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NorAm Drilling
NorAm Drilling (NORAM) investor relations material
NorAm Drilling Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Revenue increased to $26.5 million in Q4 2025 from $23.9 million in Q3, driven by higher rig utilization, improved reimbursables, and rig reactivation.
Achieved operational excellence with 10 of 11 rigs under contract and working, expecting 100% fleet utilization by early March 2026 for the first time since 2023.
Maintained industry-low cost base and zero debt, continuing regular dividend payments despite market headwinds.
Backlog stood at $27.6 million as of February 19, 2026.
Profit after tax was $2.0 million, with earnings per share of $0.05.
Financial highlights
Q4 2025 revenue was $26.5 million, up from $23.9 million in Q3, with adjusted EBITDA at $3.8 million, down from $4.3 million.
Operating profit for Q4 was $2.0 million, compared to $2.8 million in Q3.
Net profit for Q4 was $2.0 million, down from $4.0 million in Q3.
Cash balance at quarter end was $10.4 million, with a debt-free balance sheet.
Net cash flow from operations for 2025 was $22.0 million.
Outlook and guidance
All rigs expected to be contracted and working by early March 2026, with 100% fleet utilization.
Outlook for H1 2026 is flat, with some E&Ps expected to add rigs offsetting any releases.
CapEx guidance for 2026 is $3–$4 million, subject to additional drill pipe purchases.
Dividend yield stands at 8.9% annualized based on recent distribution.
U.S. shale production likely peaked at current rig count levels, supporting long-term optimism for Super Spec rigs.
Impact of rig useful life change on financials
Dividend policy given market headwinds and liquidity
Capitalize on long-term super spec rig demand
WTI price for Permian rig count increase?
What drives drilling sector consolidation?
Key drivers for 2026 CapEx variability?
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Next NorAm Drilling earnings date
Q1 202629 May, 2026
NorAm Drilling
Next NorAm Drilling earnings date
Q1 202629 May, 2026
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Frequently asked questions
NorAm Drilling AS is an independent operator specializing in onshore drilling services in the United States. The company owns and operates a fleet of advanced AC-driven rigs designed for horizontal well drilling, focusing on the energy sector. These rigs are primarily deployed in the Permian Basin, a major oil-producing region in Texas, and are built to balance cost efficiency with versatility, suitable for both oil and gas wells. NorAm emphasizes safety, operational reliability, and efficiency, positioning its rig fleet to meet the needs of U.S. land drilling markets. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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