OREANDA-NEWS. 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."