NorAm Drilling AS – Commercial Update

Oslo, Norway, February 16, 2026

NorAm Drilling AS (the “Company” or “NorAm”) today announces that it has signed contracts with two E&Ps with significant activity in the Permian basin for its two idle rigs. Both rigs are expected to generate revenue from early March 2026.

Upon the rigs' commencement, NorAm expects to have 100% of its rigs contracted for the first time since 2023. As of February 16, 2026, the Company’s contracted backlog is approximately $28.3 million.

The Company anticipates that the two rigs will positively impact free cash flow from operations. NorAm Drilling is debt free and will continue to pay out excess cash flow to its shareholders through monthly cash distributions.

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