Noram Drilling As · OSL:NORAM
Noram Drilling As — Pareto Conference 2022
9 slides from Noram Drilling As's conference presentation, September 2022
Slide 1: Pareto Conference
Pareto Conference September 2022
Slide 2: Disclaimer
Disclaimer This Presentation is for information purposes only, and does not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities described herein in any jurisdiction. Neither the issue of this Presentation nor anything contained herein
Slide 3: 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 Industry leading margins through low opex and G&A1 Modernized Ultra Super Spec rigs USD per day 11 Fully upgraded with state-of-the-art walking systems and racking capacity, with a track record of drilling t
Slide 4: All rigs working and positioned for increasing dayrates
All rigs working and positioned for increasing dayrates Contract mix allows for visibility in near- to medium-term earnings and significant upside potential for new contracts Select customers NorAm | Average contracted dayrates per quarter USD per day Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 100% spot $3
Slide 5: The Permian basin is “the place to be” for onshore drillers
The Permian basin is “the place to be” for onshore drillers By far the most producing region in the US Permian sitting on the largest proved reserves1 Oil and gas shale basin U.S. | Domestic crude oil production by basin 19% of proved mboe per day 6 U.S. reserves 19% Permian 5 BAKKEN ANTRIUM 4 3 2 B
Slide 6: Energy crisis – lagging global and local investments
Energy crisis – lagging global and local investments Additional E&P investments needed to support current oil demand… …however, we are seeing signs of increased investment activity Global | E&P investments versus oil demand U.S. | Cash Flow versus E&P Investments for select operators1 mboe/d USDbn U
Slide 7: Permian basin is in need of increased drilling activity
Permian basin is in need of increased drilling activity Drilled wells in the Permian basin (2014 – June 2022) # of wells 4,000 Drilled Completed DUC 3,500 $ Lower oil prices have led operators to limit their capex spending by completing drilled wells 3,000 2,500 2,000 DUCs have drastically declined
Slide 8: Investment highlights
Investment highlights 1 11 active Ultra Super Spec rigs capable of drilling the longest wells in the Permian basin 2 Track record of high uptime and superior drilling efficiency performance 3 Industry-leading margins achieved through low operating cost base of USD 16.7k incl. capex 4 All rigs in ope
Slide 9: = < ~ ao a - *4 i=] N&
= < ~ ao 2 a - *4 i=] N&