Pareto Oil & Offshore Conference Oslo, 1 September 2011
Agenda 1. Company Snapshot 2. Market Outlook 3. Company Strategy 2
1. Company Snapshot
Awilco Drilling PLC Awilco Drilling is an autonomous UK based drilling contractor, established in December 2009 Acquired two workhorse 3rd generation mid-water semi submersibles from Transocean, suitable for work in the UK sector…
Rig Fleet WilPhoenix: 1982 built Friede & Goldman L-907 Enhanced Pacesetter Completed a 5 yearly classification programme and substantial reactivation & upgrade project in 2011 Increased Variable Deckload (VDL) and additional deck…
Contract Status AWILCO DRILLING PLC CONTRACT STATUS 2011 2012 July August September October November December January February March WILHUNTER (SPD drilling programme) Nautical Petroleum 245,000 MPX 245,000 MPX 245,000…
Experienced Drilling Organisation Organisation well aligned to the UK marketplace with smaller operators Offshore crews in place and delivering success Onshore technical support organisation in place Supply chain established and…
Debt being Rapidly Repaid Q2 2011 Q4 2012 Net debt 140 79 Market Cap (MUSD) 148 EV (MUSD) 288 227 EV/rig 144 114 Attractively priced rigs 8
2. Market Outlook
Rig Activity Correlates Strongly with the Price of Oil 10
The Mid-Water Fleet is Aging - Limited Renewal in Sight 11
High Level of Demand in the UK Puts Pressure on Dayrates Supply/demand UK mid-water market 2010 - 2012 12
UK Market Heading Towards Full Utilisation should result in increased rates as influx of new rigs is limited Comments Number of rigs, dayrates and utilisation for UK floaters The UK midwater market is a niche market with high…
UK Market Snapshot Fundamentals for the UK drilling market are good Sustained high oil price under-pinning operator confidence UK Government encouraging activity through licensing Operators increasing activity in established Northern…
3. Company Strategy
What We Achieved in 2010 and 2011 Our Milestones: Established the Awilco Drilling Organisation Successfully delivered rig reactivation and upgrade projects Successfully achieved rig and operational start-up Secured revenue…
Whats Next Possible ways forward: Mid-Water New Builds M&A / Consolidation Re-Finance and Pay Quarterly Dividend 17
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