NorAm Drilling AS - Second Quarter 2026 Results

Oslo, Norway, August 25, 2026

NorAm Drilling AS (the "Company" or "NorAm"), today reported unaudited results
for the three and six months ended June 30, 2026:

HIGHLIGHTS
o Reported Revenues of MUSD 29.4
o Adjusted EBITDA of MUSD 6.3
o Fleet utilization of 98.6%
o Current revenue backlog of MUSD 30.3

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:

«During the second quarter, our financial results improved with revenue
increasing 12.3% sequentially as all 11 of our rigs remained under contract and
operational throughout the period. This came against a market backdrop of
increasing activity in our core basin. Permian rig counts increased 17 during
the quarter to 258 driven primarily by private E&Ps. WTI prices continued to be
volatile as a result of the Iran war, however, the increase in WTI prices
subsequent to quarter end has led to more inquiries for available rigs.

With our industry-low cost base and zero debt, we continue to return capital to
shareholders despite volatile market conditions, demonstrating the strength of
our unique model. We paid MUSD 4.9 or NOK 1.08 per share in monthly dividends
during the second quarter and have declared two additional dividends after
quarter end. Our rigs continue to rank among the very top performers in the U.S
shale market measured in feet drilled per day and we believe NorAm's rigs should
be well positioned to benefit from any further market recovery.» 

In connection with the release, the Company invites to a live presentation and
Q&A on Wednesday, August 26, 2026, at 09:00 AM (EST) / 3:00 PM (CET). 

Follow the link to register for the presentation: bit.ly/NorAm-Drilling-Q2-2026

For further queries, please contact:
Sander Borgli, Director of IR and Strategy
Tel: +47 95455604 


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.

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