Credit Suisse, 19th Annual Summit Energy Conference February 13, 2014 Rob Saltiel President and CEO Atwood Oceanics, Inc. Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three 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."

1. Credit Suisse
19th Annual
Summit Energy
Conference
February 13, 2014
Rob Saltiel
President and CEO
Atwood Oceanics, Inc.
Atwood Advantage
1

2. Forward Looking Statements
Statements contained in this report with respect to the future 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 risks 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 this presentation and we
undertake no duty to update the content of this presentation or any forward-looking
statement contained herein to conform the statement to actual results or to reflect
changes in our expectations.
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3. Investment Thesis
3

4. Atwood Oceanics Investment Thesis
Modern, high quality rig fleet
 6 UDW floaters and 3 high-specification jackups delivered from 2011
Industry-leading margins and returns
 Early cycle capital investment
 Superior revenue efficiency and cost control
 Consistent revenue and earnings growth through previous cycles
Earnings visibility, predictability and built-in growth
 96% of 2014 available days contracted
 Limited negative earnings revisions
 Expect 15% EPS CAGR through 2016
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5. Modern, High Quality Fleet
- $4.5 billion Investment in Expanding our High Specification Rig Fleet
2015 EBITDA: Approximately 80%1
derived from UDW floaters and
high specification jackups
Atwood Mako
Atwood Manta
Atwood Orca
Atwood Archer
Atwood Osprey
Atwood Condor
Atwood Advantage
Atwood Achiever
2011
2012
2013
2014
CALENDAR YEAR
5 1
Delivered and Working
Under Construction; Contracted
Source: FactSet dated February 6, 2014 and Internal Analysis
Atwood Admiral
2015

6. Modern, High Quality Fleet
- Bifurcation – Why the New Rigs will Rule
Specification
“A- Class”
Drillship
Typical
5th Gen
Floater
Max Water Depth (Ft)
12,000
10,000
Max Drilling Depth (Ft)
40,000
35,000
Variable Deckload (mt)
23,000
20,000
Dual 15K BOP
Yes
No
BOP Rams
7
6
Hookload (Lbs)
2,500,000
2,000,000
Mud Pumps
5
4
Cranes
3 x 100 mt
3 x 85 mt
Compensating Crane
Yes – 165 mt
No
Active Heave with
Crown-Mounted
Compensator
Yes
No
6
Atwood Advantage

7. Modern, High Quality Fleet
- Revenue-weighted Age of Fleet
DO
RIG
NE
ESV
RDC
ATW
30
Fleet Age (Years)
25
20
15
10
5
0
2010
7
2011
2012
Source: Johnson Rice & Company, January 2014
2013
2014
2015

8. Industry-leading Margins and Returns
- Achieving Top-Tier Execution
Value Drivers
Key Enablers
- Centralized
maintenance and
technical support
2011
- Consistent standards
- Atwood Osprey
and institutionalizing
2012
lessons learned
- Atwood Mako
- Common equipment
- Atwood Condor
across rigs and
2013
supplier consolidation
- Atwood Manta
- Organic growth with
- Atwood Orca
proven rig designs
2014
and world-class
- Atwood
shipyards
Advantage
- Early capital project
- Atwood Achiever
scoping and detailed
2015
project planning
- Atwood Admiral
- Experienced project
management teams
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Revenue
Efficiency
Cost
Control
Project
Management
Best-in-class Operating and Net
Margins
Consistent, Superior Shareholder
Returns

9. Industry-leading Margins and Returns
- EBITDA Margin Comparison
RIG
ESV
NE
FY'09
FY'10
FY'11
DO
RDC
ATW
70%
60%
50%
40%
30%
20%
FY'08
Source: Tudor, Pickering, Holt & Co. – January 2014
9
FY'12
FY'13
FY'14
FY'15

10. Industry-leading Margins and Returns
- Net Income Margin – trailing 8 quarters
40%
35%
34%
30%
27%
27%
25%
24%
20%
17%
15%
15%
13%
RDC
RIG*
10%
5%
0%
ATW
ESV
SDRL
Source: SEC Financials – Trailing 8 Quarters Net Margin
* RIG – Impairment loss not included
10
DO
NE

11. Industry-leading Margins and Returns
- Consensus Earnings Reliability
Earnings revisions influence stock price performance
2014 EPS Estimate Revisions
RIG
ESV
NE
DO
RDC
2013 Stock Price Performance
ATW
20%
1.05
15%
Indexed to 12/31/2012
1.00
0.95
10%
0.90
5%
0.85
0%
0.80
-5%
0.75
-10%
0.70
-15%
0.65
-20%
DO
Source: Tudor, Pickering, Holt & Co.
11
ESV
NE
RIG
RDC
ATW

