Oslo, Norway, May 8, 2024

Commercial update:

In April 2024, the Company’s 11 drilling rigs achieved an average operating day rate of approximately USD 25,700 and rig utilization was 87%.

As of May 8, 2024, approximately 83% of available rig days in May are contracted at an average operating day rate of approximately USD 25,600. The contracted backlog beyond May is approximately USD 22.0 million with an average daily operating rate of approximately USD 25,100.

Currently 9 of 11 rigs are contracted and working. A 10th rig is contracted and scheduled to commence operations by mid-June. We will keep the remaining idle rig warm and expect activity to pick up later in 2024.

Cash distribution:

The Board of Directors today approved a monthly cash distribution of approximately USD 1.7 million for May 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: May 8, 2024

Last day including right: May 13, 2024

Ex-date: May 14, 2024

Record date: May 15, 2024

Payment date: On or about May 24, 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.