Oslo, Norway, January 9, 2025
Commercial update:
In December 2024, the Company had 10 out of 11 rigs employed and rig utilization was 91%.
As of January 9, 2025, approximately 86% of available rig days in January are contracted. We anticipate approximately 14 days of downtime transitioning one of our rigs to a new operator during January. The contracted backlog beyond January is approximately USD 18.7 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 December 2024. 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
Date of approval: January 9, 2025
Last day including right: January 13, 2025
Ex-date: January 14, 2025
Record date: January 15, 2025
Payment date: On or about January 21, 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