251844 Awilco_aars_eng.ps - COSL Drilling Europe AS

Investor Information
Share information
Awilco Offshore has been listed on the Oslo Stock Exchange
since 11 May 2005. From the establishment until end 2005,
the share capital increased by NOK 573 969 830 to
NOK 1 185 303 330 which equalled 118,5 million shares. In
January and April 2006, the share capital was increased by a
further NOK 212 475 470 to NOK 1 397 778 800 which
equals 139,8 million shares. The purpose of the capital
increases has been to finance corporate transactions
(Petrojack and Offshore Rig Services) and to strengthen the
company’s equity and liquidity.
The share is traded on the Oslo Stock Exchange under the
symbol AWO and is included in Oslo Stock Exchange’s
Energy Indices (OSE101010GI) and the All Share Index
(OSEAX). As at early May 2006, the company was ranked
at number 11 measured by market value against the
38 companies in the Energy Equipment & Services sector
on the Oslo Stock Exchange.
The 20 largest shareholders of Awilco Offshore held
approximately 80 % of the shares by year end 2005, and
approximately 50 % of free float was owned by investors
located outside Norway. The largest shareholder is Awilco
AS, which held 45,6 % of the shares at year end. Awilco AS
participated in the latest equity issue of the company
(April 2006) and hold in May 2006, 56 425 630 shares
(approximately 40 %). Awilco-related companies controlled
another 3,8 %.
Awilco Offshore has a broad shareholder representation
within and outside of Norway, including large institutional
investors and mutual funds.
Financing information
At December 31 2005, Awilco Offshore had a bank credit
facility with Nordea of USD 210 million, and in addition a
project financing with Standard Chartered Bank (SCB) of
USD 94 million. During the first quarter of 2006, the credit
facility with Nordea was increased to USD 410 million. The
amended facility is more flexible in that drawdown can be
done on a pro rata debt/equity basis, compared to previous
where the equity had to be paid in before any drawdown
could be done.
The company is currently in discussions with Nordea to
include the latest rigs ordered (WilStrike and WilSeeker) in
the bank credit facility,
In February 2006, Awilco Offshore issued a bond loan of
USD 100 million. The bond is unsecured, has a five year
bullet maturity and carries a fixed coupon of9,75 % p.a.
The bond is flexible, as it includes no change of control
provisions and allows for a possible demerger of the
company without bondholder approval in connection with
possible corporate transactions.
Awilco Offshore expects to finance the rigs under construction
with internal funds and debt facilities. On the next
page is a table showing the payment schedule for the drilling
rigs under construction.
The project prices are the expected prices of the rigs delivered
and fully equipped. The prices include the fixed yard
contract prices, newbuilding supervision, owner furnished
equipment, spares, financing and other project expenses.
In February 2005, the share was offered at NOK 20 through
a private placement in connection with the listing on OTC.
When listed on the Oslo Stock Exchange in May 2005, the
share was offered at NOK 22. At end 2005, the share price
was NOK 42, which corresponds to an increase from the
time of listing of 90 %. In early May 2006, the share is
trading above NOK 60.
14