Awilco Offshore ASA - Second quarter 2007
Company update During the second quarter, Norsk Hydro Produksjon AS increased the firm contract length for WilPromoter and WilInnovator, from five to eight years each, plus options. Awilco Offshore signed a contract for a fourth drilling package for a semi-submersible drilling rig. In July, the Company issued a senior unsecured bond and increased its credit facility with a syndicate of banks. The third jack-up drilling rig, WilSuperior, was delivered in July. In August, Awilco Offshore entered into a contract with Premier Oil Vietnam Offshore BV for the fourth jack-up drilling rig, WilBoss.
Second quarter 2007 Operating revenues for the quarter were MUSD 47.7. Operating profit before depreciation and amortization (EBITDA) came to MUSD 22.6, and operating profit came to MUSD 17.7. EBITDA excluding non-cash elements is MUSD 26.9.
Profit before tax was MUSD 11.6, and net profit MUSD 8.1. Earnings per share was USD 0.05.
For more detailed information, please see the enclosed Second Quarter 2007 report.
Oslo, August 22, 2007
For further information, please contact:
Henrik Fougner, Managing Director Telephone +47 22 01 43 00
Awilco Offshore has invested in eight jack-up drilling rigs (of which five are under construction), three semi submersible drilling rigs under construction and two accommodation units in operation. The company also holds one option for the construction of one further semi submersible drilling rig.