Oslo, Norway, June 10, 2025
Commercial update:
In May 2025, the Company had 10 out of 11 rigs employed and rig utilization was 86%.
As of June 10, 2025, approximately 82% of available rig days in June are contracted. We currently have two rigs stacked and both are being marketed. The contracted backlog beyond June is approximately USD 11.0 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 May 2025. 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: USD. Payment to shares registered with Euronext VPS will be distributed in NOK
Date of approval: June 10, 2025
Last day including right: June 13, 2025
Ex-date: June 16, 2025
Record date: June 17, 2025
Payment date: On or about June 25, 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