S. Gulf of Mexico.4 The Atwood Group’s headquarters in the U.S. is in Houston. It also operates from Australia, Malaysia, Malta, Indonesia, Egypt and the United Kingdom.1

GAS AND OIL RIGS

Atwood Oceanics owns two jack-up rigs, four semisubmersible rigs, one submersible rig, and one semisubersible tender assist vessel.2 Constructed in 1974, and located off the coast of West Africa, The “Seahawk” is the oldest of all the rigs.1 Both the “Vicksburg” and the “Southern Cross” were built in 1976.1 The “Vicksburg” is in the waters of Thailand and the “Southern cross” is in the Black Sea.1 In 1981 the “Hunter” was constructed and is now stationed in Muritania, drilling at a depth of up to 28,000 feet.1 The “Eagle” was built in 1982 and is off the coast of Australia.1 The cantilever submersible rig named “Richmond” was also built in 1982 and is the only one of Atwood’s rigs currently stationed in U.S. waters, the Gulf of Mexico.1 The “Falcon” was built in 1983 and now operates in the waters of Malaysia.1 The “Beacon,” constructed in 2003, is located in Singapore and is scheduled to be moved to India in December.1 Atwood Oceanics Inc. has plans for a ninth drilling unit, the “Atwood Aurora,” currently being constructed at the Keppel AmFELS, Inc. yard in Brownsville Texas at a cost of 160 million dollars; planned to be in operation upon delivery in September, 2008.1 Since 1996, the Atwood group has spent over 400 million dollars in upgrading seven of its’ eight offshore drilling units.1 It also has plans for a ninth drilling unit, the “Atwood Aurora,” at a cost of 160 million dollars; planned to be in operation upon delivery in September, 2008.1

References:

1 http://www.atwd.com/ 2 http://www.answers.com/topic/atwood-oceanics-inc?cat=biz-fin 3 http://www.marketwatch.com/tools/quotes/profile.asp?symb=ATW&sid=671 4 http://wrightreports.ecnext.com/coms2/reportdesc_COMPANY_050095108

Reliant Energy is making efforts toward a cleaner environment by using and supporting the use of renewable resources such as Solar energy, wind, landfill gas, and coal refuse. Reliant’s long-term agreement with Power Light Corporation to purchase Solar Renewable Energy Certificates will support the building of solar systems in New Jersey.1 They also have purchase power agreements with three wind power companies in Texas; King Mountain Wind Ranch, Callahan Wind facility, and Horse Hollow Wind Farm.1 The King Mountain Wind Ranch sources the most power of the three wind companies and Reliant Energy has access to 202 megawatts from them.1 Together, four landfill gas facilities from the Houston metropolitan area generate 25 megawatts and have a purchase power agreement to give that energy to Reliant.1 In 2004 the Reliant Energy Seward Electric Station received the ‘2004 Pennsylvania Governor’s Environmental Excellence’ award, and was named the ‘Power Plant of the Year’ by the POWER Magazine.1 This power plant uses coal refuse to generate power and puts out less than half the emissions than the plant that it replaced.1

1 2007: Reliant Energy: http://www.reliant.com/PublicLinkAction.do?i_chronicle_id=090175228000236a&language_code=en_US&i_full_format=jsp#coal

In 2000, the Kentucky Natural Resources and Environmental Cabinet demanded that Marathon pay a $170,000 penalty for a pipeline spill earlier that year.1 This case was settled in 2002. That same year Texas sent a “Notice of Enforcement” citing Marathon for “excess air emissions” from its Yates Gas Plant.1 Marathon was prosecuted for air permit violations in 2003 by Louisiana. The Environmental Protection Agency then prosecuted Marathon for not following a pollution prevention plan as well as not complying with the stormwater permit.1

1Edgar-online http://sec.edgar-online.com/2004/03/09/0001193125-04-036535/Section3.asp

New York Times reported on October 28, 1990, that a barge, with a load of 31,000 barrels of kerosene, struck a reef in the Hudson river spilling 163,000 gallons of fuel. Immediately, Hess assumed responsibility for the cleanup; the Coast Guard worked alongside the Red Star company to clean and to contain the spill to one area.1 Coast Guard official Mr. Holmes said “The weather and wind conditions are almost as close to perfect as they could get,” and this attributed to a quicker and surer cleanup than could otherwise be.1 According to New York Times, Mr. Holmes also said that 70 percent of the spill would be gone in 3 days due to the natural evaporation rate of Kerosene. Even though most Kerosene evaporates, toxic chemicals such as benzene stay in the water and harm certain fish.1 Hess claims that their corporate policy has “long stressed” their “fundamental commitment to comply with applicable environment, health and safety laws and regulations,” and they claim to clean every spill made. 2

Foderaro, Lisa: New York Times: October 28, 1990 http://proposition89.blogspot.com/2006/09/big-oil-throws-down-against-proposition.html

2 Hess Corporation: 2006 http://www.hess.com/downloads/reports/EHS/US/2006/environmental4.html

Vaalco Energy claims to abide by laws both local and national, and also coincides with the International Finance Corporation environmental guidelines.1 On April 19th, 2002, Vaalco signed a loan agreement with the International Finance Corporation. The agreement was to comply with certain limits and regulations on air emission levels, waste guidelines, and spill cleanup policies.1

1 EdgarOnline: 3/8/2006 http://sec.edgar-online.com/2006/03/08/0001193125-06-048519/Section2.asp