Noram Drilling As · OSL:NORAM
Noram Drilling As — Q2 2023 Earnings Presentation
8 slides from Noram Drilling As's earnings presentation, Aug 23, 2023
Slide 1: Q2 2023 Presentation
Q2 2023 Presentation August 23, 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: Q2 2023 Highlights
Q2 2023 Highlights • $35.0 million including reimbursables Revenue • Clean day rate(1) of $31,500, up 6% from Q1 Utilization • 98.9% utilization • Adj. EBITDA of $14.4 million EBITDA • Operating and maintenance expenses in line with expectations • $9.5 million Net income • EPS of $0.22 Backlog • Bac
Slide 4: Recent Events and Outlook
Recent Events and Outlook • Nine consecutive monthly distributions, totaling USD39.4m or NOK ~9.50 per share Dividends • Latest distribution of $0.09/sh implies 24% dividend yield p.a.(1) • Several leads being explored with start up in Q4 2023 • OPEX reduction of ~30% when stacked Idle rigs • Workin
Slide 5: Outperforming In Strong Market Fundamentals
Outperforming In Strong Market Fundamentals DUCs has hit a floor at the 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 NorAm (3 month
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD 1000s per day) unless noted 2Q 2023 1Q 2023 4Q 2022 3Q 2022 (All amounts in USD 1000s) 2Q 2023 1Q 2023 4Q 2022 3Q 2022 Rig operating days 1,004 990 1,005 1,001 Total Operating Income 34,966 32,684 29
Slide 7: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 2Q 2023 1Q 2023 4Q 2022 3Q 2022 (All amounts in USD 1000s) 2Q 2023 1Q 2023 4Q 2022 3Q 2022 Non current assets Net Profit (+)/Loss (-) 9,512 9,972 8,204 1,944 Rigs and Accessories 79,304 83,521 86,312 9
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