Noram Drilling As · OSL:NORAM
Noram Drilling As — Q1 2025 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, May 30, 2025
Slide 1: Q1 2025 Presentation
Q1 2025 Presentation May 30, 2025
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: Q1 2025 Highlights
Q1 2025 Highlights Revenue • $25.8 million in Q1 vs. $26.6 million in Q4 Utilization • 89.7% utilization in Q1 2025 vs. 90.6% in Q4 2024 EBITDA • Adj. EBITDA of $6.7 million in Q1 2025 vs. $6.6 million in Q4 2024 • Change in estimated useful life lowering depreciation Net results • Profit after tax
Slide 4: Recent Events and Outlook
Recent Events and Outlook • 30 consecutive monthly distributions, totaling $77.7m or NOK ~19 per share Monthly cash • Latest distribution of $0.04/sh implies 21.8% dividend yield p.a.(1) distributions • We intend to continue to payout excess earnings • 9 out of 11 rigs contracted Fleet status • One
Slide 5: Recent Rig Count Decline Indicates Lower Production Ahead
Recent Rig Count Decline Indicates Lower Production Ahead Rig Count dropping in Permian… Leading to fewer well completions… and declining oil production growth # of rigs working in Permian # of wells completed per month (3m moving average) Y/Y oil production change in Permian (3m moving average) Mil
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD per day) unless noted 1Q 2025 4Q 2024 3Q 2024 2Q 2024 (All amounts in USD 1000s) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Rig utilization 89.7% 90.6% 89.3% 85.9% Total Operating Income 25,786 26,604 26,528 24
Slide 7: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 (All amounts in USD 1000s) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Non current assets Net Profit (+)/Loss (-) 5,152 19 700 -277 Rigs and Accessories 54,992 55,732 59,660 63,867
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