Awilco Drilling PLC: Approval of prospectus and listing of shares

Aberdeen, 5 June 2019

Reference is made to the stock exchange release by Awilco Drilling Plc (the “Company”) on 11 March 2019 regarding the successfully completed private placement of 5,550,000 shares in the Company at a subscription price of NOK 31.80 per share (the “Private Placement”).

The Norwegian Financial Supervisory Authority has approved a prospectus dated 5 June 2019 (the “Prospectus”) for the listing of the 5,550,000 new shares issued through the Private Placement (the “Private Placement Shares”) on Oslo Børs.

The Prospectus will be available on the Company’s website: Hard copies of the Prospectus may be obtained at the offices of Awilhelmsen Offshore AS at Beddingen 8, 0118 Oslo, Norway.

ABG Sundal Collier ASA, Fearnley Securities AS and Clarksons Platou Securities AS acted as managers for the Private Placement (the “Managers”)

In connection with the settlement of the Private Placement, the Company and the Managers entered into a share lending agreement with Awilhelmsen Offshore AS (“Awilhelmsen”) in order to facilitate delivery of the new shares on a delivery versus payment basis. As a result, the delivery of the shares under the Private Placement (except for 2,320,876 shares allocated to Awilhelmsen) was settled with existing and unencumbered shares in the Company that were already listed on Oslo Børs. The shares delivered to the subscribers in the Private Placement were therefore tradable on Oslo Børs upon allocation.

The share loan was settled by way of the new shares being issued Awilhelmsen. The shares were issued on 14 March 2019. Since the shares were not yet admitted to trading on Oslo Børs, the shares were registered with the VPS under a blocked VPS account until the publication of this Prospectus. As of 6 June 2019, the blocking of the account will be lifted and the Private Placement Shares will be freely transferable. The Private Placement Shares will be listed on Oslo Børs on 6 June 2019. The Private Placement Shares are equal in all respects to the Company’s shares.

For further information, please contact:

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.

Important information:

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction in which the release, publication or distribution would be unlawful. This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act. The Company does not intend to register any securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The Managers are acting for the Company and no one else in connection with the Private Placement and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Private Placement and/or any other matter referred to in this release.

Forward-looking statements:
This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.