Noram Drilling As · OSL:NORAM
Noram Drilling As — Pareto Conference 2023
9 slides from Noram Drilling As's conference presentation, Sep 20, 2023
Slide 1: Pareto Conference Presentation
Pareto Conference Presentation September 20, 2023
Slide 2: Disclaimer
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 othe
Slide 3: NorAm Drilling – A Dividend Legend In The Making
NorAm Drilling – A Dividend Legend In The Making NorAm Drilling in brief Selected customers Modernized Ultra Super Spec rigs 11 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 100% Strategically
Slide 4: What Is A Ultra Super Spec Rig?
What Is A 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 house
Slide 5: The Permian Basin Is “The Place To Be” For Onshore Drillers
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 reserves1 Oil and gas shale basin 19% of proved U.S. | Permian share of Total US Rig Count U.S. reserves 19% 60% 50% BAKKEN ANTRIUM 40% 30% 20% WOODFORD 10% MO
Slide 6: Oil Price Too High To Ignore For E&Ps Going Forward
Oil Price Too High To Ignore For E&Ps Going Forward WTI always the leading indicator for rig counts Key fundamentals # of rigs 1,100 1. Strong discipline by both major 1,000 E&Ps and public drillers 900 WTI 800 (rebased) 2. Firmly believe rig counts have 700 bottomed Total US 600 rig count 3. US sha
Slide 7: Outperforming The Competition
Outperforming The Competition DUCs has hit a floor at the lowest level since 2014(1) NorAm continues to outperform in 2023(2) # of wells Permian, # of wells drilled per rig per month 4,000 2.5 3,500 2.0 3,000 2,500 1.5 2,000 1,500 1.0 Permian average (excl. NorAm) 1,000 NorAm (3 month moving average
Slide 8: Recent Events and Outlook
Recent Events and Outlook • Ten consecutive monthly distributions, totaling USD42m or >NOK 10 per share Dividends • Latest distribution of $0.05/sh implies 14% dividend yield p.a.(1) • 8 of 11 rigs employed with an average contract length to end of 2023 • OPEX reduction of ~30% on stacked rigs Fleet
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