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

07 Mar 2023 16:52 CET

Oslo, Norway, March 7, 2023

Commercial update:

In February 2023, the Company’s 11 drilling rigs achieved an average operating
day rate of approximately USD 30,300 and rig utilization was 99.2%.

As of March 7, 2023, 100% of available rig days in March were contracted at an
average operating day rate of approximately USD 31,600. The contracted backlog
beyond March was approximately USD 35.8 million with an average daily operating
rate of approximately USD 32,300 per day.

Cash distribution:

The Board of Directors has today approved a monthly cash distribution of NOK
1.10 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 1.10 per share

Declared currency: NOK

Date of approval: March 7, 2023

Last day including right: March 10, 2023

Ex-date: March 13, 2023

Record date: March 14, 2023

Payment date: On or about March 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

584491_NorAm Drilling AS - Monthly Rig Update (March 2023).pdf