NorAm Drilling (NORAM) Pareto Securities' 32nd annual Energy Conference Presentation summary

Strategic positioning and operations

• Focused exclusively on the Permian Basin, leveraging advanced horizontal drilling technology to access significant untapped oil reserves.

• Operates a fleet of fully upgraded Ultra Super Spec rigs, capable of drilling wells over 25,000 feet, with state-of-the-art walking systems and high racking capacity.

• Maintains a lean management structure and skilled workforce, resulting in industry-low operational costs and low employee turnover.

• Customer base includes major E&P operators, with 6 out of 9 rigs currently contracted to large industry players.

Market environment and performance

• Permian Basin remains the most active US shale region, holding 60% of the country’s proved oil reserves.

• Despite a recent decline in rig count, Super Spec rigs are increasingly preferred for efficiency and performance.

• Achieved top-tier performance in the US land rig market, consistently ranking among the highest in feet drilled per day.

• Backlog increased 76% since August, reaching $18.7 million secured beyond September 2025.

Financial highlights and shareholder returns

• Maintains a debt-free balance sheet, supporting robust monthly cash distributions.

• Distributed a total of NOK ~20.4 per share since listing, with the latest monthly payout implying a 13% annualized yield.

• 34 consecutive monthly distributions totaling $83.5 million, reflecting a strong commitment to returning excess cash to shareholders.

• Recent contract renewals suggest stable or extended durations, supporting future cash flow visibility.