NorAm had revenue of MUSD 17.1 during Q1 2022 compared to MUSD 10.2 in Q1 2021. During Q1 2022 we generated an operating loss of MUSD 2.9 compared to an operating loss of MUSD 2.7 in Q1 2021. During Q1 2022 we generated EBITDA of MUSD 1.7 compared to MUSD 1.9 in Q1 2021. The increase in revenue was primarily the result of higher and dayrates. The decrease in operating proﬁt and EBITDA is primarily due to rig reactivation costs incurred on 2 of our rigs and stacking incurred while 2 more of our rigs transitioned to new customers during Q1 2022.
Capital expenditures were MUSD 1.2 in Q1 2022. As of March 31, 2021, our cash position was MUSD 11.6, and we had MUSD 80.0 of outstanding bonds payable to 3rd parties. The Company has a Revolving Credit Facility with a maturity date of June 2023 and allows for borrowings for financing capital expenditures. As of Q1 2022, there were no borrowings outstanding under this facility.
On May 16, 2022, the Company and holders of the Bond loan agreed to the following amendments: (i) extend the maturity date from June 3, 2022, to June 3, 2023; (ii) schedule a principal installment of MUSD 5.0 on December 3, 2022; (iii) amend the prepayment structure to allow for partial prepayments at par value at a minimum of MUSD 5.0; and (iv) pay an amendment fee of USD 400,000.
For more information: https://otc.nfmf.no/public/news/20544.pdf