Awilco Drilling PLC

Awilco Drilling PLC: Nordic Winter Update

Reference is made to our stock exchange release dated 8 June 2020 advising that

Awilco Rig 1 Pte. Ltd. (AR1) has exercised its right to terminate the building

contract with Keppel FELS Limited (KFELS) and is entitled to a refund of the

instalments paid to KFELS plus accrued interest. KFELS has disputed that AR1 had

the right to terminate.

Today AR1 has received a notice from KFELS purporting to terminate for failure

to pay the next instalment due, and notice that KFELS has commenced arbitration

to resolve the disputes concerning termination and its consequences. AR1

maintains its position that it validly terminated the contract and maintains its

entitlement to the instalments.

Aberdeen, 22 June 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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