Awilco looking to grow harsh-environment rig fleet

Awilco Drilling has raised $65 million from a private share placement for an expansion program.

Offshore staff

ABERDEEN, UKAwilco 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.

02/28/2018

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