NorAm Drilling AS – Monthly rig update and key information relating to the cash distribution for January 2023

09 Jan 2023 16:36 CET

Oslo, Norway, January 9, 2023

Commercial update:

In December 2022, the Company’s 11 drilling rigs achieved an average day rate of
approximately USD 29,200 and rig utilization was 99.7%.

As of January 9, 2023, 100% of available rig days in January were contracted at
an average day rate of approximately USD 30,000. The contracted backlog beyond
January was approximately USD 28.8 million with an average daily rig rate of
approximately USD 31,000 per day.

Cash distribution:

The Board of Directors has today approved a 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: January 9, 2023

Last day including right: January 12, 2023

Ex-date: January 13, 2023

Record date: January 16, 2023

Payment date: On or about January 20, 2023



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 an improving market.


www.noramdrilling.com

More information:
Access the news on Oslo Bors NewsWeb site

579849_NorAm Drilling AS - Monthly Rig Update (January 2023).pdf