Awilco Drilling Plc: Warrants Certificates issued
Aberdeen, 28 July 2023
Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 30 June 2023 announcing the successful private placement of 9,680,040 new shares and corresponding Sponsored Norwegian Depository Receipts ("SNDRs") (the "Private Placement"), and the grant of one warrant for every SNDR subscribed for, allocated and paid for in the Private Placement or the planned Subsequent Offering (the "Warrant").
On 27 July 2023, the Company has issued 9,680,040 Warrants to the subscribers of the Private Placement.
Each Warrant will give the investor the right, but not the obligation, to subscribe for one SNDR at a price of NOK 1 per SNDR, subject to the Company undertaking a prior reduction of capital (or otherwise taking steps in accordance with applicable law) to reduce the nominal value of its shares below the GBP equivalent of NOK 1 per share. The Warrants may be exercised by the holders, in full or in part, from 1 January 2024 until the later of (A) 1 February 2024 and (B) the date three months after the arbitral tribunal has issued a final award in the Rig 2 case against Keppel FELS Limited and either (A) the latest deadline for filing an appeal or challenge against such final award has expired without an appeal or challenge being made or (B) a final and non-appealable ruling has been made by the relevant court in respect of such appeal or challenge (the "Exercise Period"). Warrants that are not exercised during the Exercise Period will have no value and will lapse without compensation to the holder. The Warrants are non-transferable and will not be registered in the VPS. The Warrants are created by way of a warrant deed executed by the Company (the "Warrant Deed").
For further information please contact:
Erik Jacobs, CEO of Awilco Drilling; Tel: +47 95 29 22 71
Cathrine Haavind, Investor Relations of Awilco Drilling; Tel: +47 93 42 84 64, ch@awilcodrilling.com
This information is published in accordance with the requirements of the Continuing Obligations.
