NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTOTHE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANYSTATE OF THE UNITED STATES OF AMERICA AND THEDISTRICT OF COLUMBIA ) (THE "UNITED STATES "),AUSTRALIA ,CANADA , THEHONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA ORJAPAN , 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 ofNOK 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 including4 November 2022 (the "Stabilization Period"). Pursuant to a market stabilization agreement (the "Brownshoe Agreement") entered into between the Stabilization Manager, the Company andGeveran Trading Co. Ltd. , a company indirectly controlled by trusts established byJohn 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 GrowthOslo 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. AdvisorsPareto Securities AS andFearnley Securities AS are acting as joint global coordinators and joint bookrunners in connection with the Private Placement (the "Managers") and asEuronext 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. AboutNorAm NorAm Drilling owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in thePermian Basin inTexas , which is the largest oil producing region inNorth 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 inLouisiana ,New Mexico andOklahoma but is now primarily focusing on thePermian Basin inTexas , where approximately 60% of the proven reserves in theU.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 ofNorAm Drilling Company AS inthe United States or any other jurisdiction. The securities of the Company may not be offered or sold inthe United States absent registration or an exemption from registration under theU.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 theU.S. Securities Act. Any sale inthe United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under theU.S. Securities Act. No public offering of the securities will be made inthe 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 theEuropean Parliament and of the Council of14 June 2017 (together with any applicable implementing measures in any Member State). In theUnited Kingdom , this communication is only addressed to and is only directed atQualified 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 fromthe United States (including its territories and possessions, anyState of the United States and theDistrict 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.
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