[31-December-2020] ATLANTICA TENDER DRILLING LTD. (ATDL) – Financing Update

Bermuda, 31 December 2020 – Reference is made to the press release from 10 December 2020 regarding Petrobras’ notice to demobilize BassDrill Beta from the Papa Terra field. It is expected that the rig will be fully demobilized and off-hire during Q2 2021. While ATDL continues to pursue new opportunities for both of its rigs, BassDrill Beta and Atlantica Delta, there exists today a high likelihood that both rigs will be off-hire and stacked from mid 2021.

Given the situation, ATDL has decided to suspend bond coupon payments and payments of interest and amortisation under the senior bank facility effective 31 December 2020.

ATDL has initiated a renewed and constructive dialogue with its financial creditors regarding a formal standstill and the way forward.

For further information, please contact:

Reese McNeel
CFO
Atlantica Tender Drilling Ltd.
+47 415 08 186
reese.mcneel@atlanticatd.com



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