251844 Awilco_aars_eng.ps - COSL Drilling Europe AS

From left: Arne Alexander Wilhelmsen, Tor Bergstrøm, Marianne Blystad, Jarle Roth, Sigurd E. Thorvildsen and managing director Henrik Fougner.
Board of Directors’ Report 2005
Awilco Offshore is involved in offshore drilling and accommodation services
worldwide.
The headquarters ofAwilco Offshore is in Oslo. During
2005, Awilco Offshore increased its investment in the drilling
segment by ordering four ultra premium
jack-up drilling rigs. In addition, Awilco Offshore made
large investments in the offshore companies Petrojack ASA
and Offshore Rig Services ASA. As of the date of this report,
Awilco Offshore had six jack-up drilling rigs under
construction. The scheduled deliveries for these rigs are
from 2006 through 2009. In addition, Awilco Offshore has
options for two jack-up units. Substantially all operating
revenues and operating costs in 2005 relate to its two
accommodation units.
Initial Public Offering (IPO)
Awilco Offshore ASA was incorporated on January 21,
2005, and acquired all offshore rig assets of Awilco AS
(a wholly owned company in the Anders Wilhelmsen group).
On May 11, 2005, the company completed an IPO of its
shares, which are listed on the Oslo Stock Exchange.
Profit and loss account
Total revenues were USD 42.1 million. Operating profit
before depreciation and amortization (EBITDA) was
USD 12.6 million, and operating profit after depreciation
and amortization (EBIT) was USD 5.4 million. Rig operating
expenses were USD 21.6 million for the year and relate to
the accommodation rigs. General and administrative
expenses were USD 6.8 million for the year, including
USD 2.1 million relating to share-based payments. The
share-based payments had no liquidity effect in 2005.
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