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Awilco Drilling (AWDR) - Letter of intent offers further support to the huge 20%+ dividend payout

24/06/2013 · Awilco Drilling (AWDR) 

The UK based/Oslo listed offshore driller has signed a Letter of Intent (LOI) with Apache North Sea Limited and TAQA Bratani Limited for the provision of WilPhoenix for a 3 year firm term commitment plus up to a further 2 years of options. It's highly supportive for the dividend.

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 Oil’s 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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