Letter of Intent signed for WilPhoenix

Awilco Drilling Limited has entered into a Letter of Intent (LOI) with AGR Petroleum Services (“AGR”) for the semi-submersible drilling rig, WilPhoenix. The LOI is for 1 firm and 6 optional well operations in the UK. The value of the firm part of the contract is approximately USD 7 million. The contract is 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 around the end of the first quarter 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, 3 February 2011

For further information please contact:

Jon Oliver Bryce, CEO

Phone: +44 1224 737900

Cathrine Haavind, IR Manager

Phone: +47 22 01 42 00

Awilco Drilling Limited is a UK based offshore drilling company owning and operating two semi submersible drilling rigs. The Company is listed on the Norwegian OTC under the ticker code AWDR.

Note to editors:

AGR Petroleum Services (also known as the legal entity AGR Peak Well Management Ltd) is part of the Oslo Stock Exchange-listed AGR Group. It is the world’s largest independent provider of well management and subsurface services. AGR Group has been in existence for more than 20 years and the AGR Petroleum Services division since its formation in 2005 has experienced dynamic growth with offices in four continents.