Awilco Drilling PLC: Short-term Financing

Awilco Drilling PLC announces that it has signed a short-term shareholder loan with Awilhelmsen Offshore AS and QVT Family Office Fund LP. The loan is for a total of up to USD 4 million, structured as a draw-down facility, with interest rate of 10 percent per annum on the aggregated outstanding principal amount. In addition, there is an arrangement fee of 2 percent on the total amount. Maturity date for the loan is 1 July 2022. The loan shall be used for general working capital purposes.

Aberdeen, 4 May 2022

For further information please contact:

Eric Jacobs, Interim CEO
Phone: +44 1224 737900

Cathrine Haavind, Investor Relations
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.