Oslo, Norway, May 23, 2023
NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results for the three months ended March 31, 2023:
HIGHLIGHTS
- Revenue increased to MUSD 32.7, up 11% from the previous quarter
- Adjusted EBITDA increased to MUSD 15.0, up 25% from the previous quarter
- Fleet utilization was 99.3% compared to 99.3% in the fourth quarter 2022
- Average base dayrate increased to $30,800, up 10% from the fourth quarter 2022
- Current revenue backlog of MUSD 25.1 as of May 23, 2023
Marty L. Jimmerson, Chief Executive Officer & Chief Financial Officer of NorAm Drilling AS commented:
“We continue to see a tight market balance for our high end “Super Spec” drilling rigs. In the first quarter of 2023, our clean dayrate increased 10% from the last quarter. Despite possible near-term pressure on dayrates as a result of WTI and natural gas volatility, while seeing some softness on recent contract renewals, we remain encouraged that market fundamentals are intact and will continue to improve later this year and into 2024. NorAm is debt free, and we paid MUSD 13.1 or NOK 3.15 per share in monthly dividends to our shareholders during the first quarter of 2023.”
In connection with the release, the Company invites potential and existing investors and analysts to a live presentation and Q&A on Wednesday, May 24, 2023, at 09:00 AM (EST) / 3:00 PM (CET).
Follow the link to attend the presentation: bit.ly/NorAmQ1Live
Relevant presentation material will on the same day be made available on the Investor Relations section of the Company’s website at www.noramdrilling.com.
For further queries, please contact:
Marius Furuly, Director of IR and Strategy
Tel: +47 90626191
About NorAm Drilling
NorAm Drilling owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the largest oil producing region in North America. NorAm Drilling is debt free and has industry leading operating margins. The Company has a full pay-out dividend strategy, targeting frequent cash distributions in an improving market.
www.noramdrilling.com