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Awilco Drilling PLC
Report and Financial Statements
31 December 2021

Awilco Drilling PLC
1
Directors
Sigurd Thorvildsen
Henrik Fougner
Daniel Gold
John Simpson
Synne Syrrist
Secretary
Burness Paull LLP,
50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ
Auditors
Ernst & Young LLP
4
th
Floor
2 Marischal Square
Broad Street
Aberdeen
AB10 1BL
Bankers
DNB Bank ASA
8
th
Floor
The Walbrook Building
25 Walbrook
London
EC4N 8AF
Registered Office
3
rd
Floor
11-12 St James’s Square
London
SW1Y 4LB

Awilco Drilling PLC
2
Strategic report
Corporate Strategy and business model
Awilco Drilling PLC (‘the Company’)’s strategy is to create value through the provision of a quality, reliable
and customer focused service to the mobile drilling rig market. The management team shall safely,
efficiently and effectively deliver a high-quality service to customers, with a view to securing the most
lucrative day rate contracts in conjunction with the highest achievable rig utilisation. The Company shall
continue to evaluate opportunities which best complement its financial and operational aspirations.
During the year, the Company owned and operated two semi-submersible drilling rigs, the WilPhoenix and
WilHunter, both standardised rigs used in the drilling of oil and gas wells and P&A work in the UK sector
of the North Sea. The WilHunter has not worked since July 2015 and has been cold stacked in Invergordon
since October 2016. The WilPhoenix completed a contract in October 2021 and has since been warm
stacked in Invergordon prior to the sale of the rig.
Going Concern
Following the contractual arrangements to sell both rigs during Q2 2022, the Company is currently no longer
performing operational activities. As a result of this, the financial statements have been prepared on a basis
other than going concern. Cost saving measures have been initiated including reduction in headcount.
Principal activity
The principal activity of the Company and its subsidiaries (‘the Group’) prior to year-end was to operate the
drilling rigs. During the year, the WilPhoenix was in drilling operations for its clients, Serica Energy and
Ithaca Oil and Gas Energy. As noted above, since contractual arrangement to sell both rigs during Q2 2022,
the principal activity of the Group is to continue the arbitration processes with Keppel FELS shipyard.
Business review and future developments
Following the disposal of both of the Company’s drilling rigs, the Company is currently no longer
performing operational activities. Although the main focus in the short term will be on the arbitration
processes, minimising costs and thereby maximising returns to the shareholders, the Company shall also
continue to evaluate new investment opportunities. If an attractive opportunity arises, which complements
the Company’s financial and operational aspirations, operations will resume once again.
Performance
The Group’s financial performance during the year was as follows:
2021
2020
US$000
US$000
Revenue
33,077
25,602
Operating loss
(61,264)
(167,916)
Loss for the year attributable to equity shareholders
(72,229)
(167,857)
Operating loss margin %
(185%)
(656%)
Number of employees and contractors at year end
107
137
The total revenue for the year relates to contract income received from drilling operations. The increase is
due to higher utilisation for the WilPhoenix compared with the prior year. The Group had rig operating
expenses of US$ 27.6 million (2020: US$ 23.3 million) relating to rig operating costs included in cost of
sales, which includes an impairment of onboard inventory of US$ 3.0 million. General and administration
expenses were US$ 12.2 million (2020: US$ 14.9 million). There was an impairment expense of US$ 48.1
million (2020: US$ 145.2 million). US$ 47.3 million was rig impairment (including fleet capital spares),
and US$ 0.8 million in respect of right of use assets.
During the year, the key performance indicators (KPIs) set out below were reviewed on a regular basis by
management and performance against them subsequently reported to the Board of Directors. Targets for the
KPIs are set and, if performance falls short, the appropriate corrective action was implemented by
management.

Awilco Drilling PLC
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Strategic report (continued)
Business review and future developments (continued)
The Company’s main financial KPIs were:
Revenue efficiency
Revenue efficiency is actual contract revenue earned in the period that active rigs are working, compared
with the maximum daily contract revenue available, multiplied by the number of days worked in the
contracted period. For the year ended 31 December 2021, the revenue efficiency was 92.9% (2020: 80.6%).
Operating margin
Operating margin is total revenue less operating costs. For the year ended 31 December 2021, operating
margin was 185% loss. (2020: 656% loss). The improvement in margin is due to the increase in revenue
during the year, decrease in general and administration expenses and the prior year included an impairment
of new build assets.
The Company also has a number of operational KPIs that were used to manage the business on a day to day
basis, some of which are detailed below:
Quality, Health, Safety and Environment (QHSE)
Total recordable incident rate
(TRIR)
Number of incidents (lost time incident, restricted work case, medical
treatment only) x 200,000 / Total number of man hours in the review
period. Measured on a rolling 12-month basis.
Unplanned discharges
Items that have been discharged to sea not covered under PON 15 which
relate to allowable items. Some examples are Blow out Preventor (BOP)
control fluid and hydraulic oil that are reportable under PON 1.
(PON - Petroleum Operations Notices)
Operations
Uptime
Total hours the rigs are working i.e. not on unplanned downtime / on
contract time for the period.
Human Resources (HR)
Personnel turnover
Employee initiated leavers in the period as a percentage of total
headcount (onshore and offshore) on a rolling 12-month basis.
Following the disposal of both of the Company’s drilling rigs, the Company is currently no longer
performing operational activities. In future, the principal KPIs will be in respect of maintaining an adequate
cash buffer to meet the ongoing obligations of the Company. Should the Company enter into new business
such that operating activities recommence, KPIs will be set appropriate to that activity.
Principal risks and uncertainties
The Company’s primary risks during the year were those that impact utilisation rates for each of the rigs,
QHSE issues associated with operations and exposure to liquidity, credit, and legal risk. Subsequent to year
end, following the disposal of the rigs and no ongoing rig operations, the principal risks are now in respect
of liquidity and legal risks.
QHSE (Quality, Health, Safety, Environment)
To mitigate any risk with regards to QHSE, the Group has in place a QHSE management plan which seeks
to ensure that all operations are conducted within normal industry standards and procedures. The Group also
seeks to ensure safe and efficient operations, with no accidents, injuries, environmental incidents or damage
to assets. During the current Covid-19 outbreak, the Group is following industry guidelines to ensure the
safety of the workforce.

Awilco Drilling PLC
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Strategic report (continued)
Principal risks and uncertainties (continued)
QHSE (Quality, Health, Safety, Environment) (continued)
The Group achieved a high level of safety with no injuries or fatalities. There has been continued low
frequency of dropped object and high potential incidents. The Corporate Annual QHSE objectives are
implemented in departmental action plans. The zero total recordable incident rate (TRIR) reported in 2020
has been successfully maintained throughout 2021. There were no LTI incidents in 2021 and only a single
first aid case. Our commitment to safe and reliable operations has seen this improvement and we continue
to learn and improve. Post transfer of the rigs and termination of offshore personnel, this risk, in relation to
operational activity, will no longer be considered relevant.
Liquidity
As described in Note 26 to the financial statements, the Group’s objective is to maintain sufficient liquidity
in order to support the needs of the business and meet liabilities as they fall due. The Group currently has
no debt obligations and has obtained a shareholder loan facility to ensure an appropriate level of cash is
available in the short to medium term. Further funding may be required in order to support the ongoing
arbitration process.
Tax risks
The Company is committed to operating in a manner consistent with good industry practice and in
accordance with all legislative requirements that are applicable in the different areas of jurisdiction in which
it conducts business.
The Company has subsidiaries in other countries. Tax laws and regulations are highly complex and subject
to interpretation. Consequently, the Company is subject to changing tax laws, treaties and regulations in
and between countries in which it operates. The Company’s tax expense is based upon its interpretation of
the tax laws in effect in these countries at the time that the expense was incurred. A change in these tax
laws, treaties or regulations or in the interpretation thereof, which is beyond the Company’s control, could
result in a materially higher tax expense or a higher effective tax rate on the Company’s earnings.
For 2021, the effective tax rate (“ETR”) for the Company was negative 14.7% (2020: 0.1% negative). The
current and prior year are negative figure due to the loss before tax. There was a tax charge in the year as a
result of the current year movement in unrecognised deferred tax asset, reversal of a prior deferred tax asset
and recognition of a tax liability of the subsidiary, WilHunter (UK) Ltd of US$ 9.2 million. This was
following an unsuccessful tax tribunal appeal. WilHunter (UK) Ltd does not have sufficient funds to meet
this liability and the subsidiary company is currently undergoing a creditors voluntary liquidation. Going
forward, with limited anticipated revenue, the tax risk will be significantly reduced.
Legal risks
The Group values its reputation and aims to carry out business in a fair and open manner. Despite this the
Group may become subject to claims during the course of its business. In the previous year, the vessel
construction contracts for two semi-submersible drilling rigs being built in Singapore, were terminated, see
Note 23. The Group’s subsidiary companies have entered into arbitration with the rig construction company.
The rig construction contracts were entered into on a non-recourse basis to the parent company or wider
group. In order to mitigate any possible risk of cash outflow, the Group has established a dedicated team
and has engaged specialist legal advisors to support the actions taken.

Awilco Drilling PLC
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Strategic report (continued)
Corporate Social Responsibility
The Company recognises its duty to stakeholders to operate the business in an ethical and responsible
manner. It is committed to developing its Corporate Social Responsibility (CSR) agenda, recognising that
it can play a major part in its operations. This report does not contain information about any policies of the
Company in relation to social community and human rights issues since it is not considered necessary for
an understanding of the development, performance or position of the Company’s business activities. During
the year, when operational activities were being performed, the following core values were applicable:
Core Values
Simple is Best – Our systems and procedures shall be clear, concise and effective, ensuring we deliver on
our promises.
Engagement – We will be a company of choice, valuing our work force, listening and responding to
employees, clients and partners.
Efficiency – We will consistently meet our clients’ expectations by providing competent people, reliable
equipment and smart systems.
Flexibility – We will encourage challenge and creativity in order to deliver optimised performance and
continuous improvement.
Performance – We will get it right first time; consistently delivering success.
Anti-bribery and corruption
The Company requires its employees to observe the highest standards of business and personal ethics in the
conduct of their duties and responsibilities. The Company has a specific Anti-Bribery and Corruption policy
to ensure compliance with all applicable anti-bribery and corruption regulations and to ensure the
Company’s business is conducted in a socially responsible manner. A risk assessment is undertaken by the
senior members of the Company as part of the quarterly review of the Company’s risk register.
Policy
The Company’s employment policies and procedures are described in detail in the Staff Handbook, which
is available to all employees via the Business Management System (BMS). The Company’s Code of
Conduct – Values and Ethics document sets out the basic principles to guide all employees and officers of
the Company on how they must conduct themselves to seek to avoid even the appearance of improper
behaviour. To help ensure compliance, the Company requires that employees, officers and directors review
the policy and acknowledge their understanding and adherence in writing on an annual basis.
Equal opportunities and diversity
The Company is committed to equal opportunities and treats all employees with respect and dignity and
ensures that decisions are taken without reference to irrelevant or discriminatory criteria. The Company
does not tolerate any form of unlawful discrimination and is committed to promoting equality of opportunity
and diversity for all personnel and will address any unlawful discrimination in every aspect of its operations.
As at 31 December 2021, the number of directors and employees was as follows:
Male
Female
Directors
4
1
Senior Managers
3
-
Other staff – onshore
10
8
Other staff – offshore
86
-

Awilco Drilling PLC
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Strategic report (continued)
Health and Wellbeing
It is important to the Company that it supports its employees in their health and wellbeing. The Company
operates a flexible benefit scheme that is available to all members of staff and includes benefits such as
leisure club membership, private medical and dental insurance, a health screening service and an Employee
Assistance Programme. The Company has also achieved the Silver Healthy Working Lives Award. During
the Covid-19 pandemic, where possible, all onshore employees were required to work from home in
accordance with government guidance. Employees were encouraged to ensure they had adequate resources
available, and support was offered where necessary.
Absence Management
The Group has an established absence management procedure, to support employees during periods of
sickness absence whilst ensuring the efficient and effective running of the organisation.
2021
2020
Group sick leave (as a percentage of total hours worked)
2.0%
1.7%
Health, Safety and Environment
The Company recognises that it is has a corporate responsibility to carry out its operations in an ethical and
responsible manner whilst minimising its impact on the environment. The Company upholds the relevant
standards and retains its ISO14001 certification. ISO14001 is an internationally recognised environmental
management system (EMS) standard, providing a model for companies to follow to create and achieve their
policy. Focusing on the issues that really matter, it is designed to help companies achieve consistent
environmental regulatory compliance whilst embedding the concept of continuous improvements in
environmental performance. ISO14001 is a widespread benchmark for thousands of organisations around
the world that want to communicate to the public and stakeholders that they are environmentally responsible.
Additionally, the Company has achieved ISO 45001 certification following on from its previous BS OHSAS
18001 certification. This is an internationally applied Standard for occupational health and safety
management systems. It exists to help organisations put in place demonstrably sound best practices by
providing a framework for procedures and controls needed by the Company to achieve the best possible
working conditions and workplace health and safety by eliminating hazards and minimize health and safety
risks.
Section 172
The Board of Directors have taken account of stakeholder views when making key decisions that impact the
company and its stakeholders. The following matrix provides some examples of how, during the year,
consideration was given to key stakeholders, being employees, investors, customers, suppliers, regulators
and society in general. In the future, if activity is not increased again, many of these issues may no longer
be relevant.
Stakeholder
Strategic Issue
Engagement
Outcome
Key Decision
Employees
Fair compensation
and benefits
package for
employees
Market analysis is
performed to ensure
compensation levels
are competitive in
prevailing market.
See also
commitment
expressed by the
Board in respect of
“Health and
Wellbeing” of
employees on this
page.
Pay levels for
existing and new
employees were
considered to be
fair and
competitive
within the
industry.
Changes in
compensation
levels are
proposed by the
Remuneration
Committee to the
Board.

Awilco Drilling PLC
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Strategic report (continued)
Section 172 (continued)
Stakeholder
Strategic Issue
Engagement
Outcome
Key Decision
Investors
Continue to seek
growth
opportunities that
offer attractive
returns to
investors
Information is
shared with
investors in the
form of quarterly
and annual
financial reports
and press release
disclosures are
required.
Additionally,
quarterly
presentations held
and available on
the Company
website. Regular
one to one
investor meetings
are also held.
No new outcomes
in respect of
investment
opportunities at
this time.
Quarterly and
annual financial
reports are reviewed
and approved by the
Board.
Termination of new
build programme
and cost savings
initiated in respect
of Norwegian
shorebase.
WilPhoenix rig was
warm stacked in
Invergordon whilst
future options for
the rig were
considered. This
resulted in
headcount cost
reduction.
WilHunter recycling
process was
commenced.
Customers
Customer
Satisfaction
As part of the
company’s
procedures to
ensure customers
are satisfied with
performance and
delivery of
services
contracted, the
customers are
requested to
provide feedback
on a variety of
areas to ensure the
company is
performing in
accordance with,
or better than,
customer
expectations.
Customer surveys
feedback is part of
the company KPIs
and scoring in this
area has been
more than
satisfactory during
the course of the
year.
Directors agree
key performance
indicators with
Management and
monitor
performance
against KPIs
during the course
of the year.
Results impact
employee bonus
awards at year
end.

