Awilco Drilling (AWDR) - Letter of intent offers further support to the huge 20%+ dividend payout
The contract value for the firm term is estimated to be approximately US$424m (equivalent to a day rate of US$387.5k) and is expected to commence in the second half of 2014 depending on Premier Oils exercise of options on the rig.
Broker Fearnley modeled day rates of US$435k through 2016 and US$250k beyond. On the basis of a mid 2014 start-up they assume an average day rate modeled of US$404k with the the new…
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