NorAm Drilling AS - Monthly rig update

14 Nov 2022 16:30 CET

Oslo, Norway, November 14, 2022

Commercial update:

In October 2022, the Company’s 11 drilling rigs achieved an average day rate of
approximately USD 27,579 and rig utilization was 99.0%. In comparison, the
Company achieved an average day rate of approximately USD 25,925 and rig
utilization was 97.9% in September 2022.

As of November 14, 100% of available rig days in November were contracted at an
average day rate of approximately USD 28,200. The contracted backlog beyond
November was approximately USD 37.0 million with an average daily rig rate of
approximately USD 30,900 per day.

Liquidity and cash distribution update:

Cash position at the end of October was approximately USD 95.2 million. The
Company repaid its USD 80 million bond loan plus approximately USD 3.2 million
of accrued interest on November 14, 2022.

The Company anticipates that it will announce its first monthly cash
distribution in December 2022.


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 will have a full pay-out
dividend strategy, targeting frequent cash distributions in a raising market.

www.noramdrilling.com

More information:
Access the news on Oslo Bors NewsWeb site

575689_NorAm Drilling AS - Monthly Rig Update (November 2022).pdf