Awilco Drilling PLC

Awilco Drilling PLC: Cancellation of subsequent offering

Aberdeen, 5 June 2019

Reference is made to the stock exchange release by Awilco Drilling Plc (the

"Company") on 11 March 2019 regarding the completed private placement of

5,550,000 shares in the Company at a subscription price of NOK 31.80 per share

(the "Private Placement").

The stock exchange release on 11 March 2019 referred to that the Company's Board

of Directors intended to carry out a subsequent offering of up to 800,000 new

shares directed towards shareholders in the Company as of close of trading on 8

March 2019 as registered in the VPS on 12 March 2019 and who were not allocated

shares in the Private Placement at the same subscription price as the Private

Placement, NOK 31.80 per share. Based on the market price of the Company's

shares, currently being NOK 26.50 per share and given it has traded below the

subscription price of NOK 31.80 over the last weeks, the Board of Directors has

resolved to cancel the intended subsequent offering since the subscription price

in the subsequent offering would have been higher than the current share price,

and shareholders who were not allocated shares in the Private Placement should

be able to acquire shares in the market at a lower price than the subscription

price. Hence, the Board of Directors is of the opinion that the cancellation of

the intended subsequent offering is protective of the Company's shareholders

since it contributes to avoid the risk of shareholders subscribing for shares at

a higher price than the current market price for the shares.

For further information, please contact:

Cathrine Haavind, IR Manager

Phone: +47 93 42 84 64

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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