Noram Drilling As · OSL:NORAM
Noram Drilling As — Q3 2022 Earnings Presentation
11 slides from Noram Drilling As's earnings presentation, Nov 22, 2022
Slide 1: Q3 2022 Presentation
Q3 2022 Presentation November 22, 2022
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 2022 Highlights
Q3 2022 Highlights • $26.5 million including reimbursables Revenue • Clean day rate(1) of $25,200 • 98.9% utilization Utilization • One rig transitioned from one client to another during the quarter without downtime EBITDA(2) • EBITDA of $8.5 million, up 104% from Q2 • $1.5 million Net income • Tax
Slide 4: Recent Events and Outlook
Recent Events and Outlook • $75 million private placement Euronext listing • Shareholder base grown from 125 to >1000 as of November 19 Repayment of • $83.2 million paid down including accrued interest paid November 14 bond • $4.5 million RCF signed with a US bank New RCF • Reducing liquidity need •
Slide 5: Strong Operational Performance and DUCs Continue to Decline
Strong Operational Performance and DUCs Continue to Decline NorAm continues to outperform(1) DUCs continue to decline # of wells drilled per rig per month, Permian Drilled, uncompleted well (DUC) inventory, Permian 2.50 4,000 3,500 2.00 Drilled, uncompleted wells (DUC) 3,000 Wells 2,500 1.50 2,000 1
Slide 6: Key Operational Figures
Key Operational Figures (All amounts in USD 1000s per day) unless noted 3Q 2022 2Q 2022 1Q 2022 4Q 2021 • Full utilization and efficient operating Rig operating days 1,001 949 785 731 structure generating record contributions Rig utilization 98.9% 94.8% 79.3% 72.2% • Maintenance capex comprises of s
Slide 7: Income Statement
Income Statement (All amounts in USD 1000s) 3Q 2022 2Q 2022 1Q 2022 4Q 2021 • Net profit after tax of $1.5m Total Operating Income 26,535 22,274 17,096 14,564 • CARES Act credit of $1.6m in Q3 offset Payroll Expenses 7,007 6,838 7,108 6,170 by transaction fees and various expense Depreciation of Tan
Slide 8: Balance Sheet
Balance Sheet (All amounts in USD 1000s) 3Q 2022 2Q 2022 1Q 2022 4Q 2021 Non current assets • Increase in receivables due to higher rig Rigs and Accessories 90,132 94,375 98,420 101,918 rates Vehicles and Office Equipment 282 312 241 170 Current assets • AR averages 30-35 days Accounts Receivable 10
Slide 9: Q&A
&A O74
Slide 10: NorAm – pure play operator of Ultra Super Spec rigs in Permian basin
NorAm – pure play operator of Ultra Super Spec rigs in Permian basin 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 focu
Slide 11: 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 Crew houses Toolpusher house Operator crew AC generators quarters 3x mud pum