Awilco Offshore's Stake in OffRig Reaches 91.2%

Awilco Offshore ASA (ticker: AWO) has on January 8, 2007 acquired additional shares in OffRig Drilling ASA (OTC traded under the ticker OFRD) which has caused its ownership in OFRD to reach 91.2%. As a consequence, AWO intends to initiate a compulsory acquisition of the remaining outstanding shares of OFRD in accordance with the regulations of the Norwegian Public Limited Companies Act §4-25.

Following the completion of the voluntary offer on the shares of OFRD in November 2006, which left AWO with an ownership of 86.71% in OFRD, AWO has acquired additional shares through a combination of share swaps and cash transactions. The share swaps have been based on exchange rates of 0.422 to 0.425 AWO shares for each OFRD share and will imply the issuance of 663,314 new shares in AWO. Following such share issue, AWO will have a share capital of NOK 1,494,154,870 divided into 149,415,487 shares. Awaiting such issuance, settlement is made to selling OFDR shareholders using AWO shares which have been borrowed from Awilco AS. The cash transactions have been based on prices of NOK 27.42 to NOK 27.50.

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