Oslo, Norway, April 10, 2024
Commercial update:
In March 2024, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 26,400 and rig utilization was 83%.
As of April 10, 2024, approximately 87% of available rig days in April are contracted at an average operating day rate of approximately USD 25,700. The contracted backlog beyond April is approximately USD 23.5 million with an average daily operating rate of approximately USD 25,000.
Currently 9 of 11 rigs are contracted and working. A 10th rig is contracted and scheduled to commence operations in mid-April. We will keep the remaining idle rig 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 1.7 million for April 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 0.04 per share
Declared currency: US$. Payment to shares registered with Euronext VPS will be distributed in NOK
Date of approval: April 10, 2024
Last day including right: April 15, 2024
Ex-date: April 16, 2024
Record date: April 17, 2024
Payment date: On or about April 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.
www.noramdrilling.com