AWDR - Letter of Intent signed with Ithaca

Awilco Drilling PLC has signed a Letter of Intent (LOI) with Ithaca Energy (UK) Limited for the provision of WilHunter for the drilling of one appraisal well on the Hurricane discovery. The contract value is estimated to be USD 15.7 million. The contract is expected to commence early Q1 2012.

WilHunter is one of Awilco Drilling's two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1,500 ft.

Aberdeen, 20 October 2011

For further information please contact:

Jon Oliver Bryce, CEO
Phone: +44 1224 737900

Cathrine Haavind, IR Manager
Phone: +47 93 42 84 64

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.