NorAm Drilling AS – Monthly Rig Update for November 2024

Source: www.gulfoilandgas.com 11/7/2024, Location: Europe

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.

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