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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Q4 2025 Presentation F e b r u a r y 20 , 2 0 26
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including NorAm management's examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although NorAm believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, NorAm cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. The Company has not taken any steps to verify any of the information contained herein. No representation or warranty (express or implied) is made as to any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements. The Company does not accept any liability whatsoever arising directly or indirectly from the use of the materials. The Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts reflecting views as of the date set out on the cover of these materials, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company does not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein, but reserves the right to amend, correct or update the materials and provide additional information. Disclaimer 2
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Q4 2025 Highlights 3 Revenue • $26.5 million in Q4 vs. $23.9 million in Q3 2025 Utilization • 82.6% utilization in Q4 vs. 80.2% in Q3 2025 EBITDA • Adj. EBITDA of $3.8 million in Q4 vs. $4.3 million in Q3 2025 Net results • Profit after tax of $2.0m • Earnings per share of $0.05 Backlog • Backlog of $27.6 million as of February 19, 2026
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Monthly cash distributions • 39 consecutive monthly distributions, totaling $90m or NOK ~22 per share • Latest distribution of $0.03/sh implies 8.9% dividend yield p.a.(1) • We intend to continue to payout excess earnings Fleet status • 9 out of 11 rigs working • The two idle rigs are expected to commence operations early March Stable near term outlook • Assuming no significant fluctuations in oil prices, Permian rig counts should be stable • We believe US shale oil production levels have likely peaked at current activity level Note: (1) Based on NorAm Drilling’s closing share price of NOK 38.3 and a USDNOK rate of 9.51 as of February 18, 2026 Recent Events and Outlook 4
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Income statement • Operating income up Q/Q with higher utilisation • Higher payroll and R&M expenses due to reactivation of rig • Utilization up Q/Q with one rig reactivated in December • Higher reimbursables due to multiple rig moves Selected operational and financial data Key Operational Figures 5 (All amounts in USD 1000s) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total Operating Income 26,473 23,926 24,940 25,786 Payroll Expenses 8,207 7,937 8,366 8,660 Depreciation of Tangible and Intangible Assets 1,519 1,470 1,466 1,453 Rig Mobilization, Service and Supplies 7,957 7,686 7,244 6,673 Insurance Rigs and Employees 2,261 1,564 1,894 1,877 Other Operating Expenses 4,498 2,473 2,172 1,921 Total Operating Expenses 24,442 21,130 21,142 20,584 Operating Profit (+)/ Loss (-) 2,031 2,796 3,798 5,203 Net Financial Items 99 46 51 150 Profit (+)/Loss(-) before Income Tax 2,130 2,842 3,849 5,352 Income Tax Expense 135 -1,173 198 200 Net Profit (+)/Loss (-) 1,995 4,015 3,651 5,152 (All amounts in USD per day) unless noted 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Rig utilization 82.6% 80.2% 86.0% 89.7% Rig metrics per day: Direct margin 9,746 9,079 9,602 11,012 Operation and SG&A allocation 2,446 2,372 2,325 2,391 Maintenance and capex allocation 358 91 448 713 Net cash flow margin 6,943 6,616 6,830 7,908 Operating costs (1) 16,275 16,170 15,778 14,406 Cash break even, working rigs (2) 19,079 18,633 18,550 17,510 Direct stacked cost per day 5,929 5,686 7,344 10,364 Reimbursements of "out-of-pocket" expenses (000’s) 5,660 2,163 2,091 2,405 (1) Excludes reimbursements for "out-of-pocket" expenses (2) Excludes reimbursements for "out-of-pocket" expenses. Excludes operating costs of rigs not active
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Balance Sheet And Cash Flow Statement 6 (All amounts in USD 1000s) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Non current assets Rigs and Accessories 51,280 52,532 53,865 54,992 Vehicles and Office Equipment 595 501 566 497 Current assets Accounts Receivable 12,244 11,706 12,421 11,111 Other Receivable 1,775 2,095 3,014 933 Bank Deposits/Cash 10,385 9,359 7,543 12,064 Total Assets 76,279 76,193 77,409 79,597 Equity Issued Capital 12,580 12,580 12,580 12,580 Share Premium 75,684 80,737 84,842 86,554 Other Shareholder Contribution 396 369 369 369 Other Equity -31,191 -33,186 -37,200 -40,852 Total Equity 57,442 60,591 60,591 58,651 Non current liabilities Deferred Tax 2,841 3,418 5,234 5,234 Current Liabilities Accounts Payable 8,666 5,345 5,837 5,410 Tax Payable 1,754 1,042 400 1,981 Public Duties Payable 164 164 168 66 Other Current Liabilities 5,411 5,722 5,180 8,255 Total Liabilities 18,837 15,692 11,585 15,712 Total Equity & Liabilities 76,279 76,193 77,409 79,597 Balance sheet Cash flow statement (All amounts in USD 1000s) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Net Profit (+)/Loss (-) before tax 2,131 2,830 3,849 5,352 Tax -1,810 -51 Depreciation of fixed assets 1,519 1,470 1,466 1,453 Change in accounts receivable -538 715 -1,310 1,228 Change in accounts payable 3,321 -492 427 1,792 Change in other current balance sheet items -1,165 1,482 -1,479 -226 Net cash flow from operational activities 5,269 6,006 1,143 9,548 Purchase of tangible fixed assets -362 -76 -407 -641 Net cash flow from investing activities -362 -76 -407 -641 Repayment of long term debt Issued capital 12 Dividends -3,880 -4,115 -5,257 -5,220 Net cash flow from financing activities -3,880 -4,115 -5,257 -5,208 Net change in cash and cash equivalent 1,027 1,816 -4,521 3,699 Cash and cash equivalents opening balance 7,543 7,543 12,064 8,365 Cash and cash equivalents closing balance 10,385 9,359 7,543 12,064 • Cash increased by ~$1m due to working capital reversals
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 7 Modernized Ultra Super Spec rigs Fully upgraded with state-of-the-art walking systems and racking capacity, with a track record of drilling the longest wells in the Permian Permian focus Strategically positioned to unlock untapped oil reserves by employing the latest horizontal drilling technology Industry low cost break-even Lean management team, skilled labor and low employee turnover leads to optimized costs and operations Debt free and full payout strategy Monthly dividends with total cash distributions of ~NOK22 per share since December 2022. Latest monthly distribution implies annualized yield of 9% NorAm Drilling - Summary 9% 100% 11 The Permian holds the largest energy reserves in the U.S Top quality customer portfolio
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Q&A Please use the raise hand function to ask a question. Thanks