Awilco Drilling PLC detaches a special dividend of USD 2.06 per share

Offshore oil group Awilco Drilling PLC enters ex-dividend period on 1 April, marking the detachment of a USD 2.06 per share payment, amid significant cash returns to shareholders.

Partagez:

Awilco Drilling PLC, listed on the Oslo Stock Exchange under the ticker AWDR, announced that its shares will be traded ex-dividend from 1 April. The special dividend amounts to USD 2.06 per share, marking a notable distribution move by the offshore oil exploration and production group. The decision is part of a capital return programme to shareholders, supported by liquidity resulting from recent asset sales.

Headquartered in the United Kingdom, Awilco Drilling PLC operates semi-submersible drilling rigs in the North Sea. In recent years, the company has scaled down its operational activities, progressively divesting its drilling units. The dividend detachment reflects the current strategy of capital value realisation for shareholders, in a context where no new industrial projects have been initiated.

Capital return driven by surplus cash

The level of the distributed dividend follows the financial policy adopted by the board of directors since 2023. The company, now without active drilling operations, has chosen to redistribute its cash reserves rather than reinvest them. The transaction complies with the procedures of the Norwegian market, and shareholders registered before 1 April will receive the stated amount.

Awilco Drilling PLC has not announced a schedule for any future similar payments. The absence of investment or growth projects suggests that further capital returns could be considered, although no official statement has been made. The company remains listed on Oslo’s regulated market with low trading liquidity.

Listed status maintained despite operational inactivity

Since 2020, Awilco Drilling has initiated a transformation of its business model in response to structural challenges in the offshore drilling sector. The shift towards a residual asset management company has translated into a gradual withdrawal from the oil sector.

The dividend distribution, made possible by the sale of its rigs, marks a significant step in this repositioning. Despite the lack of operations, maintaining the listing allows the company to retain some visibility on financial markets, while remaining free to adjust its strategy as its portfolio evolves.

The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
Chinese independent refineries remain cautious amid rising Iranian crude prices driven by escalating Iran-Israel tensions, potentially threatening access to the strategic Strait of Hormuz.
Gazprom, affected by a historic $6.9bn loss in 2023, is offering Pakistani state-owned firm OGDCL its petroleum assets in Nigeria to strengthen its presence in Asia’s energy market, according to Pakistani sources.
Donald Trump urges control of oil prices following U.S. military action against Iranian nuclear facilities, amid escalating tensions around the strategic Strait of Hormuz, threatening to significantly impact global markets.
PermRock Royalty Trust announces a monthly distribution of $539,693 to unit holders, impacted by reduced oil volumes and prices in April, partly offset by increased natural gas sales.
Permian Basin Royalty Trust announces a reduced distribution for June due to ongoing excess costs at Waddell Ranch properties and lower volumes from Texas Royalty Properties.