AWDR – Private Placement Completed

Reference is made to Awilco Drilling PLC’s announcement of 30 May 2011. On 1 June 2011, the Company raised USD 17.5 million of new equity through the issuance of 3,031,500 shares at an issue price of NOK 31 per share. The net proceeds will be used to fund the final payments in respect of the rig upgrading and re-classification projects as well as the Company’s working capital needs.

Following the equity issue the total number of outstanding shares in Awilco Drilling PLC is 30,031,500. The Company’s largest shareholder, Awilco Drilling AS, subscribed for 1,286,400 shares in the private placement and now holds 14,516,400 shares equivalent to 48.33 percent of the outstanding shares in Awilco Drilling PLC.

Arctic Securities ASA and Fearnley Fonds ASA acted as joint-lead managers and joint book runners.

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