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Editor's notes: Mid-water market tightness in the North Sea spells opportunity for Awilco's two drilling rigs. A hefty 22% dividend and substantial balance sheet protection make shares attractive.

Given that we live in the lowest interest rate environment in living memory, it is hard to believe that a publicly traded company could offer a 22% dividend yield outside of the mortgage REIT sector. Yet that is exactly what we have in Awilco Drilling (OTCPK:AWLCF) (referred to as Awilco for the balance for this article), a business that owns and operates two semi-submersible drilling rigs in the UK section of the North Sea and is committed to distributing virtually all free cash flow to shareholders. Given the high dividend yield, it is clear that the market does not expect that the company will be able to support the distributions in the future. In this article, I intend...

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