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”). Subsequent to the Private Placement, the Company intends to list its shares on Euronext Growth Oslo (the “Listing”).

The Company hereby call for an extraordinary general meeting (the “EGM”) to be held on 3 October 2022 at 10:00 (CET) in order to, inter alia, resolve upon the capital increase in the Private Placement and various other items deemed necessary and relevant in relation to the Listing.

The EGM will be held as a physical meeting at Bryggegata 3, 0250 Oslo.

The EGM notice (together with appendices) is appended to this press release.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

About NorAm

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.