NorAm Drilling : Monthly rig update and key information relating to the cash distribution for July 2024
July 10, 2024 at 08:38 pm IST
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NorAm Drilling AS - Monthly rig update and key information relating to the cash distribution for July 2024
10 Jul 2024 17:03 CEST
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Issuer
NorAm Drilling AS
Oslo, Norway, July 10, 2024
Commercial update:
In June 2024, the Company's 11 drilling rigs achieved an average operating day
rate of approximately USD 25,700 and rig utilization was 90%.
As of July 10, 2024, approximately 90% of available rig days in July are
contracted at an average operating day rate of approximately USD 25,600. The
contracted backlog beyond July is approximately USD 19.0 million with an average
daily operating rate of approximately USD 25,400.
Currently 10 of 11 rigs are contracted and working. We will continue to keep the
remaining idle rig warm and expect activity to pick up later in 2024.
Cash distribution:
The Board of Directors today approved a monthly cash distribution of
approximately USD 1.7 million for July 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.
Key information:
Distribution amount: USD 0.04 per share
Declared currency: US$. Payment to shares registered with Euronext VPS will be
distributed in NOK
Date of approval: July 10, 2024
Last day including right: July 15, 2024
Ex-date: July 16, 2024
Record date: July 17, 2024
Payment date: On or about July 24, 2024
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
More information:
Access the news on Oslo Bors NewsWeb site
623387_NorAm Drilling AS - Monthly Rig Update (July 2024).pdf
Source
NorAm Drilling AS
Provider
Oslo Børs Newspoint
Company Name
NORAM DRILLING AS
ISIN
NO0010360019
Symbol
NORAM
Market
Euronext Growth
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NorAm Drilling Company AS published this content on
10 July 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
10 July 2024 15:07:06 UTC.
Noram Drilling AS, formerly NorAm Drilling Company AS, is a Norway-based drilling operator. The Company owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the biggest oil producing region in North America. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. NorAm focuses solely on the US land drilling market and has established a solid foothold in the lower US, with operating experience in Louisiana, New Mexico, Oklahoma and Texas. All eleven rigs are operating in Texas in the Permian Basin.