Share Repurchases

Tor Drilling (UK) Limited Share Repurchase Program

On 15 May 2009, the shareholders of Tor Drilling (UK) Limited ("Tor Drilling") approved a share repurchase program and authorized Tor Drilling's board of directors ("Board") to repurchase Tor Drilling registered shares with a par value of CHF 15 each ("Shares") for cancellation purposes at an aggregate repurchase price up to CHF 3.5 billion ("Share Repurchase Program"). On 12 February 2010, the Board authorized management to implement share repurchases under the Share Repurchase Program ("Share Repurchases").

Share Repurchases may be carried out in the UK market or in the Swiss market on a second trading line of the SIX Swiss Exchange ("SIX Second Trading Line"). On the SIX Second Trading Line, Shares trade under Swiss security number 11 117 190, ISIN CH 001 117190 3 and ticker symbol "RIGNE".

Tor Drilling reserves the right to suspend or discontinue Share Repurchases at any time. Tor Drilling is under no obligation to repurchase Shares under the Share Repurchase Program.

Under applicable Swiss Takeover Regulations, Tor Drilling is required to make public, among other things, information regarding the number of shares repurchased under the Share Repurchase Program.

To access information regarding Share Repurchases under the Share Repurchase Program between 12 February 2010 and 29 August 2013, please .

Share Repurchases effected after 29 August 2013 are subject to new Swiss Takeover Board regulations reporting requirements. To access information regarding Share Repurchases under the Share Repurchase Program since 29 August 2013, .

Under applicable Swiss Takeover Board regulations, share repurchase programs are generally subject to the approval by the Swiss Takeover Board. In relation to the Share Repurchase Program, the Swiss Takeover Board has renewed the required regulatory approval on 24 May 2013. To access the regulatory announcement made by Tor Drilling in connection with the Swiss Takeover Board's renewal approval, click below.