12. Market Snapshot
- Floater and Jackup Markets
Ultra-Deepwater
Atwood Advantage
E & P project delays lead to
lack of contract awards
Increased sublet availability in
certain geographies
Increased customer interest
for 2015 project starts
4th and 5th generation rig
dayrates under pressure
52 UDW floaters scheduled
for delivery in 2014 and 2015
12
Shipyard delivery delays
easing contracting pressure
Deepwater
Atwood Falcon
High-Spec Jackups
Atwood Mako
Bifurcation effect to
accentuate utilization
differential
Continued high
utilization and steady
dayrates
Several assets idle with
limited contract
opportunities
Newbuilds targeted for
specific geographic
areas
Region and asset
specific challenges
101 newbuilds
scheduled for delivery
in 2014 and 2015 may reduce forward
utilization rates for
standard and
commodity jackups

13. Earnings Visibility, Predictability and Built-in Growth
- Atwood Fleet Contract Status - (by calendar year)
2014
Rig Class/Rig
Customer
Q1
Q2
2015
Q3
Q4
Q1
Q2
2016
Q3
Q4
Q1
Q2
$409K
Ultra-Deepwater Drillships
Atwood Advantage
Noble Energy
Atwood Achiever
Kosmos Energy
Atwood Admiral
Available
Atwood Archer
$584K
Available
Delivery mid2014
$463K
$595K / $661K*
Delivery early 2015
Delivery Late 2015
Ultra-Deepwater Semisubs
Atwood Osprey
Chevron
Atwood Condor
$490K
Shell
$470K
$555K
Deepwater Semisubs
Atwood Eagle
Apache / Woodside
Atwood Falcon
Apache / Murphy Oil
Atwood Hunter
GEPetrol
$460K
$385K
$385K
$499K
$515K
Fiscal 2014 rig
availability
Jack-Ups
Atwood Aurora
Glencore / Addax
Atwood Beacon
ENI
Atwood Mako
Salamander
Atwood Manta
CEC International
Atwood Orca
Mubadala Petroleum
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Contracted (current)
Contracted (follow on work)
Shipyard
Mobilization
(as of 2/01/14)
$155K
$164K / $193K*
$175K
$155K
$160K
$160K
Firm Term
22.8 Rig Years
Firm Revenue
$3.5 Billion
* Rates shown are “exclusive of tax / inclusive of tax”
Q3
Q4

14. Earnings Visibility, Predictability and Built-in Growth
- Revenue Backlog Analysis as of February 1, 2014
By Year
$ Millions
By Customer Type
$ 1,400
1,200
$1,230
1,000
$960
800
$1.3BN
$0.9BN
$829
600
400
$1.3BN
200
0
2014
2015
2016
Fiscal Year
Percentage of Days Contracted
2014
2015
2016
14
95%
70%
38%
Majors/Large NOCs
Large Independents
Small Independents

15. Earnings Visibility, Predictability and Built-in Growth
- Steady Revenue and Earnings Growth: 2008 - 2016
Revenue
Net Income
$ Millions
$ Millions
$2,000
$600
$570
$1,788
$500
$1,600
$1,265
$385
$400
$1,200
$300
$257
$787
$800
$272
$215
$651
$200
$527
$400
$100
$0
$0
2008
15
2010
2012
2014
2016F
Note: Revenue and Net Income represented on fiscal year basis.
Source: FactSet forecast consensus dated as of January 27, 2014
2008
2010
2012
2014
2016F

16. Earnings Visibility, Predictability and Built-in Growth
Trailing 4 Quarters EPS Growth, Indexed to Calendar Year 2010
250
Index
200
ATW T4Q EPS
Peer T4Q EPS
150
100
50
0
16
Source – Johnson Rice & Company, January 2014
-

17. Earnings Visibility, Predictability and Built-in Growth
- Planned Capital Expenditures Fully Financed
• $1.6 billion1 in remaining total
capital expenditures as of
February 1, 2014
• Approximately $1.7 billion in
contracted after tax cash flow
through FY2016 is available to
fund these expenditures
• With current liquidity in the
revolving credit facility of $245
million and the exercise of the
$200 million credit facility
accordion, CAPEX is fully
funded
• Credit metrics peak in FY2014
with the delivery of the Atwood
Achiever
$ Millions
$800
$600
$510
$60
$400
$7022
$510
$4502
$535
$5622
$200
$0
2014
2015
Debt/Cap (EOY)
Debt/EBITDA (EOY)
2016
Fiscal Year
Contracted Operating Cashflow
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$525
40.6%
2.6x
35.2%
2.0x
1. Includes $230 million of maintenance and other CAPEX and capital spares for 2014 – 2016
2. Excludes all currently uncontracted operating cashflow
Debt
CAPEX
27.3%
1.4x

18. Summary
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19. Atwood Investment Thesis
Modern, High
Quality Rig Fleet
Strong Balance
Sheet providing
Financial Flexibility
Industry-Leading
Margins
Superior
Shareholder
Returns through
the Cycle
Solid Earnings and
FCF Growth
Earnings Visibility
and Reliability
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20. Thank You
www.atwd.com
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www.atwd.com