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