AWDR – Operational Update for WilPhoenix

Reference is made to Awilco Drilling’s press release of 4 April 2016. The yard stay for WilPhoenix is now complete and Awilco Drilling considers the rig to be, in all respects, ready to drill awaiting Apache North Sea Ltd’s instructions to resume operations. The total cost for the yard stay and the installation of the new BOP was below the budget of USD 42.5 million. In accordance with the contract, Awilco Drilling considers that WilPhoenix is on standby rate from the completion of the yard stay. Apache North Sea Ltd. does not agree that the rig is ready to drill nor that Awilco Drilling is entitled to standby rate at this point. A further update will be released as and when appropriate.

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, 26 April 2016

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.