Awilco earns $31.6M in 4Q, 2013

Awilco Drilling PLC reported contract revenue of USD 61.4 million (USD 62.3 million in Q3), EBITDA of USD 40.5 million (USD 46.3 million in Q3) and net profit of USD 31.6 million (USD 36.6 million in Q3).

In the fourth quarter Awilco Drilling had rig operating expenses of USD 16.3 million. General and administration expenses were USD 5.7 million. This includes costs of USD 3.3 million in respect of the stock award of synthetic stock options. The stock award provision is restated each quarter based on the valuation of the Company’s shares.

Other income is USD 1.3 million of which USD 1.1 million is in respect of final settlement of an outstanding insurance claim and USD 0.2 million in respect of gain on foreign exchange.

Profit before tax was USD 33.9 million. The tax charge for the quarter was USD 2.3 million on profits in the quarter. The resulting net profit was USD 31.6 million. Earnings per share (EPS) for the fourth quarter were USD 1.05

Contract backlog at the end of Q4 was approximately USD 762 million (approximately USD 797 million Q3)

Statement on financial position

As of 31 December 2013, total assets amounted to USD 384.5 million. At the same date, Awilco Drilling had USD 52.3 million in cash and cash equivalents.

Long term interest-bearing debt at the end of the quarter was USD 87.1 million. There was a payment of USD 5.0 million during the quarter in respect of the seller’s credit loan of which USD 2.8 million was capital repayment and USD 2.2 million of interest.

Operations and Contract Status

WilPhoenix rig
In Q4 2013 the WilPhoenix was working for Premier Oil UK on the Solan field and for Maersk Oil North Sea UK on the Maclure well location. Revenue efficiency for the quarter was 95.5%.

At the end of December, WilPhoenix had a total remaining contract backlog of approximately USD 497 million.

WilHunter rig
In Q4 2013 the WilHunter was in continued operations for Hess UK Ltd at the Flora location. Revenue efficiency for the quarter was 95.7%.

At the end of December, WilHunter had a total remaining contract backlog of approximately USD
265 million.

Market Outlook

“Availability in the UK mid-water semi-submersible drilling market remains tight in H1 2014. There is however potential for some rig capacity in H2 2014 & 2015, as some existing rig contracts draw to a conclusion and follow-on work has yet to be confirmed,” the company said in a press release.

Press Release, February 15, 2014

 

 

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