NorAm Drilling AS – Monthly rig update and key information relating to the cash distribution for January 2025

09 Jan 2025 16:30 CET

Oslo, Norway, January 9, 2025

Commercial update:

In December 2024, the Company had 10 out of 11 rigs employed and rig utilization
was 91%.

As of January 9, 2025, approximately 86% of available rig days in January are
contracted. We anticipate approximately 14 days of downtime transitioning one of
our rigs to a new operator during January. The contracted backlog beyond January
is approximately USD 18.7 million.

Cash distribution:

The Board of Directors today approved a monthly cash distribution of
approximately USD 1.7 million based on free cash flow for December 2024. 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: USD 0.04 per share

Declared currency: US$. Payment to shares registered with Euronext VPS will be
distributed in NOK

Date of approval: January 9, 2025

Last day including right: January 13, 2025

Ex-date: January 14, 2025

Record date: January 15, 2025

Payment date: On or about January 21, 2025


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 a profitable market.


www.noramdrilling.com

More information:
Access the news on Oslo Bors NewsWeb site

636258_NorAm Drilling AS - Monthly Rig Update (January 2025).pdf