Awilco Drilling PLC reported contract revenue of USD 9.1 million (USD 10.2 million in Q4 2018), EBITDA USD 0.3 million loss (USD 4.6 million in Q4 2018) and net loss of USD 2.4 million (USD 24.2 million loss in Q4 2018).

Revenue efficiency was 85.6% during the quarter primarily due to high waiting on weather time at reduced rate (95.3 % in Q4 2018).

Operational uptime was 100% during the quarter (99.7% in Q4 2018).

Contract utilisation was 50.0% during the quarter (50 % in Q4 2018).

Contract backlog at the end of Q1 was approximately USD 20.2 million (approximately USD 30.7 million Q4 2018).

During the quarter, a contract was signed with Keppel FELS shipyard in Singapore for the building of the second CS60 ECO MW semisubmersible drilling rig, with remaining options to build up to two additional rigs of similar design, such options to be independent of each other.

Please see attached for the Q1 2019 report.

A quarterly presentation will be held on 15 May 2019 at 10:30 CET in Awilhelmsen's offices at Beddingen 8, Aker Brygge, Oslo, Norway.

A conference call will be held on 15 May 2019 at 13:30 UK time (14:30pm CET / 08:30 EST). The presentation will be available for download on the Investor Relations section (go to "Press Releases") at www.awilcodrilling.com prior to the call. There will be a Q&A session after the presentation.

Click this link to register for the conference call or copy and paste the following address into your browser:
http://members.meetingzone.com/selfregistration/registration.aspx?booking=7d2y3EOWdsayNFMKaqk9qt4T0vI4fSGiKj8D0H9o63k=
Once registered, you will receive an email with dial-in numbers and pins.

Aberdeen, 15 May 2019


For further information please contact:

Jens Berge, CEO
Phone: +44 1224 737900

Cathrine Haavind, IR Manager
Phone: +47 93 42 84 64
Email: ch@awilcodrilling.com

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

Attachment