Awilco Drilling PLC
8
Strategic report (continued)
Section 172 (continued)
Stakeholder
Strategic Issue
Engagement
Outcome
Key Decision
Suppliers
Selection of key
suppliers and
high-level
purchases. Ensure
that vendors are
paid on a timely
manner.
Suppliers invited
to tender and
purchasing
procedures require
fair and
transparent
selection of
vendors. Refer
also paragraph on
Investment
Appraisal" on
page 19 of the
annual report.
Policies,
procedures and
scrutiny by the
Board ensures
vendor selection
criteria is a robust
process.
Board involved in
selection of key
vendors and
Board approve the
approval matrix
on a regular basis.
Any approvals
above the matrix
levels require
Board approval. A
Board member
and chair of the
Audit Committee
approves the
published
payment practices
report filed every
six months.
Regulators
Accreditation and
compliance with
regulatory
standards.
Details of
standards
achieved are
detailed under
"Health, Safety
and Environment"
on page 6 of the
annual report.
Achievement and
continued
certification of
compliance
through external
HSE audits
ensures company
operates at, or
above, the
standards required
by the regulatory
bodies that govern
the industry.
The Board
approves the
direction followed
by the CEO and
management in
pursuit of
necessary
accreditation and
standards.
Society
Minimising harm
to the
environment in
operational
performance of
the fleet.
KPIs are
established to
measure if any
adverse
consequence to
the environment
within the control
of the company.
Achievement and
compliance with
environmental
sustainability.
Operational KPIs
are also reviewed
on a regular basis
by the Board.
By order of the Board of Directors
Sigurd Thorvildsen
25 May 2022

Awilco Drilling PLC
9
Directors’ report
Registered No. 7114196
The Directors present their report and financial statements for the year ended 31 December 2021. These
financial statements have been prepared under UK-adopted International Accounting Standards (UK-
adopted IAS) and International Financial Reporting Standards as adopted by the European Union (EU
adopted IFRS) as it applies to annual periods beginning 1 January 2021.
Results and dividends
The loss after taxation for the year amounted to US$ 72.2 million (2020: US$ 167.9 million loss).
There were no dividends paid during the year. (2020: nil)
Future developments
See Strategic Report pages 2-8.
Directors
The directors who served the Company during the year were as follows:
Sigurd Thorvildsen
Henrik Fougner
Daniel Gold
John Simpson
Synne Syrrist
Financial instruments
The Group’s financial risk management objectives and policies are discussed further in Note 26 on pages
71-73 of the financial statements.
Directors’ liability
The Company insures its directors and officers against liability in respect of proceedings brought by third
parties, subject to the conditions set out in the UK Companies Act 2006.
Directors and their interests
None of the directors listed above had any direct interest in the Company’s shares.
Major interest in shares
The Company has been notified of the following interests representing 3% or more of the issued ordinary
share capital of the Company as at 25 May 2022.
No of shares
Percentage holding
Awilhelmsen Offshore AS
20,240,814
37.1%
Pershing LLC
11,089,012
20.3%
Akastor AS
3,049,673
5.6%
Euroclear Bank S.A. / N.V.
2,141,616
3.9%
Skandinaviska Enskilda Banken
2,000,000
3.7%
Citibank N.A.
1,834,536
3.4%
QVT Financial LP with affiliated and related parties owned 5,369,401 shares at 25 May 2022, a total of
9.8% of the Company’s share capital.
FVP Master Fund LP with affiliated and related parties owned 10,817,527 shares at 25 May 2022 a total of
19.8% of the Company’s share capital and has not notified the Company of any changes of ownership up to
the date of signing the report and financial statements.

Awilco Drilling PLC
10
Directors’ report (continued)
Corporate governance
The information given in the corporate governance statement is set out on pages 14-20.
Going concern
As noted in the Strategic report, the Group is currently no longer performing operational activities.
Accordingly, the financial statements have been prepared on a basis other than going concern.
Asset impairment consideration
Management has performed an impairment test which resulted in an impairment of US$ 47.3 million at year
end. The valuation of the rig is based upon the fair value less cost to sell, and the final agreed selling price
between both parties.
Greenhouse gas emissions
The Company’s greenhouse gas emissions are categorised between two categories: direct emissions (from
rig power generation and loss of refrigerants) and indirect emissions (from purchased electricity for onshore
offices). All figures reported are in relation to energy consumed in the United Kingdom and offshore area.
All emissions from the facilities over which the Company has direct operational control were included. The
Companies Act 2006 requires reporting on the following greenhouse gases:
• Carbon dioxide ("CO2");
• Methane ("CH4");
• Nitrous Oxide ("N2O");
• Hydrofluorocarbons ("HFCs");
• Perfluorocarbons ("PFCs"); and
• Sulphur Hexafluoride ("SF6").
PFCs and SF6 are not emitted, and therefore not considered in this report.
Greenhouse gas emissions are reported in tonnes (t) carbon dioxide equivalents ("CO2e"). Calculations are
performed using the emission factors and global warming potential for each chemical compound, which are
in accordance with the current guidance from the UK Government GHG Conversion Factors for Company
Reporting 2021. The 2021 annual CO2e emitted from operations was 6,977 t.
For the year ended 31 December 2021, the estimated carbon dioxide equivalent (“CO2e”) gas emissions
were 6,489 tonnes as compared to 5,651 tonnes for the year ended 31 December 2020. When expressed as
an intensity measure of tonnes of CO2e gas emissions per days of contract from operations, the intensity
measure for 31 December 2021 was 18.5 tonnes, changes in the previous year’s disclosures is due to the
changes of the operational context of the unit. Reduction in indirect emissions is largely due to reduced
occupancy of the office due to the global pandemic.
There were 35kg of accumulated refrigerant losses during 2021 equivalent to 102.0 tonnes of CO2e.

Awilco Drilling PLC
11
Directors’ report (continued)
Greenhouse gas emissions (continued)
Greenhouse Gas Emissions
2021
2020
Direct emissions (owned rigs)
6,849
5,651
Indirect emissions (onshore offices)
26
31
Refrigerant emissions (offshore only)
102.0
230.5
Total emissions (CO2c)
6,977
5,912.5
Direct CH
4
emissions (owned rigs)
1.7
1.4
Direct N
2
O emissions (owned rigs)
91.2
76.1
The Company’s aim is to work on improving environmental sustainability by reducing the carbon footprint,
eliminating waste, recycling and using alternative energy sources where possible. As the Company holds an
ISO 14001 accredited Environmental Managements System (EMS) this has already identified the risks to
biodiversity the Company’s activities may pose. The disposal of drill cutting was identified as the most
significant risk to biodiversity. During 2021, zero drill cuttings were disposed to the environment from
operations.
Assessment of Climate Change Impact
As a result of rig disposals, the Company is currently no longer performing operational activities so has no
significant climate change impact to consider. The responsibility for minimising environmental impact in
relation to the disposal of rigs has passed to the buyer.
Stakeholder relationships
The Directors recognise that business relationships with all stakeholders is beneficial to the well-being of
the organisation. Feedback in terms of relationships with suppliers, customers, investors is discussed with
management at board meetings.
Disclosure of information to the auditors
So far as each person who was a director at the date of approving this report is aware, there is no relevant
audit information, being information needed by the auditor in connection with preparing its report, of which
the auditor is unaware. Having made enquiries of fellow directors and the Company’s auditor, each director
has taken all the steps that they are obliged to take as a director in order to make themselves aware of any
relevant audit information and to establish that the auditor is aware of that information.
Responsibility statement
The directors confirm, to the best of their knowledge:
• That the consolidated financial statements, prepared under UK-adopted International Accounting
Standards (UK-adopted IAS) and International Financial Reporting Standards as adopted by the
European Union (EU adopted IFRS) as it applies to annual periods beginning 1 January 2021, give a
true and fair view of the assets, liabilities, financial position, and profit of the parent company and
undertaking included in the consolidation taken as a whole;
• That the annual report, including the strategic report, includes a fair review of the development and
performance of the business, and the position of the company and undertakings included in the
consolidation taken as a whole, together with a description of the principal risks and uncertainties that
they face: and.
• That they consider the annual report, taken as a whole, is fair, balanced and understandable and
provides the information necessary for shareholders to assess the company’s position, performance,
business model and strategy.

Awilco Drilling PLC
12
Directors’ report (continued)
Subsequent events
During March, the subsidiary company WilHunter (UK) Ltd was placed into liquidation. The affairs,
business and property of the Company are being managed by the Joint Liquidators, Geoff Jacobs and Blair
Nimmo of Interpath Advisory.
During March, the Company signed a Sale and Purchase Agreement with Rota Shipping Inc to recycle the
WilHunter at the Aliaga Shipyard in Turkey. The sale is expected to be concluded no later than 15 June
2022.
During May, the Company signed a Memorandum of Agreement (MOA) for the sale of the WilPhoenix to
Well-Safe Solutions Ltd for an agreed purchase price of USD 15.5 million. Expected delivery time of the
rig is on or around 1 June 2022.
During May 2022, the Company signed a short-term shareholder loan with Awilhelmsen Offshore AS and
QVT Family Office Fund LP. The loan is for a total of up to USD 4 million, structured as a draw-down
facility, with interest rate of 10 percent per annum on the aggregated outstanding principal amount. In
addition, there is an arrangement fee of 2 percent on the total amount. Maturity date for the loan is 1 July
2022. The loan shall be used for general working capital purposes.
As a result of the agreements to dispose of both rigs after the year end, it is considered that the Group is
currently no longer performing operational activities and the financial statements have been prepared on a
basis other than going concern. However, the Board shall continue to consider future opportunities and take
the necessary action as required.
Auditors
A resolution to reappoint Ernst & Young LLP as auditors will be put to the members at the Annual General
Meeting.
By order of the Board of Directors
Sigurd Thorvildsen
25 May 2022

Awilco Drilling PLC
13
Statement of directors’ responsibilities
The directors are responsible for preparing the annual report and the financial statement in accordance with
applicable United Kingdom law and regulation.
Company Law requires the directors to prepare financial statements for each financial year. Under that law,
the directors have prepared the Group financial statements in accordance with UK adopted international
accounting standards (UK-adopted IAS) and International Financial Reporting Standards (IFRS) as adopted
by the European Union and have prepared the Company financial statements in accordance with UK-
adopted IAS, as applied in accordance with section 408 of the Companies Act 2006.
Under Company law, the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of
the group and the company for that period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
• provide additional disclosures when compliance with the specific requirements in IFRS is
insufficient to enable users to understand the impact of particular transactions, other events and
conditions on the group’s financial position and financial performance;
• in respect of the group financial statements, state whether UK adopted international accounting
standards (UK-adopted IAS) and International Financial Reporting Standards (IFRS) as adopted
by the European Union have been followed, subject to any material departures disclosed and
explained in the financial statements;
• in respect of the parent company financial statements, UK-adopted IAS, as applied in accordance
with section 408 of the Companies Act 2006 have been followed, subject to any material departures
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company and / or the group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the company’s and group’s transactions and disclose with reasonable accuracy at any time the financial
position of the group and the company and enable them to ensure that its financial statements comply with
the Companies Act 2006.
They are also responsible for safeguarding the assets of the group and parent company and group and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the directors are also responsible for preparing a strategic report,
directors’ report, directors’ remuneration report and corporate governance statement that comply with that
law and those regulations. The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the company’s website.

Awilco Drilling PLC
14
Corporate governance
Awilco Drilling PLC is committed to maintaining high standards of corporate governance.
The Company is listed on the Oslo Bors stock exchange. The Company has adopted the Norwegian Code
of Practice for Corporate Governance of 14 October 2021 (‘the Code’). A copy of the code can be found at
www.nues.no
Adherence to the Code is based on a “comply or explain” principle, whereby companies are expected to
comply with the recommendations or explain why they have chosen an alternative approach. Below is a
summary of the departures from the Code with an explanation of how the Company’s actual practices
contribute to good corporate governance.
Code of Practice Compliance
The Company is required to state how it has applied the principles set out in Section 1 of the Code and
which relate to its directors, remuneration, accountability and audit and relations with shareholders.
As of the date of this report, the Company is in compliance with the Code, except in relation to the following
matters:
• Business – the Company’s Articles of Association do not specifically define the Company’s
business. The Company is incorporated in England & Wales and this is in line with standard
practice for a UK registered company. An overview of the Company’s business can be found in
this report.
• Equity and dividends – the authorisation given to undertake share capital increases has not been
restricted to defined purposes, due to the scope of the Company’s business. This is normal practice
for a UK registered company.
• Auditor – the Auditor is not present during the Board meeting that considers the annual accounts;
but the Auditor attends all Audit Committee meetings including discussions related to the Annual
Report and financial statements.
• Corporate Assembly – the Company does not have a Corporate Assembly.
Business
During the year, the Company’s principal business was to own offshore drilling rigs for use in offshore
drilling operations, and to provide drilling services for oil and gas companies using these rigs. This was an
intricate business which involved complex assets and high value equipment, and which required specialised
and trained personnel to operate them efficiently and safely.
Further information about the Company’s vision, mission and strategy statements is available in the
Strategic Report.
Equity and dividends
Full details of the shares issued are detailed in Note 24. The Company considers its equity to be at a level
appropriate to the Company’s objectives, strategies, cash flow projections and risk profile.
As the Company is currently no longer performing operational activities, there will be no dividends
distributed arising from operational activity.

Awilco Drilling PLC
Corporate governance (continued)
15
Equal treatment of shareholders
All issued shares of the Company are vested with equal shareholder rights in all respects. There is only one
class of shares. The Articles of Association place no restrictions on voting rights. Each share represents
one vote at the Company’s General Meetings.
Equal opportunities and diversity
The Company is committed to ensuring that all employees are treated with respect and dignity and to ensure
that decisions are taken without reference to irrelevant or discriminatory criteria. The Company will not
tolerate any form of unlawful discrimination and is committed to promoting equality of opportunity and
address unlawful discrimination in every aspect of its operations. The Company takes every possible step
to ensure that decisions on recruitment, selection, training, conditions of work, pay and benefits, promotion,
career, management, and every other aspect of employment are justifiable and based solely on objective
criteria. During the year, there have been no incidents of non-compliance with this policy.
Transactions with close associates
The Company has entered into the agreements listed below with the following parties:
• A management agreement with Awilhelmsen Management AS (AWM) for corporate services;
• Management-for-hire contracts for personnel from the Awilhelmsen Group.
Awilhelmsen Offshore AS owns 37.1% of the ordinary shares in Awilco Drilling PLC.
Freely negotiable shares
The shares of the Company are freely negotiable.
Going concern
The Board regularly review the Company’s financial projections to ensure resources are available to meet
operational requirements and takes appropriate action if judged necessary. The Board shall continue to
consider future opportunities and take the necessary action as required. However, at this current time,
following the cessation of operational activity, these financial statements have been prepared on a basis
other than going concern.
General Meetings
All shareholders of the Company are entitled to attend the general meetings of the Company. The Annual
General Meeting (AGM) is to be held no later than 30 June each year. Notification for meetings are sent
out at least 21 days in advance. The notice includes a reference to the Company’s website where the notice
for the General Meeting and other supporting documents required to allow shareholders to form a view on
all matters to be considered at the meeting are made available. The deadline for registration is normally set
two working days before the General Meeting, to ensure shareholders have as much time as possible to
register. If a shareholder cannot attend a meeting in person it is possible to vote through proxy.
The minutes from the General Meetings are published on the Company’s website www.awilcodrilling.com
The next AGM is scheduled for 22 June 2022.

