Contract signed with AGR for WilPhoenix

Awilco Drilling Limited has signed a contract with AGR Petroleum Services for 1 firm well and 6 optional wells for WilPhoenix. The contract represents AGR’s multi well multi client 2011 drilling programme. The contract value for the firm part is approximately USD 7 million. Drilling operations are expected to commence early May 2011.

WilPhoenix is in the final stages of a substantial upgrading programme at Remontowa Shipyard in Poland and is scheduled for delivery in April 2011. WilPhoenix is one of Awilco Drilling’s two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1200ft.

Aberdeen, 16 March 2011

For further information please contact:

Jon Oliver Bryce, CEO

Phone: +44 1224 737900

Cathrine Haavind, IR Manager

Phone: +47 93 42 84 64