Awilco Completes Bond Issue

Awilco Offshore ASA reported that a bond issue that it had announced on Monday was significantly oversubscribed. Due to the strong interest, the loan amount has been increased to NOK 500 million.

The main terms of the loan are as follows:

--Amount: NOK 500 million
--Coupon: 3m NIBOR + 2.25% p.a.
--Maturity: July 2010

The senior unsecured bond is subject to finalization of loan documentation and completed settlement, which is expected to be 6 July 2007. Pareto Securities ASA is acting as arranger for the bond loan.