AWO Prospectus PETROJACK offer - COSL Drilling Europe AS

operating and local expenses. The rig will be employed in Saudi Arabia, and will commence work
under the contract in July 2006.
No contracts have been secured for any of the other units.
Expected capital expenditure
The table below sets forth the expected capital expenditure for the firm contract rigs. The amounts
referred to as paid are amounts that have been paid or will be paid prior to completion of the
Offering.
USD mill. Paid 3q05 4q05 1q06 2q06 3q06 4q06 1q07 2q07 3q07 4q07 Total
Investments
WilPower 43.0 21.0 33.5 33.0 130.5
WilCraft 49.2 26.0 26.0 29.8 131.0
WilSuperior 13.0 6.5 19.5 25.6 19.5 13.0 13.0 19.5 129.6
WilTBN 26.8 26.8 26.8 26.8 26.8 134.0
Total 105.2 54.3 59.5 19.5 111.4 19.5 69.6 39.8 19.5 26.8 525.1
Financing source
Equity 92.2 33.3 22.5 19.5 52.4 6.2 226.1
WilPower debt 13.0 21.0 27.0 33.0 94.0
Corp. bank debt * 10.0 26.0 19.5 63.4 39.8 19.5 26.8 205
Total 105.2 54.3 59.5 19.5 111.4 19.5 69.6 39.8 19.5 26.8 525.1
* Corp. bank debt includes the Offeror’s own estimate for financing of WilTBN (in process with Nordea).
Final payment schedule has not yet been established for WilTBN. The above schedule is the
Company’s own estimate.
The Offeror expects to cover its payments of interest costs and instalments (as further described in
section 11.3) from cash generated from operations.
7.7 Legal structure
Awilco Offshore ASA is a Norwegian public limited liability company incorporated on 21 January
2005. Awilco Offshore was registered with the Norwegian Register of Business Enterprises on 11
February 2005 under the registration number 987 861 894. In accordance with its articles of
association, Awilco Offshore ASA shall have its registered office in the municipality of Oslo. The
registered address of Awilco Offshore ASA is Beddingen 8 Aker Brygge, N-0250 Oslo, Norway.
The chart below illustrates the group structure. All direct and indirect subsidiaries are wholly
owned.
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