Oslo, Norway, May 8, 2025
 
Commercial update:
 
In April 2025, the Company had 10 out of 11 rigs employed and rig utilization
was 90%.

As of May 8, 2025, approximately 86% of available rig days in May are
contracted. We currently anticipate that two of our contracted and employed rigs
will be released by the end of May which would result in three of our eleven
rigs being stacked. The contracted backlog beyond May is approximately USD 16.6
million. 

Cash distribution: 

The Board of Directors today approved a monthly cash distribution of
approximately USD 1.7 million based on free cash flow for April 2025. 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: USD. Payment to shares registered with Euronext VPS will be
distributed in NOK 

Date of approval: May 8, 2025

Last day including right: May 12, 2025

Ex-date: May 13, 2025

Record date: May 14, 2025

Payment date: On or about May 23, 2025

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