Noram Drilling As · OSL:NORAM
Noram Drilling As — Q2 2024 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, Aug 23, 2024
Slide 1: Q2 2024 Presentation
Q2 2024 Presentation August 23, 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: Q2 2024 Highlights
Q2 2024 Highlights • $24.9 million including reimbursables Revenue • Clean day rate(1) of $25,600 Utilization • 85.9% utilization vs. 87.5% in Q1 2024 • Adj. EBITDA of $4.8 million EBITDA • Operating costs impacted by increases in major equipment repair and maintenance, expected to be transitory ove
Slide 4: Recent Events and Outlook
Recent Events and Outlook Monthly cash • 21 consecutive monthly distributions, totaling $62m or NOK ~15.1 per share distributions • Latest distribution of $0.04/sh implies ~13% dividend yield p.a.(1) • 10 out of 11 rigs contracted Fleet status • Pursuing opportunities for the idle rig • Still affect
Slide 5: Modest Permian Rig Count Increases Possible In Late 2024 and 2025
Modest Permian Rig Count Increases Possible In Late 2024 and 2025 Well completions continuing to drop in Permian… Leading to declining Permian oil production growth rate # of wells completed per month, Y/Y oil production change in Permian, 3-month moving average Million barrels of oil per day 600 1.
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD per day) unless noted 2Q 2024 1Q 2024 4Q 2023 3Q 2023 (All amounts in USD 1000s) 2Q 2024 1Q 2024 4Q 2023 3Q 2023 Available rig days 1,001 1,001 1,012 1,012 Total Operating Income 24,930 25,036 24,034
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 2024 1Q 2024 4Q 2023 3Q 2023 (All amounts in USD 1000s) 2Q 2024 1Q 2024 4Q 2023 3Q 2023 Non current assets Net Profit (+)/Loss (-) -277 1,812 773 2,044 Rigs and Accessories 63,867 68,368 72,061 76,0
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