Oslo, Norway, May 27, 2026
NorAm Drilling AS (the "Company" or "NorAm"), today reported unaudited results
for the three months ended March 31, 2026:
HIGHLIGHTS
o Reported Revenues of MUSD 26.2
o Adjusted EBITDA of MUSD 4.5
o Fleet utilization of 90.3%
o Current revenue backlog of MUSD 23.3
Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
"During the first quarter, our two idle rigs went back to operation. We were
pleased to achieve 100% fleet utilization by quarter end, especially considering
this was accomplished while Permian rig count declined 6 rigs during the same
period. This reflects our continued strong operational performance and further
high grading of our customer base with 7 of 11 rigs contracted by major E&Ps.
With our industry-low cost base and zero debt, we continue to return capital to
shareholders despite challenging market conditions, demonstrating the strength
of our unique model. We paid MUSD 3.9 or NOK 0.88 per share in monthly dividends
during the quarter and have declared two additional dividends after quarter end.
Our rigs continue to rank among the very top performers in the U.S shale market
measured in feet drilled per day and we believe NorAm's rigs should be well
positioned to benefit from a market recovery."
In connection with the release, the Company invites to a live presentation and
Q&A on Thursday, May 28, 2026, at 09:00 AM (EST) / 3:00 PM (CET).
Follow the link to register for the presentation: bit.ly/NorAm-Drilling-Q1-2026
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:
Sander Borgli, Director of IR and Strategy
Tel: +47 95455604
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
ash distributions in a profitable market.\
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www.noramdrilling.com\