Noram Drilling As · OSL:NORAM
Noram Drilling As — Q4 2022 Earnings Presentation
9 slides from Noram Drilling As's earnings presentation, Feb 21, 2023
Slide 1: Q4 2022 Presentation
Q4 2022 Presentation February 21, 2023
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 2022 Highlights
Q4 2022 Highlights • $29.5 million including reimbursables Revenue • Clean day rate(1) of $28,006 • 99.3% utilization Utilization • One rig transitioned from one client to another during the quarter without downtime • DiamondBack acquired Firebird Energy • $11.4 million including non cash cost of $0
Slide 4: Recent Events and Outlook
Recent Events and Outlook Dividends • Three consecutive monthly distributions, totaling USD13.1m or NOK 3.05 per share Positive day rate • One contract signed in January at higher rig rate than end of last year momentum • Current renewal discussions are at higher rates than Q4 2022 • Permian represe
Slide 5: Strong Market Fundamentals Driving Demand In Permian
Strong Market Fundamentals Driving Demand In Permian Permian DUC inventory continues to decline(1) NorAm continues to outperform in 2023(2) # of wells Permian, # of wells drilled per rig per month 2.50 4,000 3,500 2.00 3,000 Wells 2,500 1.50 2,000 1,500 1.00 1,000 DUC 0.50 Average working rig in Per
Slide 6: 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 – January 2023) # of wells 4,000 Drilled but uncompleted wells Drilled Completed 3,500 $ Capex spending has been limited for the last 2 years and oil E&Ps have maintained production by 3,000 completing d
Slide 7: Key Operational Figures
Key Operational Figures Selected operational and financial data Income statement (All amounts in USD 1000s per day) unless noted 4Q 2022 3Q 2022 2Q 2022 1Q 2022 (All amounts in USD 1000s) 4Q 2022 3Q 2022 2Q 2022 1Q 2022 Rig operating days 1,005 1,001 949 785 Total Operating Income 29,541 26,535 22,2
Slide 8: Balance Sheet And Cash Flow Statement
Balance Sheet And Cash Flow Statement Balance sheet Cash flow statement (All amounts in USD 1000s) 4Q 2022 3Q 2022 2Q 2022 1Q 2022 (All amounts in USD 1000s) 4Q 2022 3Q 2022 2Q 2022 1Q 2022 Non current assets Net Profit (+)/Loss (-) 8,204 1,944 -2,406 -4,730 Rigs and Accessories 86,312 90,132 94,375
Slide 9: &A O74
&A O74