NorAm Drilling AS

Share Issue/Capital Change • Oct 20, 2022

NorAm Drilling AS – Resolution to increase share capital by contribution in-kind

NorAm Drilling AS – Resolution to increase share capital by contribution in-kind

20 October 2022

The Board of NorAm Drilling AS ("NorAm Drilling”) has today, 20 October 2022 resolved to increase the share capital from 86,124,634 to NOK 86,281,986, by issuance of 78,676 new shares each with a nominal value of NOK 2.00.

The new shares have been resolved issued pursuant to an authorisation granted to the Board by the extraordinary general meeting on 3 October 2022 and issued to certain members of NorAm Drilling's management who were not able to participate in the private placement (the "Private Placement") completed on 23 September 2022 due to regulatory reasons, and a separate press release on primary insider transactions will be published.

The new shares were issued at the same price as in the Private Placement, being NOK 40 per share.

The following members of NorAm Drilling's management have subscribed for shares:

• Marty Jimmerson (CEO and CFO) subscribed for a total of 52,450 shares;

• Thomas Taylor (COO), subscribed for a total of 13,113 shares; and

• Steven Scott (Business Development Director), subscribed for a total of 13,113 shares.

This information is subject of 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.