Awilco Drilling in the red as rig remains unused

North Sea driller Awilco stayed in the red in its first quarter results as the hunt for work continues for one of its two rigs.

The Aberdeen-headquartered firm posted a £1.7m pre-tax loss, which compares to a £16.3m profit in the same period in 2018.

Its WilPhoenix rig continued work with Shell at its Kingfisher location and has since signed a contract extension keeping it on site until late Q1 of next year.

However the WilHunter rig remained cold stacked in Invergordon.

Contract revenue was £7milllion, down from £43.7m in Q1 2018.

Awilco employs 25 permanent staff in Aberdeen plus three contractors, as well as 115 offshore staff.

The company said there has been a “brisk” level of enquiries and tenders in the UK sector for 2020 and expects to see a boost in activity as a result.

Meanwhile there remains a “strong” market in Norway for high-end semisubmersibles, Awilco said.

In March, Awilco announced a £325m order for a new build rig, which would be similar to another ordered the previous year.

The unit is being constructed in Singapore, with delivery expected in 2022.

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Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
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