Awilco Drilling 2Q Profit at $29.4 Million

Awilco Drilling PLC, a UK-based drilling contractor, today reported contract revenue of USD 59.5 million in Q2 2013 (USD 53.4 million in Q1), EBITDA of USD 38.6 million (USD 33.9 million in Q1) and net profit of USD 29.4 million (USD 24.7 million in Q1).

Contract backlog at the end of Q2 was approximately USD 860 million (approximately USD 466 million Q1).

The Board approved a dividend distribution payable in Q3 of USD 1.00 per share.

In Q2 2013 the WilPhoenix semisubmersible drilling rig was in continued operations on Premier Oil UK’s Bonneville well location before moving to the Solan location where the rig remained until after quarter end. Revenue efficiency for the quarter was 97.4%. At the end of June, WilPhoenix had a total remaining contract backlog of approximately USD 528 million.

Earlier this week  Awilco Drilling signed a contract with Apache North Sea Limited and TAQA Bratani Limited for the provision of the WilPhoenix for a 3 year fixed term commitment plus up to a further 27 months of options. The contract is expected to commence in the second half of 2014.

In Q2 2013 the WilHunter semisubmersible drilling rig was in continued operations for Hess UK Ltd at the Fergus location before moving to the Flora location where the rig remained until after quarter end. Revenue efficiency for the quarter was 97.2%. At the end of June, WilHunter had a total remaining contract backlog of approximately USD 332 million.

 

 

 August 15, 2013

 

 

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