Noram Drilling AS
OSE:NORAM
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Noram Drilling AS
NorAm Drilling AS engages in the ownership and operation of land-based oil and gas drilling rigs. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-05-15. The firm owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the biggest oil producing region in North America. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. NorAm focuses solely on the US land drilling market and has established a solid foothold in the lower US, with operating experience in Louisiana, New Mexico, Oklahoma and Texas. All eleven rigs are operating in Texas in the Permian Basin.
NorAm Drilling AS engages in the ownership and operation of land-based oil and gas drilling rigs. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-05-15. The firm owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the biggest oil producing region in North America. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. NorAm focuses solely on the US land drilling market and has established a solid foothold in the lower US, with operating experience in Louisiana, New Mexico, Oklahoma and Texas. All eleven rigs are operating in Texas in the Permian Basin.
Revenue Down: NorAm Drilling reported Q3 revenue of $23.9 million, a decrease from $24.9 million in Q2 due to lower rig utilization.
Utilization Drops: Rig utilization declined to 80.2% from 86% in the previous quarter, reflecting subdued activity in the Permian region.
Profit Rises: Net profit after tax increased to $4 million from $3.7 million in Q2, despite lower revenue, driven by tax collections.
Stable Dividends: The company paid $4.1 million in dividends in Q3 and announced two more monthly dividends post quarter, maintaining a 36-month consecutive distribution streak.
Backlog and Contracts: Backlog stands at $25.8 million with 7 rigs on contracts of at least 6 months; one previously stacked rig will be reactivated in December.
Breakeven Maintained: All-in breakeven remains at $18,600 per day, with no significant cost pressures anticipated.
Steady Outlook: Management expects a flat near-term activity environment in the Permian, with some optimism for Super Spec rig demand if natural gas prices rise.
