Awilco Pulls Trigger on Second New Build Drilling Rig in $425m Splurge

Awilco Drilling signed contract with Keppel Fels for the second Semi Submersible Drilling Rig

Reference is made to the stock exchange release by Awilco Drilling PLC on 8 Mar 2019 regarding the declaration of the first option rig. The Company is pleased to announce that its fully owned subsidiary Awilco Rig 2 Pte. Ltd. on 22 Mar 2018, signed a contract with Keppel FELS shipyard in Singapore for the building of one new CS60 ECO MW semi-submersible drilling rig. The rig is designed for harsh environment use, and will be equipped and certified for drilling on the Norwegian Continental Shelf, including in the Barents Sea, in water depths up to 5000ft.

The cost for the rig delivered from the yard in Singapore is approximately USD 425 million. Delivery is planned for late Q1 2022. The Company also has options to build up to two further additional rigs of similar design, such options to be independent of each other.

In addition to the newbuilding contract announced above and the first CS60 ECO MW currently under construction, Awilco Drilling PLC owns and operates the two Enhanced Pacesetter semi-submersibles WilPhoenix and WilHunter, equipped for drilling in water depths up to 1,200 ft and 1500 ft respectively.