251844 Awilco_aars_eng.ps - COSL Drilling Europe AS
251844 Awilco_aars_eng.ps - COSL Drilling Europe AS
251844 Awilco_aars_eng.ps - COSL Drilling Europe AS
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Contents<br />
Important events 2005<br />
Important events 2<br />
Key figures 3<br />
A brief presentation 4<br />
Premium <strong>Drilling</strong> 5<br />
Board of directors’report 6<br />
The offshore drilling market 10<br />
Accommodation services 12<br />
Investor information 14<br />
Financial Statements<br />
Group 17<br />
• Listed on Oslo Stock Exchange in May 2005<br />
• Four Ultra Premium jackup rigs ordered during the year<br />
• Premium <strong>Drilling</strong> established as operating company for the drilling<br />
rigs owned by <strong>Awilco</strong> Offshore and Sinvest<br />
• First drilling rig WilPower contracted to Arabian <strong>Drilling</strong> Company for<br />
five years<br />
• New contracts for the accommodation rigs giving full utilization until<br />
mid-2007 (Port Reval) and October 2008 (Port Rigmar)<br />
• Purchase of approx. 20 % of Petrojack<br />
• Purchase of 38 % in Offshore Rig Services<br />
• Attractive bank financing secured<br />
Profit and loss account 18<br />
Balance sheet 19<br />
Cash flow statement 20<br />
Notes 21<br />
Proforma figures 2004 40<br />
Parent company 43<br />
Profit and loss account 44<br />
Balance sheet 45<br />
Cash flow statement 46<br />
Notes 47<br />
Auditor’s report 60<br />
2
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