Awilco Drilling PLC
Corporate governance (continued)
16
The Board of Directors
The Board considers that it is vital to ensure that there is an appropriate range of skills, knowledge and
experience among its members, and that the objectivity and integrity of members should be exemplary. The
Board currently consists of five non-executive Directors including the Chairman. The Board believes that
the structure and size of the Board is appropriate and that no single individual or group dominates the
decision making process. The names, skills, experience and expertise of each Director are shown in the
Board of Directors section of the Company’s website at www.awilcodrilling.com
The main responsibilities of the Board include but are not limited to:
• providing strategic direction for the Company;
• overseeing the Company’s systems of internal control, governance and risk management;
• evaluating the performance of executive management; and
• monitoring and facilitating the activities of the Audit and Remuneration Committees.
Management is delegated the task of the detailed planning and implementation of the Company’s strategy.
Directors receive timely, regular and appropriate management information to enable them to fulfil their
duties and have access to the advice of the Company Secretary. The Board has agreed guidelines for
Directors to obtain independent professional advice, if they seek it, at the Company’s expense.
The Company has in place directors’ and officers’ liability insurance.
The Board includes two independent non-executive directors (John Simpson and Synne Syrrist) and three
non-independent non-executive directors (Sigurd Thorvildsen, Henrik Fougner and Daniel Gold). All the
non-executive Board members are viewed as being free from any relationship with the executive
management which could result in any conflict or affect their judgement. None of the non-executive
directors participates in the share option schemes or long-term incentive plan operated by the Company, and
none are dependent on the fees received from the Company as their primary source of income.
Board Performance
The Board completes an annual process to evaluate the effectiveness of Board Committees and individual
directors and has confirmed that it is satisfied that it and its Committees are operating effectively.
The performance of the Chief Executive Officer (“CEO”) is reviewed annually by the Remuneration
Committee in conjunction with his annual pay review and the payment of bonuses.
Directors are elected by shareholders at the first annual general meeting after their appointment and, after
that, offer themselves for re-election by a vote of shareholders at least once every two years.

Awilco Drilling PLC
Corporate governance (continued)
17
The Board of Directors (continued)
Meetings and attendance
Board meetings are scheduled to be held at least five times a year, linked to key events in the Company’s
corporate reporting calendar. Additional ad-hoc meetings are held when deemed necessary.
It is expected that all directors attend Board and relevant committee meetings, unless they are prevented
from doing so by prior commitments or travel restrictions. If directors are unable to attend meetings, they
are given the opportunity to be consulted and comment in advance of the meeting.
Board Committees
The Board has established an Audit Committee, Remuneration Committee and a Nomination Committee.
The Audit Committee and Nomination Committee have formal terms of reference governing their method
of operation which reflect the provisions of the Code and which have been approved by the Board.
Audit Committee
The Audit Committee was chaired during the year by John Simpson and the other member of the Committee
is Henrik Fougner. Only John Simpson is considered to be independent by the Board, which is
acknowledged in the terms of reference of the Audit Committee. The Board is satisfied that John Simpson
has recent and relevant financial experience, as the former CEO of Den norske Bank (now DNB Bank) in
London and Regional Director for DNB’s Asia-Pacific operations. Mr. Simpson is currently a director of
Marine Capital Limited, as UK asset manager and classed as an approved person by the UK FCA. He has
chaired audit committees of UK listed companies and public bodies since 1996.
The role of the Audit Committee is to ensure the integrity of the financial statements of the Company,
including its annual and quarterly reports, preliminary results’ announcements and any other formal
announcements relating to its financial performance. It is responsible for reviewing the Company’s internal
financial control and risk management systems, advising the Board on the appointment of external auditors,
overseeing the relationship with external auditors, reviewing the Company’s whistleblowing procedures and
considering the need for an internal audit function.
The Audit Committee monitors the relationship with the Company’s external auditors relating to the
provision of non-audit services to ensure auditor objectivity and independence is safeguarded. The
Company will award non-audit work to the firm which provides the best commercial solution for the work
in question taking into account the skills and experience of the firm involved and the fees payable for the
work. In considering whether to award such work to the external auditors, attention is paid to the level of
fees for non-audit services relative to the amounts of the audit fee and whether there are safeguards in place
to mitigate to an acceptable level any threat to objectivity and independence in the conduct of the audit
resulting from the provision of such services.
There is an opportunity at each meeting for the Audit Committee to discuss matters privately with the
external auditors without any members of the executive management team present. In addition, the
Chairman of the Committee is in regular contact with the external audit partner to discuss matters relevant
to the Company.
The Audit Committee have also been extensively involved in ensuring the appropriate disclosures regarding
Going Concern have been included in the financial statements.
Remuneration Committee
The Remuneration Committee was chaired during the year by Sigurd Thorvildsen and the other members
of the Committee are Daniel Gold and Henrik Fougner.
The role of the Remuneration Committee is to establish and develop the remuneration policy for the
Company’s executives and key management and to determine a specific remuneration package for the CEO.
No director or employee is involved in deciding their own remuneration. The Committee also approves all
employee pay review proposals.
Details of the Company’s policy on remuneration, service contracts and compensation payments are set out
in the Director’s remuneration report.

Awilco Drilling PLC
Corporate governance (continued)
18
The Board of Directors (continued)
Nomination Committee
The members of the Nomination Committee are Henrik Christensen and Tom Furulund.
The role of the Nomination Committee is to present a recommendation to the general meetings concerning
directors to be elected by shareholders and the level of directors’ fees. The Nomination Committee shall
also present recommendations to the general meetings regarding nomination of members to the Nomination
Committee and concerning fees for the members of the Nomination Committee.
The table below shows the frequency and attendance of directors and other members at Board and
Committee meetings during 2021.
Board
Meetings
Remuneration
Committee
Audit
Committee
Nomination
Committee
No of meetings in year
Sigurd Thorvildsen
9
-
-
Henrik Fougner
10
3
-
Daniel Gold
9
-
-
John Simpson
10
-
3
-
Synne Syrrist
10
-
-
-
Henrik Christensen (1)
-
-
-
4
Tom Furulund (1)
-
-
-
4
(1) Not members of the Board but members of the Nomination Committee only
Internal controls and risk management
The Board acknowledges its responsibility for establishing and maintaining adequate internal controls and
risk management systems to safeguard shareholders’ investments and the Company’s assets and performs
an annual review of these areas. Such systems can only be designed to manage, and not to eliminate, the
risk of failure to achieve business objectives. They can provide reasonable, but not absolute, assurance that
the Company’s assets are safeguarded and that the financial information used within the business for external
reporting is reliable.
Operational and business activity risks
The Company’s operational and business activity risks are controlled and mitigated by the implementation
and use of its Business Management System (BMS). The Company’s offshore activity risk is further
controlled by the implementation and use of its Safety and Environmental Management System which is
incorporated in the BMS.
Information and financial reporting systems
The Company’s comprehensive planning and financial reporting procedures include annual detailed
operational budgets which are reviewed and approved by the Board. Performance against budget is
monitored throughout the year, through monthly reporting of management accounts and key performance
indicators. The Board receives updated cash flow statements on a monthly basis and at each Board meeting
and has close follow-up discussions with the management between meetings as required.

Awilco Drilling PLC
Corporate governance (continued)
19
Internal controls and risk management (continued)
With a centralised financial reporting system, transactions and balances are recognised and measured in
accordance with prescribed accounting policies, and all relevant information is appropriately reviewed and
reconciled as part of the reporting process.
Investment appraisal
There are clearly defined evaluation and approval processes for acquisitions and disposals, capital items and
major expenditure. These include escalating levels of authority and post-completion reviews of all major
projects to compare the actual outcome with the original plan. Certain transactions are reserved for approval
by the Board and limits of delegated responsibility and areas of authority have been identified for employees.
External audit
The Audit Committee reports to the Board on matters discussed with the auditors during the course of the
statutory audit.
Takeovers
The Company has adopted guidelines in relation to takeover bids. The guiding principles of the Board in a
take-over situation will be to seek the best value for and the equal treatment of all shareholders. The Board
recognises that the decision whether to accept or reject an offer lies with the shareholders and will refrain
from any actions which may deny shareholders this choice. The Board will seek to provide shareholders
with a recommendation as to whether shareholders should or should not accept an offer. This includes
seeking external advice on valuation when appropriate. Any transaction that is in effect a disposal of the
Company’s activities will be submitted to a General Meeting for its approval. As the Company is
incorporated in England and Wales and listed in Norway, any takeover bid for the Company would be
governed by aspects of both English law and Norwegian law and regulations in accordance with the EU
Takeover Directive.
Communication with shareholders
The Company is committed to maintain the highest of standards of disclosure ensuring that all investors and
potential investors have the same access to high quality, relevant information in an accessible and timely
manner to assist them in making informed decisions. The Investor Relations Department manages the flow
of information to all investors and potential investors and regular presentations take place at the time of the
quarterly results as well as during the rest of the year.
Any concerns raised by a shareholder in relation to the Company and its affairs are communicated to the
Board.
The Company maintains a website which provides up-to-date, detailed information on the Company’s
operations, which includes a dedicated investor relations section. All Company announcements are
available on the website, as are copies of slides used for presentations to investment analysts.
Shareholders will have the opportunity at the forthcoming AGM to put questions to the Board, including the
Chairmen of the various Committees.
Remuneration of the Board of Directors
The Company operates in a highly competitive market and must attract, motivate and retain high quality
directors capable of achieving the Company’s objectives and thereby enhancing shareholder value.
The non-executive Board members receive annual remuneration, based on the Board’s responsibilities,
expertise, time invested and the complexity of the business. Their remuneration is not linked to the
Company’s performance.
The remuneration of the Board is disclosed in the Director’s Remuneration Report on pages 21-34 of this
report. None of the Board members have had any additional assignments for the Company and none of the
non-executives participate in any incentive or share option programme.

Awilco Drilling PLC
Corporate governance (continued)
20
Remuneration of executive personnel
The Remuneration Committee reviews and advises on proposals made by the CEO with regard to the
remuneration payable to executive personnel and presents them to the Board. The remuneration payable to
executive personnel is determined on the basis of competence, experience and achieved results.
The Board decides the salary and other compensation for the CEO in a meeting. The remuneration and
other compensation to the CEO and other executive employees are disclosed in the notes to the financial
statements.
Auditor
In line with standard practice for a UK company, the auditor is not present during the Board meeting that
deals with the annual accounts.
The auditor attends all meetings of the Audit Committee and presents to the Committee reviews of the
Company’s accounting principles, risk areas, internal control procedures, including identified weaknesses
and proposals for improvement.
The auditor has a private meeting with the Audit Committee at the end of each of its meetings at which
neither the CEO nor any other member from the management team is present.
By order of the Board of Directors
Sigurd Thorvildsen
25 May 2022

Awilco Drilling PLC
21
Directors’ remuneration report
Information not subject to audit
Chairman of the Remuneration Committee’s Annual Statement
Dear Shareholders,
I am pleased to present the directors’ remuneration report for the financial year ended 31 December 2021,
prepared in accordance with the Schedule 8 to the Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008.
This report explains the Company’s remuneration policy and provides details of the remuneration paid to
executive and non-executive directors for services to the Company during the year. There have been no
significant changes to the remuneration policy this year.
In determining remuneration levels, the Committee has taken account of market conditions, the performance
of the Company, responsibility to shareholders and good corporate governance.
A resolution to approve the Directors remuneration report will be proposed at the AGM which is scheduled
to be held on 22 June 2022.
Sigurd Thorvildsen
Chairman, Remuneration Committee
25 May 2022

Awilco Drilling PLC
Directors’ remuneration report (continued)
22
Introduction
The Company’s CEO is not an Executive Director of the Company but under UK company law, there is a
requirement for quoted companies to treat the Chief Executive Officer, for the purposes of certain
remuneration-related requirements, as if that person were a director of that quoted company. The current
CEO was appointed following a proposal from the Board of Directors after the resignation of the previous
CEO, acting on an interim basis. His services are provided to the Company under a management on hire
agreement from a related party. The rates are per the management on hire agreement, which is currently
NOK 2,751 per hour, and billing is based on an hours worked basis. This rate was not subject to review by
the renumeration committee or approval by shareholders. The following remuneration report sets out the
policy in respect of the components of remuneration which any future CEO employed directly by the
company would receive.
Process for setting the Remuneration Policy
The Remuneration Committee (the “Committee”) sets the remuneration policy based on the principles and
framework outlined below. The Committee is briefed on and considers prevailing market conditions, the
competitive environments and the positioning and relativities of pay and employment conditions across
the wider Company workforce.
Following each meeting of the Committee, the Chair provides an update to the Board.
Although the Committee does not consult directly with employees on CEO or director remuneration, the
Company conducts periodic employee engagement surveys that give employees an opportunity to provide
feedback on a wide range of employee matters.
As part of the Company’s commitment to good governance, the Committee also considers shareholder views
when setting the remuneration policy. Feedback from shareholders and investors is shared with, and used
as input into decision-making by, the Board and Committee in respect of the remuneration policy and its
application. The Committee considers that this approach provides a robust mechanism to ensure its
members are aware of matters raised, have a good understanding of current shareholders views, and can
determine the Company’s remuneration policy and make decisions as appropriate.
The remuneration policy is designed to avoid conflicts of interests between the Company and the interests
of shareholders. In setting the remuneration policy, Committee members are subject to provisions designed
to avoid or manage conflicts of interest, which are documented separately in the Company’s compliance
policies. None of the directors or CEO makes a decision relating to their own remuneration. Individual
directors leave the meeting when their own remuneration is being discussed.
Remuneration policy
The Company operates in a highly competitive market and must attract, motivate and retain high quality
directors and senior executives capable of achieving the Company’s objectives and thereby enhancing
shareholder value.
A significant proportion of the potential remuneration of the CEO and senior executives is performance-
related with appropriately stretching targets, thus aligning their interests with those of shareholders and
encouraging performance at the highest levels.
The Committee has considered whether there are any aspects of the remuneration policy which could
inadvertently encourage the executives to take inappropriate risk and has concluded that the policy remains
appropriate in this regard.
How the views of employees are taken into account
As referred to above, the Company, in line with market practice, does not actively consult with employees
on executive remuneration. The Committee is made aware of overall pay and employment conditions in
the wider work force when it sets the executive remuneration policy.
How the views of shareholders are taken into account
As referred to above, the Committee takes into account the view of the shareholders through open and
transparent communication with shareholders. If there are significant changes proposed to the remuneration
policy, the Committee will consult with major shareholders.

