Awilco Drilling PLC

Awilco Drilling PLC: Capital Reduction Process Completed

Reference is made to our press release of 20 July 2023 from Awilco Drilling PLC

("Awilco Drilling") regarding the resolution passed in the General Meeting to

reduce the issued share capital of Awilco Drilling by cancelling and

extinguishing paid-up capital of 63 pence on each issued fully paid up ordinary

share of 65 pence each and reducing the nominal value of each issued fully paid

up ordinary share from 65 pence to 2 pence (the "Share Capital Reduction").

The Share Capital Reduction has now been approved by the Court and registered by

the UK Companies Register. The new nominal value of each issued fully paid up

ordinary share is 2 pence and the new share capital is GBP 292,362.70.

As a consequence of the Share Capital Reduction becoming effective, the exercise

price for the 10,149,440 outstanding warrants will be NOK 1 per Depositary

Receipt.

Aberdeen, 16 November 2023

For further information please contact:

Eric Jacobs, Interim CEO

Phone: +44 1224 737900

Cathrine Haavind, Investor Relations

Phone: +47 93 42 84 64

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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