Awilco Drilling ends Q2 with $93.9 million of cash, cuts debt to $85 million

By Paul Deckelman

New York, Aug. 17 – Awilco Drillng plc ended its 2017 second quarter with cash and equivalents of some $93.9 million, its chief financial officer said Thursday.

And CFO Ian Wilson told analysts on a conference call following the release of results for the period ended on June 30 that the Aberdeen, United Kingdom-based marine energy drilling contractor’s balance sheet showed $85 million of long-term interest-bearing debt, following a $5 million payment made in April.

That debt figure had totaled $90 million at the end of the 2016 fiscal year on Dec. 31.

The current portion of the long-term debt was $10 million for both June 30 and for Dec. 31.

The company’s cash balance grew from $70 million at Dec. 31.

Awilco’s chief executive officer, Jon Oliver Bryce, announced during the call that the company’s board of directors had approved a dividend distribution for the quarter of 20 cents per share, payable on Sept. 22. The shares will trade ex-dividend on Aug. 22, and the record date for the dividend will be Aug. 23.

Bryce said that “our dividend policy remains unchanged.”

He said that Awilco “intends to distribute all free cash above a robust cash buffer to support operational working capital requirements and capital expenditures, including SPS,” the latter being an acronym for “special periodic survey” of ocean drilling rigs’ safety and seaworthiness, as per guidelines established by the International Association of Classification Societies, a global maritime industry governing body.

“So [we are] sticking with the same philosophy” on dividends.

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