NorAm Drilling AS

Notice of Dividend Amount • May 8, 2025

NorAm Drilling AS (NORAM) – Monthly rig update and key information relating to the cash distribution for May 2025

Oslo, Norway, May 8, 2025

Commercial update:

In April 2025, the Company had 10 out of 11 rigs employed and rig utilization was 90%.

As of May 8, 2025, approximately 86% of available rig days in May are contracted. We currently anticipate that two of our contracted and employed rigs will be released by the end of May which would result in three of our eleven rigs being stacked. The contracted backlog(1) beyond May is approximately USD 16.6 million.

Cash distribution:

The Board of Directors today approved a monthly cash distribution of approximately USD 1.7 million based on free cash flow for April 2025. The distribution will be made from the Company's Contributed Surplus account which consists of previously paid in share premium transferred from the Company's Share Premium account.

Key information:

Distribution amount: USD 0.04 per share

Declared currency: US\$. Payment to shares registered with Euronext VPS will be distributed in NOK(2)

Date of approval: May 8, 2025

Last day including right: May 12, 2025

Ex-date: May 13, 2025

Record date: May 14, 2025

Payment date: On or about May 23, 2025

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

⁽¹⁾ The contracted backlog only includes the committed part of 'pad to pad' agreements, where the contract rate is agreed before commencing drilling on a new pad, typically with 2-3 month intervals.

⁽²⁾ The applicable USDNOK FX rate will be announced in the Company's ex dividend release before market open on May 13.