NorAm Drilling AS

Earnings Release • May 21, 2024

NorAm Drilling AS - First Quarter 2024 Results

NorAm Drilling AS - First Quarter 2024 Results

Oslo, Norway, May 21, 2024

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

HIGHLIGHTS

• Reported Revenues of MUSD 25.0, up 4% from the previous quarter

• Adjusted EBITDA of MUSD 6.7 up 24% from the previous quarter

• Fleet utilization was 87.5% compared to 82.3% in the previous quarter

• Average base dayrate of $26,300, down 2% from the previous quarter

• Current revenue backlog of MUSD 24.5 as of May 21, 2024

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:

"Despite WTI increasing 15% during the first quarter, rig counts in the US were essentially flat

and rig counts in the Permian only increasing modestly. The market continues to be impacted by

reduced drilling demand after substantial consolidation activity among private and public

operators in addition to disciplined production plans demonstrated by most 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 6.4 or NOK 1.57 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 Wednesday, May 22, 2024, at 10:00 AM (EST) / 4:00 PM (CET).

Follow the link to attend the presentation: bit.ly/NorAm-Q12024Live

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