Awilco Drilling PLC reported contract revenue of USD 9.0 million (USD 34.1 million in Q1), EBITDA USD 1.9 million loss (USD 24.0 million profit in Q1) and net loss of USD 7.6 million (USD 19.1 million profit in Q1).
Revenue efficiency was 98.5% during the quarter (98.0% in Q1).
Contract utilisation was 13.9% during the quarter (50% in Q1).
Contract backlog at the end of Q2 was approximately USD 44.2 million (approximately USD 7.6 million end of Q1).
The Company exercised the call option and settled the secured bond.
Since June 2013 Awilco Drilling has consistently paid a quarterly dividend and during this time has distributed USD 12.00 (NOK 83.22) per share. With the ordering of one new-build high-end semisubmersible rig in March this year, plus an agreement for a further three independent rig options, the Company is now in a growth and investment phase. The Board of Directors has, therefore, decided to suspend the dividend and will resume same when the Company again reaches an appropriate free cash flow situation.
Please see attached for the Q2 2018 report.
A quarterly presentation will be held on 15 August 2018 at 10:30 CET in Awilhelmsen’s offices at Beddingen 8, Aker Brygge, Oslo, Norway.
A conference call will be held on 15 August 2018 at 13:30 UK time (14:30pm CET / 08:30 EST). The presentation will be available for download on the Investor Relations section (go to “Press Releases”) at www.awilcodrilling.com prior to the call. There will be a Q&A session after the presentation.
Click this link to register for the conference call or copy and paste the following address into your browser:
Once registered, you will receive an email with dial-in numbers and pins.
Aberdeen, 15 August 2018
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.