2013 Credit Suisse2013 Credit Suisse Energy Summit

February 5-6, 2013

Rob SaltielPresident and CEOPresident and CEO

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Forward Looking Statements

Statements contained in this report with respect to the future are forward-lookingstatements. These statements reflect management’s reasonable judgment with respectto future events. Forward-looking statements are subject to numerous risks,uncertainties and assumptions and actual results could differ materially from thoseuncertainties and assumptions and actual results could differ materially from thoseanticipated as a result of various factors including: uncertainties related to the level ofactivity in offshore oil and gas exploration and development; oil and gas prices;competition and market conditions in the contract drilling industry; the risks inherent inthe construction of a rig; delays in the commencement of operations of a rig followingthe construction of a rig; delays in the commencement of operations of a rig followingdelivery; our ability to enter into and the terms of future contracts; possible cancelation orsuspension of drilling contracts; the availability of qualified personnel; labor relations;operating hazards and risks; terrorism and political and other uncertainties inherent inforeign operations (including risks of war civil disturbances seizure or damage toforeign operations (including risks of war, civil disturbances, seizure or damage toequipment, and exchange and currency fluctuations); the impact of governmental andindustry laws and regulations; and environmental matters. These factors and others aredescribed and discussed in our most recently filed annual report on Form 10-K, in ourForms 10-Q for subsequent periods and in our other filings with the Securities andForms 10-Q for subsequent periods and in our other filings with the Securities andExchange Commission which are available on the SEC’s website at www.sec.gov. Eachforward looking statement speaks only as of the date of this presentation and weundertake no duty to update the content of this presentation or any forward-lookingstatement contained herein to conform the statement to actual results or to reflect

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statement contained herein to conform the statement to actual results or to reflectchanges in our expectations.

Company Overview

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Transforming Atwood OceanicsIndustry leading safety performanceIndustry-leading safety performance coupled with consistent and reliable operational performanceTop-tier revenue efficiency and strict costTop tier revenue efficiency and strict cost control leading to: Best-in-class margins Leading shareholder returns

Significant investment in fleet transformation 120% of Enterprise Value invested over

2011 2015 ti f2011-2015 timeframeYoungest ultra-deepwater floater and high specification jack-up fleets in the industryFunded predominantly by cashflow fromFunded predominantly by cashflow from operations Current contract backlog of $2.6 billion

Optimized balance sheet

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Optimized balance sheet Fully funded capital expenditure program Substantial financial flexibility

Delivering Shareholder Value

Revenue Efficiency

Cost Control

ProjectManagement

Execution- Centralized

maintenance and technical support

Best-in-class Operating and Net Margins

2011- Atwood Osprey2012- Atwood Mako

Atwood Condor

technical support- Consistent compliance

monitoring and issue resolution

- Common equipment i- Atwood Condor

2013- Atwood Manta- Atwood Orca2014

across rigs- Supplier consolidation- Organic growth with

proven rig designs and world-class

Consistent, Superior Shareholder Returns

- Atwood Advantage- Atwood Achiever2015- Atwood Admiral

shipyards- Early capital project

scoping and detailed project planningExperienced project

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- Atwood Admiral- Experienced project management teams

Steady Revenue Growth and Strong Margins2007 - 2012

$787$800

Atwood Aurora delivered

Atwood Osprey delivered

Atwood Condor and Atwood Mako delivered$ Millions

$587

$651 $645

$787

$600

$700Atwood Aurora delivered

EBITDA Revenue

$403

$527

$

$359 $372 $390$400

$500

$193

$279

$334$359 $372

$200

$300

$0

$100

2007 2008 2009 2010 2011 2012

6 Note: Revenue and EBITDA represented on fiscal year basis.

EBITDAMargins: 48.8% 53.1% 56.9% 55.2% 57.7% 49.5%

Industry Leading Margins and Capital Returns

ATWESV

SDRL

ATWESV SDRL

30%

35%

DO

NE

RDC

DO

NE

RDC

RIG20%

25%FY 13

NERIG

10%

15%FY 14Net

Margins

5%

10%

0%0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Capital Return*

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Note: DO = Diamond Offshore, ESV = Ensco, NE = Noble, RDC = Rowan, RIG = Transocean, SDRL = Seadrill

