UPDATE 1-Atwood says does not expect work for rig till June

* Says looking for contracts for Southern Cross

* Says plans to keep the rig prepared

March 30 (Reuters) - Offshore driller Atwood Oceanics Inc (ATW.N) said it does not expect to receive any contract for one of its rigs till June 30, as low oil and gas prices continue to hit oil companies right through the first half of the year.

Atwood, however, said it plans to keep the rig, Atwood Southern Cross, prepared and will continue to look for contracts.

Oil prices had fell more than $100, while gas prices had dropped more than 60 percent, since their highs in July, as the economic crisis strangled energy demand in large consuming nations.

The weakness in energy prices forced exploration and production companies to cut their capital spending, thus, affecting oil service companies and drillers in both the US and international markets.

Shares of Atwood were trading 8 percent down at $16.10 Monday afternoon on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB8674] (Reporting by Arup Roychoudhury in Bangalore; Editing by Jarshad Kakkrakandy) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))