Message from the CEO 2020

2020 – a year with many challenges but got a clear ramp-up during the last two quarter of the year where new contracts were closed to a value of approximately 500 million swedish kronor.

The year 2020 started with expectations that the record year 2019 would be exceeded as conditions seemed to be good. All the drilling rigs in Drillcon’s fleet were contracted in various projects around the world and at the same time conversations were held with several customers about new potential contracts. Shortly afterwards, Covid-19 arrived, which came to affect the business’s production volume and costs throughout 2020. Several ongoing and new potential projects were stopped or delayed. Already in the first quarter, Drillcon chose to quickly make a change with redundancy and short-term layoffs. During the year, the organization has shown its strength and meritoriously with short response times implemented several different structural measures and adjustments to reduce our costs, while concluding new drilling contracts. Only the during the last six months of the year, new contracts worth 500 million Swedish kronor were concluded.

Patrik Rylander – CEO