Oslo, Norway, June 10, 2024
 
Commercial update:
 
In May 2024, the Company's 11 drilling rigs achieved an average operating day
rate of approximately USD 25,600 and rig utilization was 83%.

As of June 10, 2024, approximately 90% of available rig days in June are
contracted at an average operating day rate of approximately USD 25,600. The
contracted backlog beyond June is approximately USD 16.0 million with an average
daily operating rate of approximately USD 25,200. 

Currently 10 of 11 rigs are contracted and working. We will continue to 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 June 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: June 10, 2024

Last day including right: June 13, 2024

Ex-date: June 14, 2024

Record date: June 17, 2024

Payment date: On or about June 21, 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