Oslo, Norway, May 23, 2023

NorAm Drilling AS (the "Company" or "NorAm"), today reported unaudited results
for the three months ended March 31, 2023:

HIGHLIGHTS

o Revenue increased to MUSD 32.7, up 11% from the previous quarter
o Adjusted EBITDA increased to MUSD 15.0, up 25% from the previous quarter
o Fleet utilization was 99.3% compared to 99.3% in the fourth quarter 2022
o Average base dayrate increased to $30,800, up 10% from the fourth quarter 2022
o Current revenue backlog of MUSD 25.1 as of May 23, 2023

Marty L. Jimmerson, Chief Executive Officer & Chief Financial Officer of NorAm
Drilling AS commented:
"We continue to see a tight market balance for our high end "Super Spec"
drilling rigs. In the first quarter of 2023, our clean dayrate increased 10%
from the last quarter. Despite possible near-term pressure on dayrates as a
result of WTI and natural gas volatility, while seeing some softness on recent
contract renewals, we remain encouraged that market fundamentals are intact and
will continue to improve later this year and into 2024. NorAm is debt free, and
we paid MUSD 13.1 or NOK 3.15 per share in monthly dividends to our shareholders
during the first quarter of 2023."

In connection with the release, the Company invites potential and existing
investors and analysts to a live presentation and Q&A on Wednesday, May 24,
2023, at 09:00 AM (EST) / 3:00 PM (CET). 

Follow the link to attend the presentation: bit.ly/NorAmQ1Live 

Relevant presentation material will on the same day be made available on the
Investor Relations section of the Company's website at www.noramdrilling.com.
 

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 an improving market.


www.noramdrilling.com