Awilco Drilling PLC

Awilco Drilling PLC: New share issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

14 March 2019

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

"Company") on 11 March 2019 regarding the successfully completed private

placement of 5,550,000 new shares (the "Private Placement"). The Board of

Directors of the Company has approved the share capital increase relating to the

issuance of the new shares in the Private Placement and the new shares have been

issued today. The new shares will not be admitted to trading on Oslo Børs until

a listing prospectus has been published in respect of the new shares.

The Company's new share capital is GBP 354,779.75 divided into 54,581,500

shares, each with a nominal value of GBP 0.0065.

ABG Sundal Collier ASA, Fearnley Securities AS and Clarksons Platou Securities

AS have acted as managers for the Private Placement (the "Managers").

In connection with the settlement of the Private Placement, the Company and the

Managers entered into a share lending agreement with Awilhelmsen Offshore AS in

order to facilitate delivery of the shares on a delivery versus payment basis.

As a result, the delivery of shares under the Private Placement (except for

2,320,876 shares allocated to Awilhelmsen Offshore AS) has been settled with

existing and unencumbered shares in the Company that are already listed on Oslo

Børs. The shares delivered to the subscribers were therefore tradable on Oslo

Børs upon allocation.

The share loan has been settled by way of the new shares being issued to

Awilhelmsen Offshore AS. Since these shares are not yet admitted to trading on

Oslo Børs, they will be held on a separate VPS account blocked in favour of the

Managers until a listing prospectus for the shares has been approved by the

Financial Supervisory Authority of Norway, expected in May 2019.

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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