Awilco looking to grow harsh-environment rig fleet
Awilco Drilling has raised $65 million from a private share placement for an expansion program.
ABERDEEN, UK – Awilco Drilling has raised $65 million from a private share placement for an expansion program.
The company plans to use the net proceeds to part-finance the equity required for a new harsh-environment semisubmersible drilling rig, to be built by Keppel FELS in Singapore for around $425 million, with delivery planned for 2021.
In connection with the letter of intent, Awilco has negotiated options for up to three further newbuild rigs of a similar design.
MHWirth will supply the drilling equipment package for the first rig, with options for three more packages.