• Capital Return = Net Income / (Debt + Shareholders’ Equity)

Source: First Call estimates dated February 1, 2013

Diversified Rig Fleet and Global Presence

Atwood’s fleet has a strong presence in Australia, Southeast Asia and West Africa

Houston, TexasATWOOD BEACONATWOOD ADVANTAGE

ATWOOD ACHIEVER

ATWOOD ADMIRAL

ATWOOD FALCON

ATWOOD HUNTER

ATWOOD CONDOR

ATWOOD ORCA

VICKSBURGATWOOD AURORAATWOOD MAKO

ATWOOD MANTA

ATWOOD ADMIRAL

Headquarters UDW / DW Semisubmersibles

ATWOOD EAGLE

ATWOOD OSPREY

Newbuild Jack upsJack upsNewbuild Drillships

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Newbuild Jack-upsJack-ups

Growth Strategy

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Executing our Growth Strategy

Maximize operating and financial performance from existing fleet to generate cash flow to fund growth Revenue efficiency Cost control

Expand and renew rig fleet, emphasizing high-specification jackups and floaters

Ult d t ill i i i t t f Ultra-deepwater will remain primary investment focusTarget financial returns well in excess of our cost of capital 15% - 20% IRR Payback in less than 6 years

Achieve organic fleet growth with minimal execution risk Proven rig designs World class shipyards Turnkey contracts (with back-end weighted payment terms) Large, experienced, shipyard-based project management teams

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g p py p j gMaintain prudent, flexible and diverse sources of funding

Adding UDW and High Specification Rigs2011 – 2015 Rig Fleet Additions

5 Ultra-Deepwater Floaters3 High-Spec Jackups

$3 8 Billion InvestmentAtwood Mako

$3.8 Billion Investment

Atwood Manta

Atwood Orca

2011 2012 2013 2014 2015Atwood Osprey Atwood AdvantageAtwood Condor Atwood Achiever Atwood Admiral

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2011 2012 2013 2014 2015CALENDAR YEAR

Newbuild Ultra-Deepwater “A – Class” Drillships *

12,000 ft. water depth capabilitySeven-ram BOP with acoustic package

Design and Capabilities12,000 ft. water depth capabilityDP-3 positioningSeven ram BOP with acoustic package1,250 ton main load path hook load 1,250 active heave drawworks 1250 top drive

DP 3 positioning Two seven-ram BOPs with acoustic packages1,250 ton main load path hook load 1,250 top drive

1,000 ton auxiliary load path hook load 1,000 ton drawworks

1000 d i

, p 1,250 active heave drawworks 1,250 top drive

1 000 ton auxiliary load path hook load 1,000 ton top drive

4 x 2,200 HP high-pressure mud pumps plus riser boost pump165 t k kl b t i l

1,000 ton auxiliary load path hook load 1,000 ton drawworks 1,000 ton top drive

4 x 2 200 HP high pressure mud pumps Atwood Advantage (2013) Atwood Achiever (2014) 165 ton knuckle boom tree running crane plus

3 x 100 MT knuckle boom cranesAccommodations for up to 200

4 x 2,200 HP high-pressure mud pumps plus riser boost pump165 ton knuckle boom tree running crane plus 3 x 100 MT knuckle boom cranes

Atwood Achiever (2014) Atwood Admiral (2015)

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plus 3 x 100 MT knuckle boom cranesAccommodations for up to 200

* Plus an option for 1 additional drillship with an expiration on June 30, 2013

Newbuild High-Specification Jackups

Pacific Class (Baker Marine) 400 designDesign and Capabilities

Pacific Class (Baker Marine) 400 design400 ft. water depth capability750 ton traveling equipment18 ¾” – 15,000 psi BOP System

