AWDR – Private Placement

Awilco Drilling PLC (or the Company) announces today that it is in the process of raising USD 15-20 million through a private placement in connection with its listing on Oslo Axess. A maximum of 3,550,000 shares will be offered at a price which will be determined through a book building process with an indicative range of NOK 31 to 35.

The private placement is expected to close on 1 June 2011 at 15:00 CET, subject to earlier close or extension.

The net proceeds will fund the final payments in respect of the rig upgrading and re-classification projects as well as the Company’s working capital needs.

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

Important Note:

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for any securities of Awilco Drilling PLC.

This press release is not being issued in or to the United States of America, Canada, Australia, Japan or in any other jurisdiction in which such distribution would be prohibited by applicable law. This press release does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended, (the “Securities Act”) or any state securities laws, and will be offered within the United States in reliance upon an exemption from the registration requirements in the Securities Act, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The securities may not be offered or sold in the United States except pursuant to an applicable exemption from registration.

Arctic Securities ASA and Fearnley Fonds ASA are acting for Awilco Drilling PLC and no one else in connection with the offer of the shares and will not be responsible to any other person for providing the protections afforded to their client, or for providing advice in relation to the proposed offer of the shares.

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