Awilco Drilling PLC
Directors’ remuneration report (continued)
23
Remuneration Policy Table – Executive Directors and CEO
The table below summarises the remuneration policy for any Executive Directors and any future CEO
employed directly by the Company.
Element
Purpose
Operation
Opportunity
Performance
Measure
Annual Salary
To attract and retain
key individuals and
reflect their
responsibilities,
market value and
expected performance
level
Reviewed annually or
when a change in
responsibility occurs
There is no
maximum salary
opportunity
Not applicable
Benefits
To provide a market
competitive reward
package to the
employee
Benefits to be provided
to Executive Directors
or the CEO will be
determined by the
Committee taking into
account such factors as
it determines to be
necessary, with the aim
of creating a competitive
overall package. The
provision of benefits
would not be expected
to be performance
related.
Benefits may include,
but are not limited to:
➢ Car allowance
➢ Private health
care
➢ Travel and
housing
allowance
Benefits may also be
provided to reflect the
jurisdiction in which an
Executive Director or
the CEO is recruited or
to which an Executive
Director or CEO is
relocated for business
reasons, including
relocation costs, tax
equalisation
arrangements and
arrangements to take
into account exchange
rates.
Benefits may also
include participation in
any broad-based
incentive plan operated
by the Company from
time to time, up to the
relevant limit for
participation as applies
to such arrangement
Car allowance is a
fixed annual
amount. There is
no maximum for
health/dental
insurance as it will
depend on the value
of premiums paid
in the year
Not applicable

Awilco Drilling PLC
Directors’ remuneration report (continued)
24
Element
Purpose
Operation
Opportunity
Performance
Measure
Performance-
related bonus
To provide an
incentive for superior
work and to motivate
executives toward
even higher
achievement and
business results, to tie
their goals and
interests to those of
the Company and its
shareholders and to
enable the Company
to attract and retain
highly qualified
executives
Bonus payments are
determined by the
Remuneration
Committee and awarded
where justified by
performance
The amount of
bonus increases
with the level of
performance
achieved, up to a
maximum of 100%
of salary
Annual bonuses
will be
determined by
reference to
performance, in
the normal
course
measured over
one financial
year. The
performance
measures,
weightings and
targets for the
annual bonus
will be set by
the Committee
on an annual
basis
The Committee
shall have
discretion to
determine the
terms and level
at which annual
bonuses may be
granted,
including the
minimum
performance
required for an
annual bonus to
be payable
In respect of an
Executive
Directors' or
CEO's
participation in
annual bonus
arrangements in
any year, the
Committee will
have power to
amend
performance
measures and
targets after
they have been
set if events
happen that
mean they are
no longer a fair
test of
performance

Awilco Drilling PLC
Directors’ remuneration report (continued)
25
Element
Purpose
Operation
Opportunity
Performance
Measure
Pension
To provide a market
competitive
long-term
retirement benefit
Eligibility to participate
in a Defined
Contribution scheme
which has a maximum
employer contribution of
12%
Up to 12% of salary
Not applicable
Long Term
Incentive Plan
(LTIP)
To motivate and
incentivise executives
to achieve key long-
term incentives
The Company has
operated a historic LTIP
arrangement for the
former CEO with all
awards being synthetic
share options which are
cash-settled
In the event that the
Company adopts a new
long-term incentive plan
(which may involve
synthetic share options,
cash or actual shares),
the CEO would be
eligible to participate in
such plan, subject to the
terms of, and the
maximum levels of
participation provided
in, the rules of such
plan.
In respect of any
performance-related
long-term awards
granted to the CEO,
performance measures,
weightings and targets
would be set by the
Committee
Following grant of an
award, the Committee
would have power to
amend performance
measures and targets if
events happen that mean
they are no longer a fair
test of performance
The 2020 plan “vests” in
25% tranches linked to
rig contract dates and
expires after five years.
Award of up to
100% of salary
each calendar year
The awards are
made at the
discretion of the
Board of
Directors and
are not
guaranteed to be
awarded each
year
Notes to the Remuneration Policy Table
In considering the appropriate measures to apply to any performance-based awards, the Committee will seek
to incentivise and reinforce delivery of the Company's strategic objectives achieving a balance between
delivering annual returns to shareholders and ensuring long-term profitability and growth.
The performance targets set would be stretching and achievable, taking into account the Company's strategic
priorities and the economic environment in which the Company operates.

Awilco Drilling PLC
Directors’ remuneration report (continued)
26
Statement of consideration of employment conditions elsewhere in the Company
The Company’s remuneration policies and practices are founded on a high degree of alignment and
consistency across the organisation. Accordingly, remuneration for senior management is determined taking
into account the remuneration principles that apply to the CEO, and similar principles also form the basis of
the remuneration arrangements for the wider workforce.
The approach to salary reviews is consistent across the Company, with consideration given to the scope of
the role, responsibility, individual performance and pay levels in the selected peer group. Retirement
benefits, typically in the form of a pension, are provided based on local market practice. Other benefits
provided to the wider employee population reflect local market practice and legislative requirements.
A high proportion of the wider employee population are eligible to participate in annual bonus arrangements.
Opportunities and metrics which apply to these arrangements may vary by organisational level with
functional performance indicators incorporated where appropriate.
Senior managers are eligible to participate in the LTIP, with opportunities varying across levels with the
most senior managers having a bigger portion of their pay delivered under the LTIP.
The key difference between remuneration for the CEO and the wider employee population is the increased
emphasis on long-term performance in respect of the CEO, with a greater percentage of their total
remuneration being performance-related.
The Committee is regularly updated on the pay principles and practices in operation across the Company,
in order to take these into account in setting the remuneration policy.
Other matters
In addition to the above, the Company is obliged to honour any contractual entitlement to compensation or
benefits, and any incentive awards, which are held by: (i) any current or former Executive Director or CEO
on the effective date of this policy; or (ii) an employee or officer of the Group on the date they are promoted
to the role of Executive Director or CEO. Appropriate disclosure will be made of any compensation paid
(or similar) to an Executive Director or CEO pursuant to any such arrangements.
The Company may reimburse all reasonable expenses incurred by an Executive Director or CEO in
connection with their role. This will include expenses in attending Board or Board-committee meetings, or
the Company may alternatively provide a travel allowance for such purpose. This may also include items
which, for tax purposes, are treated as a taxable benefit, and in which case the Company may also pay any
such tax on behalf of the Executive Director or CEO.
Approach to recruitment and promotions
In recruiting an Executive Director or CEO, including on promotion of an employee or officer from within
the Group to the role of CEO, the Committee will offer the recruit a remuneration package that it believes
is appropriate, taking into account the skills and experience of the individual and the need to recruit, retain
and motivate individuals of the appropriate calibre. The remuneration package offered may include the
components of remuneration described above in the Remuneration Policy Table.
For external hires, the Committee may determine that it would be appropriate to buy-out any existing
incentive awards held by the individual that are forfeited as a result of the individual leaving their former
employer. The Committee may also determine that it would be appropriate to grant recruitment-related
awards. In the case of any buy-out of an equity based award, or the grant of any recruitment-related award,
the award would normally be subject to such vesting and/or performance conditions as the Committee
determines to be appropriate, either under a one-off arrangement or under the terms of the Company’s
incentive arrangements. In determining the terms of such awards, the Committee will take account of the
vesting schedule and conditions attached to the forfeited awards (in the case of buy-out awards), but also
other factors that it determines to be relevant, including the need to incentivise suitably and retain the
individual during the initial years of their office.
The maximum level of variable remuneration (excluding any buy-out awards) that may be granted to any
new Executive Director or CEO is 250% per annum of their salary.

Awilco Drilling PLC
Directors’ remuneration report (continued)
27
Service contracts
The employment contract of the CEO is not of a fixed duration and therefore has no unexpired terms.
The notice period of the CEO's contract of employment is six months with the same notice period for the
Company. The CEO's employment can be terminated in the six-month probationary period without notice
in the case of wilful misconduct or gross negligence.
In the event of termination by the Company, where there is no basis for dismissal as a result of gross breach
of duty or other material breach of the employment contract by the CEO, or as a result of mutual agreement,
the CEO shall be entitled to twelve months' severance pay.
In the event of a change of control of the Company, the CEO can terminate the employment contract and
would be entitled to twelve months' severance pay.
The CEO's service contract is available for inspection at the Company’s registered office during normal
hours of business.
The non-executive directors do not have service contracts but instead have letters of appointment.
Loss of office payments
Contractual entitlements
A departing Executive Director’s or CEO's rights in respect of salary, retirement benefits and contractual
benefits will be determined in accordance with his service contract.
Incentive plans
The terms of a departing Executive Director’s or CEO's participation in any annual bonus or long-term
incentive plans will be governed by the terms of such arrangements.
Corporate actions
The treatment of incentive awards in the event of a corporate action affecting the Company will be
determined in accordance with the terms of such awards.
The Company may agree to pay reasonable legal fees on behalf of an Executive Director or CEO in respect
of the effect of any corporate action on their personal position.
Other
The Company may enter into new contractual arrangements with a departing Executive Director or CEO in
connection with the cessation of office or employment, including (but not limited to) in respect of settlement
of claims, confidentiality, restrictive covenants and/or consultancy arrangements, where the Committee
determines it necessary or appropriate to do so. The Company may pay reasonable legal fees on behalf of
an Executive Director or CEO in connection with their cessation of office and employment. The Company
may agree to provide other ancillary or non-material benefits, payments or similar to a departing Executive
Director or CEO.

Awilco Drilling PLC
Directors’ remuneration report (continued)
28
Reward Scenarios
The graph below shows how the total pay opportunities for any future CEO would vary under four
performance scenarios. These have been prepared on the assumptions detailed below. The current interim
CEO is on a fixed rate in accordance with a management on hire agreement and as a result no performance
scenarios are applicable.
Below target = fixed pay only (base salary, benefits and pension)
On target = 50% payable of annual bonus, 0% LTIP award
Maximum = 100% payable of annual bonus, 100% LTIP award
Maximum 2 = 100% payable of annual bonus, 100% LTIP award and 50% share price increase over the
performance period
The chart illustrates the potential rewards available under the remuneration policy on an annualised basis
for the financial year 2021. The values (other than the Maximum 2 illustration) assume a constant share
price and do not take into account dividend adjustments that may be received on the share awards. The
potential awards available for "on-target" performance under the annual bonus and LTIP are provided for
illustration only and do not reflect formal policy decisions that these amounts will be received. Maximum
2 illustration assumes a share price increase of 50% over the performance period but in all other respects is
the same as the Maximum illustration. The figures used in the chart are provided for illustration only based
on a theoretical grant over 100% of salary, being the maximum permitted under the policy table.
The salary level (on which the bonus and LTIP elements of the package are calculated) are based on the
previous salary level of GBP 325,000 based on the GBP/NOK year end exchange rate.

Awilco Drilling PLC
Directors’ remuneration report (continued)
29
Remuneration policy table – non-executive directors
The remuneration policy for non-executive directors is set out in the table below. No non-executive
directors participate in the Company’s incentive arrangements or pension plan.
Component
Purpose
Operation
Fees
The basic fee is a fixed annual fee agreed after
taking external advice and making market
comparisons, and relate to the service of the
directors in connection with the Company’s
business. The additional fees payable to the
Chairman and members of the Board Committees
reflects the additional time commitment in
preparing and attending additional meetings.
The fees for non-executive
directors (including the
Chairman) are reviewed
annually and approved in
aggregate at the annual general
meeting. The current level of
fees is detailed below.
New appointments
The same principles as described above will be applied in setting the remuneration of a new non-executive
director. Remuneration will comprise fees only and be paid in accordance with the prevailing rate at the
time of the appointment. No variable remuneration will be paid and there will be no compensation for any
loss of remuneration in a previous employment.
Letters of appointments
The Non-executive Directors’ Letters of Appointment are available for inspection at the Company’s
registered office during normal hours of business.
Other matters
In addition to the above, the Company is entitled to honour any contractual entitlement to compensation or
benefits, and any incentive awards, which are held by any current or former Non-Executive Director on the
effective date of this policy. Appropriate disclosure will be made of any compensation paid (or similar) to
a Non-Executive Director pursuant to any such arrangements.
The Company may reimburse all reasonable expenses incurred by a Non-Executive Director in connection
with their role. This will include expenses in attending Board or Board-committee meetings, or the Company
may alternatively provide a travel allowance for such purpose. This may also include items which, for tax
purposes, are treated as a taxable benefit, and in which case the Company may also pay any such tax on
behalf of the Non-Executive Director.
Fees for non-executive directors
The current level of fees paid for 2020 and those proposed for 2021 are as follows:
2021
2020
GBP
GBP
Chairman
46,375
46,375
Basic Fee
33,125
33,125
Chair of Audit Committee
5,000
5,000
Member of Audit, Remuneration or Nomination Committee
3,000
3,000
Fees to be paid in respect of 2021 will be decided at the next AGM which is scheduled for 22 June 2022.
Retirement and re-election of directors
All directors were required, under the Articles of Association of the Company, to retire at the first AGM.
At each subsequent AGM, any directors who have been appointed by ordinary resolution or by the
directors since the last AGM or who were not appointed or reappointed at one of the preceding two AGMs
must retire from office and may offer themselves for reappointment by the members. After
recommendation by the Nomination Committee, all directors were re-appointed at the AGM on 9
th
June
2021.

