Brief: Awilco Drilling to issue $65 mln in new shares to build $425 mln rig at Keppel

Awilco Drilling

27/02/2018 15:48

Feb 27 (Reuters) - Awilco Drilling Plc  0Q2K.L  AWDR.OL : 
    * 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 ASC.OL , 
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 KLPM.SI  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 AKAS.OL  
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:  urn:newsml:reuters.com:*:nNDLbMyfHh 
Further company coverage:  0Q2K.L   AWDR.OL   KLPM.SI  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))