NorAm Drilling : Investor Presentation NY March 2024

Seatankers Investor Day

M a r c h 2 0 2 4

Disclaimer

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.

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NorAm Drilling - A Dividend Legend In The Making

NorAm Drilling in brief	Selected customers

11 Fully upgraded Ultra Super Spec rigs

100% Permian focus → 60% of US oil reserves

Industry-low cost break-even level

Permian basin has the largest energy reserves in the U.S

Debt free and full payout strategy with 17% yield(1)

U.S. lower-48

Note: 1) Based on closing price of NOK 37.5 as of March 7, 2024

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What Is An Ultra Super Spec Rig?

NorAm Drilling has a fleet of fully upgraded rigs with a track record of drilling the longest wells (25,000+ feet) in the Permian

25,000 ft racking

capacity of 5.5" pipe

High torque

top drive

*First grid transformer installed in

June 2023

Crew houses

Toolpusher

AC generators

house

Operator crew

or grid

quarters

transformer

3x mud

pumps

4x engines

Walking

systems for

High torque iron

multiple wells

roughneck

Casing

per pad

Catwalk for efficient

handling of drill pipe

and casing

Pad

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The Permian Basin Is "The Place To Be" For Onshore Drillers

By far the most producing region in the US		Permian sitting on the largest proved reserves(1)
		Oil and gas shale basin
U.S. | Permian share of Total US Rig Count			19% of proved
		U.S. reserves
	19%

60%							BAKKEN
							ANTRIUM
50%
40%
30%
20%							WOODFORD
10%							MONTEREY
2012	2014	2016	2018	2020	2022	2024	PERMIAN

Permian | Major E&P operators

EAGLE FORD

60%

17%

60% of proved U.S. reserves

17% of proved U.S. reserves

Note: 1) Crude oil and lease condensate proved reserves
Source: U.S. Energy Information Administration, S&P Global, Bloomberg	5

NorAm Is The #1US Land Driller By Drilling Efficiency

Feet/day

	1,476	1,439	1,386
		1,357	1,299
				1,281
					1,266	1,220
								1,174

NorAm	Ensign	Nabors	Helmerich	Patterson-	Precision	Unit Drilling Akita Drilling Latshaw
Drilling			& Payne	UTI	Drilling	Drilling

Source: Enverus Oilfield Pulse Oct 2023 (Q2 2023)

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And The Undisputed #1In Returning Cash To Shareholders

103%

Dividends and buybacks in % of FY23 EBITDA

	48%
		25%
		5%	0%	0%
		0%
NorAm Drilling	Helmerich	Patterson UTI Precision Drilling Ensign Energy	Nabors	Independence
	& Payne		Industries	Contract Drilling

Source: Company financials

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Thanks y'all!