Awilco Drilling PLC
Directors’ remuneration report (continued)
30
Audited information
Directors' remuneration
Single total figure of remuneration table
2021
Basic
Salary and
Fees
Benefits
(1)
Pension
related
benefits (2)
Total Fixed
Remuneration
Performance
Related bonus
Other (3)
Total Variable
Remuneration
GBP
GBP
GBP
GBP
GBP
GBP
GBP
Chief Executive
Officer:
J E O Berge (4)
27,083
1,290
3,296
31,669
-
-
-
E D Jacobs (5)
170,337
-
-
170,337
-
-
-
197,420
1,290
3,296
202,006
-
-
-
Non-executive
Directors:
S E Thorvildsen
49,375
-
-
49,375
-
-
-
H Fougner
39,125
-
-
39,125
-
-
-
D A Gold
36,125
-
-
36,125
-
-
-
J N Simpson
38,125
-
-
38,125
-
-
-
S Syrrist
33,125
-
-
33,125
-
-
-
195,875
-
-
195,875
-
-
-
2020
Basic
Salary and
Fees
Benefits
(1)
Pension
related
benefits (2)
Total Fixed
Remuneration
Performance
Related bonus
Other (3)
Total Variable
Remuneration
GBP
GBP
GBP
GBP
GBP
GBP
GBP
Chief Executive
Officer:
J E O Berge
325,000
15,789
39,552
380,341
-
-
-
325,000
15,789
39,552
380,241
Non-executive
Directors:
S E Thorvildsen
49,375
-
-
49,375
-
-
-
H Fougner
39,125
-
-
39,125
-
-
-
D A Gold
36,125
-
-
36,125
-
-
-
J N Simpson
38,125
-
-
38,125
-
-
-
S Syrrist
33,125
-
-
33,125
-
-
-
195,875
-
-
195,875
(1) Includes non-cash benefits comprising car allowance and private health and dental care
(2) Contributions made during the year to the defined contribution scheme
(3) Cash-settled value of synthetic share options exercised during the year
(4) Resigned 1 February 2021
(5) Interim CEO, not employed by Company but provided under a management on hire agreement
from a related party

Awilco Drilling PLC
Directors’ remuneration report (continued)
31
Analysis of taxable benefits received
The Chief Executive Officer received the following taxable benefits:
2021
2020
GBP
GBP
J E O Berge (1)
Car allowance
1,290
15,789
Total
1,290
15,789
(1) Resigned 1 February 2021
Annual bonus 2021
For the year under review, there was no bonus awarded to the Chief Executive Officer.
Annual bonus 2022
The criteria for the 2022 bonus has yet to be finalised by the Remuneration Committee but it is considered
unlikely that a bonus for 2022 will be awarded.
Long Term Incentive Plan
A long term incentive plan for the CEO and other key management personnel, with a total limit of up to 4%
of the Company’s issued share capital was approved at the Annual General Meeting on 26 June 2013. The
awards for the years 2010, 2012, 2014 and 2016 are now fully exercised. A further award was issued in
2020 and a total limit of up to 4,000,000 shares was approved at the general meeting on 11 November 2019.
The 2020 plan “vests” in 25% tranches linked to rig contract dates.
Shares
At 1
January
2021
Shares
Granted
in the
year
Shares
Exercised/Adjusted
in the year
Shares
At 31
December
2021
Expiry
date
Market
price
on
date of
award
Interest
vested
in 2021
Market
price
on
vesting
date
No.
No.
No.
No.
NOK
No.
NOK
J E O
Berge
600,000
-
(600,000)
-
31 Dec
2025
14.30
-
-
There are no other directors who have any interests in shares.

Awilco Drilling PLC
Directors’ remuneration report (continued)
32
Information not subject to audit:
Relative importance of the spend on pay
The graph below shows the relative importance of the spend on pay (for all employees) compared with the
returns distributed to shareholders (Note no dividends paid in 2020 or 2021).
Total shareholder return performance graph
The graph below shows the total shareholder return in terms of change in value of an initial investment of
£100 on 10 June 2011 (and assuming dividends are re-invested) in a holding of the Company’s shares against
the corresponding total shareholder return in a hypothetical holding of shares in the OBX (an index on the
Oslo Bors stock exchange). This was selected as it represents a broad equity market index in which the
Company is a constituent member. The graph is a reporting requirement, however, the LTIP awards that are
made to the Executive Director are not based on share performance.

Awilco Drilling PLC
Directors’ remuneration report (continued)
33
Chief Executive Officer (‘CEO’) remuneration
Five-year comparison
The table below summarises the Chief Executive Officer (the Executive Director)’s single total figure of
remuneration, annual and long-term variable performance-related remuneration (and the percentage of the
maximum opportunity that these represent) in relation to the past five years.
Year
Chief Executive
Officer
Single total figure
of remuneration
Annual variable element (actual
award versus opportunity)
GBP
GBP
%
2021
E Jacobs (4)
170,337
-
-
2021
J E O Berge (3)
557,625
-
-
2020
J E O Berge
380,341
-
-
2019
J E O Berge (1)
417,591
162,500
50%
2019
J O S Bryce (2)
719,207
-
0%
2018
J O S Bryce
383,030
82,800
31%
2017
J O S Bryce
350,062
50,000
19%
(1) Appointed 1 May 2019
(2) Resigned 18 March 2019
(3) Resigned 1 February 2021
(4) Interim CEO, not employed by Company but provided under a management on hire agreement from a
related party
Comparison of CEO remuneration to employee remuneration
2021
2020
Change
%
Employee
remuneration
change
GBP
GBP
Salary and fees
197,420
325,000
(39)%
4%
Termination payment
529,252
-
n/a
n/a
Taxable benefits
1,290
15,789
(92)%
0%
Annual variable performance related
remuneration
-
-
0%
(22)%
Total Annual figure
727,962
380,341
Single total figure of remuneration
727,962
380,341
The above table shows the movement in remuneration for the Chief Executive Officer between the current
and previous financial year compared with movement of the average remuneration (per head) for all
Company employees.
Comparison of Directors remuneration to employee remuneration
2021
2020
2019
2018
2017
Change
%
Change
%
Change
%
Change
%
Change
%
S E Thorvildsen
0%
0%
0%
0%
0%
H Fougner
0%
0%
0%
0%
0%
D A Gold
0%
0%
0%
0%
0%
J N Simpson
0%
0%
0%
0%
0%
S Syrrist
0%
0%
0%
0%
0%
Employees
1.5%
2%
(3.8)%
(1.5)%
(2.8)%
The above table shows the movement in remuneration for the Directors for the past five years compared
with the average movement in remuneration (per head) for all Company employees.

Awilco Drilling PLC
Directors’ remuneration report (continued)
34
Implementation of remuneration policy for following financial year
Base salaries
Any future CEO’s base salary will continue to be reviewed annually by the Remuneration Committee, based
on performance and current market conditions. The Remuneration Committee will then make a
recommendation to the Board of Directors. There is no change from the previous year.
Pension and benefits
The CEO would be eligible to participate in a defined contribution arrangement which the Company
contributes a maximum of 12% of base salary. Additional benefits include private medical and dental
insurance and company car allowance.
Annual performance related remuneration
The maximum bonus opportunity for the CEO would remain unchanged at 100% of base salary. The bonus
opportunity will be set by the Committee with targets aligned with creating shareholder value.
Statement of shareholder voting
The table below sets out the voting by the Company’s shareholders on the resolution to approve the
Directors’ remuneration report at the AGM held on 9 June 2021.
Total number of votes
% of votes cast
For
24,299,726
98.4%
Total votes cast
24,704,241
100.0%
The Remuneration Committee is pleased to note that 98.4% of shareholders approved the 2020 Directors’
remuneration report.
By order of the Board of Directors
Sigurd Thorvildsen
25 May 2022

35
Independent auditors’ report
to the members of Awilco Drilling PLC
Opinion
In our opinion:
 Awilco Drilling plc’s group financial statements and parent company financial statements (the
“financial statements”) give a true and fair view of the state of the group’s and of the parent
company’s affairs as at 31 December 2021 and of the group’s loss for the year then ended;
 the group financial statements have been properly prepared in accordance with UK adopted
International Accounting Standards and with International Financial Reporting Standards as adopted
by the European Union;
 the parent company financial statements have been properly prepared in accordance with UK
adopted international accounting standards as applied in accordance with section 408 of the
Companies Act; and
 the financial statements have been prepared in accordance with the requirements of the Companies
Act 2006.
We have audited the financial statements of Awilco Drilling plc (the ‘parent company’) and its
subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise:
Group
Parent company
Group statement of financial position
Company statement of financial position
Group statement of comprehensive income
Company statement of changes in equity
Group statement of changes in equity
Company statement of cash flows
Group statement of cash flows
Related notes 1 to 28 to the financial
statements including a summary of
significant accounting policies
Related notes 1 to 28 to the financial statements, including a
summary of significant accounting policies
The financial reporting framework that has been applied in their preparation is applicable law and UK
adopted International Accounting Standards and International Financial Reporting Standards as adopted by
the European Union and, as regards to the parent company financial statements, as applied in accordance
with section 408 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We are independent of the
group and parent company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independent auditors’ report
to the members of Awilco Drilling PLC
36
Emphasis of Matter - financial statements prepared on a basis other than going concern
We draw attention to Note 2 in the financial statements which explains the Group are currently no longer
performing operational activities and therefore do not consider it to be appropriate to adopt the going
concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have
been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in
respect of this matter.
Overview of our audit approach
Audit scope
• We performed an audit of the complete financial information of five
components and audit procedures on specific balances for a further
component.
• The components where we performed full or specific audit procedures
accounted for 100% of Loss before tax, 100% of Revenue and 100% of
Total assets.
Key audit
matters
• Impairment of drilling rigs and right of use assets
Materiality
• Overall group materiality of $330k which represents 0.75% of Operating
Costs.
An overview of the scope of the parent company and group audits
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality
determine our audit scope for each company within the Group. Taken together, this enables us to form an
opinion on the consolidated financial statements. We take into account size, risk profile, the organisation
of the group and effectiveness of group-wide controls, changes in the business environment and other
factors when assessing the level of work to be performed at each company.
In assessing the risk of material misstatement to the Group financial statements, and to ensure we had
adequate quantitative coverage of significant accounts in the financial statements, of the six reporting
components of the Group, we selected six components covering entities within Norway, Singapore and the
United Kingdom which represent the principal business units within the Group.
Of the six components selected, we performed an audit of the complete financial information of five
components (“full scope components”) which were selected based on their size or risk characteristics. For
the remaining component (“specific scope components”), we performed audit procedures on specific
accounts within that component that we considered had the potential for the greatest impact on the
significant accounts in the financial statements either because of the size of these accounts or their risk
profile.
The reporting components where we performed audit procedures accounted for 100% (2020: 100%) of the
Group’s Loss before tax, 100% (2020: 100%) of the Group’s Revenue and 100% (2020: 99%) of

Independent auditors’ report
to the members of Awilco Drilling PLC
37
Tailoring the scope (continued)
the Group’s Total assets. For the current year, the full scope components contributed 98% (2020: 94%) of
the Group’s Loss before tax, 100% (2020: 100%) of the Group’s Revenue and 100% (2020: 100%) of the
Group’s Total assets. The specific scope component contributed 2% (2020: 6%) of the Group’s Loss before
tax, 0% (2020: 0%) of the Group’s Revenue and 0% (2020: 1%) of the Group’s Total assets. The audit
scope of these components may not have included testing of all significant accounts of the component but
will have contributed to the coverage of significant accounts tested for the Group.
The charts below illustrate the coverage obtained from the work performed by our audit teams.
The charts below illustrate the coverage obtained from the work performed by our audit teams.
Changes from the prior year
We have classified five entities as full scope and one as specific scope in the current year, compared to four
entities as full scope and two as specific scope in the prior year. This is as a result of reduced materiality for
the group.
Involvement with component teams
All audit work performed for the purposes of the audit was undertaken by the Group audit team.
Loss before tax (or
adjusted PBT measure used)
98% Full
scope
components
2% Specific
scope
components
0% Other
procedures
Revenue
100% Full
scope
components
0% Specific
scope
components
0% Other
procedures
Total assets
100% Full
scope
components
0% Specific
scope
components
0% Other
procedures

Independent auditors’ report
to the members of Awilco Drilling PLC
38
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period and include the most significant assessed risks of
material misstatement (whether or not due to fraud) that we identified. These matters included those which
had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing
the efforts of the engagement team. These matters were addressed in the context of our audit of the
financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on
these matters.
Risk
Our response to the risk
Key observations
communicated to the Audit
Committee
Impairment
Refer to the; Accounting
policies (page 53); and Note 16
of the Consolidated Financial
Statements (page 63)
Under IAS 36, the group is
required to assess annually
whether any impairment
indicators exist at the year-end
and if such conditions exist, an
impairment assessment is
required.
The risk has increased in the
current year due to no future
work lined up for the rig, and
subsequent agreement to sell the
rig post year end.
Under IAS 10, the group is
required to consider whether
events after the reporting period
should be adjusted in the
financial statements.
The WilHunter Rig is carried at
nil NBV therefore there is no
risk in relation to impairment.
There is a risk that other assets
are overstated.
Following the $47.3m
impairment charge to the
WilPhoenix, we consider the
carrying value of the drilling rig
to be reasonable and that
appropriate disclosures are made
in the financial statements.
Following the $0.8m
impairment charge, we consider
the carrying value of the right of
use asset to be reasonable and
that appropriate disclosures are
made in the financial statements.
We discussed with management
whether any impairment triggers
existed at year end and noted
than no further contracts had
been agreed with customers for
the post year end period, and that
this should be considered an
impairment trigger.
- As a result of
impairment triggers we
requested Management
consider obtaining
independent third-party
brokers’ valuations of
the WilPhoenix Rig
- We assessed the
competence of the
brokers
Subsequent to the year end
Board approval to sell the
WilPhoenix Rig to a third
party was agreed
- We obtained a copy of
the post year end sale
and purchase agreement
for the WilPhoenix rig
- We discussed and
confirmed with
management that the

Independent auditors’ report
to the members of Awilco Drilling PLC
39
Risk
Our response to the risk
Key observations
communicated to the Audit
Committee
sale was not considered
distressed
- We took into account
all information received
post year end to
determine whether
management were
correct to recognise an
additional impairment
following the agreed
sales price of the
WilPhoenix Rig
- We challenged
management on
whether the sales price
could be determined as
the fair value less cost
to sell as at the year-end
date
- We discussed with the
client whether it was
appropriate to continue
to recognise a value in
the right of use asset of
the building in which
the head office
operates, given no
future economic benefit
as there was no future
trade foreseeable
- We have confirmed that
the appropriate
disclosures have been
made in the
consolidated financial
statements.
All procedures were
performed by the Group
team.

Independent auditors’ report
to the members of Awilco Drilling PLC
40
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of
identified misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the users of the financial statements. Materiality provides a
basis for determining the nature and extent of our audit procedures.
We determined materiality for the Group to be $330k (2020: $950k) which is 0.75% (2020: 1%) of
Operating Costs (2020: Equity). During 2021 the future prospects of the Group declined due to a lack of
secured work and utilisation of the rigs. Operating Costs were considered a more appropriate materiality
basis given the challenges faced by the group.
We determined materiality for the Parent Company to be $2.1m (2020: $3.3m), which is 5% (2020: 3%) of
Equity.
During the course of our audit, we reassessed initial materiality and increased it due to the increase in
Operating Costs.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce
to an appropriately low level the probability that the aggregate of uncorrected and undetected
misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control
environment, our judgement was that performance materiality was 75% (2020: 75%) of our planning
materiality, namely $240k (2020: $710k). We have set performance materiality at this percentage based
on the history of past misstatements and lack thereof, our ability to access the likelihood of misstatements
and the effectiveness of the internal control environment.
The performance materiality set for each component is based on the relative scale and risk of the
component to the Group as a whole and our assessment of the risk of misstatement at that component. In
the current year, the range of performance materiality allocated to components was $72k to $240k (2020:
$98k to $710k).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in
excess of $17k (2020: $40k), which is set at 5% of planning materiality, as well as differences below that
threshold that, in our view, warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed
above and in light of other relevant qualitative considerations in forming our opinion.
Other information

Independent auditors’ report
to the members of Awilco Drilling PLC
41
The other information comprises the information included in the annual report set out on pages 2-12, other
than the financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and directors’ report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report or
the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our
audit have not been received from branches not visited by us; or
• the parent company financial statements and the part of the directors’ remuneration report to be
audited are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 13, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and

Independent auditors’ report
to the members of Awilco Drilling PLC
42
fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the directors either intend to liquidate the
group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The
risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those
charged with governance of the company and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the
group and determined that the most significant are those that relate to the reporting framework
(IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the
jurisdictions in which Awilco operates. In addition, we concluded that there are certain significant
laws and regulations that may have an effect on the determination of the amounts and disclosures
in the financial statements and those laws and regulations relating to health and safety, employee
matters, environmental, and bribery and corruption practices;
• We understood how Awilco Drilling PLC is complying with those frameworks by making
enquiries of management and those responsible for legal and compliance procedures. We
corroborated our enquiries through our review of Board minutes, papers provided to the Audit
Committee and correspondence received from regulatory bodies and noted that there was no
contradictory evidence;
• We assessed the susceptibility of the group’s financial statements to material misstatement,
including how fraud might occur by considering the risk of fraud through management override
and, in response, we carried out procedures such as testing of transactions back to source
information, which were designed to provide reasonable assurance that the financial statements
were free from fraud or error;
• Based on this understanding we designed our audit procedures to identify non-compliance with
such laws and regulations. Our procedures involved journal entry testing, with a focus on journals
meeting our defined risk criteria based on our understanding of the business.

