Memorandum of Understanding signed with SPD for WilHunter

Awilco Drilling Limited has entered into a Memorandum of Understanding (MOU) with SPD Limited for the semi-submersible drilling rig, WilHunter. The MOU is for 1 firm and 6 optional wells in the UK. Awilco Drilling also confirms that it has signed a Letter of Intent (LOI) with Nautical Petroleum PLC for 1 firm well and 1 optional well as part of the above mentioned SPD multi-client, multi-well 2011 drilling programme. The contract value for the firm part is approximately USD 5 million. The contract is expected to commence early May 2011.

Wilhunter is presently completing its 5 yearly Special Periodic Survey and an accommodation upgrade at Remontowa Shipyard in Poland and is scheduled for delivery around the end of first quarter 2011. Wilhunter is one of Awilco Drilling`s two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1500 ft.

Aberdeen, 9 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.