Awilco Drilling PLC

Awilco Drilling PLC - First-tier Tribunal Judgement in WilHunter (UK) Ltd. Tax Case

WilHunter (UK) Limited, a wholly-owned subsidiary of Awilco Drilling PLC has

been unsuccessful in its appeal to the First-tier Tribunal against an assessment

to UK corporation tax of £6.8 million, in connection with the tax treatment of a

fee arising in 2015 on the termination of a drilling contract for the WilHunter

rig.

WilHunter (UK) Limited believes that there are procedural and substantive

grounds for challenging the decision made by the First-tier Tribunal, and will

be making an application to the Tribunal for the decision to be set aside and

re-made. Subject to the outcome of this application, WilHunter (UK) Limited will

also consider applying for permission to appeal to the Upper Tribunal.

WilHunter (UK) Limited will be liable to pay the disputed tax to HMRC pending

any further decision in the appeal proceedings. As previously communicated,

Awilco Drilling PLC considers this as a liability only of the subsidiary

company.

Aberdeen, 21 July 2021

For further information please contact:

Eric Jacobs, Interim CEO

Phone: +44 1224 737900

Cathrine Haavind, IR Manager

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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