Brighter prospects ahead for North Sea drilling, Awilco claims

Awilco Drilling’s semisubmersible WilPhoenix has transferred to the Sturgeon location in the UK northern North Sea for operator TAQA Bretani.

Offshore staff

OSLO, NorwayAwilco Drilling’s semisubmersible WilPhoenix has transferred to the Sturgeon location in the UK northern North Sea for operator TAQA Bretani.

Earlier the rig completed operations at Kinord forApache North Sea.

Awilco remains in discussions with Apache on the resolution of standby revenue billing of $22.8 million booked in 2Q 2016, while the contractor says it was awaiting client instructions.

The company’s other semisubWilHunter has been cold stacked in Invergordon, northern Scotland.

Awilco anticipates slightly higher demand for UK floating rigs this summer, provided by active rigs rolling off contract, although at close to breakeven rates.

The company sees better prospects in 2018 if the current oil price is sustained, combined with a reduction in the available drilling fleet. There are early indications of activity from operators, including forecast decommissioning requirements.

02/14/2017

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