NorAm Drilling AS - Fourth Quarter 2022 Results

20 Feb 2023 21:07 CET

Oslo, Norway, February 20, 2023

NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results
for the three months and twelve months ended December 31, 2022:

HIGHLIGHTS

• Revenue increased to MUSD 29.5, up 11% from the previous quarter
• Adjusted EBITDA increased to MUSD 11.8, up 39% from the previous quarter
• Fleet utilization increased to 99.3% compared to 98.9% in the third quarter
2022
• Average base dayrate increased to $28,100, up 11% from the third quarter 2022
• Current revenue backlog of MUSD 31.2 as of February 20, 2023

Marty L. Jimmerson, Chief Executive Officer & Chief Financial Officer of NorAm
Drilling AS commented:
“NorAm is a leading and reliable operator of the US industry’s most advanced
onshore drilling rigs. Our focus remains on the Permian Basin where
approximately 60% of reserves in the U.S are located, and we have industry
leading operating margins after maintenance capital expenditures.

We continue to see a tight market balance for our high end “Super Spec” drilling
rigs. In the fourth quarter, our clean dayrate increased by 11% from the last
quarter. We have already renewed one contract in the first quarter of 2023 and
anticipate additional ongoing contract renewal discussions will reflect higher
dayrates compared to the fourth quarter. After prepaying our MUSD 80.0 bond loan
in November, NorAm is debt free, and we have already distributed MUSD 13.1 or
NOK 3.05 per share in monthly dividends to our shareholders.”

In connection with the release, the Company invites investors and analysts to a
live presentation and Q&A on Tuesday, February 21, 2023, at 09:00 AM (EST) /
3:00 PM (CET).

Follow the link to attend the presentation: bit.ly/NorAmQ4Live

Relevant presentation material will on the same day be made available on the
Investor Relations section of the Company's website at www.noramdrilling.com.


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

583016_NorAm - 2022 4Q Interim Report.pdf