Awilco Drilling Plc: Settlement of Arbitration Cases

Further to the stock exchange release of 1 May 2024 from Awilco Drilling PLC ("Awilco Drilling") regarding the termination of the newbuilding contract between Awilco Rig 2 Pte. Ltd. ("AR2") and Keppel FELS Limited ("KFELS") for the construction of a semi-submersible drilling rig, hull number B382.

Together Awilco Rig 1 Pte. Ltd. ("AR1"), AR2 and the Company have entered into an agreement with KFELS (now Seatrium New Energy Limited) and RigCo Holding Pte Ltd (“RigCo”) to settle all claims, disputes and amounts owing between them arising from the B379 and B382 newbuilding contracts. The parties have mutually agreed that AR2 will be paid USD 57.0 million which payment will result in full and final settlement of all matters arising from the B382 newbuilding contract, rig and arbitration; and mutual releases between the Company, AR1 and AR2 on the one hand and KFELS and RigCo on the other from any and all claims in connection with AR1 and the B379 newbuilding contract, rig and arbitration.

The Company will provide a further update once the settlement amount has been received, including the exact end date of the exercise period for the issued warrants. 

Aberdeen, 19 June 2024

For further information please contact:
Eric Jacobs, CEO of Awilco Drilling PLC
Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC
Phone: +47 9342 8464
Email: [email protected]

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