NorAm Drilling AS – End of stabilization and partial exercise of brownshoe option

07 Nov 2022 07:00 CET

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
“UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

7 November 2022

Reference is made to the announcement on 7 October 2022 regarding potential
stabilization activities in respect of the shares in NorAm Drilling AS ("NorAm"
or the "Company") in connection with the private placement of shares in the
Company (the "Offering") and the admission to trading of the Company's shares on
Euronext Growth Oslo (the "Listing").

Pareto Securities AS (the "Stabilization Manager"), acting as stabilization
manager on behalf of the Managers (as defined below) in connection with the
Offering, hereby gives notice that the stabilization period initiated on 7
October 2022 has now ended (4 November 2022) and that stabilization activities
were undertaken in relation to the shares in NorAm with a total of 58,451 shares
purchased during the stabilization period. The shares were purchased at an
average price of NOK 40.00 per share and within the daily price ranges set out
in the attached stabilization notice. Stabilization activities first occurred on
14 October 2022 and last occurred on 14 October 2022.

As part of the stabilization activities taken, the Stabilization Manager has, in
part exercised its put option to sell to Geveran Trading Co. Ltd., a company
indirectly controlled by trusts established by John Fredriksen for the benefit
of his family, (the "Brownshoe Provider") a number of 58,451 shares. The shares
will be purchased by the Brownshoe Provider at a price of NOK 40.00 per share,
equal to the volume weighted average purchase price of all shares acquired by
the Stabilization Manager.

This information is published in accordance with the disclosure requirements
pursuant to article 6 no. 3 and article 8 (f) of Commission Delegated Regulation
(EU) 2016/1052.

Advisors
Pareto Securities AS and Fearnley Securities AS are acting as joint global
coordinators and joint bookrunners in connection with the Private Placement (the
"Managers") and as Euronext Growth Advisors in relation to the Listing.

Advokatfirmaet Schjødt AS is acting as legal advisor to the Company in the
Private Placement and Listing and Ro Sommernes advokatfirma DA is acting as
legal advisor to the Managers in the Private Placement and Listing.

For further information, please contact:

Pareto Securities AS
Martin Øberg Sjøstedt
Tel: +47 22 87 87 14

About NorAm
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 has industry
leading operating margins and will be virtually debt free. The company will have
a full pay-out dividend strategy, targeting frequent cash distributions in a
raising market.

For more information visit www.noramdrilling.com.

***

Important notice
This announcement does not constitute or form a part of any offer of securities
for sale or a solicitation of an offer to purchase securities of NorAm Drilling
AS in the United States or any other jurisdiction. The securities of the Company
may not be offered or sold in the United States absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"). The securities of the Company have not been, and
will not be, registered under the U.S. Securities Act. Any sale in the United
States of the securities mentioned in this communication will be made solely to
"qualified institutional buyers" as defined in Rule 144A under the U.S.
Securities Act. No public offering of the securities will be made in the United
States.
In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

The information in this announcement speak only as at its date. Each of the
Company, the Managers and their respective affiliates expressly disclaims any
obligation or undertaking to update, review or revise any statement contained in
this announcement whether as a result of new information, future developments or
otherwise.

The Managers are acting exclusively for the Company and no one else and will not
be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Certain figures contained in this document, including financial information, may
have been subject to rounding adjustments. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this document may not
conform exactly with the total figure given.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution or release, in
whole or in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any State of the United States and
the District of Columbia), Australia, Canada, Hong Kong, Japan or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction. The publication, distribution or release of this announcement
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to comply
with these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

More information:
Access the news on Oslo Bors NewsWeb site

574845_NorAm stabilization notice.pdf
574845_NorAm trades.pdf