AWLCF - Awilco Drilling: Shell Adds 3 Option Wells To WilPhoenix Contract
Awilco Drilling (AWLCF) shares have stabilized following the company’s decision to suspend the dividend in order to be better positioned to finance the newbuild rig. Awilco has recently reported its third quarter results, and it’s a good opportunity to evaluate the company’s position.
Awilco reported revenue of $3.2 million and a loss of $10.2 million. Semi-sub WilPhoenix has commenced its contract with Shell (RDS.A) (RDS.B) on September 7 after being warm stacked, so these numbers are not surprising. In the third quarter, the operating expenses for WilPhoenix were $76,000 per day,