AWDR – Letter of Award signed with Premier Oil

Awilco Drilling PLC has signed a Letter of Award (LOA) with Premier Oil Limited for the provision of WilPhoenix for the drilling of two firm exploration wells estimated at 30 days each with the option to drill up to two additional wells. The contract value for the firm period is estimated to be about USD 17.4 million. The contract is expected to commence in Q4 of 2012.

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, 23 March 2012

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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.