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.
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.
Awilco Drilling has sunk to losses of £10.6million in the first half of 2020 amid separate disputes with rig builder Keppel Fels and HMRC.
A pair of oil rigs lying idle in Invergordon sank Awilco Drilling to losses of £7.5million in the first quarter of 2020.
Petrofac has deferred an £11million decommissioning contract for Aberdeen-headquartered Awilco Drilling.
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.
Awilco Drilling has reported a set of losses as one of its two rigs has remained unused for nearly four years running.
North Sea driller Awilco stayed in the red in its first quarter results as the hunt for work continues for one of its two rigs.
Westwood Global Energy reports that just one exploration well was active on the UKCS at the end of February, with no change since the end of last month. In addition, one exploration has now completed in 2018.
Awilco Drilling has confirmed its semi-submersible WilPhoenix has resumed operations with operator Apache after the two companies settled a dispute.
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.