Awilco Drilling (AWDR) earnings and dividend ahead
Awilco Drilling reported 3Q13 earnings and dividend ahead of expectations
Oslo broker FondsFinans comments: Dividend was unexpectedly raised to USD 1.1 vs. consensus at USD 1.0. EBITDA came in at USD 46m, beating expectations of around USD 40m on utilization of 98.9% (95% expected) and slightly lower OPEX. NIBD was USD 57m compared to our estimate of USD 61m. The higher dividend boosts the dividend case and is a positive trigger. We will potentially make minor positive changes to OPEX, while utilization estimates will remain unchanged, yielding a neutral to slight positive effect on earnings estimates. Our 2014E will move up on the recent Premier Oil extension (“old news”). We…