NorAm Drilling AS – Monthly rig update and key information relating to the cash distribution for December 2022

05 Dec 2022 19:13 CET

Oslo, Norway, December 5, 2022

Commercial update:

In November 2022, the Company’s 11 drilling rigs achieved an average day rate of
approximately USD 27,784 and rig utilization was 99.2%.

As of December 5, 2022, 100% of available rig days in December were contracted
at an average day rate of approximately USD 29,500. The contracted backlog
beyond December was approximately USD 38.7 million with an average daily rig
rate of approximately USD 30,700 per day.

Cash distribution:

The Board of Directors has today approved its initial monthly cash distribution
of NOK 1.00 per share. 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: NOK 1.00 per share

Declared currency: NOK

Date of approval: December 5, 2022

Last day including right: December 8, 2022

Ex-date: December 9, 2022

Record date: December 12, 2022

Payment date: On or about December 16, 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

577428_NorAm Drilling AS - Monthly Rig Update (December 2022).pdf