NAXS has made a NOK 3.9m investment in a private placement of new shares by Awilco Drilling Plc

Awilco Drilling PLC (the “Company”) is a UK-based drilling contractor, listed on the Oslo stock exchange (Oslo: AWDR). The Company has effected a private placement of new shares with gross proceeds in the amount of USD 65 million directed towards Norwegian and international investors (the “Private Placement”). The subscription price was set at NOK 29/share. The Private Placement was over-subscribed and NAXS was allocated 135,000 shares, corresponding to NOK 3,915,000.

The net proceeds from the Private Placement will be used to part finance the equity requirement for the building of a new semi-submersible drilling rig for harsh environment use, with planned delivery in 2021.

The Private Placement was approved by an extraordinary general meeting of the Company held on March 23, 2018.