Oslo, Norway, April 11, 2023
 
Commercial update:
 
In March 2023, the Company's 11 drilling rigs achieved an average operating day
rate of approximately $31,600 and rig utilization was 99.4%. 

As of April 11, 2023, 100% of available rig days in April were contracted at an
average operating day rate of approximately $32,100. The contracted backlog
beyond April was approximately $29.6 million with an average daily operating
rate of approximately $32,500.

Cash distribution: 

The Board of Directors approved today a monthly cash distribution of $0.11 per
share or approximately $4.7 million for April 2023. 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: $0.11 per share

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

Date of approval: April 11, 2023

Last day including right: April 14, 2023

Ex-date: April 17, 2023

Record date: April 18, 2023

Payment date: On or about April 21, 2023


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