Noram Drilling As · OSL:NORAM
Noram Drilling As — Q1 2024 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, May 22, 2024
Slide 1: Q1 2024 Presentation
Q1 2024 Presentation May 22, 2024
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: Q1 2024 Highlights
Q1 2024 Highlights • $25.0 million including reimbursables Revenue • Clean day rate(1) of $26,300, down 2% from Q4 2023 Utilization • 87.5% utilization, up from 82.3% in Q4 2023 • Adj. EBITDA of $6.7 million EBITDA • Operating costs impacted by ad hoc increases in repair and maintenance • Profit aft
Slide 4: Recent Events and Outlook
Recent Events and Outlook Monthly cash • 18 consecutive monthly distributions, totaling $57m or NOK ~13.8 per share distributions • Latest distribution of $0.04/sh implies ~13% dividend yield p.a.(1) • 9 out of 11 rigs contracted Fleet status • A 10th rig will commence operations end of May after re
Slide 5: Rig Count Expected To Increase Later In 2024
Rig Count Expected To Increase Later In 2024 Well completions continuing to drop in Permian… Leading to lower Permian oil production growth # of wells completed per month, 3-month moving average Million barrels of oil per day Production flattening with lower well completions, lower rig count and few
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD per day) unless noted 1Q 2024 4Q 2023 3Q 2023 2Q 2023 (All amounts in USD 1000s) 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Available rig days 1,001 1,012 1,012 1,004 Total Operating Income 25,036 24,034 26,609
Slide 7: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 1Q 2024 4Q 2023 3Q 2023 2Q 2023 (All amounts in USD 1000s) 1Q 2024 4Q 2023 3Q 2023 2Q 2023 Non current assets Net Profit (+)/Loss (-) 1,812 773 2,044 9,512 Rigs and Accessories 68,368 72,061 76,089 79,
Slide 8: NorAm Drilling - Summary
NorAm Drilling - Summary Modernized Ultra Super Spec rigs Top quality customer portfolio 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 positioned to unlock untapped oil r
Slide 9: Q&A
Q&A Please use the raise hand function to ask a question. Thanks