NorAm Drilling AS

Investor Presentation • Sep 9, 2025

Pareto Energy Conference 2025

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Disclaimer

This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including NorAm management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although NorAm believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, NorAm cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. The Company has not taken any steps to verify any of the information contained herein. No representation or warranty (express or implied) is made as to any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements. The Company does not accept any liability whatsoever arising directly or indirectly from the use of the materials.

The Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts reflecting views as of the date set out on the cover of these materials, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company does not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein, but reserves the right to amend, correct or update the materials and provide additional information.

NorAm Drilling – A Dividend Legend In The Making

NorAm Drilling in brief

11	Modernized Ultra Super Spec rigs Fully upgraded with state-of-the-art walking systems and racking capacity, with a track record of drilling the longest wells in the Permian
100%	Permian focus Strategically positioned to unlock untapped oil reserves by employing the latest horizontal drilling technology
	Industry low cost break-even Lean management team, skilled labor and low employee turnover leads to optimized costs and operations
13%	Debt free and strategy to return all excess cash to shareholders Monthly dividends with total cash distributions of NOK ~20.4 per share since listing. Latest monthly distribution implies annualized yield of 13%(1)

Selected customers

Permian basin has the largest energy reserves in the U.S

Top Performer In The US Land Rig Market(1)

What Is An Ultra Super Spec Rig?

NorAm Drilling has a fleet of fully upgraded rigs with a track record of drilling the longest wells (25,000+ feet) in the Permian

The Permian Basin Is "The Engine" Of US Shale Production

By far the most active region in the US Permian sitting on the largest proved reserves(1)

Lower Permian Oil Production Ahead With Lower Rig Counts

• Permian rig count down ~50 rigs YTD (of which 46 went off since Q1)
• Subject to WTI prices, Permian rig counts are indicating a bottom in rig counts
• Super Spec rigs continue to be the "rig of choice" in Permian

Cautiously Optimistic For 2026

Fleet and backlog update

• \$18.7 million backlog secured beyond Sep 2025, up 76% from August
• High grading customer base with 6 out of 9 rigs now working for "majors"
• Recent renewals indicate similar or longer contract durations
• Pursuing multiple opportunities for the two idle rigs, including outside Permian

Neutral near term outlook

• E&Ps remain focused on operational and capital discipline
• Current WTI prices suggest flat activity levels in Permian
• US shale production likely peaking causing longer term optimism for Super Spec rigs

Continuous monthly cash distributions

• Debt free balance sheet and low cash cost enables high shareholder distributions
• 34 consecutive monthly distributions, totaling \$83.5m or ~NOK 20.4 per share
• Latest distribution of \$0.03/sh implies ~13% dividend yield p.a.(1)

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