Correction: Awilco Drilling PLC – Change of ISIN and method of VPS registration – reverse split - transfer of listing to Euronext Growth

Correction: Awilco Drilling PLC – Change of ISIN and method of VPS registration – reverse split - transfer of listing to Euronext Growth – contemplated private placement

Reference is made to the announcement on 23 November 2022 that Awilco Drilling PLC ("Awilco Drilling") intended to apply for a transfer of its listing from Oslo Børs to Euronext Growth Oslo and to the announcement on 1 November 2022 that Awilco Drilling will change its structure of VPS registration to Sponsored Norwegian Depository Receipts ("SNDRs").

The first day of trading on Euronext Growth Oslo is expected to occur on 16 December 2022 and the last day of trading on Oslo Børs is expected to be on 15 December 2022.

Following the listing on Euronext Growth Oslo, Awilco Drilling expects to carry out an equity offering of approx. USD 10 million, expected to be structured as combination of a private placement and a subsequent repair offering.

As from the first day of trading on Euronext Growth Oslo, Awilco Drilling will change the form of registration of its securities with Euronext Securities Oslo (the "VPS") from SSL registration of beneficial interests in Awilco Drilling's shares to SNDRs representing Awilco Drilling's shares. This will also result in a change of ISIN. As described in the press related dated 1 November 2022, the change of registration to SNDRs is necessary as a result of the implementation of the EU Central Securities Depositories Regulation (Regulation EU no 909/2014) in Norway.

Key information relating to change to SNDRs and related change of ISIN:

Issuer name: Awilco Drilling PLC

Issuer of the SNDRs: Nordic Issuer Services AS

Last day of trading under previous ISIN and on SSL registration basis: 15 December 2022

First day of trading under new ISIN and as SNDRs: 16 December 2022

Date of ISIN change: 16 December 2022

Previous ISIN: GB00B5LJSC86

New ISIN: NO0012740218

Further, due to technical reasons, Awilco Drilling will be traded with temporary ticker code AWDRT as from 15 December 2022. As from 16 December 2022, Awilco Drilling will be traded with the ordinary ticker code AWDR.

Following the change of registration to SNDRs, the 100:1 reverse share split approved at the extraordinary general meeting on 8 December 2022 will be implemented. This will entail a new change of ISIN.

Key information relating to the reverse split:

Issuer name: Awilco Drilling PLC

Issuer of the SNDRs: Nordic Issuer Services AS

Reverse split ratio: 100 old SNDRs give 1 new SNDR (100:1)

Last day including right - reverse split: 19 December 2022

Ex date - reverse split: 20 December 2022

Record date for reverse split: 21 December 2022

Date on which reverse split was approved: 8 December 2022

Previous ISIN: NO0012740218

New ISIN: NO0012785098

Date of ISIN change: 21 December

The above time line is subject to the admission to trading to Euronext Growth Oslo taking place on 16 December 2022 as planned. In case of any delay in the timeline, updated information will be provided.

The issuer of the SNDRs will be Nordic Issuer Services AS, which is Awilco Drilling's issuer account operator in the VPS. Nordic Issuer Services AS will continue to be registered as the nominal holder of all the shares of Awilco Drilling.

Sponsored Norwegian Depository Receipts ("SNDR") issued in the ES-OSL register have certain limitations and risks. You can read more about these limitations and risks in Nordic Issuer Services AS' general business terms available at www.nordicissuer.com.

A copy of the terms and conditions of the Sponsored Norwegian Depository Receipts for Awilco Drilling is attached to this notice, and the terms and conditions are also available at the website of Awilco Drilling, www.awilcodrilling.com.

The holders of SNDRs must look solely Nordic Issuer Services, as the issuer of the SNDRs, for payment of dividends, the exercise of voting rights and for all other rights arising in respect of the underlying shares in Awilco Drilling, on the basis of which the SNDRs are issued.

Aberdeen, 13 December 2022

For further information, please contact:

Eric Jacobs, Interim CEOPhone: +44 1224 737900

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