Highlights Announcement of USD 0.50 dividend Total Q1 Revenue USD 68.5 million; EBITDA USD 52.2 million Q1 Opex per rig approx. USD 79,800 per day Total contract backlog at end of Q1 was USD 441 million Revenue efficiency…
2. Q1 2015 Financial Results
Q1 2015 Income Statement Condensed statement of comprehensive income in USD thousands, except earnings per share Q1 2015 Q1 2014 (unaudited) (unaudited) Contract revenue 67,840 62,211 Reimbursables 629 503 Other revenue 28 33…
Q1 2015 Balance Sheet Condensed statement of financial position in USD thousands 31.03.2015 31.12.2014 (unaudited) (audited) Rigs, machinery and equipment 250,835 251,165 Deferred tax asset 2,096 2,486 252,931 253,651 Trade…
3. Operational Update
Contract Status Current Backlog USD 410 million* AWILCO DRILLING PLC CONTRACT STATUS 2016 May June July Aug Sept Oct Nov Dec Jan Feb March April May June July Aug Sept Oct Nov Dec WILHUNTER : Hess 385,000 Yard*…
Excellent Operational Performance Continues Very good operational performance in Q1 with 98.8 % operational uptime Opex in Q1 lower than guidance Favourable exchange rates Continued focus on cost discipline Revised opex guidance…
Upcoming SPS Yard Stay Projects Experienced project team planning started in 2013 Budget for SPS project USD 20 million per rig Budget for new BOP's USD 22.5 million per rig WilPhoenix yard stay scheduled for late 2015/early…
Dividend Distribution Announcement of dividend payable of USD 0.50 per share Dividend payable on or around the 19th June 2015 Share will trade ex-dividend on 19th May 2015, the record date will be 18th May The Companys dividend…
4. Market Outlook
Continued Low Contracting Activity in the UK market Source: Fearnley Fonds and IHS Petrodata 15
Up to 10 Rigs Available for New Contracts the Next 12 Months UK FLOATER MARKET CONTRACT STATUS 2015 2016 Company Rig name May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sedco 704 on contract Sedco…
Timing of Return to Higher Activity Levels Remains Unknown Market uncertainty continues with respect to the timing and shape of recovery Operators continue with reductions in current and planned E&P expenditure Recent UK tax…
5. Summary
Summary Announcement of dividend payable of USD 0.50 Revenue efficiency during Q1 was 97.6 %, continued focus on cost discipline Solid contract backlog of USD 410 million, with close to 100 % contract coverage through 2015…
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