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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 Q2 2026 Presentation A u g u s t 26 , 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 Q2 2026 Highlights 3 Revenue • $29.4 million in Q2 vs. $26.2 million in Q1 2026 • 12.3% increase Q/Q Utilization • 98.6% utilization in Q2 vs. 90.3% in Q1 2026 • Two rigs returned to operations in late Q1 EBITDA • Adj. EBITDA of $6.3 million in Q2 vs. $4.5 million in Q1 2026 Net results • Profit after tax of $4.2m • Earnings per share of $0.1 Backlog • Backlog of $30.3 million as of August 25, 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 • 45 consecutive monthly distributions, totaling $100m or NOK ~24 per share • Latest distribution of $0.045/sh implies 10.8% dividend yield p.a.(1) • We intend to continue to payout excess earnings Fleet status • 100% of the Company’s rigs are contracted and working • 7 out of 11 rigs are on term contracts Stable near term outlook • Permian rig counts have increased by 17 to 258 during Q2 • Additions likely modest in H2’26 as the pool of hot stacked, fully crewed rigs narrows • Dayrates expected to increase modestly with higher WTI • Contract renewals continue to reflect increasing term Note: (1) Based on NorAm Drilling’s closing share price of NOK 46.6 and a USDNOK rate of 9.32 as of August 25, 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 62 63 63 68 69 70 0 20 40 60 80 100 120 Other US (Shale) Eagle Ford Permian (Delaware) Other US (Nonshale) Permian (Midland) Permian (Other) Source: Bloomberg, Dallas Fed Q1 2026 Energy Survey (“In the top two areas in which your firm is active: What WTI oil price d oes your firm need to profitably drill a new well?”) Middle East conflict has lifted WTI curve by USD 15-25/bbl YTD… … and now sits at-or-above the Dallas Fed Energy Survey’s breakeven Oil price shift above breakeven points to higher Permian activity 5 WTI prices (USD/bbl) • WTI forward curve has moved from below breakeven to at-or-above breakeven across the curve • Supporting higher rig counts and a drawdown of the DUC backlog • Private E&Ps are likely to be the marginal driver of rig demand near term, as major E&Ps are maintaining their 2026 cap ex plans New well breakeven price by basin (USD/bbl) 40 45 50 55 60 65 70 75 80 85 WTI (25-Aug-2026) WTI (31-Dec-2025) Permian (Midland), New well breakeven
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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 and payroll expenses increased as a result of reactivating 2 rigs • Utilization up Q/Q as idle rigs returned to operation in late Q1 • Capex allocation higher as a result of spare purchases and customer requirements Selected operational and financial data Key Operational Figures 6 (All amounts in USD 1000s) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Total Operating Income 29,398 26,185 26,473 23,926 Payroll Expenses 9,516 8,815 8,207 7,937 Depreciation of Tangible and Intangible Assets 1,414 1,466 1,519 1,470 Rig Mobilization, Service and Supplies 7,849 7,917 7,957 7,686 Insurance Rigs and Employees 2,157 2,008 2,261 1,564 Other Operating Expenses 3,646 3,006 4,498 2,473 Total Operating Expenses 24,582 23,213 24,442 21,130 Operating Profit (+)/ Loss (-) 4,816 2,972 2,031 2,796 Net Financial Items -24 96 99 46 Profit (+)/Loss(-) before Income Tax 4,792 3,068 2,130 2,842 Income Tax Expense 581 500 135 -1,173 Net Profit (+)/Loss (-) 4,211 2,568 1,995 4,015 (All amounts in USD per day) unless noted 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Rig utilization 98.6% 90.3% 82.6% 80.2% Rig metrics per day: Direct margin 8,928 9,203 9,746 9,079 Operation and SG&A allocation 2,298 2,337 2,446 2,372 Maintenance and capex allocation 757 275 358 91 Net cash flow margin 5,873 6,591 6,943 6,616 Operating costs (1) 15,624 15,270 16,275 16,170 Cash break even, working rigs (2) 18,678 17,882 19,079 18,633 Reimbursements of "out-of-pocket" expenses (000’s) 5,129 4,277 5,660 2,163 (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 7 (All amounts in USD 1000s) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Non current assets Rigs and Accessories 50,526 51,113 51,280 52,532 Vehicles and Office Equipment 395 465 595 501 Current assets Accounts Receivable 14,325 14,889 12,244 11,706 Other Receivable 3,118 940 1,775 2,095 Bank Deposits/Cash 8,105 7,282 10,385 9,359 Total Assets 76,468 74,689 76,279 76,193 Equity Issued Capital 12,589 12,580 12,580 12,580 Share Premium 68,402 69,917 69,819 80,737 Other Shareholder Contribution 369 369 369 369 Other Equity -24,411 -28,622 -31,191 -33,186 Total Equity 56,949 54,244 51,577 60,501 Non current liabilities Deferred Tax 2,841 2,841 2,841 3,418 Current Liabilities Accounts Payable 7,038 8,669 8,666 5,345 Tax Payable 932 508 1,754 1,042 Public Duties Payable 137 139 164 164 Other Current Liabilities 8,570 8,288 11,276 5,722 Total Liabilities 19,519 20,446 24,702 15,692 Total Equity & Liabilities 76,468 74,689 76,279 76,193 Balance sheet Cash flow statement (All amounts in USD 1000s) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Net Profit (+)/Loss (-) before tax 4,792 3,068 2,131 2,842 Tax -873 -866 Depreciation of fixed assets 1,414 1,466 1,519 1,470 Change in accounts receivable 565 -2,645 -538 715 Change in accounts payable -1,631 3 3,321 -492 Change in other current balance sheet items 2,171 979 -1,165 1,471 Net cash flow from operational activities 6,438 2,005 5,269 6,006 Purchase of tangible fixed assets -757 -1,169 -362 -76 Net cash flow from investing activities -757 -1,169 -362 -76 Issued capital 74 Dividends -4,932 -3,939 -3,880 -4,115 Net cash flow from financing activities -4,858 -3,939 -3,880 -4,115 Net change in cash and cash equivalent 823 -3,103 1,027 1,816 Cash and cash equivalents opening balance 7,282 10,385 9,359 7,543 Cash and cash equivalents closing balance 8,105 7,282 10,385 9,359 • Other receivable increase due to insurance renewal • Issued capital attributable to stock option exercise
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165, 186, 206 98, 137, 170 45, 106, 146 208, 89, 95 168, 35, 122 68, 98, 170 8 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 ~NOK24 per share since December 2022. Latest monthly distribution implies annualized yield of 11% NorAm Drilling - Summary 11% 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