NorAm Drilling AS - Fourth Quarter 2025 Results

19 Feb 2026 17:52 CET

Oslo, Norway, February 19, 2026

NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results
for the three and twelve months ended December 31, 2025:

HIGHLIGHTS
• Reported Revenues of MUSD 26.5
• Adjusted EBITDA of MUSD 3.8
• Fleet utilization of 82.6%
• Current revenue backlog of MUSD 27.6

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
"During the fourth quarter, we contracted one of two available rigs with a major
E&P. This rig returned to work in December increasing our contracted rigs from 9
to 10 as of year end, despite Permian land rig counts declining 2% during the
quarter.

In January 2026, a private operator released one of our contracted rigs. As
announced earlier this week, we signed contracts for both of our available rigs
with two E&Ps with significant activity in the Permian basin. Upon commencement
of both rigs’ operations, anticipated in early March, we expect to have 100% of
our rig fleet contracted for the first time since 2023. We are pleased with our
excellent operational performance and significant expansion of customer
relationships with major E&Ps.

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 3.9 or NOK 0.91 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 as illustrated by one of our rig's recent “rig of the year” award
among the rigs of a US super major. NorAm’s rigs should be very well positioned
in a market recovery."

In connection with the release, the Company invites to a live presentation and
Q&A on Friday, February 20, 2026, at 09:00 AM (EST) / 3:00 PM (CET).

Follow the link to register for the presentation: bit.ly/NorAm-Q4-2025

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 a profitable market.

www.noramdrilling.com

More information:
Access the news on Oslo Bors NewsWeb site

666321_NorAm - 2025 Q4 Interim Report.pdf