NorAm Drilling AS - Fourth Quarter 2025 Results

Oslo, Norway, February 19, 2026

NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results for the three and twelve months ended December 31, 2025:

HIGHLIGHTS • Reported Revenues of MUSD 26.5 • Adjusted EBITDA of MUSD 3.8 • Fleet utilization of 82.6% • Current revenue backlog of MUSD 27.6

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented: "During the fourth quarter, we contracted one of two available rigs with a major E&P. This rig returned to work in December increasing our contracted rigs from 9 to 10 as of year end, despite Permian land rig counts declining 2% during the quarter.

In January 2026, a private operator released one of our contracted rigs. As announced earlier this week, we signed contracts for both of our available rigs with two E&Ps with significant activity in the Permian basin. Upon commencement of both rigs’ operations, anticipated in early March, we expect to have 100% of our rig fleet contracted for the first time since 2023. We are pleased with our excellent operational performance and significant expansion of customer relationships with major E&Ps.

With our industry low cost base and zero debt, we continue to return capital to shareholders despite market headwinds, and this demonstrates the strength of our unique model. We paid MUSD 3.9 or NOK 0.91 per share in monthly dividends in the quarter and have declared two additional dividends after quarter end. Our rigs are among the very top performers measured in feet drilled per day in the U.S shale market as illustrated by one of our rig's recent “rig of the year” award among the rigs of a US super major. NorAm’s rigs should be very well positioned in a market recovery."

In connection with the release, the Company invites to a live presentation and Q&A on Friday, February 20, 2026, at 09:00 AM (EST) / 3:00 PM (CET).

Follow the link to register for the presentation: bit.ly/NorAm-Q4-2025

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 a profitable market.

www.noramdrilling.com