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Awilco Drilling (AWLCF) has recently presented its second-quarter earnings report, upsetting the market with semi-sub WilPhoenix contract status update and sending the company's shares down. Awilco is an interesting case of a company whose value is mostly in its newbuild order of two harsh-environment rigs - let's look at what's going on with the company in more detail.
Awilco reported revenue of $10.4 million and a net loss of $0.4 million for the second quarter of 2019. With one rig out of two working, the company generated operating cash flow of $3.5