Independent auditors’ report
to the members of Awilco Drilling PLC
43
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Jamie Dixon (Senior Statutory Auditor)
For and on behalf of Ernst & Young LLP (Statutory Auditor)
Manchester
25 May 2022
Notes:
1. The maintenance and integrity of the Awilco Drilling PLC web site is the responsibility of the
directors; the work carried out by the auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes that may have occurred to the
financial statements since they were initially presented on the web site.
2. Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.

Awilco Drilling PLC
44
Group statement of comprehensive income
for the year ended 31 December 2021
2021
2020
Notes
US$000
US$000
Revenue
5
33,077
25,602
Cost of sales
(33,986)
(33,460)
Impairment
15, 16, 22
(48,120)
(145,171)
Gross Loss
(49,029)
(153,029)
General and administrative expenses
(12,235)
(14,887)
Operating Loss
6
(61,264)
(167,916)
Finance income
9
-
386
Finance expense
10
(1,441)
(35)
Other expense
(4)
-
Net loss on foreign exchange transactions
11
(254)
(131)
Loss before taxation
(62,963)
(167,696)
Income tax expense
12
(9,266)
(161)
Loss for the year attributable to equity shareholders
(72,229)
(167,857)
There is no comprehensive income other than the results for the year.
Basic and diluted loss per share (US$ per share)
13
(1.32)
(3.08)
Total comprehensive income for the year is attributable to the owners of the Company, as there is no
minority interest.

Awilco Drilling PLC
45
Group statement of financial position
as at 31 December 2021
2021
2020
Notes
US$000
US$000
Non-current assets
Property, plant and equipment
15
15,764
66,800
Right-of-use asset
22
-
1,096
Deferred tax asset
12
-
16
15,764
67,912
Current assets
Inventory
115
3,026
Trade and other receivables
18
662
6,411
Cash and cash equivalents
19
9,685
14,738
10,462
24,175
Total assets
26,226
92,087
Current liabilities
Trade and other payables
20
4,550
6,294
Provisions
21
1,100
1,573
Current tax payable
9,251
66
14,901
7,933
Non-current liabilities
Trade and other payables
20
426
1,026
426
1,026
Total liabilities
15,327
8,959
Net Assets
10,899
83,128
Shareholders’ Equity
Called up share capital
24
525
525
Share premium account
24
218,381
218,381
Retained (deficit) / earnings
(208,007)
(135,778)
Total Shareholders’ equity
10,899
83,128
Signed on behalf of the Board of Directors
Sigurd Thorvildsen
Director
25 May 2022

Awilco Drilling PLC
46
Company statement of financial position
as at 31 December 2021
2021
2020
Notes
US$000
US$000
Non-current assets
Property, plant and equipment
15
419
489
Right of use assets
22
-
1,096
Investment in subsidiaries
17
75
279
Amount due from subsidiary undertakings
25
15,245
92,728
Deferred tax
-
16
15,739
94,608
Current assets
Trade and other receivables
18
2,305
3,830
Cash and cash equivalents
19
9,346
13,961
11,651
17,791
Total assets
27,390
112,399
Current liabilities
Trade and other payables
20
2,435
3,414
Non-current liabilities
Trade and other payables
20
426
748
Total liabilities
2,861
4,162
Net assets
24,529
108,237
Shareholders’ Equity
Called up share capital
24
525
525
Share premium account
24
218,381
218,381
Retained (deficit) / earnings
(194,377)
(110,669)
Total Shareholders’ equity
24,529
108,237
The loss recorded by the Company for the year was US$ 83.7 million (2020: US$ 114.0 million loss).
Signed on behalf of the Board of Directors
Sigurd Thorvildsen
Director
25 May 2022

Awilco Drilling PLC
47
Group statement of changes in equity
for the year ended 31 December 2021
Called Up
Share
Capital
Share
Premium
account
Retained
Earnings/(deficit)
Total
shareholders
equity
US$000
US$000
US$000
US$000
At 1 January 2020
525
218,381
32,079
250,985
Total comprehensive loss for the year
(167,857)
(167,857)
At 31 December 2020
525
218,381
(135,778)
83,128
Total comprehensive loss for the year
-
-
(72,229)
(72,229)
At 31 December 2021
525
218,381
(208,007)
10,899

Awilco Drilling PLC
48
Company statement of changes in equity
for the year ended 31 December 2021
Called Up
Share
capital
Share
Premium
account
Retained
Earnings/(deficit)
Total
shareholders
equity
US$000
US$000
US$000
US$000
At 1 January 2020
525
218,381
3,367
222,273
Total comprehensive profit for the year
-
-
(114,037)
(114,037)
At 31 December 2020
525
218,381
(110,669)
108,237
Total comprehensive loss for the year
-
-
(83,708)
(83,708)
At 31 December 2021
525
218,381
(194,377)
24,529

Awilco Drilling PLC
49
Group statement of cash flows
for the year ended 31 December 2021
Restated
2021
2020
Notes
US$000
US$000
Operating activities
Loss before taxation
(62,963)
(167,696)
Adjustments to reconcile profit before tax to net cash flows:
Depreciation of fixed assets and right of use assets
15, 22
6,241
10,302
Impairment of fixed assets and right of use assets
15, 22
48,120
145,171
Inventory write off
3,026
1,620
Net finance expense /(income)
1,441
(351)
Share-based payment
(114)
(532)
Working capital adjustments:
Decrease in trade receivables
3,486
5,385
(Increase)/Decrease in inventory
(115)
300
Decrease / (increase) in prepayments and other receivables
2,249
(2,058)
(Decrease) / increase in trade and other payables
(3,605)
878
Interest paid
10
(53)
(35)
Interest received
9
-
386
Taxation paid
(65)
(74)
Net cash flows used in operating activities
(2,352)
(6,704)
Investing activities
Purchase of property, plant and equipment
15
(2,229)
(19,316)
Disposal of property, plant and equipment
-
29
Net cash flow used in investing activities
(2,229)
(19,287)
Financing activities
Payment of principal portion of lease liabilities
22
(472)
(520)
Net cash flows generated (used in)/from financing
activities
(472)
(520)
Net decrease in cash and cash equivalents
(5,053)
(26,380)
Net foreign exchange difference
-
(131)
Cash and cash equivalents at beginning of year
14,738
41,249
Cash and cash equivalents at end of year
19
9,685
14,738
We have restated the movement in inventory, as was erroneously reported as a working capital adjustment
at 31 December 2020. This has now been reclassified correctly to non-cash movements in the cashflow
statement.

Awilco Drilling PLC
50
Company statement of cash flows
for the year ended 31 December 2021
2021
2020
Notes
US$000
US$000
Operating activities
Loss before taxation
(83,692)
(113,945)
Adjustments to reconcile (loss)/profit before tax to net cash flows:
Depreciation of fixed assets and right of use assets
15, 22
390
384
Impairment of fixed assets and investments
17, 22
979
-
Net finance income
(1,907)
(357)
Share based payment
(114)
(532)
Working capital adjustments:
(Increase) / Decrease in prepayments
(25)
110
Decrease in trade and subsidiary receivables
25
80,968
86,760
(Decrease) / increase in trade and other payables
(833)
312
Interest paid
(41)
(27)
Interest received
-
385
Net cash flows used in operating activities
(4,275)
(26,910)
Investing activities
Purchase of property, plant and equipment
15
-
(21)
Disposal of property, plant and equipment
15
-
29
Net cash flows generated from /(used in) investing activities
-
8
Financing activities
Payment of principal portion of lease liabilities
22
(340)
(340)
Net cash flows generated from/(used in) financing activities
(340)
(340)
Net increase/(decrease) in cash and cash equivalents
(4,615)
(27,242)
Cash and cash equivalents at beginning of year
13,961
41,203
Cash and cash equivalents at end of year
19
9,346
13,961

Awilco Drilling PLC
51
Notes to the financial statements
At 31 December 2021
1. General information
The Group and Company financial statements of Awilco Drilling PLC for the year ended
31 December 2021 were authorised for issue by the Board of Directors on 25 May 2022. The Company is
a public company limited by shares, incorporated in the United Kingdom (England and Wales) under the
Companies Act 2006 and listed on the Oslo Bors stock exchange. The Company’s registered number is
7114196 and the address of the registered office is given on page 1. The principal place of the business is
2 Kingshill Park, Westhill, Aberdeenshire, AB32 6FL. The nature of the Group’s operations and its principal
activities are set out in the Strategic report.
2. Basis of preparation
Statement of compliance
The Group financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-adopted IAS) and International Financial Reporting Standards as adopted by the
European Union (EU adopted IFRS) as it applies to annual periods beginning 1 January 2021.
The Company financial statements are prepared in accordance with UK-adopted International Accounting
Standards (UK-adopted IAS) as applied in accordance with section 408 of the Companies Act 2006.
Basis other than going concern
It is the responsibility of the directors to prepare the financial statements on a going concern basis unless it
is inappropriate to presume the Group will continue in business. The Group is currently no longer
performing operational activities. Accordingly, they adopt the basis other than going concern in preparing
these financial statements. There have been no departures from IFRS, and no adjustments to carrying values
as a result of the basis of preparation.
Basis of consolidation
The Group financial statements incorporate the financial statements of the Company and entities controlled
by the Company. Under IFRS 10, control exists where the investor has: (a) power over the investee; (b)
exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability to use its
power over the investee to affect the amount of the investor’s returns.
The financial statements of the subsidiaries are prepared for the same reporting period as the Company,
using consistent accounting policies and prepared on a historical cost basis. The Group has elected to take
the exemption under section 408 of the Companies Act 2006 not to present the Company income statement.
The loss recorded by the Company for the year was US$ 83.7 million (2020: US$114.0 million loss).
3. Significant accounting judgements, estimates and assumptions
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance
sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of the assets
and liabilities within the next financial year, are discussed below.
Impairment
The carrying amount of the Group’s rigs are reviewed at each balance sheet date to determine whether there
is any indication of impairment, or more frequently if events or changes in circumstances indicate they might
be impaired. Impairment indicators were identified at the year-end in respect of the WilPhoenix rig, and as
a result, management performed an impairment test to assess the asset’s recoverable amount. As a sale of
the rig has been agreed post year end this has been assessed as providing an accurate recoverable amount
based on fair value, less cost to sell. This resulted in an impairment of US$ 47.3 million at year end. As
there is an agreed price, there are no sensitives on the impairment calculation.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
52
3. Significant accounting judgements, estimates and assumptions (continued)
Contingent Liabilities
As detailed in Note 23, there is one item that is considered as a contingent liability. This is in connection
with claims that have been submitted by Keppel FELS shipyard in respect of amounts it considers
recoverable due to termination provisions in the contracts for Nordic Winter and Nordic Spring. The Group
has applied judgement in evaluating them as contingent liabilities only and no provision has been made.
4. Accounting policies
New standards and interpretations
There were various standards effective for annual periods beginning on or after 1 January 2021 however
none had any impact on these financial statements. The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
New standards and interpretations - not yet adopted
The following standards and amendments and interpretations to existing standards have been published and
are mandatory for the Group’s accounting period beginning on or after 1 January 2022 or later periods, but
the Group has not early adopted them:
• Reference to the Conceptual Framework – Amendments to IFRS 3
• Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16
• Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37
• AIP IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial
liabilities
• IFRS 17 Insurance contracts
It is not anticipated that the application of these standards and amendments will have any material impact
on the Group’s financial statements.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank.
Property, plant and equipment
Rigs and equipment are stated at cost less depreciation and impairment losses. The cost of an asset comprises
its purchase price and directly attributable cost of bringing the asset to its working condition. When it can
be clearly demonstrated that subsequent expenditures have resulted in an increase in future economic
benefits expected to be obtained from the use of the assets beyond their originally assessed standard of
performance, the expenditure is capitalised as an additional cost of the asset. A component of an asset with
a cost that is significant in relation to the total cost of the asset is depreciated separately. Components with
a similar depreciation method and useful life are grouped together.
Depreciation is calculated using the straight-line method for each asset, after taking into account the
estimated residual value, over its expected useful lives as follows:
Semi-submersible drilling rigs – 20 years
Special purpose surveys – 5 years
Other fixtures and equipment – 3-5 years
Special purpose surveys are a five-yearly thorough inspection and recertification of the hull and main
machinery components of the rig, which also include class and flag state renewal and verification. The
carrying values of plant and equipment are reviewed for impairment if carrying value may not be
recoverable, and are written down immediately to their recoverable amount.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
53
4. Accounting policies (continued)
Property, plant and equipment (continued)
Useful lives and residual values are reviewed annually and where adjustments are required, these are made
prospectively. An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
derecognition of the asset is included in the statement of comprehensive income in the period of
derecognition.
Assets under construction
Assets under construction are costs directly associated with constructing an asset. While the asset is being
constructed, no depreciation is applied. Once an asset is ready for use, all associated costs are transferred
to the relevant asset category and depreciated accordingly.
Inventories
Inventories of drilling equipment and spares for future integrated drilling service wells are stated at the lower
of cost incurred and net realisable value. These inventory items include spare parts and supplies relating to
the operation of the semi-submersible drilling rigs.
Revenue recognition
Revenue derived from charter-hire contracts or other service contracts is recognised in the period that
services are rendered at rates established in the relevant contracts. Certain contracts include mobilisation
fees payable at the start of the contract. In cases where the fee covers a general upgrade of a rig or equipment
which increases the value of the rig or equipment beyond the contract period, the fee is recognised as revenue
over the firm contract period whereas the investment is depreciated over the remaining lifetime of the asset.
In cases where the fee covers specific upgrades or equipment specific to the contract, the mobilisation fees
are recognised as revenue over the firm contract period.
Cost of sales
Cost of sales includes rig operating costs and the depreciation cost for the two rigs.
Taxation
Current income tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance
sheet date.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity.
Otherwise income tax is recognised in the statement of comprehensive income.
Deferred income tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss
• In respect of taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint arrangements, when the timing of the reversal of the temporary differences
can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
54
4. Accounting policies (continued)
Taxation (continued)
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax
losses can be utilised, except:
• When the deferred tax asset relating to the deductible temporary differences arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss
• In respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, deferred tax assets are recognised only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable
profit will be available against which the temporary differences can be utilised
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax
asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using United States
Dollars (US$) “the functional currency”. The Group financial statements are presented in US$, which is the
Company’s functional currency and presentation currency and all values are rounded to the nearest thousand
dollars (US$000) except when otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at period end exchange rates of monetary assets and liabilities
denominated in foreign currency are recognised in the statement of comprehensive income. The principal
foreign currencies used by the Group are Pounds Sterling (£ or GBP), Euro (€) and Norwegian Kroner
(NOK).
Earnings/(loss) per share
Basic earnings/(loss) per share amounts are calculated by dividing net profit for the period attributable to
ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding
during the year.
Diluted earnings/(loss) per share amounts are calculated by dividing the net profit by the weighted average
number of ordinary shares outstanding during the period plus the weighted average number of ordinary
shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets. The Group has taken the recognition exemption in respect of short-term
leases and leases of low value assets, and instead recognises the expense associated with such leases in the
income statement on a straight line basis.
For all other leases, the Group recognises lease liabilities representing lease payments and right-of-use assets
representing the right to use the underlying assets.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
55
4. Accounting policies (continued)
Leases (continued)
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease and are measured at cost,
less any accumulated depreciation and impairment losses, adjusted for any re-measurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
cost incurred, and lease payments made at or before the commencement date less any incentives received.
Right of use assets are depreciated on a straight-line basis over the remaining lease term.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities at the present value of lease
payments to be made over the lease term, using the interest rate implicit to the lease, and if not readily
determinable, at the incremental borrowing rate.
The lease liabilities are included in trade and other payables in Note 20.
Financial assets
Financial assets are recognised when the Group becomes party to the contracts that give rise to them and
are classified as financial assets at fair value through profit or loss, amortised cost, or fair value through
other comprehensive income as appropriate. The Group determines the classification of its financial assets
at initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial
year-end. When financial assets are recognised initially, they are measured at fair value, being the
transaction price plus, in the case of financial asset not at fair value through profit or loss, directly
attributable transaction costs.
Derecognition of financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets)
is derecognised when:
• the rights to receive cash flows from the asset have expired; or
• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either:
• The Group has neither transferred control nor retained substantially all the risks and rewards of the
asset, but had transferred control of the asset, or
• The Group has transferred substantially all the risks and rewards of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the
asset nor transferred control of the asset, the asset is recognised to the extent of the Group’s continuing
involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Group has
retained.
Impairment of financial assets
Further disclosures relating to impairment of financial assets are also provided in Note 18.
The Group recognises an allowance for expected credit loss (ECL) for all debt instruments not held at fair
value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
56
4. Accounting policies (continued)
Impairment of financial assets (continued)
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase
in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that
are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).”
Trade and other receivables
Trade receivables and amounts due from subsidiary undertakings, which generally have 60-day terms, are
recognised and subsequently carried at the original invoiced value net of expected credit loss. Where the
time value of money is material, receivables are carried at amortised cost.
Trade and other payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. Where an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original liability and the recognition of a new liability, and
the difference in the respective carrying amounts is recognised in the statement of comprehensive income.
Share-based payment
The cost of cash-settled transactions is measured initially at fair value at the grant date using a Black-Scholes
model, further details are given in Note 26. This fair value is expensed over the period until the vesting date
with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date
up to and including the settlement date, with changes in fair value recognised in statement of comprehensive
income for the period.
Pension
The pension plan in place is a defined contribution plan. Pension contributions are charged to the statement
of comprehensive income as an expense in the period to which the contributions relate. Once the
contributions have been paid, there are no further payment obligations.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received, and
all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as
a deduction in reporting of the related expense, on a systematic basis over the periods that the related costs
for which it is intended to compensate are expensed.
5. Revenue
Revenue represents the invoiced amount of services provided after the deduction of rebates and retrospective
discounts. All items are stated net of value added tax.
The Group only has one segment – providing drilling services in the UK. As a result, no further segmental
information has been provided.
Information about major customers
Annual revenue from two major customer amounted to US$ 25 million and US$ 8 million arising from the
provision of drilling services (2020: US$ 14 million and US$ 11 million from two major customers).

