NorAm Drilling AS (the “Company” or “NorAm”), today reported unaudited results for the three and nine months ended September 30, 2024:
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HIGHLIGHTS
• Reported Revenues of MUSD 26.5
• Adjusted EBITDA of MUSD 6.0
• Improved fleet utilization by 3.4% to 89.3%
• Current revenue backlog of MUSD 26.6 as of November 13, 2024
Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
«During the third quarter, rig counts in the US and Permian were essentially flat. The US rig market has been impacted by reduced drilling demand after substantial consolidation activity among operators, continued production discipline being demonstrated by most E&Ps and near-term uncertainties regarding global demand for oil. On the other hand, we expect the results of the recent US election to increase focus on US energy production and drilling demand should be positively impacted in the medium to long term horizon.
With our industry low-cost base and zero debt, we continue to return capital to shareholders despite market headwinds and this demonstrates the strength of our unique model. We paid MUSD 5.2 or NOK 1.30 per share in monthly dividends in the quarter and have declared two additional dividends after quarter end. Our rigs are among the very top performers measured in feet drilled per day in the U.S. shale market, and NorAm should be well positioned in a market recovery.»
In connection with the release, the Company invites to a live presentation and Q&A on Thursday, November 14, 2024, at 09:00 AM (EST) / 3:00 PM (CET). Follow the link to attend the presentation: bit.ly/NorAm-Q3-2024
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.
www.noramdrilling.com
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