OREANDA-NEWS. February 22, 2016. Atwood Oceanics, Inc. (NYSE: ATW) announced today that its Board of Directors has acted to eliminate the payment of quarterly cash dividends, most recently in the amount of \\$0.075 per share of common stock, effective immediately.   

Rob Saltiel, President and Chief Executive Officer, stated, "The Board of Directors recognizes that our dividend is important to many shareholders.  However, in light of the current extremely challenging market conditions, the Board believes the best way to reward shareholders is to preserve liquidity and strengthen our balance sheet.  The elimination of our dividend provides the company with greater flexibility to weather the current downturn."

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." For more information about the Company, please visit www.atwd.com.