Awilco Drilling PLC

Prospectus • Jun 5, 2019

Awilco Drilling PLC: Approval of prospectus and listing of shares

Awilco Drilling PLC: Approval of prospectus and listing of shares

Aberdeen, 5 June 2019

Reference is made to the stock exchange release by Awilco Drilling Plc (the

"Company") on 11 March 2019 regarding the successfully completed private

placement of 5,550,000 shares in the Company at a subscription price of NOK

31.80 per share (the "Private Placement").

The Norwegian Financial Supervisory Authority has approved a prospectus dated 5

June 2019 (the "Prospectus") for the listing of the 5,550,000 new shares issued

through the Private Placement (the "Private Placement Shares") on Oslo Børs.

The Prospectus will be available on the Company's website:

www.awilcodrilling.com (http://www.awilcodrilling.com). Hard copies of the

Prospectus may be obtained at the offices of Awilhelmsen Offshore AS at

Beddingen 8, 0118 Oslo, Norway.

ABG Sundal Collier ASA, Fearnley Securities AS and Clarksons Platou Securities

AS acted as managers for the Private Placement (the "Managers")

In connection with the settlement of the Private Placement, the Company and the

Managers entered into a share lending agreement with Awilhelmsen Offshore AS

("Awilhelmsen") in order to facilitate delivery of the new shares on a delivery

versus payment basis. As a result, the delivery of the shares under the Private

Placement (except for 2,320,876 shares allocated to Awilhelmsen) was settled

with existing and unencumbered shares in the Company that were already listed on

Oslo Børs. The shares delivered to the subscribers in the Private Placement were

therefore tradable on Oslo Børs upon allocation.

The share loan was settled by way of the new shares being issued Awilhelmsen.

The shares were issued on 14 March 2019. Since the shares were not yet admitted

to trading on Oslo Børs, the shares were registered with the VPS under a blocked

VPS account until the publication of this Prospectus. As of 6 June 2019, the

blocking of the account will be lifted and the Private Placement Shares will be

freely transferable. The Private Placement Shares will be listed on Oslo Børs on

6 June 2019. The Private Placement Shares are equal in all respects to the

Company's shares.

For further information, please contact:

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 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 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 Managers 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.