Awilco optimistic on Norway, UK drilling outlook

Offshore Norway leading day rates for modern high-end semisubmersibles now exceed $300,000, according to Awilco Drilling.

Offshore staff

ABERDEEN, UK – Both Awilco Drilling’s semisubmersible drilling rigs WilHunterand WilPhoenix are currently stacked in Invergordon, central Scotland. In WilPhoenix’s case after completing a contract for Apache North Sea.

In May,Shell UK contracted the WilPhoenix for a decommissioning program of 19 firm wells lasting 380 days and scheduled to start on Sept. 1, with options for a further seven wells.

As for the market outlook, offshore Norway leading day rates for modern high-end semis now exceed $300,000, Awilco said, and the company anticipates further long-term demand development.

The UK sector too remains active with the focus shifting toward 2019 and 2020. The company sees increased activity driven by a stronger oil price and this, combined with expected attrition of the (older) fleet, means that utilization should improve, although remaining seasonal into 2020.

08/15/2018

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