Oslo, Norway, December 5, 2022

Commercial update:
In November 2022, the Company’s 11 drilling rigs achieved an average day rate of approximately USD 27,784 and rig utilization was 99.2%.

As of December 5, 2022, 100% of available rig days in December were contracted at an average day rate of approximately USD 29,500. The contracted backlog beyond December was approximately USD 38.7 million with an average daily rig rate of approximately USD 30,700 per day.

Cash distribution:
The Board of Directors has today approved its initial monthly cash distribution of NOK 1.00 per share. The distribution will be made from the Company’s contributed surplus account which consists of previously paid in share premium transferred from the Company’s share premium account.

Key information:
Distribution amount: NOK 1.00 per share
Declared currency: NOK
Date of approval: December 5, 2022
Last day including right: December 8, 2022
Ex-date: December 9, 2022
Record date: December 12, 2022
Payment date: On or about December 16, 2022

For further queries, please contact:
Marius Furuly, Director of IR and Strategy
Tel: +47 90626191

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 is debt free and has industry leading operating margins. The Company will have a full pay-out dividend strategy, targeting frequent cash distributions in a raising market.