AWO Prospectus PETROJACK offer - COSL Drilling Europe AS

exposure towards the jack-up drilling market while executing on its stated strategy of playing an
active role in the consolidation of the drilling industry. Awilco Offshore believes that it has built a
highly competent organisation and excellent foundation for management of the drilling rigs through
Premium Drilling, company jointly owned with Sinvest. Awilco Offshore believes that significant
synergies can be extracted through the transfer of management of Petrojack’s rigs into the Premium
Drilling organisation.
If the Offer is successful, it is Awilco Offshore’s intention to propose a delisting of Petrojack and
to bring the commercial and operational management of Petrojack’s assets (the jackup drilling rigs)
under the management of Premium Drilling. It is anticipated that this would entail a termination of
Petrojack’s current management agreement with LOG. The acquisition will not otherwise affect the
Petrojack organisation as Petrojack does not have any full-time employees.
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