Noram Drilling As · OSL:NORAM
Noram Drilling As — Q3 2023 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, Nov 15, 2023
Slide 1: Q3 2023 Presentation
Q3 2023 Presentation November 15, 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: Q3 2023 Highlights
Q3 2023 Highlights • $26.6 million including reimbursables Revenue • Clean day rate(1) of $30,300, down 4% from Q2 • 77.3% utilization Utilization • Three rigs partly stacked during the quarter • Adj. EBITDA of $6.9 million EBITDA • Operating and maintenance expenses in line with expectations • $2.0
Slide 4: Recent Events and Outlook
Recent Events and Outlook Monthly cash • 12 consecutive monthly distributions, totaling USD45m or NOK ~11 per share distributions • Latest distribution of $0.04/sh implies 12% dividend yield p.a.(1) • One idle rig reactivated in mid October Reactivating • Expect to reactivate another idle rig before
Slide 5: Strong Performance Ahead Of Expected Market Pick Up
Strong Performance Ahead Of Expected Market Pick Up 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 -76% 3,500 1,220 1,174 3,000 2,500 2,000 1,500 1,000 500 0 NorAm Ensign N
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD 1000s per day) unless noted 3Q 2023 2Q 2023 1Q 2023 4Q 2022 (All amounts in USD 1000s) 3Q 2023 2Q 2023 1Q 2023 4Q 2022 Rig operating days 1,012 1,004 990 1,005 Total Operating Income 26,609 34,966 32
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 2023 2Q 2023 1Q 2023 4Q 2022 (All amounts in USD 1000s) 3Q 2023 2Q 2023 1Q 2023 4Q 2022 Non current assets Net Profit (+)/Loss (-) 2,044 9,512 9,972 8,204 Rigs and Accessories 76,089 79,304 83,521 8
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 MUTE your speaker. Thanks