Second Awilco Drilling semi-sub rig contract falls through
The previous deal for a similar rig was terminated in June under similar circumstances, just short of an instalment payment. KepFELS had assessed earlier in December that Awilco Drilling would not be able to make payment on an instalment due in March 2021 and issued a notice of termination
The contracts for both rigs with Awilco Drilling are worth $950m, of which only the first instalments of under $100m in total have been paid. With the deteriorating oil market, the appetite for expensive high-spec rigs seems to be decreasing
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