Dividend Information

 

Dividend Policy

The level of dividend payments will normally reflect the underlying financial development of the company. The dividend payment will then be considered in light of the Company's financial position, its debt covenants, and capital requirements for additional investment.

In 2013, Awilco Drilling stated its intent of distributing all free cash flow above a robust cash buffer to support operational working capital requirements and planned capital expenditure.

Dividend Payments

Earnings Quarter

Dividend per Share  (in USD) Dividend Paid per Share (in NOK) Ex Dividend Date Payable Date
Q4 2016  0.20  1.6910  21 February 2017 24 March 2017
Q3 2016  0.20  1.6680  22 November 2016 16 December 2016
Q2 2016  0.10  0.8240  23 August 2016 23 September 2016
Q1 2016  0.10  0.8254  24 May 2016 24 June 2016
Q4 2015  0.25  2.1101  23 February 2016 18 March 2016
Q3 2015  0.50  4.3190  24 November 2015 18 December 2015
Q2 2015  0.50  4.0760  25 August 2015 25 September 2015
Q1 2015  0.50  3.8752  19 May 2015 19 June 2015
Q4 2014  1.00  8.1885  17 February 2015 20 March 2015
Q3 2014  1.15  8.4392  18 November 2014 19 December 2014
Q2 2014  1.15  7.3145  19 August 2014 19 September 2014
Q1 2014  1.15  6.8908  19 May 2014 20 June 2014
Q4 2013     1.10  6.5021  4 March 2014  20 March 2014
Q3 2013     1.10  6.7353  20 November 2013  20 December 2013
Q2 2013     1.00  5.9160  21 August 2013  20 September 2013 
Q1 2013     1.00  5.7610  24 may 2013 20 June 2013

 

Awilco Drilling's functional currency is US Dollars (USD) and dividends per share are therefore announced in USD. However, because Awilco Drilling's shares are registered in Norway and the Norwegian central securities depository ('VPS') only handles Norwegian Kroner (NOK), the dividends are paid out in Norwegian Kroner (NOK) at the USD/NOK rate on the day Awilco Drilling transfers money into VPS' account. Investors who are receiving payments from agent banks in other currencies than NOK will therefore receive a dividend payment after a second conversion, from NOK to the final currency.

U.S. Dividend Classification

This statement is provided for shareholders who are United States persons for purposes of the U.S. Internal Revenue Code of 1986, as amended (“Code”) and the regulations promulgated thereunder; it is not relevant to other shareholders.

Although dividends, generally, are subject to tax in the United States as ordinary income, the code provides for a reduced federal income tax rate imposed on “qualified dividends”. Awilco Drilling PLC cannot guide its U.S. shareholders on how Awilco Drilling PLC’s dividends should be classified; however, the following information may be of interest to shareholders or their tax advisors.

Based on the review of Awilco Drilling PLC’s consolidated financial statements for the taxable years 2012, 2013, and 2014 conducted for determining whether Awilco Drilling PLC is considered a "passive foreign investment company" ("PFIC") for U.S. federal income tax purposes, it appears that, for the taxable years 2012, 2013, and 2014, Awilco Drilling PLC did not satisfy the passive income or the passive assets thresholds set by the PFIC provisions of the Code.  However, the PFIC status of Awilco Drilling PLC is a fact-intensive determination that must be made on an annual basis after the close of each taxable year and will depend on the structure and activities of Awilco Drilling PLC, the composition of Awilco Drilling PLC’s assets and income and the value of Awilco Drilling PLC’s tangible and intangible assets from time to time. Therefore, there can be no assurance that Awilco Drilling PLC will not be considered a PFIC for the taxable year 2012, 2013, and 2014, or any other taxable year.

U.S. shareholders are urged to consult their own tax advisor regarding the tax consequences applicable to them with respect to their investment in Awilco Drilling PLC’s stock.