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

07 Feb 2023 17:18 CET

Oslo, Norway, February 7, 2023

Commercial update:

In January 2023, the Company’s 11 drilling rigs achieved an average operating
day rate of approximately USD 30,000 and rig utilization was 99.3%.

As of February 7, 2023, 100% of available rig days in February were contracted
at an average operating day rate of approximately USD 30,300. The contracted
backlog beyond February was approximately USD 28.2 million with an average daily
operating rate of approximately USD 31,500 per day.

Cash distribution:

The Board of Directors has today approved a monthly cash distribution of NOK
1.05 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 1.05 per share

Declared currency: NOK

Date of approval: February 7, 2023

Last day including right: February 10, 2023

Ex-date: February 13, 2023

Record date: February 14, 2023

Payment date: On or about February 17, 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

581568_NorAm Drilling AS - Monthly Rig Update (February 2023).pdf