3 October 2022
Reference is made to the announcement of 26 September 2022 by NorAm Drilling Company AS (the “Company”) regarding notice of an extraordinary general meeting (“EGM”) in the Company. The EGM was held today on 3 October 2022 at 10:00 CEST.
The minutes from the EGM are attached to this press release. All items were resolved in accordance with the Company’s board of directors’ proposals as set out in the EGM notice.
This information is subject of the disclosure requirements pursuant to section 5-12 of 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.