Awilco Drilling PLC

Awilco Drilling PLC: Nordic Spring - Termination of Vessel Construction Contract

Awilco Rig 2 Pte. Ltd. ("AR2"), a wholly owned subsidiary of Awilco Drilling PLC

("Awilco Drilling"), has notified Keppel FELS Limited ("KFELS") that it has

exercised its contractual termination right under the newbuilding contract

between KFELS and AR2 for the construction of a semi-submersible drilling rig,

Nordic Spring, as a result of breaches under the Vessel Construction Contract.

At the same time, AR2 has also exercised its contractual rights under the

contract and given KFELS notice of termination as a result of Force Majeure.

The vessel construction contract provides that on termination AR2 will be

entitled to a refund of the instalments paid to KFELS of USD 43.0 million plus

accrued interest.

Nordic Spring is one of the two semi-submersible drilling rigs of Moss Maritime

CS60 Eco MW design ordered by Awilco Drilling subsidiaries from KFELS, which

both now have been terminated. In addition, a separate Awilco Drilling

subsidiary has an option for one further rig of the same design.

Aberdeen, 28 December 2020

For further information please contact:

Jens Berge, CEO

Phone: +44 1224 737900

Cathrine Haavind, Investor Relations

Phone: +47 9342 8464

(https://www.globenewswire.com/Tracker?data=r2z2bn9iCxMV0chSJBb3rnF2hmgqzPAzCTaD

iq1i4sGJeZ5z-OhyUI-3B2Eu3LzRACtyG2mDF0pQvHhxLAA4zMnwEHSNPSA8w8b0Ya2sSnk=)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

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