Oslo, Norway, January 9, 2023

Commercial update:
In December 2022, the Company’s 11 drilling rigs achieved an average day rate of approximately USD 29,200 and rig utilization was 99.7%.

As of January 9, 2023, 100% of available rig days in January were contracted at an average day rate of approximately USD 30,000. The contracted backlog beyond January was approximately USD 28.8 million with an average daily rig rate of approximately USD 31,000 per day.

Cash distribution:
The Board of Directors has today approved a 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: January 9, 2023
Last day including right: January 12, 2023
Ex-date: January 13, 2023
Record date: January 16, 2023
Payment date: On or about January 20, 2023

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 has a full pay-out dividend strategy, targeting frequent cash distributions in an improving market.