5 October 2022
Reference is made to the announcement of 3 October 2022 by NorAm Drilling AS (previously NorAm Drilling Company AS) (the “Company”) regarding the extraordinary general meeting held on the same date.
The resolutions made by the extraordinary general meeting, including, inter alia, amendments to the Company’s articles of association, change of company name, change of signatory rights and amendment to the share capital pertaining to the private placement (completed on 23 September 2022) are now registered with the Norwegian Register of Business Enterprises.
The new name of the Company is NorAm Drilling AS.
The Company’s new share capital is NOK 86,124,634 divided by 43,062,317 shares, each with a nominal value of NOK 2.
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.
5 October 2022