Noram Drilling As · OSL:NORAM
Noram Drilling As — Investor Presentation (January 2024)
9 slides from Noram Drilling As's investor presentation, Jan 16, 2024
Slide 1: Presentation to InvestorWeb
Presentation to InvestorWeb January 16, 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: 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% BAKKEN ANTRIUM 50% 40% 30% 20% WOODFORD MONTER
Slide 6: Favorable Fundamentals For Both Oil And Gas Ahead
Favorable Fundamentals For Both Oil And Gas Ahead Rig counts expected to increase in 2024 Key fundamentals # of rigs 1,100 1,000 1. US shale oil production growth 900 coming to a halt early 2024 800 WTI 700 (rebased) 2. E&Ps making a lot of cash at WTI Total US ~$75/bbl 600 rig count 500 3. Natural
Slide 7: Strong Performance And Increased Demand For Drilling Ahead
Strong Performance And Increased Demand For Drilling Ahead Top US Land Drillers by average drill rate(1) DUC inventory almost run out = more drilling needed ahead(2) Feet/day # of wells 1,476 1,439 4,000 1,386 1,357 1,299 1,281 1,266 -77% 3,500 1,220 1,174 3,000 2,500 2,000 1,500 1,000 500 0 NorAm E
Slide 8: Recent Events and Outlook
Recent Events and Outlook • Fourteen consecutive monthly distributions, totaling ~USD50m or NOK11.86/sh Dividends • Latest distribution of $0.05/sh implies 15% dividend yield p.a.(1) • 10 of 11 rigs employed Fleet status • OPEX reduction of ~30% on the stacked rig • Five rigs contracted to private c
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