AWDR – Disputed standby revenue billing resolved

With reference to the Q4 2016 Report, in respect of the disputed WilPhoenix standby revenue billing of USD 22.8 million, this matter has now been resolved. It has been agreed that the disputed billing will be cancelled and that the firm term of the 1095 day (3 year) contract with Apache North Sea Limited will be extended by the number of previously disputed days. The firm term will therefore now continue until 20th April 2018. This agreement will be reflected in the audited annual financial statements for year ended December 2016, due to be issued in April 2017.

WilPhoenix is one of Awilco Drilling’s two enhanced pacesetter semi-submersibles and is equipped for drilling in water depths up to 1,200 ft.

Aberdeen, 7 March 2017

For further information please contact:

Jon Oliver Bryce, CEO
Phone: +44 1224 737900

Cathrine Haavind, IR Manager
Phone: +47 9342 8464

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