Noram Drilling As · OSL:NORAM
Noram Drilling As — Q4 2023 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, Feb 23, 2024
Slide 1: Q4 2023 Presentation
Q4 2023 Presentation February 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: Q4 2023 Highlights
Q4 2023 Highlights • $24.0 million including reimbursables Revenue • Clean day rate(1) of $26,900, down 11% from Q3 • 82.3% utilization, up from 77.3% in Q3 Utilization • Two rigs reactivated during the quarter • Adj. EBITDA of $5.4 million EBITDA • Operating and maintenance expenses in line with ex
Slide 4: Recent Events and Outlook
Recent Events and Outlook Monthly cash • 15 consecutive monthly distributions, totaling $51m or NOK ~12.4 per share distributions • Latest distribution of $0.05/sh implies 16% dividend yield p.a.(1) • Two idle rig reactivated in October and November, only one idle rig left • OPEX reduction of ~30% o
Slide 5: We Expect Rig Count To Increase Later In 2024
We Expect Rig Count To Increase Later In 2024 Well completions are dropping in Permian… Leading to lower Permian oil production growth # of wells completed per month, 3-month moving average Million barrels of oil per day Production flattening with lower well completions, lower rig count and fewer DU
Slide 6: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD 1000s per day) unless noted 4Q 2023 3Q 2023 2Q 2023 1Q 2023 (All amounts in USD 1000s) 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Available rig days 1,012 1,012 1,004 990 Total Operating Income 24,034 26,609 34
Slide 7: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 4Q 2023 3Q 2023 2Q 2023 1Q 2023 (All amounts in USD 1000s) 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Non current assets Net Profit (+)/Loss (-) 773 2,044 9,512 9,972 Rigs and Accessories 72,061 76,089 79,304 83,
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 MUTE your speaker. Thanks