Correction: Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued

Aberdeen, 14 September 2023

Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 22 August 2023 announcing the Subsequent Offering of up to 469,400 new Sponsored Norwegian Depository Receipts (SNDRs) in the Company at a subscription price of NOK 9 per SNDR (the "Subsequent Offering") and the corresponding issuance of new shares.

The subscription period for the Subsequent Offering ended on 5 September and on 14 September 2023, the 469,400 new shares were legally and validly issued. Following the issuance of the new shares, Awilco Drilling has a share capital of GBP 9,501,787.75 divided into 14,618,135 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 469,400 SNDRs, each corresponding to one underlying share in Awilco Drilling. The SNDRs will be delivered to the VPS accounts of the subscribers in the Subsequent Offering on or about 14 September subject to full payment having been received from all subscribers.

The subscribers for Offer Shares in the Subsequent Offering will receive one non- transferable warrant for each allocated Offer Share (the "Warrant"). The Company will issue 469,400 Warrants to the subscribers of the Subsequent Offering.

Each Warrant will give the investor the right, but not the obligation, to subscribe for one sponsored Norwegian depository receipt at a price of NOK 1 per sponsored Norwegian depository receipt, subject to the Company undertaking a prior reduction of capital (or otherwise taking steps in accordance with applicable law) to reduce the nominal value of its shares below the GBP equivalent of NOK 1 per share. The Warrants may be exercised by the holders, in full or in part, from 1 January 2024 until the later of (A) 1 February 2024 and (B) the date three months after the arbitral tribunal has issued a final award in the Rig 2 case against Keppel FELS Limited and either (A) the latest deadline for filing an appeal or challenge against such final award has expired without an appeal or challenge being made or (B) a final and non-appealable ruling has been made by the relevant court in respect of such appeal or challenge (the "Exercise Period"). Warrants that are not exercised during the Exercise Period will have no value and will lapse without compensation to the holder. The Warrants are non-transferable and will not be registered in the VPS. The Warrants are created by way of a warrant deed executed by the Company (the "Warrant Deed") which is attached to the shareholder letter available on the Company's website (https://awilcodrilling.com/shareholders/).

For further information please contact:

Erik Jacobs, CEO of Awilco Drilling; Tel: +47 95 29 22 71
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.

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