To: Shareholders of NorAm Drilling Company AS

INFORMATION LETTER REGARDING RESTRUCTURING IN NORAM DRILLING COMPANY GROUP IN NORWAY

The Boards of NorAm Drilling Company AS, Global Rig Active AS, Global Rig Active 2 AS, Global Rig Active 3 AS, Global Rig Active 4 AS, Global Rig Active 5 AS and Global Rig Active 6 AS have of 19 July 2016 drafted and signed a joint Merger Plan in relation to a merging of the companies. The mergers are carried out as part of a restructuring of the group in Norway, where the purpose is to simplify the corporate structure.

As shareholder in NorAm Drilling Company, you receive this merger plan for review.

About the mergers

In order to reduce running costs and the complexity of the structure of the group, the boards of the companies have agreed to recommend reducing the number of Norwegian entities to one by way of completing six parent subsidiary mergers in accordance with the Norwegian Companies Act section 13-23. Such parent-subsidiary mergers take place free of compensation.

NorAm Drilling AS (the parent company) will, as the receiving company, assume all of the subsidiaries` assets, rights and liabilities.

The merger form is tax free for Norwegian tax purposes for the involved parties and provides for continuity in tax values on shareholder and company level.

As all subsidiaries are held 100% the merger are accounted for at continuity (group continuity) on parent company level.

One month after this notice the Mergers are solely approved through decision by the boards of merging companies. This means that there is no need for general assemblies.

The mergers will be effective upon registration of the completion in the Norwegian register of Business Enterprises. The aim is that this could happen by 7 October 2016.

The Latest annual accounts, annual report and auditor's in statement for The Merging Companies are available for inspection by the shareholders of NorAm Drilling Company AS in the company`s office. Shareholders are advised that they may request to receive the documents by written notice.

For more information about the mergers we kindly ask you to review the merger plan. For queries about the mergers Jan Kildal or Dale Wilhelm can be contacted.

Yours sincerely

Henrik Tangen

On behalf of the board of NorAm Drilling Company AS

Attachment: Joint Merger Plan dated 19 July 2016, including attachments

NorAm Drilling Company AS published this content on 08 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 March 2017 14:53:08 UTC.

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