Norway · Delayed Price · Currency is NOK NorAm Drilling AS Earnings Call Transcripts
Fiscal Year 2025
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Revenue rose to $26.5M in Q4 2025, with rig utilization up to 82.6% and both available rigs contracted for full fleet use by March 2026. Net profit and EBITDA declined sequentially due to higher costs, but the company remains debt-free, maintains strong dividends, and expects a flat market in early 2026.
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Revenue and adjusted EBITDA declined sequentially due to lower rig utilization, but net profit after tax increased slightly. Dividend payments continued, with a strong balance sheet and high fleet efficiency maintained. Permian rig counts stabilized, and outlook remains steady barring significant oil price changes.
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Q2 2025 saw lower revenue and EBITDA due to decreased rig utilization and higher costs, with net profit after tax at $3.7 million. Despite a challenging Permian market, strong cash returns and a debt-free balance sheet were maintained, and backlog is expected to rise with upcoming rig renewals.
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Operational excellence maintained with 10 of 11 rigs active, despite a sequential revenue dip to $25.8M. Net profit surged to $5.2M, aided by lower expenses and revised depreciation. Dividend policy remains robust, with a 22% annualized yield and a debt-free balance sheet.
Fiscal Year 2024
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Q4 2024 saw higher revenue, utilization, and EBITDA despite a flat rig market, with strong contract renewals and continued robust dividend payouts. The company remains debt-free, maintains high operational efficiency, and expects stable costs and CapEx in 2025.
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Q3 revenue rose 6.4% to $26.5M, with utilization at 89.3% and net income of $700K. Dividend payments continued, and the company remains debt-free with a strong cash position. Flat rig counts and oil prices are expected to persist into 2025.
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Revenue and utilization were flat to slightly down, with adjusted EBITDA declining due to higher maintenance costs. The company remains debt-free, continues monthly dividends with a 13% yield, and expects stable rig counts and day rates, with potential for improvement if commodity prices rise.