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