26 September 2022
Reference is made to the announcement of 23 September 2022 by NorAm Drilling Company AS (NorAm” or the “Company”), regarding the completion of a private placement (the “Private Placement”).
The Company has received the following notifications from persons discharging managerial responsibilities and their close associates subsequent to the Private Placement:
• Ole B. Hjertaker (through Splendini AS), chair of the Company’s board of directors, was allocated a total of 78,500 shares; and
• Marius Furuly, Investor Relations and Strategy Director of the Company, was allocated a total of 13,108 shares.
The notifications concerning subscription in the Private Placement are attached hereto. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
NorAm Drilling owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the largest oil producing region in North America. NorAm Drilling has industry leading operating margins, and will be virtually debt free.
The Company will have a full pay-out dividend strategy, targeting frequent cash distributions in a raising market. NorAm Drilling has in its 15-year history established a solid foothold in US drilling market, with significant operating experience in Louisiana, New Mexico and Oklahoma but is now primarily focusing on the Permian Basin in Texas, where approximately 60% of the proven reserves in the U.S. are located.
For more information visit www.noramdrilling.com.