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
57
6. Operating profit
This is stated after charging
2021
2020
US$000
US$000
Depreciation (Note 15, 22)
6,241
10,307
Inventory recognised as an expense during the year
255
507
Write off of inventory
3,026
1,620
7. Auditors’ remuneration
The Group paid the following amounts to its auditors in respect of the audit of the financial statements and
for other services provided to the Group.
2021
2020
US$000
US$000
Audit of the financial statements
246
183
Local statutory audits of subsidiaries
23
52
Tax services - compliance
27
33
Tax services - advisory
-
43
296
311
8. Staff costs
2021
2021
2020
2020
Group
US$000
Company
US$000
Group
US$000
Company
US$000
Wages and salaries
14,608
2,555
15,825
2,455
Directors Fees
277
277
282
282
Pension costs
649
120
921
110
Social security costs
1,877
457
2,121
341
Long term incentive plan
(19)
(19)
(407)
(407)
17,393
3,391
18,742
2,781
The Company makes contributions to a defined contribution scheme for all eligible employees up to a
maximum of 9% of salary. Contributions are charged to the income statement as incurred.
The average monthly number of employees during the year was made up as follows:
2021
2020
No.
No.
Onshore, including management (Company)
22
20
Offshore
96
104
118
124

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
58
9. Finance income
2021
2020
US$000
US$000
Bank interest
-
386
10. Finance expense
2021
2020
US$000
US$000
Interest on lease liabilities
53
35
Interest on taxation
1,388
-
11. Net (loss)/gain on foreign exchange transactions
2021
2020
US$000
US$000
Gain on foreign exchange transactions
14
214
(Loss) on foreign exchange transactions
(268)
(345)
Net (loss) on foreign exchange transactions
(254)
(131)
12. Income tax
Income tax on profit on ordinary activities
2021
2020
US$000
US$000
Foreign tax on the profit for the year
98
66
Total current income tax
98
66
Amounts under provided in previous years
9,152
3
Tax credit available to the UK
-
-
Total current income tax
9,250
69
Deferred income tax:
Origination and reversal of temporary differences
16
92
Impact of changes in tax rates
-
-
Total deferred income tax
16
92
Income tax charge in the Group statement of comprehensive income
9,266
161

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
59
12. Income tax (continued)
Reconciliation of the total income tax charge
2021
2020
US$000
US$000
Loss from continuing operations
(62,963)
(167,696)
Tax calculated at UK standard rate of corporation tax of 19% (2019:19%)
(11,963)
(31,862)
Expenses not deductible/(income not taxable) for tax purposes
112
18,995
Effect of (lower)/higher taxes on overseas earnings
98
2,292
Unrecognised deferred tax asset
11,867
10,742
Tax (over)/under provided in previous years
9,152
3
Effect of tax rate differences
-
(9)
Income tax charge in the Group statement of comprehensive income
9,266
161
The income tax expense above is computed at loss before taxation multiplied by the effective rate of
corporation tax in the UK of 19% (2020: 19%).
The corporate tax measures announced in the March 2021 Budget set out that corporation tax will increase
from 19% to 25% from April 2023 for firms with annual profits greater than £250,000.
Deferred income tax
The deferred income tax included in the statement of financial position is as follows:
2021
2020
US$000
US$000
Deferred tax asset
As at 1 January
16
108
Share-based payment
(16)
(92)
As at 31 December
-
16
Unrecognised deductible temporary differences
The Group has total tax losses of US$ 82.1 million which arose in the UK (2020: US$ 69.3 million) that are
available for offset against future deductible profits that are not part of the bareboat charter ring-fence
arrangements. There are further deductible temporary differences relating to fixed assets of US$ 59.4
million and US$ 40.6 million of unutilised capital allowances. Deferred tax assets have not been recognised
in respect of these losses or differences due to the uncertainty of future profits being at this level.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
60
13. Loss per share
The following reflects the income and share data used in the basic and diluted loss per share computations:
2021
2020
US$000
US$000
Loss for the year attributable to equity share holders
(72,229)
(167,857)
2021
2020
No.000
No.000
Weighted average number of ordinary shares for basic and diluted earnings
per share
54,582
54,582
Total earnings and weighted average number of shares outstanding during the year is the same as for diluted
earnings per share.
14. Government grants
2021
2020
US$000
US$000
At 1 January
-
-
Received during the year
14
310
Released to the statement of profit or loss
(14)
(310)
At 31 December
-
-
The above Government grants received were in respect of the UK Coronavirus Job Retention Scheme.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
61
15. Property, plant and equipment
Group
Semi-
submersible
drilling rigs
Assets under
construction
Special
purpose
surveys
Other
fixtures and
equipment
Total
US$000
US$000
US$000
US$000
US$000
Cost:
At 1 January 2020
337,029
92,608
16,159
2,025
447,821
Additions
623
18,672
-
21
19,316
Disposals
-
-
(29)
(29)
At 31 December 2020
337,652
111,280
16,159
2,017
467,108
Adjustment
247
-
(247)
-
-
Additions
722
-
1,507
-
2,229
At 31 December 2021
338,621
111,280
17,419
2,017
469,337
Depreciation and impairment:
At 1 January 2020
(232,952)
-
(11,486)
(1,465)
(245,903)
Provided
(6,566)
-
(3,117)
(63)
(9,746)
Impairment
(33,379)
(111,280)
-
-
(144,659)
Disposals
At 31 December 2020
(272,897)
(111,280)
(14,603)
(1,528)
(400,308)
Adjustment
(578)
578
-
Provided
(4,295)
-
(1,555)
(70)
(5,920)
Impairment
(45,507)
-
(1,838)
-
(47,345)
At 31 December 2021
(323,277)
(111,280)
(17,419)
(1,598)
(453,573)
Net book value:
At 31 December 2021
15,345
-
-
419
15,764
At 31 December 2020
64,755
-
1,556
489
66,800

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
62
15. Property, plant and equipment (continued)
Company
Other
fixtures and
equipment
US$000
Cost:
At 1 January 2020
2,025
Additions
21
Disposals
(29)
At 31 December 2020
2,017
Additions
-
Disposals
-
At 31 December 2021
2,017
Depreciation:
At 1 January 2020
(1,465)
Provided
(63)
At 31 December 2020
(1,528)
Provided
(70)
At 31 December 2021
(1,598)
Net book value:
At 31 December 2021
419
At 31 December 2020
489
16. Impairment
The Group considers annually whether there are indicators of impairment of its property, plant and
equipment, and at the year-end identified that there were indicators the WilPhoenix rig may be impaired. In
particular it was noted that there was no secured work for the rig, additional costs were expected to be
needed to maintain the rig and the Group was contemplating disposing of the asset. As such, it was necessary
to estimate the recoverable amount. Recoverable amount was assessed based on the rig’s fair value less cost
of disposal.
Post year end, a sale of the rig was agreed, and therefore the agreed sale price has been used as the basis for
determining the fair value less cost of disposal of the rig. As a result, The Group has recognised US$ 47.3
million as an impairment loss relating to the WilPhoenix rig. (2020: US$ 33.4 million relating to
WilPhoenix and WilHunter rigs).
The total impairment cost in the year is US$ 48.1 million. This includes a current year impairment of US$
0.8 million in respect of a right of use asset which has been impaired in full due to lack of trading activities
and the preparation of the financial statements on a basis other than going concern. (2020 : US$ 144.7
million, including US$111.3 million in respect of assets under construction, following the termination of
the rig construction contracts)

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
63
17. Investments
Company
Company
2021
2020
US$000
US$000
Company shares in subsidiary undertakings
At 1 January
279
279
Impairment of investment in WilHunter (UK) Ltd
(100)
-
Impairment of investment in Awilco Drilling Offshore (UK) Ltd
(100)
-
Impairment of investment in Awilco Drilling Norge AS
(4)
-
At 31 December
75
279
Details of the holdings are as follows, all 100% shareholdings:
Country of
Incorporation
Registered Address
Name
Awilco Drilling Offshore (UK) Ltd)
United Kingdom
11-12 St James’s Square,
London
WilHunter (UK) Ltd – in liquidation
United Kingdom
11-12 St James’s Square,
London
Awilco Drilling Pte. Ltd.
Singapore
8 Wilkie Road, Singapore
Awilco Rig 1 Pte. Ltd
Singapore
8 Wilkie Road, Singapore
Awilco Rig 2 Pte. Ltd
Singapore
8 Wilkie Road, Singapore
Awilco Rig 3 Pte. Ltd – dormant
Singapore
8 Wilkie Road, Singapore
Awilco Rig 4 Pte. Ltd - dormant
Singapore
8 Wilkie Road, Singapore
Awilco Drilling Norge AS – in liquidation
Norway
Verksgata IA, 4013 Stavanger

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
64
18. Trade and other receivables
Group
Company
Group
Company
2021
2021
2020
2020
US$000
US$000
US$000
US$000
Trade receivables
37
37
3,522
3,522
Prepayments and other receivables
542
236
768
308
Accrued revenue
-
-
2,121
-
Accrued interest
-
1,949
-
-
VAT receivable
83
83
-
-
662
2,305
6,411
3,830
As at 31 December, the analysis of ageing of trade receivables is as follows:
Group
Neither past
due nor
impaired
Past due but not impaired
Total
<60 days
60-90 days
90+ days
US$000
US$000
US$000
US$000
2021
37
37
-
-
Neither past
due nor
impaired
Past due but not impaired
Total
<60 days
60-90 days
90+ days
US$000
US$000
US$000
US$000
2020
3,522
3,522
-
-
Company
Neither past
due nor
impaired
Past due but not impaired
Total
<60 days
60-90 days
90+ days
US$000
US$000
US$000
US$000
2021
37
37
-
-
Neither past
due nor
impaired
Past due but not impaired
Total
<60 days
60-90 days
90+ days
US$000
US$000
US$000
US$000
2020
3,522
3,522
-
-

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
65
19. Cash and cash equivalents
Group
Company
Group
Company
2021
2021
2020
2020
US$000
US$000
US$000
US$000
Cash at bank
9,685
9,346
14,738
13,961
Cash at bank earns interest at floating rates based on daily bank deposit rates. The Company has no restricted
cash. (2020: nil)
20. Trade and other payables
Group
Company
Group
Company
2021
2021
2020
2020
US$000
US$000
US$000
US$000
Trade and other payables:
Lease Liabilities
315
315
616
327
Trade payables
885
763
1,257
1,744
Accruals and other liabilities
3,350
1,357
4,421
1,343
4,550
2,435
6,294
3,414
Non-current:
Lease Liabilities
424
424
1,017
739
Other liabilities
2
2
9
9
Total
426
426
1,026
748
21. Provisions
Redundancy
Onerous
Contract
Total
US$000
US$000
US$000
At 1 January 2021
640
933
1,573
Utilised
(640)
(933)
(1,573)
Arising during the year
1,100
-
1,100
At 31 December 2021
1,100
-
1,100
The redundancy provision is in relation to Offshore personnel, which was subsequently settled post year
end.
22. Leases
The Group has a lease contract in place for the office building at 2 Kingshill Park, Westhill, Aberdeenshire,
AB32 6FL. During the year, the lease for the office building at 103 Løkkeveien, 4007 Stavanger, Norway
was terminated. Also during the year, the remaining right of use asset for the office building in Aberdeen
was impaired. Set out below is the carrying amount of the right-of-use assets recognised and the movements
during the period:
Office Building
Office Building
Group
Company
Group
Company
2021
2021
2020
2020
US$000
US$000
US$000
US$000
As at 1 January
1,096
1,096
1,417
1,417
Additions
-
-
747
-
Depreciation Expense
(321)
(321)
(556)
(321)
Impairment
(775)
(775)
(512)
-
As at 31 December
-
-
1,096
1,096

