Awilco Drilling PLC: Update on Arbitration Processes and Additional Funding Requirement

14 Mar 2023 08:05 CET

Aberdeen, 14(th) of March 2023

Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco
Drilling" or the "Company") (Euronext Growth: AWDR) published on 22(nd) of
December 2022 and the Q2 2022 Presentation of 9(th) August 2022.

The Company advises that proceedings in the Rig 1 arbitration process completed
on 13(th) January 2023 and the parties now await the judgement of the tribunal.
Award on this arbitration case is still anticipated in Q2 2023.

The Company also advises that the Tribunal has ordered additional hearing days
in the Rig 2 arbitration case, whereby the proceedings in that process are not
now expected to complete before Q3 2022. As a consequence of these additional
hearing days, and the extensive increase in expert witness evidence and
necessary further input from legal advisers, the Company identifies that
additional funding will be required. The Company estimates that in addition to
the USD 2.0 million planned raised through the announced subsequent offering, a
further requirement is forecasted in the region of USD 5 million to enable
Awilco Rig 2 Pte. Ltd to pursue the arbitration case to a conclusion.  Further
funding is expected needed by May 2023. Award on this arbitration case is now
anticipated in Q4 2023 or Q1 2024.

Awilhelmsen Offshore AS and QVT Family Office Fund LP remain committed to enable
Awilco Rig 1 Pte. Ltd and Awilco Rig 2 Pte. Ltd to pursue the arbitration cases
to their conclusion.

For further information please contact:

Eric Jacobs, CEO of Awilco Drilling
Tel: +44 1224 737900

Cathrine Haavind, Investor Relations of Awilco Drilling
Tel: +47 93 42 84 64
Email: ch@awilcodrilling.com (mailto:ch@awilcodrilling.com)

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

More information:
Access the news on Oslo Bors NewsWeb site