Oslo, Norway, November 7, 2024
Commercial update:
In October 2024, the Company had 10 out of 11 rigs employed and rig utilization
was 91%.
As of November 7, 2024, approximately 91% of available rig days in November are
contracted. The contracted backlog beyond November is approximately USD 22.0
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 October 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: November 7, 2024
Last day including right: November 13, 2024
Ex-date: November 14, 2024
Record date: November 15, 2024
Payment date: On or about November 22, 2024
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