Awilco Drilling PLC

Share Issue/Capital Change • Sep 14, 2023

Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued

Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued

Aberdeen, 14 September 2023

Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco

Drilling" or the "Company") on 22 August 2023 announcing the Subsequent Offering

of up to 469,400 new Sponsored Norwegian Depository Receipts (SNDRs) in the

Company at a subscription price of NOK 9 per SNDR (the "Subsequent Offering")

and the corresponding issuance of new shares.

The subscription period for the Subsequent Offering ended on 5 September and on

14 September 2023, the 469,400 new shares were legally and validly issued.

Following the issuance of the new shares, Awilco Drilling has a share capital of

GBP 9,501,787.75 divided into 14,168,135 shares, each with a nominal value of

GBP 0.65.

Furthermore, Nordic Issuer Services AS, Awilco Drilling's issuer account

operator with Euronext Securities Oslo (the "VPS") has today issued new 469,400

SNDRs, each corresponding to one underlying share in Awilco Drilling. The SNDRs

will be delivered to the VPS accounts of the subscribers in the Subsequent

Offering on or about 14 September subject to full payment having been received

from all subscribers.

The subscribers for Offer Shares in the Subsequent Offering will receive one

non- transferable warrant for each allocated Offer Share (the "Warrant"). The

Company will issue 469,400 Warrants to the subscribers of the Subsequent

Offering.

Each Warrant will give the investor the right, but not the obligation, to

subscribe for one sponsored Norwegian depository receipt at a price of NOK 1 per

sponsored Norwegian depository receipt, subject to the Company undertaking a

prior reduction of capital (or otherwise taking steps in accordance with

applicable law) to reduce the nominal value of its shares below the GBP

equivalent of NOK 1 per share. The Warrants may be exercised by the holders, in

full or in part, from 1 January 2024 until the later of (A) 1 February 2024 and

(B) the date three months after the arbitral tribunal has issued a final award

in the Rig 2 case against Keppel FELS Limited and either (A) the latest deadline

for filing an appeal or challenge against such final award has expired without

an appeal or challenge being made or (B) a final and non-appealable ruling has

been made by the relevant court in respect of such appeal or challenge (the

"Exercise Period"). Warrants that are not exercised during the Exercise Period

will have no value and will lapse without compensation to the holder. The

Warrants are non-transferable and will not be registered in the VPS. The

Warrants are created by way of a warrant deed executed by the Company (the

"Warrant Deed") which is attached to the shareholder letter available on the

Company's website (https://awilcodrilling.com/shareholders/).

For further information please contact:

Erik Jacobs, CEO of Awilco Drilling; Tel: +47 95 29 22 71

Cathrine Haavind, Investor Relations of Awilco Drilling; Tel: +47 93 42 84 64,

ch@awilcodrilling.com (mailto:ch@awilcodrilling.com)

This information is published in accordance with the requirements of the

Continuing Obligations.