Oslo, Norway, March 7, 2023
In February 2023, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 30,300 and rig utilization was 99.2%.
As of March 7, 2023, 100% of available rig days in March were contracted at an average operating day rate of approximately USD 31,600. The contracted backlog beyond March was approximately USD 35.8 million with an average daily operating rate of approximately USD 32,300 per day.
The Board of Directors has today approved a monthly cash distribution of NOK 1.10 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.
Distribution amount: NOK 1.10 per share
Declared currency: NOK
Date of approval: March 7, 2023
Last day including right: March 10, 2023
Ex-date: March 13, 2023
Record date: March 14, 2023
Payment date: On or about March 17, 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.