Oslo, Norway, January 9, 2024

Commercial update:

In December 2023, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 26,500 and rig utilization was 87%.

As of January 9, 2024, approximately 87% of available rig days in January are contracted at an average operating day rate of approximately USD 26,400. The contracted backlog beyond January is approximately USD 11.9 million with an average daily operating rate of approximately USD 26,500.

Currently 10 of 11 rigs are contracted and working. We will keep the remaining idle rig warm stacked and expect activity to pick up going forward.

Cash distribution:

The Board of Directors approved today an increased monthly cash distribution of approximately USD 2.2 million for January 2024. 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 0.05 per share

Declared currency: US$. Payment to shares registered with Euronext VPS will be distributed in NOK

Date of approval: January 9, 2024

Last day including right: January 15, 2024

Ex-date: January 16, 2024

Record date: January 17, 2024

Payment date: On or about January 22, 2024

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.