Awilco Drilling PLC

Share Issue/Capital Change • Feb 28, 2018

Awilco Drilling PLC: Key information relating to the Subsequent Offering

Awilco Drilling PLC: Key information relating to the Subsequent Offering

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 27/28 February 2018 regarding the successfully completed private

placement (the "Private Placement"). The Company intends to carry out a

subsequent offering of up to 1,400,000 new shares in the Company (the "Offer

Shares") for gross proceeds of up to approximately USD 5 million (the

"Subsequent Offering").

The Subsequent Offering will, on the basis of a prospectus approved by the

Norwegian Financial Supervisory Authority, expected to be launched in early

April 2018, be directed towards shareholders who (i) are shareholders in the

Company as of 27 February 2018, as registered as shareholders in the Company's

register of shareholders with the Norwegian Central Securities Depositary (Nw.

Verdipapirsentralen) (the "VPS") as of expiry of 1 March 2018 (the "Record

Date"), (ii) were not offered to participate in the Private Placement, and (iii)

are not resident in a jurisdiction where such offering would be unlawful or, for

jurisdictions other than Norway, would require any prospectus, filing,

registration or similar action (the "Eligible Shareholders"). The Eligible

Shareholders will be granted non-tradable subscription rights based on their

shareholding as of the Record Date.

The subscription price in the Subsequent Offering is NOK 29 per Offer Share,

being the same as the subscription price in the Private Placement. The

subscription period in the Subsequent Offering will commence shortly after

publication of the Prospectus (publication of the Prospectus expected early

April 2018).

The following key information is given with respect to the Subsequent Offering:

Date of announcement of terms of Subsequent Offering: 28 February 2018

Last day including right to receive subscription rights: 27 February 2018

First day excluding right to receive subscription rights: 28 February 2018

Record date: 1 March 2018

Date of approval of Subsequent Offering: Expected on or about 26 March 2018

Maximum number of Offer Shares: up to 1,400,000

Subscription price: NOK 29 per Offer Share

For further information, please contact:

Jon Oliver Bryce, CEO

Phone +44 1224 737900

Cathrine Haavind, IR Manager

Phone: +47 93 42 84 64

Email: ch@awilcodrilling.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act"

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia) or any other jurisdiction in which the release,

publication or distribution would be unlawful. This release is an announcement

issued pursuant to legal information obligations, and is subject of the

disclosure requirements pursuant to section 5-12 of the Norwegian Securities

Trading Act. It is issued for information purposes only, and does not constitute

or form part of any offer or solicitation to purchase or subscribe for

securities, in the United States or in any other jurisdiction. The securities

mentioned herein have not been, and will not be, registered under the United

States Securities Act of 1933, as amended (the "US Securities Act"). The

securities may not be offered or sold in the United States except pursuant to an

exemption from the registration requirements of the US Securities Act. The

Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in the United States. Copies of this announcement are not being made

and may not be distributed or sent into Australia, Canada, Japan or the United

States. The issue, exercise, purchase or sale of subscription rights and the

subscription or purchase of shares in the Company are subject to specific legal

or regulatory restrictions in certain jurisdictions. Neither the Company nor the

Manager assumes any responsibility in  the event there is a violation by any

person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute a violation of the securities laws of any such

jurisdiction. The Manager are acting for the Company and no one else in

connection with the Private Placement and will not be responsible to anyone

other than the Company for providing the protections afforded to their

respective clients or for providing advice in relation to the Private Placement

and/or any other matter referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.