NorAm Drilling AS

Earnings Release • Feb 19, 2025

NorAm Drilling AS - Fourth Quarter 2024 Results

NorAm Drilling AS - Fourth Quarter 2024 Results

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