Highlights Announcement of USD 1.15 dividend Total Q3 Revenue USD 76.2 million; EBITDA USD 56.0 million Q3 Opex per rig approx. USD 91,600 per day Total contract backlog at end of Q3 was USD 582 million Revenue efficiency…
2. Q3 2014 Financial Results
Q3 2014 Income Statement Condensed statement of comprehensive income in USD thousands, except earnings per share YTD YTD Q3 2014 30.09.14 Q3 2013 30.09.13 (unaudited) (unaudited) (unaudited) (unaudited) Contract revenue 74,568…
Q3 2014 Balance Sheet Condensed statement of financial position in USD thousands 30.09.2014 31.12.2013 (unaudited) (audited) Rigs, machinery and equipment 251,477 245,279 Deferred tax asset 1,260 2,763 252,737 248,042 Trade…
3. Operational Update
Contract Status Current Backlog USD 550 million* AWILCO DRILLING PLC CONTRACT STATUS 2014 2015 Nov Dec Jan Feb March April May June July Aug Sept Oct Nov Dec WILHUNTER : Hess 385,000 Yard WILPHOENIX: Apache 387,500 Firm…
Operational Performance Very good operational performance in Q3 with 99.6 % operational uptime Successful start-up with new customer Apache (Marathon Oil) Continued positive customer feedback Opex in Q3 slightly lower than…
Dividend Distribution Announcement of dividend payable in Q4 of USD 1.15 per share Dividend payable on or around the 19th December 2014 Share will trade ex-dividend on 18th November 2014, the record date will be 19th November…
Assumptions for 2015 Opex expected to be approximately USD 100,000 per day SG&A expected to be approximately USD 3 million per quarter Total Capex expected to be around USD 60 million (full year, both rigs) BOP commitments USD 25…
4. Market Outlook
Low Contracting Activity in the Quarter Source: Fearnley Fonds and IHS Petrodata 15
Shorter Contracts and Lead Times Anticipated in the UK Market UK FLOATER MARKET CONTRACT STATUS 2015 2016 Company Rig name Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec…
UK Market Anticipated to Return to Higher Activity Levels 2016/2017 Increased operator financial discipline anticipated to lead to upturn in global investments longer term Seasonal rig availability expected and potentially beyond…
5. Summary
Summary Announcement of dividend payable in Q4 of USD 1.15 Revenue efficiency during Q3 was 99.3 %, continued focus on operational efficiency Solid current contract backlog of USD 550 million, with 100 % contract coverage through…
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