Awilco Drilling PLC

Awilco Drilling Plc: Settlement of Arbitration Cases

Further to the stock exchange release of 1 May 2024 from Awilco Drilling PLC

("Awilco Drilling") regarding the termination of the newbuilding contract

between Awilco Rig 2 Pte. Ltd. ("AR2") and Keppel FELS Limited ("KFELS") for the

construction of a semi-submersible drilling rig, hull number B382.

Together Awilco Rig 1 Pte. Ltd. ("AR1"), AR2 and the Company have entered into

an agreement with KFELS (now Seatrium New Energy Limited) and RigCo Holding Pte

Ltd ("RigCo") to settle all claims, disputes and amounts owing between them

arising from the B379 and B382 newbuilding contracts. The parties have mutually

agreed that AR2 will be paid USD 57.0 million which payment will result in full

and final settlement of all matters arising from the B382 newbuilding contract,

rig and arbitration; and mutual releases between the Company, AR1 and AR2 on the

one hand and KFELS and RigCo on the other from any and all claims in connection

with AR1 and the B379 newbuilding contract, rig and arbitration.

The Company will provide a further update once the settlement amount has been

received, including the exact end date of the exercise period for the issued

warrants.

Aberdeen, 19 June 2024

For further information please contact:

Eric Jacobs, CEO of Awilco Drilling PLC

Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC

Phone: +47 9342 8464

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

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