February 27, 2018 / 6:27 PM / 3 months ago

BRIEF-‍Awilco Drilling to issue $65 mln in new shares to build $425 mln rig at Keppel

Feb 27 (Reuters) - Awilco Drilling Plc:

* REG-AWILCO DRILLING PLC: CONTEMPLATED PRIVATE PLACEMENT

* ‍AWILCO DRILLING IS CONTEMPLATING A PRIVATE PLACEMENT OF NEW SHARES WITH GROSS PROCEEDS IN AMOUNT OF USD 65 MILLION DIRECTED TOWARDS NORWEGIAN AND INTERNATIONAL INVESTORS​

* AWILCO DRILLING PLC: ‍ABG SUNDAL COLLIER ASA, ARCTIC SECURITIES AS, AND FEARNLEY SECURITIES AS HAVE BEEN RETAINED AS MANAGERS ( “MANAGERS”) FOR PRIVATE PLACEMENT​

* AWILCO DRILLING PLC: ‍SUBSCRIPTION PRICE WILL BE FIXED AT NOK 29 PER SHARE​

* AWILCO DRILLING PLC: ‍NET PROCEEDS FROM PRIVATE PLACEMENT WILL BE USED TO PART FINANCE EQUITY REQUIREMENT FOR BUILDING OF A NEW SEMISUBMERSIBLE DRILLING RIG FOR HARSH ENVIRONMENT USE​

* AWILCO DRILLING PLC: NEW RIG TO BE BUILT BY PREMIUM YARD KEPPEL FELS IN SINGAPORE AT A PRICE OF APPROXIMATELY USD 425 MILLION, AND WITH PLANNED DELIVERY IN 2021​

* AWILCO DRILLING PLC: ‍IN CONNECTION WITH ENTERING INTO A LETTER OF INTENT FOR SUCH NEWBUILDING, COMPANY HAS NEGOTIATED OPTIONS TO BUILD UP TO THREE ADDITIONAL RIGS OF SIMILAR DESIGN, SUCH OPTIONS TO BE INDEPENDENT OF EACH OTHER​

* AWILCO DRILLING PLC: ‍HAS RECEIVED SIGNIFICANT INDICATIONS OF INTEREST TO PARTICIPATE IN PRIVATE PLACEMENT AND PRIVATE PLACEMENT IS FULLY COVERED​

* AWILCO DRILLING PLC: ‍PRE-SUBSCRIPTIONS FROM EXISTING SHAREHOLDERS AMOUNT TO USD 40 MILLION, INCLUDING INTER ALIA PRE-SUBSCRIPTION BY AWILHELMSEN OFFSHORE AS (CURRENTLY HOLDING 43.3% OF CAPITAL), FVP MASTER FUND LP (CURRENTLY HOLDING 19.4% OF CAPITAL) AND QVT FINANCIAL LP (CURRENTLY HOLDING 6.4% OF CAPITAL)​

* AWILCO DRILLING PLC: ‍IN ADDITION, AKASTOR ASA HAS UNDERTAKEN TO SUBSCRIBE FOR SHARES IN AN AMOUNT OF USD 10 MILLION AND WILL RECEIVE FULL ALLOCATION FOR THIS AMOUNT​

* AWILCO DRILLING PLC: ‍APPLICATION PERIOD FOR PRIVATE PLACEMENT WILL COMMENCE TODAY, 27 FEBRUARY 2018 AT 16:30 CET AND CLOSE ON 28 FEBRUARY 2018 AT 08:00 CET​ Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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