Noram Drilling As · OSL:NORAM
Noram Drilling As — Q1 2023 Earnings Presentation
8 slides from Noram Drilling As's earnings presentation, May 24, 2023
Slide 1: Q1 2023 Presentation
Q1 2023 Presentation May 24, 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: Q1 2023 Highlights
Q1 2023 Highlights • $32.7 million including reimbursables Revenue • Clean day rate(1) of $30,846 • 99.3% utilization Utilization • Excludes 11 days of rig upgrades related to contracts • Adj. EBITDA of $15.0 million including $1.4 million ERTC refund EBITDA • Operating and maintenance expenses in l
Slide 4: Recent Events and Outlook
Recent Events and Outlook Dividends • Six consecutive monthly distributions, totaling USD27.2m or NOK 6.48 per share Slowing day rate • US rig count recently declining in response to lower nat gas prices momentum • Recent renewal discussions somewhat lower than Q1 levels • Permian rig count stable d
Slide 5: Outperforming In Strong Market Fundamentals
Outperforming In Strong Market Fundamentals Drilled, Uncompleted Well Inventory To 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 NorA
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD 1000s per day) unless noted 1Q 2023 4Q 2022 3Q 2022 2Q 2022 (All amounts in USD 1000s) 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Rig operating days 990 1,005 1,001 949 Total Operating Income 32,684 29,541 26,5
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 2023 4Q 2022 3Q 2022 2Q 2022 (All amounts in USD 1000s) 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Non current assets Net Profit (+)/Loss (-) 9,972 8,204 1,944 -2,406 Rigs and Accessories 83,521 86,312 90,132
Slide 8: &A O74
&A O74