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Visual21 Nov 2025
Data center suppliers
NorAm Drilling (NORAM) investor relations material
NorAm Drilling Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Q3 2025 revenue was $23.9 million, down from $24.9 million in Q2, with 80.2% rig utilization and adjusted EBITDA of $4.3 million.
Net profit after tax rose to $4.0 million from $3.7 million in Q2, aided by a negative income tax expense; EPS was $0.09.
Nine of eleven rigs were under contract at quarter end, with one stacked rig contracted to start in December.
Paid $4.1 million in dividends during Q3, with ongoing monthly distributions and a total of $86 million returned since listing.
Maintained a debt-free balance sheet, ending the quarter with $9.4 million in cash and $4.5 million undrawn RCF.
Financial highlights
Revenue decreased to $23.9 million from $24.9 million in Q2, reflecting lower utilization.
Adjusted EBITDA fell to $4.3 million from $5.3 million in Q2, impacted by lower revenue and higher repair costs.
Operating profit was $2.8 million, down from $3.8 million in Q2.
Net profit for Q3 was $4.0 million, up from $0.7 million in Q3 2024.
Net cash flow from operations for the nine months ended September 30, 2025, was $16.7 million.
Outlook and guidance
Permian rig counts stabilized at 253, with flat activity expected as E&Ps finalize 2026 CapEx plans.
Modest increases in rig counts possible if WTI prices rise or natural gas prices strengthen.
Near-term environment expected to remain steady, with underperforming rigs likely to be displaced by higher-performing rigs.
One stacked rig contracted to start in December; leads exist for the remaining stacked rig, but new contracts likely in early 2026.
Longer-term optimism for super spec rigs in the Permian Basin as US shale oil production levels likely peaked.
Rig useful life change impact on 3Q profit
How will NorAm navigate near-term market pressure?
Dividend policy given MUSD 11M liquidity target
Impact of WTI below $60 on 2026 CapEx
Remaining 10-year rig recertifications impact
NorAm's employee turnover vs. industry average
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Next NorAm Drilling earnings date
Q4 202527 Feb, 2026
Next NorAm Drilling earnings date
Q4 202527 Feb, 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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