Aberdeen, 23 December 2022

Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 21 December 2022 announcing the successful placement of 3,922,880 Sponsored Norwegian Depository Receipts (SNDRs) in a private placement in the Company at a subscription price of NOK 20 per SNDR (the "Private Placement") and the corresponding issuance of 3,922,880 new shares.

Today, the 3,922,880 new shares have been legally and validly issued following a pre-funding payment by Clarksons Securities AS. Following the issuance of the new shares, Awilco Drilling has a share capital of GBP 2,904,651.75 divided into 4,468,695 shares, each with a nominal value of GBP 0.65.

Furthermore, Nordic Issuer Services AS, Awilco Drilling's issuer account operator with Euronext Securities Oslo (the "VPS") has today issued new 3,922,880 SNDRs, each corresponding to one underlying share in Awilco Drilling. The SNDRs will be delivered to subscribers in the Private Placement on or about 28 December 2022 on a delivery-versus-payment basis.

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

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