Noram Drilling As · OSL:NORAM
Noram Drilling As — Q3 2024 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, Nov 14, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 Presentation November 14, 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: Q3 2024 Highlights
Q3 2024 Highlights Revenue • $26.5 million including reimbursables Utilization • 89.3% utilization in Q3 2024 vs. 85.9% in Q2 2024 • Adj. EBITDA of $6.0 million EBITDA • Higher utilization leading to $1.2 million improvement from Q2 • Profit after tax of $0.7 million Net results • EPS of $0.02 Backl
Slide 4: Recent Events and Outlook
Recent Events and Outlook Monthly cash • 24 consecutive monthly distributions, totaling $67m or NOK ~16.4 per share distributions • Latest distribution of $0.04/sh implies 14.4% dividend yield p.a.(1) • 10 out of 11 rigs contracted, no renewals before 2025 Fleet status • Pursuing opportunities for t
Slide 5: The #1 Performer In The US Land Rig Market
The #1 Performer In The US Land Rig Market Top 10 US land drillers by average drill rate(1) Top 10 US land drillers by days spent on location(2) Feet/day 1,595 18 1,553 1,551 1,496 1,416 16 16 1,338 1,311 15 1,284 1,259 14 14 14 1,136 13 13 12 NorAm Ensign Helmerich Nabors Patterson- Unit Drilling P
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD per day) unless noted 3Q 2024 2Q 2024 1Q 2024 4Q 2023 (All amounts in USD 1000s) 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Rig utilization 89.3% 85.9% 87.5% 82.3% Total Operating Income 26,528 24,930 25,036 24
Slide 7: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 3Q 2024 2Q 2024 1Q 2024 4Q 2023 (All amounts in USD 1000s) 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Non current assets Net Profit (+)/Loss (-) 700 -277 1,812 773 Rigs and Accessories 59,660 63,867 68,368 72,061
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