24 October 2022

Reference is made to the announcement of 20 October 2022 by NorAm Drilling AS (“NorAm Drilling”) regarding the Board’s resolution to issue 78,676 new shares to certain members of management on the same date.

The resolution made by the Board of Directors to increase the share capital by issuance of new shares was today registered with the Norwegian Register of Business Enterprises. The new shares were issued pursuant to a resolution granted by an extraordinary general meeting on 3 October 2022.

NorAm Drilling’s new share capital is NOK 86,281,986 divided into 43,140,993 shares, each with a par value of NOK 2.00.

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.

For more information visit www.noramdrilling.com.