AWO Prospectus - COSL Drilling Europe AS

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Awilco Offshore ASA of delivery of jack-up drilling rigs approaches, the Company will consider entering into short- or longterm contracts to secure cash flows and to provide the financial stability for additional newbuilding orders. Consolidation The Company believes that further consolidation of the oil service industry will take place and will consider taking part in such consolidation. The Company believes that it has the strength to take active part in such consolidation and will consider opportunities to grow by mergers and acquisitions. The Company has been informed that Awilco, its largest shareholder, will consider any such consolidation on the basis of the transaction’s financial implications and that it will not resist any transaction from the point of view of having its ownership percentage reduced. 4.5 The accommodation units The Company has acquired two accommodation rigs suited for employment in the North Sea; one jackup accommodation unit and one semi-submersible accommodation unit. Both units are suited for employment on the Norwegian Continental Shelf, which has some of the strictest requirements in the market. Only four units in the world fleet of specialised accommodation units comply with the requirements for employment in this region. Key specifications Additional specifications of the accommodation units are set forth in Appendix 1 and Appendix 2. Rig name: Port Rigmar Port Reval Design: Robin 300 self elevating jack-up accommodation rig Built / converted: Built 1979 as drilling rig, converted to accommodation mode in 1991 Flag: Bahamas Bahamas Class: DnV; +1A1 Self-elevating Accommodation Unit Suited for: Norwegian, UK and Danish continental shelf Dimensions: Length 65m, breadth 65m, depth 8m, leg lengths 127m (417ft) 20 Aker H-3 (enhanced) semi-submersible accommodation rig Built 1976 as drilling rig; converted to tender support rig; converted to accommodation mode in 2004 DnV; +1A1 Accommodation HELDK, PASMOOR V Norwegian and UK continental shelf Length 108m, breadth 67m, main deck elevation 37m, operational draft 21m
Awilco Offshore ASA Capacities: Variable load 2200mt, fuel/diesel oil 254m3, helifuel bundle for 2 tanks, potable water 532m3 Accommodation: 162 two bed cabins, 2 single bed cabins, all with daylight, toilet and shower; galley and dining room for 152 persons; various recreation rooms; hospital and first aid treatment rooms; gymnasium; 14 offices and 1 conference room Machinery: 3 main diesel engines each of 2200HP; 4 generators each of 930kW; 1 emergency diesel generator 400kW; 1 fresh water maker 75m3/d; 3 deep well pumps each 295m3/h Mooring: 3 anchor winches with 3000’ x 1.25” wire; 3 anchors Bruce 1.5t Technical mgr.: Polycrest AS, an independent manager of offshore units Employment: Contract to Oct 2006 with ConocoPhillips for employment on the Ekofisk field. T/C contract with a rate of USD 55,500 per day to Oct 2005 and USD 68,000 per day from Oct 2005 to Oct 2006. Charterer has 4x1 year options to extend the contract. Rates for the first option year are USD 68,000 per day. Rates for the next three option years are subject to negotiation and the options therefore have character of a right of first refusal. Options must be declared one year in advance. Opex: Norwegian sector employment – about USD 25,000 – 28,000 per day 21 Deckload 1600t, fuel/diesel oil 2326m3, helifuel 7500ltr, potable water 602m3, displacement 22344t 262 single bed cabins, 50 two bed cabins, all with daylight, shared (separate) toilet and shower; galley and dining room for 152 persons; various recreation rooms; hospital and first aid treatment room; gymnasium; various offices and conference room; laydown and storage area and workshop 4 main diesel engines each 2200HP; 4 generators each 1500kW; 1 emergency diesel generator 800kW; 2 fixed four-blade propellers with steerable rudders driven by 2 electric DC motors each 1250kW; 2 fresh water makers 35+60m3/d 12 anchor winches; 12 anchor chains each 1370m;12 anchors Stevpris 14.5t OSM Offshore AS, an independent manager of offshore units Employment is secured for 40 days in 2005 (from mid June) at a rate of USD 130,000 per day, with options for up to additional 21 days. Contract is with Aker Kværner for UK sector work on the Armada field. The unit has further been awarded a letter of intent with ConocoPhillips for employment at Eldfisk. Duration is 10 months with commencement around 1 September 2005. Gross contract value is approximately USD 24.5 million. The unit will thereafter be employed for Aker Kværner for UK/Norwegian sector on the Frigg field for the period July-October 2006 at a rate of USD 130,000 per day (with cost compensation if employed on Norwegian sector). This contract further covers three months in the spring of 2007 on similar terms. Norwegian sector employment – about USD 31,000 – 34,000 per day UK sector employment – about USD 25,000 – 28,000 per day Idle periods – costs will depend on duration but normally there will be full opex one month before and after contract; when fully idle about USD 10 – 12,000 per day
Page 1 and 2: Prospectus Listing of the shares of
Page 3 and 4: Table of Contents Awilco Offshore A
Page 5 and 6: Awilco Offshore ASA Statements of r
Page 7 and 8: Definitions Awilco Offshore ASA And
Page 9 and 10: Awilco Offshore ASA The project pri
Page 11 and 12: Awilco Offshore ASA 2. Summary in N
Page 13 and 14: 2.2 Finansielle forhold Awilco Offs
Page 15 and 16: Awilco Offshore ASA d. The pre-empt
Page 17 and 18: Awilco Offshore ASA In the event of
Page 19 and 20: 4. Company description 4.1 Company
Page 21: Awilco Offshore ASA 4.3 Relation to
Page 25 and 26: Contracts No contracts have been se
Page 27 and 28: Awilco Offshore ASA (1983) and hold
Page 29 and 30: 6. Market overview 6.1 Market posit
Page 31 and 32: Awilco Offshore ASA accommodation u
Page 33 and 34: Jack-ups Jack-ups have legs that ar
Page 35 and 36: Awilco Offshore ASA The fleet of
Page 37 and 38: Awilco Offshore ASA the regime. An
Page 39 and 40: Awilco Offshore ASA The useful live
Page 41 and 42: Awilco Offshore ASA Balance sheet A
Page 43 and 44: 7.5 Auditor’s statement Awilco Of
Page 45 and 46: Awilco Offshore ASA 8. Share capita
Page 47 and 48: Awilco Offshore ASA Shareholder pol
Page 49 and 50: Awilco Offshore ASA In addition to
Page 51 and 52: Awilco Offshore ASA 1. The Contract
Page 53 and 54: Awilco Offshore ASA Keppel Option A
Page 55 and 56: Awilco Offshore ASA 2. A pre- and p
Page 57 and 58: 10. Taxation 10.1 Introduction Awil
Page 59 and 60: 10.4 Inheritance tax Awilco Offshor
Page 61 and 62: Awilco Offshore ASA Political risks
Page 63 and 64: Awilco Offshore ASA Appendix 1 Rig
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Awilco Offshore ASA 71
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Awilco Offshore ASA Appendix 4 Rig
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Awilco Offshore ASA Appendix 6 Firs
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Filipstad Brygge 1 PO Box 1363 Vika
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AWO Prospectus - COSL Drilling Europe AS

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