Awilco Drilling PLC

Legal Proceedings Report • Dec 4, 2020

Awilco Drilling PLC: Receipt of Notice of Termination of Construction Contract

Awilco Drilling PLC: Receipt of Notice of Termination of Construction Contract

Awilco Drilling PLC (the Company) announces that its wholly owned subsidiary

Awilco Rig 2 Pte. Ltd. (AR2) has today received a notice from Keppel FELS

purporting to terminate the Vessel Construction Contract of the semi-submersible

drilling rig Nordic Spring ("Notice"). Keppel FELS has also served AR2 with a

notice of arbitration.

This follows a letter from AR2 to Keppel FELS raising concerns about the status

of the project. AR2 vigorously denies the allegations by Keppel FELS in the

Notice and considers the vessel construction contract to be intact. The Company

will provide further information in due course.

Nordic Spring is a semi-submersible drilling rig of Moss Maritime CS60 Eco MW

design ordered by Awilco Drilling's subsidiary from Keppel FELS. In addition, a

separate Awilco Drilling subsidiary has an option for one further rig of the

same design.

Aberdeen, 4 December 2020

For further information please contact:

Jens Berge, CEO

Phone: +44 1224 737900

Cathrine Haavind, Investor Relations

Phone: +47 9342 8464

Email: ch@awilcodrilling.com

(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.