NorAm Drilling AS – Second Quarter 2024 Results

Oslo, Norway, August 22, 2024

NorAm Drilling AS (the "Company" or "NorAm"), today reported unaudited results for the three and six months ended June 30, 2024:

HIGHLIGHTS

• Reported Revenues of MUSD 24.9
• Adjusted EBITDA of MUSD 4.8
• Fleet utilization was 85.9%
• Average base dayrate of $25,600
• Current revenue backlog of MUSD 25.4 as of August 22, 2024

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
«During the second quarter, rig counts in the US declined 6% and rig counts in the Permian decreased 2%. The US rig market continues to be impacted by reduced drilling demand after substantial consolidation activity among private and public operators and continued production discipline being demonstrated by most E&Ps. We were pleased to have transitioned 3 of our rigs during the second quarter from operators acquired in previously announced M&A deals to new customers which reinforces the quality of our rigs and operational performance.

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 5.2 or NOK 1.30 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 potential and existing investors and analysts to a live presentation and Q&A on Friday, August 23, 2024, at 09:00 AM (EST) / 3:00 PM (CET). Follow the link to attend the presentation: t.ly/NorAm-Q2-2024

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