NorAm Drilling AS - Fourth Quarter 2024 Results

19 Feb 2025 18:01 CET

Oslo, Norway, February 19, 2025

NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results
for the three and twelve months ended December 31, 2024:

HIGHLIGHTS
• Reported Revenues of MUSD 26.6
• Adjusted EBITDA of MUSD 6.6
• Fleet utilization of 90.6%
• Current revenue backlog of MUSD 30.3 as of February 19, 2025

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
«During the fourth quarter, the Company executed well and achieved modest
increases in financial performance led by improved utilization. The US and
Permian rig counts were essentially flat during the fourth quarter. Market
sentiment remained cautious as a result of economic and geopolitical
uncertainties and E&Ps continued demonstration of operational and production
discipline.

With our industry low-cost base and zero debt, we continue to return capital to
shareholders despite market headwinds and this demonstrates the strength of our
unique model. We paid MUSD 5.1 or NOK 1.32 per share in monthly dividends in the
quarter and have declared two additional dividends after quarter end. Our rigs
are among the very top performers measured in feet drilled per day in the U.S
shale market, and NorAm should be well positioned in a market recovery».

In connection with the release, the Company invites to a live presentation and
Q&A on Thursday, February 20, 2025, at 09:00 AM (EST) / 3:00 PM (CET). Follow
the link to attend the presentation: bit.ly/NorAm-Q4-2024

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

639202_NorAm - 2024 Q4 Interim Report.pdf