NorAm Drilling AS - Third Quarter 2025 Results

Oslo, Norway, November 19, 2025

NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results for the three and nine months ended September 30, 2025:

HIGHLIGHTS • Reported Revenues of MUSD 23.9 • Adjusted EBITDA of MUSD 4.3 • Fleet utilization of 80.2% • Current revenue backlog of MUSD 25.8

Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:

«During the third quarter, our teams continued their operational excellence despite Permian land rig counts declining 6%. While Permian rig counts started to stabilize toward the end of the third quarter and into the fourth quarter, we are pleased to announce that we have contracted one of our two stacked rigs. We expect the rig to commence operations mid-December.

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 4.1 or NOK 0.96 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, and NorAm should be well positioned in a market recovery».

In connection with the release, the Company invites to a live presentation and Q&A on Thursday, November 20, 2025, at 09:00 AM (EST) / 3:00 PM (CET).

Follow the link to register for the presentation: bit.ly/NorAm-Q3-2025

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