Oslo, Norway, October 8, 2024
 
Commercial update:
 
In September 2024, the Company had 10 out of 11 rigs employed and rig
utilization was 87%.

As of October 8, 2024, approximately 91% of available rig days in October are
contracted. The contracted backlog beyond October is approximately USD 27.7
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 September 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: October 8, 2024

Last day including right: October 14, 2024

Ex-date: October 15, 2024

Record date: October 16, 2024

Payment date: On or about October 23, 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