400 ft. water depth capability750 ton traveling equipment18 ¾” – 15,000 psi BOP System, p y3 x 2200 HP mud pumps for 7500 psiTrue offline stand-buildingHigh capacity mud pits

, p y3 x 2200 HP mud pumps for 7500 psiTrue offline stand-buildingHigh capacity mud pitsHigh capacity mud pitsHigh capacity drill water tanks75 ft. cantileverAccommodations for 150 with 2 man rooms

High capacity mud pitsHigh capacity drill water tanks75 ft. cantileverAccommodations for 150 with 2 manAccommodations for 150 with 2 man rooms or betterAccommodations for 150 with 2 man rooms or better Atwood Mako (working)

Atwood Manta (working) Atwood Orca (May 2013)

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Improving Revenue Quality – 2011 vs. 2015

FY 2011 Revenue FY 2015 Revenue

10%9%20%

80%

25%55%

80%

High Spec JackupsOtherUltra Deepwater Floaters

High Spec JackupsOtherUltra Deepwater Floaters

14Source: Atwood internal analysis (pro forma estimate for FY 2015)

Market Outlook and Contracts

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Bullish Outlook for Ultra-Deepwater

UDW day rates have risen rapidly as new discoveries and a bullish oil price outlook increase worldwide exploration and appraisal activity and support future development drilling projects

UDW rig demand expected to grow significantly in the “Golden Triangle” driven by: US Gulf of Mexico’s continuing recovery and exploration successes Petrobras oil production growth Emerging pre-salt plays in West Africa

Expansion of UDW drilling to frontier areas is already consuming rig p g y g gactivity and portends further increases in demand over the next five years

UDW newbuild programs by existing drillers are supported by operators’ preference for high-specification assets and the need to replace older,preference for high specification assets and the need to replace older, low-specification rigs

Demand for UDW rigs expected to exceed supply for the foreseeable future supporting a strong outlook on day rates

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future, supporting a strong outlook on day rates

Favorable Jack-Up Outlook

Bifurcation in both utilization and dayrates continues between high-specification and standard jack-ups

Utilization differentiation currently around 10%

Dayrate differentiation increasing

Market outlook for 2013 appears favorable

Overall utilization rates for actively-marketed rigs continue to increase Dayrates currently in the $155,000 to $180,000 range, depending on the geographic

region and contract term

Many older rigs are not likely to return to market

63 jack-ups currently either warm or cold stacked

30 jack-up rigs have been permanently removed from the fleet since 2011; this is more j p g p y ;than the aggregate for the period 1996 to 2010

Cold-stacked units face extensive reactivation costs

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Jack-up demand continues to shift toward newer, high-specification rigsSource – IHS – Petrodata, ISI Group, Pareto Securities

Atwood Fleet Contract Status(by calendar year)

Ri Cl /Ri C t2013 2014 2015

Rig Class/Rig CustomerQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Ultra-Deepwater Drillships

Atwood Advantage Noble Energy $409K $584K

Atwood Achiever Available Delivery mid-2014

Atwood Admiral Available Delivery early 2015Ultra-Deepwater Semisubs

Atwood Osprey Chevron $490K $470K

Atwood Condor Hess / Shell $514K

Deepwater SemisubsAtwood Eagle Woodside / Apache $436K / $385K

Atwood Falcon Apache $385K

Atwood Hunter Noble Energy $388K-$435KAtwood Hunter Noble Energy $388K $435K

Jack-Ups $134

Atwood Aurora Bowleven / Glencore $155K

Atwood Beacon Shemen Oil $151K

Vicksburg CEC International $105 $115K

Atwood Mako Salamander $145K $155K

Atwood Manta CEC International $145K

Atwood Orca Mubadala Petroleum $160

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Contracted (current)Contracted (follow on work)UncontractedShipyardMobilization

(as of 2/01/13)

Firm Rig Years19.3

Firm Revenue $ Billions

2.6

Financial Considerations

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Future Capital Expenditures Fully Financed

$ ($ millions)

