AWDR – Letter of Intent Signed for WilPhoenix

Awilco Drilling PLC has signed a Letter of Intent with an undisclosed operator for the provision of WilPhoenix for a term drilling program. The program will start in direct continuation from the Premier contract and is firm until 28th February 2014 with options for up to an additional 250 days. Based on commencement on completion of the firm period of the preceding contract in mid-November 2012, the contract value for the firm period is estimated to be USD 148 million.

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, 17 April 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.