Awilco Drilling PLC

Major Shareholding Notification • Oct 17, 2016

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) (if different from 3.):iv		Citibank Global Markets Inc.	UBS Securities LLC
5. Date of the transaction and date on which the threshold is crossed or v reached:			October 14, 2016
6. Date on which issuer notified:	October 17, 2016
7. Threshold(s) that is/are crossed or vi, vii reached:	19%

8. Notified details:
viii, ix A: Voting rights attached to shares
Class/type of shares	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
if possible using the ISIN CODE	Number Number of	of	Number of shares	Number of voting rights		x % of voting rights
	Shares	Voting Rights	Direct	Direct xi	xii Indirect	Direct	Indirect
GB00B5LJSC86	5,408,383	5,408,383	5,707,212	0	5,707,212	0	19.00%

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 instrument	Exercise price	Expiration xvii date	Exercise/ Conversion xviii period	Number of voting rights instrument refers to	% of voting rights xx	xix,
					Nominal	Delta

Total (A+B+C)
Number of voting rights	Percentage of voting rights
5,707,212	19.00%

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"), holds the shares in street name. 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 the shares.

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:
14. Contact name:	Daniel Jemal, Chief Operating Officer
15. Contact telephone number:	(212) 672.9600