Awilco Drilling

Subsequent Offering and listing on Euronext Expand of up to 469,400 Offer Shares, each with a par value of NOK 9 to be issued at the same subscription price as for the Private Placement Shares (NOK 9 per Offer Share).

The shareholders of the Company as of the end of 29 June 2023 (and being registered as such in the VPS at the end of 3 July 2023 pursuant to the VPS' two days' settlement procedure (the Record Date), who were (i) not wall-crossed in connection with the Private Placement carried out on 29 June 2023, (ii) not allocated depositary receipts in the Private Placement and (iii) are not resident in a jurisdiction where such offering would be unlawful or would (in  jurisdictions  other  than  Norway) require any prospectus, filing, registration or similar action, have been granted subscription rights to subscribe for Offer Shares (the "Eligible Shareholders"). 

Subscription rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.

Eligible Shareholders will receive non-transferrable subscription rights. Each subscription right will give the right to subscribe for, and be allocated, one (1)  share in  the Subsequent Offering. Over-subscription is permitted. Subscription without subscription rights is not permitted. If you subscribe for Offer Shares in the Subsequent Offering, you will also receive one non-transferable warrant for each Offer Share you are allocated. Each warrant carries the right to subscribe for one additional sponsored Norwegian depository receipt at a price of NOK 1, subject to certain conditions and restrictions described in the investor material. The warrants are governed by a warrant deed.

The subscription period for the Subsequent Offering commences on 22 August 2023 and ends on 5 September 2023 at 16:30 CEST (the "Subscription Period").
The Subsequent Offering is fully guaranteed by Awilhelmsen Offshore AS and QVT Family Office Fund LP.

The terms and conditions for the Subsequent Offering are set out in a shareholder letter which will be sent to all shareholders and which will also be available on https://awilcodrilling.com/shareholders/.

Following the end of the Subscription Period, the board of directors of the Company will resolve the allocation of the Offer Shares. Allocation is expected to be completed on or about 7 September 2023. Payment for the Offer Shares allocated in the Subsequent Offering will be done through debit of the subscribers' bank account. Such debit is expected to be completed on or about 11 September 2023. Subject to full payment having been received from all subscribers, the Offer Shares are expected to be delivered to the VPS accounts of the subscribers on or about 14 September 2023.

Please refer to the prospectus for full details about the subsequent offering, and subscription.