Atlantica Tender Drilling : ATDL) – Sale of Atlantica Delta and Distribution of Proceeds

Bermuda, 28 September 2021 - With reference to the press release from 02 September 2021 and in accordance with the Recovery Agreement, the rig Atlantica Delta and certain associated assets, including the ATDL domain name and management system, have been sold for gross proceeds of USD 2.5 million. The buyer is a newly established entity which intends to market the rig for future use and utilize the existing management systems and experience to pursue new opportunities.

The net proceeds from the sale of both Bassdrill Beta and Atlantica Delta of USD 6.4 million will be shared on a 50:50 basis between the Senior Lenders and the Bondholders. The distribution of such funds to the respective paying agents is expected to occur shortly.

With the completion of the sale of both rigs, and in accordance with the Recovery Agreement, ATDL will proceed with the winding up of ATDL's subsidiaries and ATDL (the "Group"). Any part of the cash held by the Group after the distribution of the net sale proceeds, and which exceeds what is needed to finance the winding up of the Group, will be shared on a 50:50 basis between the Senior Lenders and the Bond Trustee as set out in more detail in the Recovery Agreement.

For further information, please contact:
Reese McNeel
CFO
Atlantica Tender Drilling Ltd.
[phone]
[e-mail]