Ruling of the first arbitration case

Reference is made to the stock exchange release of 8 June 2020 from Awilco Drilling PLC (“Awilco Drilling”) regarding the termination of the newbuilding contract between Awilco Rig 1 Pte. Ltd. (“AR1”) and Keppel FELS Limited (“KFELS”) for the construction of a semi-submersible drilling rig, hull number B379, as a result of breaches under the Vessel Construction Contract.

Today, the Company has received the arbitration tribunal ruling which has awarded in favour of KFELS.

AR1 is disappointed with the Tribunal’s decision and is currently reviewing the award to establish if grounds exist for appeal and, if so the merits of such an appeal. We will revert with further information as soon as the detailed review of the arbitration award has been completed.

Aberdeen, 21 April 2023

For further information please contact:
Eric Jacobs, CEO of Awilco Drilling PLC
Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC
Phone: +47 9342 8464

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.