Awilco Drilling PLC

Investor Presentation • Aug 31, 2023

AWILCO DRILLING HALF-YEAR 2023 PRESENTATION

31 August 2023

DISCLAIMER

This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated («relevant persons»). Any person who is not a relevant person should not act or rely on these presentations or any of its contents. Information in the following presentations relating to price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Awilco Drilling PLC or any affiliated company thereof. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation has been prepared for information purposes only. It has not been prepared for the purposes of, and does not form part of the subscription material for, any offering of securities.

This presentation may include certain forward-looking statements, estimates, predictions, influences and projections with respect to anticipated future performance and as to the market for products or services which may reflect various assumptions made by the management of the Company. These assumptions may or may not prove to be correct and no representation is made as to the accuracy of such statements, estimates, projections, predictions and influences. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. The information and opinions contained in this presentation are subject to change without notice and the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein.

AGENDA

• 1. Main Events
• 1. Half-Year 2023 Results
• 1. Arbitration Update
• 1. Summary
• 1. Q&A

1. Main Events

MAIN EVENTS

• The recycling of the WilHunter rig was successfully completed
• Tribunal decision ruling received resulting in an adverse award for Awilco Rig 1 Pte Ltd
• A further short-term shareholder loan facility with Awilhelmsen Offshore AS was agreed, and later redeemed in July
• Preparations for and participation in the remaining arbitration case against Keppel FELS
• Successful completion of raising USD 8.1 million through Private Placement
• Subsequent offering of USD 0.4 million ongoing. The subscription period in the Subsequent Offer ends 16:30 (CEST) on 5 September 2023.

2. Half-Year 2023 results

HALF-YEAR 2023 INCOME STATEMENT

Condensed statement of comprehensive income

in USD thousands earnings per share , except	YTD 30.06.23	YTD 30.06.22
	(unaudited)	(unaudited)
Rig operating expenses General and administrative expenses	(10) 11,248	5,073 9,083
Depreciation Impairment	- -	35 205
Net gain on disposal of plant and equipment property,	12 11,250	(2 ,872) 11,525
Operating loss	(11 ,250)	(11 ,525)
Interest income	66	5
Interest expense Other financial items	(18) 143	(32) (115)
Net financial items	191	(142)
Loss before tax Tax expense	(11 ,059) -	(11 ,666)
Net loss	(11 ,059)	(11 ,666)
Total comprehensive loss	(11 ,059)	(11 ,666)
Attributable shareholders of the to parent	(11 ,059)	(11 ,666)
Basic and diluted loss per share *	(2 .47)	(2 .61)

* A reverse share split was undertaken during 2022, and as a result, the weighted average number of shares for the purposes of determing EPS has been retrospectivley restated.

HALF-YEAR 2023 BALANCE SHEET

Condensed statement of financial position

in USD thousands

	30 06 2023	30 06 2022
	(unaudited)	(unaudited)
Rigs , machinery and equipment	-	384
	-	384
Trade and other receivables	8	-
Prepayments and accrued revenue	285	2 844 ,
Cash and cash equivalents	2 494 ,	10 474 ,
	2 787 ,	13 318 ,
Total assets	2 787 ,	13 702 ,
Paid in capital	226 408 ,	218 905 ,
Retained earnings	(364 422) ,	(219 673) ,
	(138 014) ,	(768)
Shareholder loan	4 000 ,	-
Trade and other creditors	1 402 ,	959
Accruals and provisions	126 246 ,	4 358 ,
Current payable tax	9 153 ,	9 153 ,
	140 801 ,	14 470 ,
Total equity and liabilities	2 787 ,	13 702 ,

3. Arbitration Update

ARBITRATION UPDATE

• Arbitration process related to the termination of new build Rig 2 awaiting award
  • Claim amounts to a total of USD 43 million plus accrued interest
  • Tribunal hearing for Rig 2 was completed early July
  • Award anticipated in Q4 2023 or Q1 2024
• Awilhelmsen Offshore and QVT remain committed to enable Awilco Rig 2 Pte. Ltd to pursue the arbitration case to its conclusion

SUMMARY

• The Company's only remaining asset is the arbitration case related to new build Rig 2
• A subsequent offering of USD 0.4 million is ongoing until 16:30 (CEST) on 5 September 2023
• The Company has no outstanding debt and expects to be sufficiently funded until year-end 2023