4 October 2022
On 3 October 2022, NorAm Drilling Company AS notified Nordic Trustee ASA that it will exercise the call option pursuant to the bond agreement between Nordic Trustee ASA on behalf of the bondholders and the company at the below terms:
Call price: 100.00 % of par value plus accrued interest
Repayment date: 14 November 2022
After repayment of the bond, NorAm Drilling Company AS will be 100% debt free and will have a full pay-out strategy with expected dividend payments commencing after the bond is repaid.
The company’s shares is expected to commence trading on Euronext Growth Oslo on Friday 7 October 2022.
For further information, please contact: Marius Furuly (IR & Strategy Director): +47 90 62 61 91
About NorAm Drilling
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.