Oslo, Norway, March 7, 2024
Commercial update:
In February 2024, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 26,400 and rig utilization was 90%.
As of March 7, 2024, approximately 82% of available rig days in March are contracted at an average operating day rate of approximately USD 26,400. The contracted backlog beyond March is approximately USD 23.2 million with an average daily operating rate of approximately USD 26,700.
Currently 10 of 11 rigs are contracted and working. We anticipate two rigs currently working will be released in March 2024 as a result of operator merger and consolidation and have started actively marketing these rigs. We will keep idle rigs warm and expect activity to pick up later in 2024.
Cash distribution:
The Board of Directors approved today a monthly cash distribution of approximately USD 2.2 million for March 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: March 7, 2024
Last day including right: March 11, 2024
Ex-date: March 12, 2024
Record date: March 13, 2024
Payment date: On or about March 18, 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.
www.noramdrilling.com