Awilco Drilling PLC

Major Shareholding Notification • Sep 19, 2014

For filings with the FSA include the annex For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESⁱ

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are ii attached:		AWILCO DRILLING PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the iii notification obligation:		FVP Master Fund, L.P. Firefly Value Partners, LP	FVP GP, LLC
4. Full name of shareholder(s) from 3.):iv (if different		Merrill Lynch International
5. Date of the transaction and date on which the threshold is crossed or v reached:	September 3, 2013
6. Date on which issuer notified:	September 5, 2013
7. Threshold(s) that is/are crossed or vi, vii reached:			3%

8. Notified details:
A: Voting rights attached to shares		viii, ix
Class/type of shares	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
if possible using the ISIN CODE	Number of	Number of	Number of shares	Number of voting rights		x % of voting rights
	Shares	Voting Rights	Direct	xi Direct	xii Indirect	Direct	Indirect

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration xiii date	Exercise/ xiv Conversion Period	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights xix, xx

instrument	price	xvii date	Conversion xviii period	instrument refers to	xx
Total Return		June 11,			Nominal	Delta
\$18.28 2015 Swap		1,072,461	3.16%

Total (A+B+C)
Number of voting rights	Percentage of voting rights
1,072,461	3.16%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

FVP Master Fund, L.P., a Cayman Islands exempted limited partnership ("FVP Master Fund"), is the party to the total return swap and directly holds the economic benefit thereto. Firefly Value Partners, LP, a Delaware limited partnership ("Firefly Partners") serves as the investment manager to FVP Master Fund. FVP GP, LLC, a Delaware limited liability company ("FVP GP" and collectively with FVP Master Fund and Firefly Partners, the "Reporting Persons") serves as the general partner of FVP Master Fund. Each of Firefly Partners and FVP GP may be deemed to share voting and dispositive rights with FVP Master Fund in shares were such shares capable of being acquired by FVP Master Fund. Each of the Reporting Persons disclaims beneficial ownership with respect to any shares other than those owned directly by such Reporting Person.

Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:	This disclosure relates to a position held by FVP Master Fund, L.P. The position is held as a total return swap. Thus, the notifying parties have no rights to vote or acquire any shares, but make this disclosure in reliance on DTR 5.3.1 R(1)(b) as further noted in DTR 5.3.3 G(2).
14. Contact name:	Evan Gelacek, Chief Compliance Officer
15. Contact telephone number:	(212) 672.9600