NorAm Drilling AS

Share Issue/Capital Change • Oct 25, 2022

NorAm Drilling AS – Stabilization measures taken

NorAm Drilling AS – Stabilization measures taken

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

25 October 2022

Reference is made to the stock exchange announcement by NorAm Drilling AS ("NorAm" or the “Company”) on 7 October 2022 where the Company announced the beginning of the stabilization period following the private placement of new shares in the Company (the “Private Placement”) and the subsequent admission to trading of the Company's shares on Euronext Growth Oslo (the "Listing").

The Company has received notification that Pareto Securities AS, acting as stabilization manager in connection with the Private Placement and Listing, has taken the stabilization measures set out in the attached notifications with respect to the shares in the Company.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

About NorAm

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 has industry leading operating margins and will be virtually debt free. The company will have a full pay-out dividend strategy, targeting frequent cash distributions in a raising market.

For more information visit www.noramdrilling.com.