NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
"UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. 

7 October 2022

Reference is made to the announcements previously made by NorAm Drilling AS
("NorAm" or the "Company") regarding the successful completion of a private
placement (the "Private Placement") and the admission to trading on Euronext
Growth Oslo (the "Listing") of the shares in the Company (the "Shares"). The
Private Placement comprised of 19,670,000 new Shares in the Company (the "Offer
Shares") at a subscription price of NOK 40 per Offer Share (the "Offer Price").

On behalf of the Managers (as defined herein), Pareto Securities AS (the
"Stabilization Manager") may engage in stabilization activities in the Shares
from today (7 October 2022) to and including 4 November 2022 (the "Stabilization
Period").

Pursuant to a market stabilization agreement (the "Brownshoe Agreement") entered
into between the Stabilization Manager, the Company and Geveran Trading Co.
Ltd., a company indirectly controlled by trusts established by John Fredriksen
for the benefit of his family, (the "Brownshoe Provider"), the Stabilization
Manager may effect stabilization activities with a view to support the market
price of the Shares, through buying Shares in the Company on Euronext Growth
Oslo at prices equal to or lower than the Offer Price, up to an amount of
1,967,000 Shares, which equals 10% of the Offer Shares (the "Stabilization
Shares"). There is no obligation on the Stabilization Manager to conduct any
stabilization activities and there can be no assurance that stabilization
activities will be undertaken. Such stabilizing activities, if commenced, may be
discontinued at any time, and will be brought to an end at the latest at the end
of the Stabilization Period.

Further, and subject to conditions set out in the Brownshoe Agreement, the
Brownshoe Provider has granted the Stabilization Manager a put option which
entitles the Stabilization Manager to sell a number of existing shares in the
Company, equal to the number of Stabilization Shares purchased in the
Stabilization Period, to the Brownshoe Provider, at the volume weighted average
purchase price of all Stabilization Shares purchased by the Stabilization
Manager in the Stabilization Period.

Any stabilization activities will be conducted based on the principles set out
in article 5 (4) of the EU Market Abuse Regulation (Regulation (EU) No 596/2014)
and chapter III of the supplemental rules set out in the Commission Delegated
Regulation (EU) 2016/1052 with regard to regulatory technical standards for the
conditions applicable to buy-back programmes and stabilization measures.

If stabilization activities are undertaken, information on the activities will
be published no later than seven trading days following such transaction(s).
Further, within one week after the expiry of the Stabilization Period, the
Stabilization Manager will publish information as to whether or not
stabilization activities were undertaken. If stabilization activities were
undertaken, the statement will also include information about: (i) the total
amount of shares sold and purchased; (ii) the dates on which the stabilization
period began and ended; (iii) the price range between which stabilization was
carried out, as well as the highest, lowest and average price paid during the
stabilization period; and (iv) the date at which stabilization activities last
occurred.

Advisors
Pareto Securities AS and Fearnley Securities AS are acting as joint global
coordinators and joint bookrunners in connection with the Private Placement (the
"Managers") and as Euronext Growth Advisors in relation to the Listing. 

Advokatfirmaet Schjødt AS is acting as legal advisor to the Company in the
Private Placement and Listing and Ro Sommernes advokatfirma DA is acting as
legal advisor to the Managers in the Private Placement and Listing.

About NorAm 
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 has industry
leading operating margins, and will be virtually debt free. The company will
have a full pay-out dividend strategy, targeting frequent cash distributions in
a raising market.
 
NorAm Drilling has in its 15-year history established a solid foothold in US
drilling market, with significant operating experience in Louisiana, New Mexico
and Oklahoma but is now primarily focusing on the Permian Basin in Texas, where
approximately 60% of the proven reserves in the U.S. are located. 

For more information visit www.noramdrilling.com. 

***

Important notice
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of NorAm Drilling
Company AS in the United States or any other jurisdiction. The securities of the
Company may not be offered or sold in the United States absent registration or
an exemption from registration under the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"). The securities of the Company have not been, and
will not be, registered under the U.S. Securities Act. Any sale in the United
States of the securities mentioned in this communication will be made solely to
"qualified institutional buyers" as defined in Rule 144A under the U.S.
Securities Act. No public offering of the securities will be made in the United
States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This statement contains certain forward-looking statements concerning future
events, including possible issuance of equity securities of the Company.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "anticipate", "believe", "continue", "estimate",
"expect", "intends", "may", "should", "will" and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Company
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Actual events may differ significantly from
any anticipated development due to a number of factors, including without
limitation, changes in investment levels and need for the Company's services,
changes in the general economic, political and market conditions in the markets
in which the Company operates, the Company's ability to attract, retain and
motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions. 
Such risks, uncertainties, contingencies and other important factors include,
but are not limited to, the possibility that we will determine not to, or be
unable to, issue any equity securities, and could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements.
 
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. Each of the Company, the Managers and their respective affiliates
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise.

The Managers are acting exclusively for the Company and no one else and will not
be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Certain figures contained in this document, including financial information, may
have been subject to rounding adjustments. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this document may not
conform exactly with the total figure given.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution or release, in
whole or in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any State of the United States and
the District of Columbia), Australia, Canada, Hong Kong, Japan or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction. The publication, distribution or release of this announcement
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to comply
with these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange