AWDR - Letter of Intent signed with Hess

Awilco Drilling PLC has signed a Letter of Intent (LOI) with Hess UK Ltd for the provision of WilPhoenix for work related to their 2012 abandonment program on the Fife and Fergus fields. The contract duration is estimated to be about 200 days with a contract value of approximately USD 51 million. The contract is expected to commence late Q1 2012.

 

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.

 

Aberdeen, 6 October 2011

 

 

 

For further information please contact:

 

Jon Oliver Bryce, CEO
Phone: +44 1224 737900

 

Cathrine Haavind, IR Manager
Phone: +47 93 42 84 64

 

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.