Awilco Drilling Plc: Key information relating to the Subsequent Offering

22 Dec 2022 08:00 CET

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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR
HONG KONG, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD
BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Aberdeen, 22 December 2022

Reference is made to the stock exchange announcement published by Awilco
Drilling Plc (the "Company") on 21 December 2022 regarding the completion a
private placement of 3,922,880 new Sponsored Norwegian Depository Receipts by
the Company raising gross proceeds of the NOK equivalent of USD 8 million (the
"Private Placement")

As announced by the Company on 21 December 2022, the Company's Board of
Directors (the "Board") intends to carry out a potential subsequent offering of
new Sponsored Norwegian Depository Receipts raising gross proceeds of the NOK
equivalent of up to USD 2 million (the "Subsequent Offering"). The subscription
price per new Sponsored Norwegian Depository Receipts in the Subsequent Offering
will be NOK 20, which is equal to the subscription price per new Sponsored
Norwegian Depository Receipts in the Private Placement.

Date on which the terms and conditions of the subsequent offering were
announced: 21 December 2022

Last day including right: 21 December 2022

Ex-date: 22 December 2022

Record date: 23 December 2022

Date of approval: 21 December 2022

Maximum number of new Sponsored Norwegian Depository Receipts: 980,720

Subscription price: NOK 20

Other information: The Subsequent Offering is conditional upon, inter alia,
completion of the Private Placement and approval by the Board, and the Board may
at its discretion decide not to proceed with or cancel the Subsequent Offering.
The Subsequent Offering will not be available for shareholders resident in a
jurisdiction where such offering would be unlawful or would (in jurisdictions
other than Norway) require any prospectus, filing, registration or similar
action.

Launch of the Subsequent Offering is also contingent on the Company preparing a
prospectus. Further description of the Subsequent Offering and the terms and
other circumstances that must be taken into consideration when subscribing for
shares will be included in the prospectus.

For further information please contact:

Erik Jacobs, CEO of Awilco Drilling; Tel: +44 1224 737900
Cathrine Haavind, Investor Relations of Awilco Drilling; Tel: +47 93 42 84 64,
ch@awilcodrilling.com (mailto:ch@awilcodrilling.com)

This information is published in accordance with the requirements of the
Continuing Obligations.

Important information
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan Hong Kong or the United
States (including its territories and possessions, any state of the United
States and the District of Columbia). It is issued for information purposes only
and does not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities mentioned herein have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "US Securities Act"). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act. Awilco
Drilling does not intend to register any portion of any offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, Japan, Hong Kong or
the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means (EU) 2017/1129 of the European Parliament and of the Council,
of 14 June 2017, as amended Regulation, on the prospectus to be published when
securities are offered to the public (together with any applicable implementing
measures in any EEA Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

The issue, subscription or purchase of securities in Awilco Drilling is subject
to specific legal or regulatory restrictions in certain jurisdictions. Awilco
Drilling assumes any responsibility in the event there is a violation by any
person of such restrictions. The distribution of this release may in certain
jurisdictions be restricted by law. Persons into whose possession this release
comes should inform themselves about and observe any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the
securities laws of any such jurisdiction.

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect Awilco Drilling's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.

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