FORM OF STOCK OPTION AGREEMENT
2007 LONG-TERM INCENTIVE PLAN
This is an Agreement dated the ______ day of ______________ 200__, between ATWOOD OCEANICS,
INC., (the "Company") and ________________________ ("Option Holder").
The Company has adopted its 2007 Long-Term Incentive Plan (as amended, restated, or otherwise modified
from time to time, the "Plan") for the granting to Participants (as defined in the Plan) of options to purchase shares
of the Common Stock of the Company. Pursuant to said Plan, the Compensation Committee of the Company's
Board of Directors has approved and ratified the execution of this Stock Option Agreement between the
Company and the Option Holder.
1. The Company grants to the Option Holder the right and option to purchase, on the terms and conditions
hereinafter set forth, all or any part of an aggregate of __________ shares of the Common Stock, $1.00 par
value, of the Company at the option price of $_______ per share (the "Options"), exercisable from time to time,
subject to the provisions of this Agreement, during a period commencing at the end of the first year following the
date of this Agreement (the "Anniversary Date") and expiring at the close of business ten (10) years from the date
of this Agreement (the "Expiration Date").
2. To the extent such rights shall not have been exercised and to the extent the Options were exercisable at the
time of any termination on or after the Option Holder's "Retirement Date" as such term is defined in the Atwood
Oceanics, Inc. Employees' Retirement Plan (or its successor) ("Retirement"), death of the Option Holder or the
Option Holder's Disability(as defined as defined in Section 22(e) of the Internal Revenue Code of 1986, as
amended), the Option Holder (or his or her personal representative in the case of death) shall be entitled to
exercise all or any part of any vested but unexercised Options during the remaining term of such Options. If an
Option Holder's employment with the