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
66
22. Leases (continued)
Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and
the movements during the period:
2021
2021
2020
2020
Group
Company
Group
Company
US$000
US$000
US$000
US$000
As at 1 January
1,633
1,066
1,406
1,406
Additions
-
-
747
-
Accretion of interest
53
41
35
28
Payments
(505)
(368)
(555)
(368)
Remeasurement
(442)
-
-
-
As at 31 December
739
739
1,633
1,066
Current
315
315
616
327
Non-current
424
424
1,017
739
The maturity analysis of lease liabilities is disclosed in Note 26.
The following are the amounts recognised in profit or loss:
2021
2021
2020
2020
Group
Company
Group
Company
US$000
US$000
US$000
US$000
Depreciation expense of right-of-use assets
321
321
556
321
Interest expense on lease liabilities
53
41
35
28
Expense relating to leases of low-value assets (included in
administrative expenses)
3
3
6
6
Total amount recognised in profit or loss
377
365
597
355
The Group has total cash outflows for leases of US$ 0.5 million (2020: US$ 0.6 million).
23. Commitments and contingencies
Capital commitments
There were capital commitments of US$ 0.9 million at 31 December 2021 (2020: US$ 0.1 million).
2021
2020
US$000
US$000
Amounts due within one year
873
80

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
67
23. Commitments and contingencies (continued)
Contingent Liabilities
It is recognised that Keppel FELS has submitted claims in respect of amounts it considers recoverable due
to termination provisions in the contracts for both Nordic Winter and Nordic Spring. Statement of claims
have been received from Keppel FELS in the amount of Singapore Dollars 562.75 million (US$ 424.9
million) for Awilco Rig 1 Pte. Ltd. and Singapore Dollars 356.18 million (US$ 268.9 million) for Awilco
Rig 2 Pte. Ltd. but these claims are strongly denied. Due to the non-recourse nature of the contracts, this is
considered as a contingent liability only of the subsidiaries and not the parent company. No provision has
been made. It is expected that the final arbitration outcome for Awilco Rig 1 Pte Ltd, including any appeal
process, will be no earlier than Q4 2022. The arbitration process for Awilco Rig 2 Pte Ltd, was started six
months later and also expected no earlier than Q4 2022.
Contingent Asset
Following the termination of Nordic Winter and Nordic Spring, the subsidiary companies, Awilco Rig 1
Pte. Ltd and Awilco Rig 2 Pte. Ltd. have entered arbitration with KFELS in respect of deposit and variation
order payments. A total amount of USD 97.7 million is considered to be recoverable and is therefore
disclosed as a contingent asset.
24. Share capital
Group and Company
2021
2020
Authorised
No.000
No.000
Ordinary shares of £0.0065 each
54,582
54,582
Group and Company
Allotted called up and fully paid
2021
No.000
2021
US$000
2020
No.000
2020
US$000
At 1 January
54,582
525
54,582
525
At 31 December
54,582
525
54,582
525
Group and Company
2021
Share
premium
account
2020
Share
premium
account
US$000
US$000
At 1 January
218,381
218,381
At 31 December
218,381
218,381

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
68
25. Related party transactions
During the year the Group entered into transactions, in the ordinary course of business, with Awilhelmsen
Offshore AS, which is a major shareholder through its subsidiaries.
Transactions entered into and trading balances outstanding at 31 December 2021 with Awilhelmsen AS
and its subsidiaries are as follows:
2021
2020
US$000
US$000
Purchase of management services
918
2,195
Share based payment
-
-
Amounts owed to Awilhelmsen AS and its subsidiaries
(264)
(236)
Sales and purchases between related parties are made at normal market prices. Outstanding balances are
unsecured, interest-free and cash settlement terms vary between 30 and 90 days. The Company has not
provided or benefitted from any guarantees for any related party receivables or payables. Included are the
amounts in respect of the interim CEO.
Directors and other key management personnel
The remuneration of directors and other key management personnel of the Group is as follows
2021
2020
US$000
US$000
Short-term employee benefits
1,437
1,759
Share-based payments
(112)
(534)
Termination benefits
529
-
Other long-term benefits
82
126
Included in the short-term employee benefits are director’s emoluments of GBP 195,000 (2020: GBP
195,000). Five directors received remuneration in respect of their services to the Company during the year
(2020: five). The highest paid director was Sigurd Thorvildsen - please refer to the Directors’ remuneration
report on page 30 for further details.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
69
25. Related party (continued)
Company
The Company entered into the following transactions and had the following balances with its wholly
owned subsidiaries
2021
2020
US$000
US$000
Transactions:
Amounts invoiced to Awilco Drilling Offshore (UK) Ltd in respect of
services provided to the company
32,804
28,299
Amounts invoiced on behalf of Awilco Drilling Offshore (UK) Ltd
(36,384)
(24,247)
Invoiced to Awilco Drilling Pte. Ltd.
127
125
Transfer of funds to Awilco Drilling Pte. Ltd.
299
5,470
Amounts invoiced to Awilco Rig 1 Pte. Ltd. in respect of services provided
to the company
-
12,335
Amounts invoiced to Awilco Rig 2 Pte. Ltd. in respect of services provided
to the company
-
2,066
Amounts invoiced to Awilco Drilling Norge AS in respect of services
provided to the company
3,431
8,030
Taxation paid on behalf of subsidiaries
68
74
345
32,152
2021
2020
Balances:
US$000
US$000
Amounts receivable from Awilco Drilling Offshore (UK) Ltd
86,674
90,254
Amounts payable to WilHunter (UK) Ltd
(100)
(100)
Amounts receivable from Awilco Drilling Pte. Ltd.
6,473
5,979
Amounts receivable from Awilco Rig 1 Pte. Ltd
57,343
57,343
Amounts receivable from Awilco Rig 2 Pte. Ltd
44,298
44,298
Amounts receivable from Awilco Drilling Norge AS
13,394
9,964
208,082
207,738
Allowance for expected credit loss
(192,837)
(115,010)
15,245
92,728
The balances receivable from the subsidiary companies are considered long term. There are long term loan
agreements in place with Awilco Rig 1 Pte. Ltd. and Awilco Rig 2 Pte. Ltd.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
70
25. Related party (continued)
Set out below is the movement in the allowance for expected credit losses of intercompany receivables:
2021
2020
US$000
US$000
As at 1 January
(115,010)
(1,484)
Provision for expected credit loss
(71,199)
(113,526)
As at 31 December
(192,837)
(115,010)
Expected credit loss triggered due to lack of committed future contracting opportunities for the WilPhoenix.
Also due to expected non recoverability of amounts due from Awilco Drilling Norge AS and provision for
amounts due from Awilco Drilling Pte. Ltd, Awilco Rig 1 Pte. Ltd. and Awilco Rig 2 Pte. Ltd.
Entity with significant influence over the Group
Awilhelmsen Offshore AS, owns 37.1% of the ordinary shares in Awilco Drilling PLC.
26. Capital management, financial risk management objectives and policies
The Group’s and the Company’s principal financial liabilities comprise trade and other payables. The main
purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other
receivables, and cash and cash equivalents that arrive directly from its operations. Management has assessed
the fair values of the financial instruments are approximates to their carrying values.
The Group and the Company are exposed to market risk, credit risk and liquidity risk.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises foreign currency risk. Financial instruments affected by
market risk are trade and other payables and accruals.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Group’s and Company’s exposure to the risk of changes
in foreign exchange rates relates primarily to the Group’s and Company’s operating activities (when
expenses are denominated in a different currency from the Company’s functional currency).

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
71
26. Capital management, financial risk management objectives and policies
(continued)
Foreign currency risk (continued)
At the balance sheet date, the Group held GBP 0.9 million in trade and other payables (2020: GBP 1.3
million). A 5% strengthening or weakening of US$ to GBP would have an effect of US$ 0.1 million on the
Group 2021 result (2020: US$0.1 million). The Group has no other material currency exposures.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities
(primarily for trade receivables). The Company has credit risk due to its trade and other receivables from
subsidiary undertakings and from external clients.
Management assess the credit rating of new and existing clients and determine if any action is required to
secure the financial security in respect of work performed.
Liquidity risk
The Group’s objective is to maintain sufficient liquidity in order to support the needs of the business and
meet the repayments of the debt and commitments as they fall due. In order to achieve this, the Group also
has the prospect of issuing new equity or entering into new borrowing arrangements.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments.
Group
Less than
3 months
3 to 12
months
1-5
years
Total
Trade and other payables
5,335
-
2
5,337
Lease liabilities
-
368
522
890
31 December 2021
5,335
368
524
6,227
Trade and other payables
4,853
825
9
5,687
Lease liabilities
-
616
1,017
1,633
31 December 2020
4,853
1,441
1,026
7,320
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payments.
Company
Less than
3 months
3 to 12
months
1-5
years
Total
Trade and other payables
2,120
-
2
2,122
Lease liabilities
-
368
522
890
31 December 2021
2,120
368
524
3,012
Trade and other payables
3,087
-
9
3,096
Lease liabilities
-
327
739
1,066
31 December 2020
3,087
327
748
4,162

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
72
26. Capital management, financial risk management objectives and policies
(continued)
Capital management
Capital includes called up share capital, share premium and retained earnings / (deficit).
As the Company is currently no longer performing operational activities, there will be no dividends
distributed arising from operational activity.
The Company’s capital is monitored at a Group level. The Group monitors capital using a gearing ratio,
which is net debt divided by total shareholders’ funds plus net debt. The Group includes within net debt,
bonds and loans less cash and cash equivalents.
Group
Group
2021
2020
US$000
US$000
Cash and cash equivalents (note 19)
(9,685)
(14,738)
Net debt / (funds)
(9,685)
(14,738)
Capital
10,899
83,128
Capital and net debt
1,214
68,390
Gearing ratio
n/a
n/a
27. Share-based payments
Long Term Incentive Plan
A long term incentive plan for key management personnel, with a total limit of up to 4% of the Company’s
issued share capital was approved at the Annual General Meeting on 26 June 2013. The awards for the
years 2010, 2012, 2014-2016 are now fully exercised. A further award was issued in 2020, and a total limit
of up to 4,000,000 shares was approved at the general meeting on 11 November 2019.
The 2020 plan “vests” in 25% tranches linked to rig contract dates and expires after five years. The awards
are options with a strike price of NOK 30.
All share options and share awards are synthetic based and are cash settled.

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
73
27. Share-based payments (continued)
The following table list the inputs to the model used for these valuations (share prices are in NOK).
Group and
Company
2021
2020
2020 Plans
2016 Plans
2020 Plans
Exercise price
30.0
-
30.0
Year-end Share
price
3.20
4.65
4.65
Expected life
0.56 years
-
3.25 years
Volatility
0.18
-
0.67
Risk free
interest rate
0.34%
-
0.42%
Model used
Black Scholes
The following table illustrates the number and weighted average exercise prices (WAEP) of, and
movements in, share options and awards during the year.
Group
2021
2021
2020
2020
No.
WAEP (NOK)
No.
WAEP (NOK)
Outstanding as at 1 January
1,247,284
25.86
364,425
-
Granted during the year
-
-
2,150,000
30.0
Exercised during the year
(172,284)
-
(192,141)
-
Forfeited during the year
(600,000)
30.0
-
-
Adjusted during the year
-
-
(1,075,000)
30.0
Outstanding at 31 December
475,000
30.0
1,247,284
25.86
Exercisable at 31 December
-
-
172,284
-
Company
2021
2021
2020
2020
No.
WAEP (NOK)
No.
WAEP (NOK)
Outstanding as at 1 January
1,247,284
25.86
364,425
-
Granted during the year
-
-
2,150,000
30.0
Exercised during the year
(172,284)
-
(192,141)
-
Forfeited during the year
(600,000)
30.0
-
-
Adjusted during the year
-
-
(1,075,000)
30.0
Outstanding at 31 December
475,000
30.0
1,247,284
25.86
Exercisable at 31 December
-
-
172,284
-

Awilco Drilling PLC
Notes to the financial statements
At 31 December 2021
74
27. Share-based payments (continued)
The estimated fair value of the granted share options and awards are reached on the basis of the “Black-
Scholes option pricing model”. The model is applied utilising a risk-free discount rate and also taking into
account the terms and conditions upon which the options and awards are granted as well as the performance
conditions that are required to be satisfied before vesting. The weighted average remaining contractual life
at 31 December 2021 is 0.56 years. The Group total share option and award credit amounted to US$0.1
million (2020: US$ 0.5 million credit). The carrying amount of the liability relating to the cash-settled
options at 31 December 2021 is US$ 0.1 million (2020: US$ 0.1 million).
The table below summaries the carrying amount of the liability at 31 December 2021
Group and Company
Less than 3
months
3 to 12 months
1 – 5 years
Total
US$000
US$000
US$000
US$000
Share options and awards 2021
-
-
2
2
The table below summaries the carrying amount of the liability at 31 December 2020
Group and Company
Less than 3
months
3 to 12 months
1 – 5 years
Total
Share options and awards
106
-
9
115
At 31 December 2019
106
-
9
115
28. Subsequent events
During March 2022, the subsidiary company WilHunter (UK) Ltd was placed into liquidation. The affairs,
business and property of the Company are being managed by the Joint Liquidators, Geoff Jacobs and Blair
Nimmo of Interpath Advisory.
During March 2022, the Company signed a Sale and Purchase Agreement with Rota Shipping Inc to recycle
the WilHunter at the Aliaga Shipyard in Turkey. The sale is expected to be concluded no later than 15 June
2022.
During May 2022, the Company signed a Memorandum of Agreement (MOA) for the sale of the WilPhoenix
to Well-Safe Solutions Ltd for an agreed purchase price of USD 15.5 million. Expected delivery time of
the rig is on or around 1 June 2022.
During May 2022, the Company signed a short-term shareholder loan with Awilhelmsen Offshore AS and
QVT Family Office Fund LP. The loan is for a total of up to USD 4 million, structured as a draw-down
facility, with interest rate of 10 percent per annum on the aggregated outstanding principal amount. In
addition, there is an arrangement fee of 2 percent on the total amount. Maturity date for the loan is 1 July
2022. The loan shall be used for general working capital purposes.
As a result of the agreements to dispose of both rigs after the year end, the Group is currently no longer
performing operational activities and the financial statements have been prepared on a basis other than going
concern. However, the Board shall continue to consider future opportunities and take the necessary action
as required.

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