UPDATE 1-Atwood says Q2 to be hurt by rig downtime

* Sees Q2 EPS to be hurt by $0.15-$0.30/shr

* Says rig incurring downtime due to repair issues

Feb 11 (Reuters) - Drilling contractor Atwood Oceanics Inc (ATW.N) said one of the drilling rigs operated by its unit, Atwood Oceanics Pacific Ltd, is incurring unplanned downtime, which will hurt its earnings this quarter.

The company said it expects the unplanned downtime to affect its current quarter earnings by 15 cents to 30 cents per share.

The rig, known as Atwood Falcon, is expected to be at zero-rate for two to five weeks due to equipment repair issues.

Shares of the company closed at $33.92 Thursday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Anne Pallivathuckal)