Awilco Drilling PLC

Earnings Release • May 11, 2016

AWDR - Awilco Drilling Reports Q1 2016 Results

AWDR - Awilco Drilling Reports Q1 2016 Results

Awilco Drilling PLC reported contract revenue of nil (USD 19.1 million in Q4),

EBITDA  USD 13.4 million loss (USD 26.3 million loss in Q4) and net loss of USD

18.7 million (USD 32.9 million loss in Q4).

Revenue efficiency was nil during the quarter (97.7 % in Q4).

Contract utilisation including unpaid shipyard time was 50.0% during the quarter

(50 % in Q4).

The WilPhoenix SPS project and BOP installation were completed under budget.

Contract backlog at the end of Q1 was approximately USD 258 million

(approximately USD 258 million end of Q4).

The Board approved a dividend distribution payable in Q2 2016 of USD 0.10 per

share.  The share will trade ex-dividend on 24 May 2016, the record date is 25

May 2016 and the payment date is on or around 24 June 2016.

Please see attached for the Q1 2016 report.

A quarterly presentation will be held on 11 May 2016 at 10:30 CET in

Awilhelmsen's offices at Beddingen 8, Aker Brygge, Oslo, Norway.

A conference call will be held on 11 May 2016 at 14:00 UK time (15:00pm CET /

09:00 EST). The presentation will be available for download on the Investor

Relations section (go to "Press Releases") at www.awilcodrilling.com prior to

the call. There will be a Q&A session after the presentation.

Click this link to register for the conference call. Once registered, you will

receive an email with dial-in numbers and pins.

Aberdeen, 11 May 2016

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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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