UK-based Awilco Drilling has decided to scrap its 1983-built semisub drilling rig WilHunter, currently cold stacked in Invergordon.
, currently cold stacked in Invergordon.“Recycling options are being pursued,” the company said during its Q3 earnings call. The rig’s demo value is estimated to be around $11.4m by the online pricing platform VesselsValue.
“The unit hasn’t worked for a long period of time and we think now is the right time to recycle the unit in an environmentally responsible fashion,” the company said, adding it could gain around $1m – $1.5m based on the recent increase of scrap values.
In addition to WilHunter, Awilco owns the 1982-built semi WilPhoenix, which is currently warm stacked in Invergordon following its contract with Ithaca.
The company also had plans to add two seventh-generation drilling rigs, ordering the pair at Keppel FELS for $425m each in 2018 and 2019, but the orders were terminated due to alleged breaches of contract. Arbitration processes related to the terminations continue.
Awilco Drilling booked a net loss of $4.6m in the third quarter of 2021.
