Reference is made to the stock exchange releases by Awilco Drilling PLC (“the Company”) on 27 and 28 February 2018 regarding the successfully completed private placement. The Company is pleased to announce that its fully owned subsidiary Awilco Rig 1 Pte. Ltd. on 9 March 2018, signed a contract with KeppelFELS shipyard in Singapore for the building of one new CS60 ECO MW semisubmersible drilling rig. The rig is designed for harsh environment use, and will be equipped and certified for drilling on the Norwegian Continental Shelf, including in the Barents Sea, in water depths up to 5000ft.
The cost for the rig delivered from the yard in Singapore is approximately USD 425 million. Delivery is planned for late Q1 2021. In connection with entering into the contract for such newbuilding, the Company has also negotiated options to build up to three additional rigs of similar design, such options to be independent of each other.
In addition to the newbuilding contract announced above, Awilco Drilling PLC owns and operates the two Enhanced Pacesetter semi-submersibles WilPhoenix and WilHunter, equipped for drilling in water depths up to 1,200 ft and 1500 ft respectively.
Aberdeen, 11 March 2018
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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.