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.

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

"Company") on 28 February 2018 regarding the successfully completed private

placement of 17,600,000 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 listing on Oslo Axess until

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

The Company's new share capital is GBP 309,604.75 divided into 47,631,500

shares, each with a nominal value of GBP 0.0065.

ABG Sundal Collier ASA, Arctic Securities AS and Fearnley 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

4,921,000 shares allocated to Awilhelmsen Offshore AS) has been settled with

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

Axess. The shares delivered to the subscribers are thus tradable on Oslo Axess

upon delivery.

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 Axess, 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 2018.

Aberdeen, 27 March 2018

For further information, please contact:

Jon Oliver Bryce, CEO

Phone +44 1224 737900

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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