Awilco Drilling Optimistic About Future (UK)

Awilco Drilling, an Aberdeen based owner of two semi-submersible drilling rigs, is encouraged by high demand and rising dayrates for semi-submersible rigs in UK.

The drilling contractor, which owns WilPhoenix and WilHunter rigs,  today reported profit after tax for the second quarter 2012 of USD 5.2 million. The revenue was USD 32.5 million.

Furthermore, the company pointed out that in 2Q contracts and LOIs valued at USD 311 million were secured.

Awilco noted that the UK market has seen further tightening supply, with the majority of the marketed semi submersible drilling units now fully employed through to 2014. The remaining available capacity is expected to be absorbed shortly.
Due to the limited availability dayrates have risen close to USD 400,000 per day.

“With limited new capacity entering the UK floater market the Company remains optimistic for the future UK market,” said Awilco Drilling in a press release.

[mappress]
Offshore Energy Today Staff, August 24, 2012