Awilco to order drilling equipment for new rig from MHWirth

MHWirth, a company owned by Akastor, has been selected by Awilco Drilling for delivery of the drilling equipment package, with options for further three packages. 

Earlier this week, Awilco Drilling revealed its plans to order a new semi-submersible drilling rig, which is intended to be used for North Sea operations, from Keppel.

Awilco on Tuesday said it was contemplating a private placement of new shares to Norwegian and international investors, aiming to raise $65 million. The subscription price will be fixed at NOK 29 per share. Awilco plans to use the proceeds to part finance the equity requirement for the building of the new semi-submersible drilling rig.

Awilco and Keppel have already signed a letter of intent for the order. This also includes options to build up to three additional rigs of similar design.

The rig will be of the CS 60 ECO MW design and it will be the most environmentally friendly drilling rig offered in the harsh environment market, according to Awilco. It is expected to be delivered in March 2021.

Akastor said on Tuesday it would revert with further details should the advanced discussions lead to a final drilling equipment contract being entered into with MHWirth.

In relation to Awilco’s private placement, Akastor on Wednesday subscribed at a subscription price of NOK 29 per share and been allocated 2 700 000 shares which will represent 5.67% of the shares in Awilco Drilling after the issue of the private placement shares.

Akastor did not hold any shares in Awilco Drilling prior to this subscription.

Offshore Energy Today Staff

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