Awilco Drilling: WilPhoenix rig brings profit. ‘WilHunter’ cold-stacked

Exploration & Production

Offshore driller Awilco Drilling reported a $17.9 million profit for the third quarter of 2016, on a revenue of $35.7 million.

The company has two semi-submersible drilling rigs, the WilPhoenix and the WilHunter.

During the quarter, the WilPhoenix continued operations for Apache North Sea Ltd. at the Storr location, offshore the UK. Revenue efficiency for the quarter was 99.1%. Contract utilization was 100%. Contract backlog at the end of September was approximately $195 million.

The WilHunter rig remained warm stacked in Invergordon and began cold stacking preparations late in the quarter, meaning there are no short-term prospects for the employment of the rig.

Providing the outlook for the drilling market, Awilco Drilling said: “While Q3 2016 saw an upturn in semi-submersibles departing the northwest European market for scrapping, the continued oversupply has resulted in day rates at close to break-even levels. Higher levels of seasonal utilization are materializing as fixtures in the market are announced. Decommissioning demand is crystalizing but commencement windows are moving towards the spring of 2018.”

Offshore Energy Today Staff