Oslo, Norway, August 22, 2023
NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results for the three and six months ended June 30, 2023:
- Revenue increased to MUSD 35.0, up 7% from the previous quarter
- Adjusted EBITDA increased to MUSD 14.4, up 6% from the previous quarter
- Fleet utilization was 98.9% compared to 99.3% in the previous quarter
- Average base dayrate increased to $31,500, up 2% from the previous quarter
- Current revenue backlog of MUSD 18.0 as of August 22, 2023
Marty L. Jimmerson, Chief Executive Officer & Chief Financial Officer of NorAm Drilling AS commented:
“We are pleased with our second quarter results, as both revenue and Adjusted EBITDA, increased 7% and 6%, respectively compared to the first quarter of 2023. We paid MUSD 14.2 or NOK 3.50 per share in monthly dividends to our shareholders in the second quarter of 2023. As a result of WTI and natural gas volatility, US rig counts have declined approximately 19% so far this year. Permian rig counts have held up better and only declined 7% year to date primarily due to less volatility in WTI. We remain encouraged that market fundamentals are intact and expected to improve later this year and into 2024.”
In connection with the release, the Company invites potential and existing investors and analysts to a live presentation and Q&A on Wednesday, August 23, 2023, at 09:00 AM (EST) / 3:00 PM (CET).
Follow the link to attend the presentation: bit.ly/NorAmQ2Attend
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 a profitable market.