Awilco Drilling PLC: Change of listing and Notice for Extraordinary General Meeting

After the sale of the WilHunter and the WilPhoenix, the operations of Awilco Drilling PLC (the "Company") consist only of the arbitration proceedings against Keppel FELS. In light of this, the board of directors has concluded that the listing of the Company's shares should be transferred from the Main List of the Oslo Stock Exchange to Euronext Growth Oslo. Accordingly, Awilco Drilling has today initiated a process towards an admission of its shares to trading on Euronext Growth Oslo. The transfer of the listing is expected to be completed during December 2022. At the same time, Awilco Drilling convenes an extraordinary general meeting to authorize an application for a de-listing from the Main List of the Oslo Stock Exchange. The extraordinary general meeting will be held on 8 December 2022 at 12:00 noon (UK time). Notice for the extraordinary general meeting is hereby attached. Given the changes in the nature of the Company's operations, a new article in the Company’s Articles of Association is proposed that gives the Board authority to change the Company’s name if and when deemed appropriate. To give the Company flexibility to finance the arbitration proceedings against Keppel FELS, the board of directors also ask the general meeting to approve a consolidation of the existing shares, where every 100 ordinary shares of £0.0065 each in the capital of the Company will be consolidated into one ordinary share of £0.65, as well as an authorisation to increase the Company's share capital by GBP 7,000,000, which will permit the issuance of up to 10,769,231 new shares after the consolidation.

Aberdeen, 23 November 2022

For further information please contact:

Eric Jacobs, CEOPhone: +44 1224 737900

Cathrine Haavind, Investor RelationsPhone: +47 93 42 84 64Email: ch@awilcodrilling.com

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

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