900

1,000

• $2.0 billion* in remaining total capital expenditures as of January 1, 2013

• Approximately $1.0 billion in

464600

700

800Approximately $1.0 billion in contracted after tax cashflowthrough 2015 is available to fund these expenditures

With th i f th $550

624

910101

245

195

300

400

500• With the exercise of the $550

million Credit Facility accordion, we are fully funded for all construction costs

470429345

225

0

100

200• Credit metrics peak in mid-2014 with the delivery of the Atwood Achiever

• Debt to cap and debt to 0

Capex Contracted Cashflow

2013 2014 2015• Debt-to-cap and debt to EBITDA ratios are maintained below 40% and 2.7 times, respectively

Fiscal Year

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pUncontracted Cash Flow Debt

* Includes $225 million of maintenance and other capex and capital spares for 2013, 2014 and 2015

P t ti l I t l $6 25 E i P Sh f N b ild Ri D li i *

Earnings Growth Through Newbuild Rig Deliveries

Potential Incremental $6.25 Earnings Per Share from Newbuild Rig Deliveries*

Atwood CondorAtwood Mako

Atwood MantaAtwood Orca

Atwood AchieverAtwood Admiral

Atwood Admiral

$2.50

Atwood MantaAtwood Orca

Atwood AdvantageAtwood Achiever

$1.00$1.50$2.00

$0.00$0.50

FY 2013 FY 2014 FY 2015 FY 2016

High-Spec Jack Ups Ultra-Deepwater FloatersAssumptions:UDW Floaters – Dayrate of $575,000, operating cost of $190,000 (inflation-adjusted), revenue efficiency of 95% and a tax rate of 13%

21* EPS analysis excludes any increases in Operating or SG&A costs or interest expense during the 4

year period

High Specifications Jack-ups – Dayrate of $155,000,operating costs of $71,000 (inflation-adjusted), revenue efficiency of 95% and a tax rate of 13%

Summary

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The Atwood Advantage

High-Quality Operating Fleet with Aggressive Growth InitiativeGrowth Initiative

Knowledgeable and Experienced

Management Team

Attractive Geographic

Diversity

Strong Backlog with High Quality

Customers

Significant Liquidity and

Financial Flexibility

History and Reputation of Safe

and Efficient Operations

Industry-Leading Margins and Shareholder

Returns

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OperationsReturns

Thank You

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www.atwd.comwww.atwd.com

Debt/EBITDA*

Balance Sheet Supports Growth Debt/Capitalization*

5 1

Debt/EBITDA

65%

Debt/Capitalization*

Bullet 15.1

4.13.7

3.23.2

48%

38%

2.1

1.1

30%29%25%24%

SDRLRIGESVNERDCATWDOSDRLRIGNE ATW ESVDO RDC

• Issued $450 million in Senior Unsecured bonds on January 12, 2012• Upsized the revolving credit facility’s accordion from $350 to $550 million• Liquidity of approximately $500 million plus the unexercised accordion

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* EBITDA for trailing twelve months at September 30, 2012Source: First Call

Remaining Newbuild Capital Expenditures Capital Expenditure Outlook

$1 000$1 000

Newbuild Capex

(millions)Total = $3.2 billion

Capital Expenditure Outlook Funded 55% cash flow from operations,

45% from revolving credit facility

$78

$613

$908

$700$800$900$1,000

$700$800$900

$1,000

$1,500 $1,700

$830

$69$69

$613$494

$300$400$500$600

$300$400$500$600

$1,700

$544$425

$0$100$200$300

$0$100$200$300

Paid as of 12/31/12 Remaining

FY2013 FY2014 FY2015Newbuild Capex Maintenance/Spares

Bullet 2 & 3

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Growing Revenue and Cash Flow Backlog($ millions)

1 2013Revenue Backlog $2.6 billion

After-Tax Cash Flow Backlog $1.3 billion

February 1, 2013Bullet 4

$910

$714

$910

$352 $461 $438

$237

$386

$212 $145$145

$76

2013 2014 2015 2016 2017Fiscal Year

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CONTRACT REVENUES CONTRACT AFTER-TAX CASH FLOW Fiscal Year