Awilco Drilling PLC has accepted a Letter of Award (LOA) from Premier Oil UK Limited relating to the 250 days of options in the contract announced on 7th May 2012.
The total exercised option period will now extend until completion of the 2014 drilling program or 31st October 2014, whichever comes earlier, but will be not less than 140 days. The previously declared 70 days of this option has been extended to 80 days. The additional term of the option period will have a minimum value based on a 60 day duration of USD 26.6 million and a maximum value of USD 73.0 million. The exercised option period is expected to start early March 2014. There are no further options under this contract.
WilPhoenix is one of Awilco Drilling’s two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1,200 ft.
Press Release, October 21, 2013