Oslo, Norway, December 7, 2023

Commercial update:

In November 2023, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 26,800 and rig utilization was 77%.

As of December 7, 2023, approximately 88% of available rig days in December are contracted at an average operating day rate of approximately USD 26,500. The contracted backlog beyond December is approximately USD 13.9 million with an average daily operating rate of approximately USD 26,500.

Currently 9 of 11 rigs are contracted and working. One rig will begin mobilizing under a new contract in mid-December. We will keep the remaining idle rig warm stacked and expect activity to pick up in early 2024.

Cash distribution:

The Board of Directors approved today a monthly cash distribution of USD 1.7 million or USD $0.04 per share for December 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.

Key information:

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: December 7, 2023

Last day including right: December 11, 2023

Ex-date: December 12, 2023

Record date: December 13, 2023

Payment date: On or about December 18, 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.