Drilling contractor Awilco crashed to pre-tax losses of $156 million in 2020, widening from a deficit of $30m in 2019 and driven by impairments and cancelled rig construction deals.
Awilco chief executive Jens Berge has quit, saying the troubled drilling rig contractor had reached a “crossroads”.
Bosses at Serica said today that work to bring a third well at the Rhum field into production has run into “frustrating” and costly delays.
A new layer has been added to the bitter feud between Awilco Drilling and rig builder Keppel FELS, with a second arbitration process on the cards.
Singaporean rig builder Keppel Fels has commenced arbitration proceedings to challenge Awilco's decision to terminate a $425 million order.
Rig builder Keppel Fels is "considering legal options" after Oslo-listed contractor Awilco pulled the plug on a $425 million order.
Awilco Drilling has signed a letter of intent with Serica Energy for the provision of WilPhoenix for a one well workover on the Rhum field.
With margins staying “razor thin” and cost pressures continuing to bear down, the offshore supply chain may take on a “whole new look” this year, according to a Wood Mackenzie analyst.
North Sea contractor Awilco Drilling has ordered a new semi-submersible rig for £325 million – and found a new chief executive.
North Sea contractor Awilco Drilling slid into the red last year as it struggled to find work for one of its two rigs.
North Sea drilling contractor Awilco kicked off operations at Shell UK's Puffin location in the third quarter of 2018.
Awilco's deal to supply Alpha Petroleum Resources with a rig for a UK North Sea campaign has fallen through.
Awilco Drilling has received a new booking for its WilPhoenix rig with an unspecified client. Westhill-based Awilco said the contract was worth $13.8million dollars. The contract will commence immediately after the agreement with Apache North Sea ends in the second quarter.
Profits at Aberdeen offshore drilling company Awilco nosedived in the second quarter due to the late return to work of one of its two rigs amid a row with Apache North Sea.
Awilco Drilling and operator Apache are at loggerheads over the yard stay for Awilco's drilling rig WilPhoenix.
Awilco Drilling has seen profits increase in the third quarter of 2015, but warned rig layup was likely to increase next year.