UK: AGR Declares Option Wells for WilPhoenix Semi-submersible Rig


AGR Petroleum Services Limited has declared option wells numbered one, two and three of its contract with Awilco Drilling Limited for the Wilphoenix. These options represent the second, third and fourth wells of AGR’s multi well multi client 2011 drilling programme.

The combined contract value for the declared option wells is approximately USD 22 million.

WilPhoenix is in the final stages of a substantial upgrading programme at Remontowa Shipyard in Poland and is scheduled for delivery in April 2011. WilPhoenix is one of Awilco Drilling’s two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1200ft.

Awilco Drilling Limited was incorporated in December 2009 in connection with the acquisition of the two semi submersible drilling rigs, WilPhoenix (previously Arctic II) and WilHunter (previously Arctic IV). The company is registered in England & Wales with its operation based in Aberdeen, Scotland.

Awilco Drilling Limited is traded on the Norwegian OTC list since January 2010 under ticker code, AWDR.


Source: Awilco Drilling , April 5, 2011;