Good morning. Welcome to the Awilco Drilling Q1 2021 presentation. I am now handing you over to Eric Jacobs, our CEO. Good morning, everyone. We have a short agenda this morning. I'm going to go through it very briefly. We're going to talk about the main events. I'm going to do that, then we're going to go and give an update on the Q1 results, which I'm going to hand over to our CFO, Ian Wilson. We're going to go on to operational update, which Roddy Smith is going to do for us. Arbitration update, I'll give you an update on that, then also the company outlook, I will take that. Over to the main events. Total Q1 revenue was US $12.6 million and EBITDA of US $3.7 million, and a net profit for that quarter of $1.3 million. Our revenue efficiency was 87.5% during the quarter, and the total contract backlog at the end of Q1 2021 was approximately $8 million. WilPhoenix was awarded one well contract with Ithaca Energy in April. That's the main events for this quarter. Then I think I'll leave it to Ian Wilson to give some update on the income statement. Okay. Thank you, Eric. Yeah. Yes, the Q1 2021 contract revenue, $ 12.5 million. That was in respect to the contract with Serica and a combination of blended rates for January, February, and March. A revenue efficiency of 87.5% was realized. The rig operating expenses are $ 5.2 million. That comprised $ 56,100 per day for the WilPhoenix, and $ 1,400 for the stacked WilHunter. G&A expenses $ 3.8 million. That comprises $ 1.6 million for the Aberdeen shore base. We also had the arbitration costs for the Keppel FELS arbitration, which we discussed a bit later. That cost was $ 1.1 million. With final costs in respect of the Norway office and closing that down. That filters down to a total comprehensive profit of $ 1.3 million equivalent to $ 0.02 per share. If we go on to the balance sheet. Rigs and machinery and equipment, $ 64.5 million. Significant to note that a large decrease obviously since the prior year. We had significant impairment of the new build rigs and de-recognition of the asset values there. We also had an additional impairment in respect of the WilPhoenix and WilHunter. A total impairment last year of $145.2 million, and this was $10 million more than we had previously reported in our prior quarter results. We had an additional $10 million impairment just due at the time to the continued uncertainty in the future market. Trade and other receivables, $4.7 million, all since been received, in respect of the February revenue and the prepaid and accrued revenue $4.9 million was principally in respect of the March revenue accrual. Cash and cash equivalents there, $13.2 million. Total assets $91.3 million. Paid in capital unchanged. The retained earnings -$134.5, likely due to the impairment during the course of 2020. No other significant matters to report. Total equity liabilities, $91.3 million. Over to you, Eric. Okay. I think I'll leave it to Roddy to take us through operational update. Thanks, Eric, and good morning, everyone. As always, we'll start with thanking the crews on the WilPhoenix and the support teams onshore for their performance in the quarter and for continuing to work safely on behalf of their customer, Serica. The operational uptime for the WilPhoenix in Q1, 95.9%. As Ian mentioned, average OpEx at $56,100 per day. A testament, I think, to everybody's efforts at cost control in the difficult market that we appear to be emerging from. We're seeing tendering in the U.K. and beyond the U.K. at levels that we've not seen in at least 10 years. It's been something close to unprecedented levels in Q1. In fact, the company has been invited to respond to 12 tenders year to date, covering around about seven firm rig years of activity. We're starting to see the impact of reduced supply in the market through attrition with the traditionally marketed U.K. fleet dropping over the last sort of eight, nine, 10 years from around about 18 units to something closer to around about eight today. We're now planning the WilPhoenix five-year special periodical survey, which we scheduled to take place after the Ithaca Fotla well, probably around about Q3 or possibly into Q4 of this year. The SPS, we estimate the cost at this point of around about $10 million. That includes a small contingency. As we say, a very high level of tendering activity in the U.K., and we expect that to lead to contract awards in round about late June of 2021. That's all I have. Eric. Okay, to the arbitration update. The arbitration process related to the termination of the new building rig one continues as we had envisaged. Just to remind everybody that the claim amount there is $54.7 million plus interest. We've now gotten a tribunal hearing date, which is in October 2022. We expect the award then to be somewhere in Q1 2023. We're quite happy with securing the date for that arbitration now, and I think the process is going as we envisaged the whole time. When it comes to the arbitration process related to the termination of new building rig number two, that's also going in accordance to what we had anticipated. The claim there amounts to $43 million plus interest. We expect commencement of tribunal hearing to be in late 2022 or possibly early 2023. We are also quite confident when it comes to the fees of running these two cases. That's also running in accordance to our estimates. We estimate that it'll be approximately $10 million total for two cases. I think we can go to the company outlook. That's a summary of what we've already said. We're actively managing the arbitration process towards Keppel. Our goal is to receive a full refund of our paid installments. As I mentioned earlier, we are confident in our case. The procedures are going as we had anticipated so far. We're also actively pursuing opportunities in the recovering global rig market. As Roddy mentioned, we're seeing a sharp increase in tenders. We feel that we are in good positions to get some of those tenders. We also are looking in the market in regards to consolidation. We're also seeing possibilities, looking at possibilities for acquisition and also management of units for others that need to warehouse units that don't have a home. We think we're excellently situated to do that. We have a good staff. We have an office in Aberdeen that can handle more than the one rig we have today. I think that's about it. Now I think I'll open for some Q&A. Thank you, Eric. Currently, there are no questions. With that, I suggest that we conclude this morning's presentation, and thank you for listening in. Yes. Thank you very much.
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