Awilco Announces Results of Voluntary Offer for OffRig

Awilco Offshore ASA

Reference is made to the press release made by Awilco Offshore ASA and the Offer Document dated November 20, 2006 in respect of the voluntary offer to acquire the remaining shares of OffRig Drilling ASA ("OFRD") set forth by Awilco Offshore.

The offer period expired on November 29, 2006 at 16:30 CET. At the end of the offer period, Fearnley Fonds ASA and Pareto Securities ASA had registered acceptances for a total of 8,331,840 shares, representing 16.6% of the outstanding capital in OFRD. The figure is subject to the result of the transfer of consideration shares from the sellers' respective VPS accounts, which is expected to take place on 6 December 2006. Assuming that the above number of shares is transferred, AWO will become the owner of 85.8% of the outstanding capital in OFRD.

Approximately 7.5 million shares will be exchanged for approximately 3.2 million new shares in AWO and the remaining 0.8 million shares will be acquired for cash at a price of NOK 27.42. As a consequence the total number of shares in AWO will be increased to approximately 148.6 million. The exact number will be announced upon issuance of the new shares.