Ausdrill Limited (ASL) (“Ausdrill”) is pleased to announce the successful completion of the institutional component of its fully underwritten 1 for 2.13 pro rata accelerated non‐renounceable entitlement offer, announced on Wednesday, 15 August 2018 (“Entitlement Offer” or “Offer”).

The accelerated institutional component of the Entitlement Offer (“Institutional Entitlement Offer”) raised approximately $175 million at the offer price of $1.47 per new fully paid ordinary share in Ausdrill (“New Shares”). The Institutional Entitlement Offer had strong support from Ausdrill’s existing eligible institutional shareholders who took up approximately 93% of the New Shares available as part of the Institutional Entitlement Offer.

The bookbuild of institutional entitlements not taken up by eligible institutional holders, and institutional entitlements that would otherwise have been offered to ineligible institutional holders, was significantly oversubscribed with demand from both existing and new institutional investors. Completion of the Institutional Entitlement Offer represents the first stage of Ausdrill’s fully underwritten Entitlement Offer which is expected to raise approximately $250 million.

The net proceeds of the Entitlement Offer are intended to be used to partially fund the repayment of Ausdrill’s Senior Unsecured Notes due in November 2019 (with the balance of the notes to be repaid from existing cash and revolving credit facility drawdown).1 New Shares subscribed for under the Institutional Entitlement Offer are expected to be settled on Friday, 24 August 2018 and to be issued and commence normal trading on the ASX on Monday, 27 August 2018.

New Shares issued under the Entitlement Offer will rank pari passu with existing Ausdrill shares and will be eligible for the dividend of 3.5 cents per share which is to be paid on Thursday, 18 October 2018.