Oslo, Norway, November 8, 2023
In October 2023, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 27,700 and rig utilization was 76.9%.
As of November 8, 2023, approximately 82% of available rig days in November are contracted at an average operating day rate of approximately USD 26,800. The contracted backlog beyond November was approximately USD 13.3 million with an average daily operating rate of approximately USD 26,900.
Currently 9 of 11 rigs are contracted and working. We expect activity to pick up early in 2024 and plan to keep the idle rigs warm-stacked for now. During the time between contracts, the Company expects the rigs’ opex to be approximately 30% lower than in a contracted mode.
The Board of Directors approved today a monthly cash distribution of USD 1.7 million or USD 0.04 per share for November 2023. 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: USD 0.04 per share
Declared currency: US$. Payment to shares registered with Euronext VPS will be distributed in NOK
Date of approval: November 8, 2023
Last day including right: November 13, 2023
Ex-date: November 14, 2023
Record date: November 15, 2023
Payment date: On or about November 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 a profitable market.