Awilco Drilling PLC - M&A Activity 2020

AWDR - Letter of Intent signed for WilPhoenix

Awilco Drilling PLC has signed a Letter of Intent with an undisclosed operator

for the provision of WilPhoenix in support of a three well Plug & Abandonment

program. The program has an estimated duration of 100 days and will commence in

early May 2020. The contract value is estimated at USD 13.8 million.

WilPhoenix is one of Awilco Drilling's two Enhanced Pacesetter semi-submersibles

and is equipped for drilling in water depths up to 1,200 ft. Awilco Drilling

also has two new build rigs on order of Moss CS60 ECO MW design equipped for

drilling in harsh environments, and independent options for additional two rigs

of the same design.

Aberdeen, 30 January 2020

For further information please contact:

Jens Berge, CEO

Phone: +44 1224 737900

Cathrine Haavind, IR Manager

Phone: +47 9342 8464

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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