Awilco Drilling PLC

Awilco Drilling Plc: Warrants Certificates issued

Aberdeen, 28 July 2023

Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco

Drilling" or the "Company") on 30 June 2023 announcing the successful private

placement of 9,680,040 new shares and corresponding Sponsored Norwegian

Depository Receipts ("SNDRs") (the "Private Placement"), and the grant of one

warrant for every SNDR subscribed for, allocated and paid for in the Private

Placement or the planned Subsequent Offering (the "Warrant").

On 27 July 2023, the Company has issued 9,680,040 Warrants to the subscribers of

the Private Placement.

Each Warrant will give the investor the right, but not the obligation, to

subscribe for one SNDR at a price of NOK 1 per SNDR, subject to the Company

undertaking a prior reduction of capital (or otherwise taking steps in

accordance with applicable law) to reduce the nominal value of its shares below

the GBP equivalent of NOK 1 per share. The Warrants may be exercised by the

holders, in full or in part, from 1 January 2024 until the later of (A) 1

February 2024 and (B) the date three months after the arbitral tribunal has

issued a final award in the Rig 2 case against Keppel FELS Limited and either

(A) the latest deadline for filing an appeal or challenge against such final

award has expired without an appeal or challenge being made or (B) a final and

non-appealable ruling has been made by the relevant court in respect of such

appeal or challenge (the "Exercise Period"). Warrants that are not exercised

during the Exercise Period will have no value and will lapse without

compensation to the holder. The Warrants are non-transferable and will not be

registered in the VPS. The Warrants are created by way of a warrant deed

executed by the Company (the "Warrant Deed").

For further information please contact:

Erik Jacobs, CEO of Awilco Drilling; Tel: +47 95 29 22 71

Cathrine Haavind, Investor Relations of Awilco Drilling; Tel: +47 93 42 84 64,

This information is published in accordance with the requirements of the

Continuing Obligations.

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