7 October 2022
NorAm Drilling AS (the “Company” or “NorAm”) with ticker code “NORAM”, today announces the public trading on Euronext Growth Oslo (the “Listing”), following the successful private placement and share issue with total gross proceeds of USD 75 million.
Fearnley Securities AS and Pareto Securities AS are acting as joint global coordinators and joint bookrunners in connection with the Private Placement (the “Managers”) and as Euronext Growth Advisors in relation to the Listing.
Advokatfirmaet Schjødt AS is acting as legal advisor to the Company in the Private Placement and Listing and Ro Sommernes Advokatfirma DA is acting as legal advisor to the Managers in connection with the Private Placement and Listing.
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 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.
7 October 2022