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AWLCF - Awilco Drilling: Q3 Report Shows No Near-Term Work For WilPhoenix
Awilco Drilling plc
Awilco Drilling (AWLCF) has just reported its third-quarter results and held its conference call. As a reminder, Awilco is an interesting case in which nearly all the value of the company is in the two-rig newbuild order, rather than in the single working semi-sub.
Awilco reported revenues of $10.3 million and a loss of $0.9 million, compared to revenues of $10.4 million and loss of $0.4 million in the second quarter of this year. In the third quarter, the company generated $3.9 million of operating cash flow, up from $3.5 million in