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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Northern Ocean
Northern Ocean (NOL) investor relations material
Northern Ocean Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary28 Aug, 2026
Executive summary
Deepsea Mira achieved 98.6% economic utilization in Q2 2026, generating $31 million in revenue from a successful Shell campaign completed safely and efficiently.
Following the Shell contract, Deepsea Mira underwent a drilling control system upgrade and is now idle in Walvis Bay, expected to remain so into Q1 2027.
The company is actively marketing Deepsea Mira for new contracts, with several opportunities anticipated to commence in 2027.
Financial highlights
Q2 2026 operating revenue was $33.9 million, up from $12.6 million in Q1 2026, reflecting increased rig activity.
Operating expenses were $31.1 million, down from $35.7 million in the previous quarter.
Net loss from continuing operations after taxes was $2.5 million, a significant improvement from a $23.1 million loss in Q1 2026.
Basic and diluted loss per share was $0.01, compared to $0.08 in the previous quarter.
Cash and cash equivalents at quarter-end were $19.7 million.
Outlook and guidance
Several 2026 opportunities did not materialize, and some programs have been delayed; the rig is expected to remain idle into 2027.
Management is focused on preserving liquidity, securing new contracts, and preparing for refinancing.
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Latest events from Northern Ocean
- Revenue and utilization dropped after asset sale, but debt reduction improved financial stability.NOL
Q1 2026 - Asset sale and debt reduction drive transformation amid strong rig performance and ongoing losses.NOLQ4 2025
- Q3 2025 saw higher revenue, a wider net loss, and a $480M rig sale to boost capital efficiency.NOLQ3 2025
- Q2 2025 delivered operational progress, cost cuts, and new contracts, but posted a $15.1M net loss.NOLQ2 2025
- Revenue fell sharply as one rig was idle, but new contracts strengthen future backlog.NOLQ3 2024
- Refinancing, equity raise, and contract extensions position Northern Ocean for improved stability.NOLQ2 2024
- Q1 2025 saw improved losses, strong operations, and cost cuts, but contract risk persists.NOLQ1 2025
- Revenue up, net loss down, and backlog boosted by major new contracts and refinancing.NOLQ4 2024
Next Northern Ocean earnings date
Q3 202620 Nov, 2026
Northern Ocean
Next Northern Ocean earnings date
Q3 202620 Nov, 2026
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Frequently asked questions
Northern Ocean Ltd. is an international drilling contractor specializing in providing offshore contract drilling services to the oil and gas industry. The company focuses on operations in harsh environments worldwide, utilizing high specification offshore drilling units designed for such conditions. . Northern Ocean Ltd. is headquartered in Hamilton, Bermuda, and its shares are listed on the Oslo Stock Exchange (OSL).