Oslo, Norway, August 25, 2025
NorAm Drilling AS (the "Company" or "NorAm"), today reported unaudited results
for the three and six months ended June 30, 2025:
HIGHLIGHTS
o Reported Revenues of MUSD 25.0
o Adjusted EBITDA of MUSD 5.3
o Fleet utilization of 86.0%
o Current backlog of MSUD 12.2
Marty L. Jimmerson, Chief Executive Officer of NorAm Drilling AS commented:
«During the second quarter, the Company continued its operational excellence
despite Permian land rig counts declining 10%. Market sentiment remained
cautious as a result of economic and geopolitical uncertainties. As a result,
E&Ps continue demonstrating operational and production discipline which
contributed to the decline of 29 rigs operating in the Permian during the
quarter.
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 5.3 or NOK 1.24 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 Tuesday, August 26, 2025, at 09:00 AM (EST) / 3:00 PM (CET).
Follow the link to attend the presentation: bit.ly/NorAm-Q2-2025
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