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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Northern Ocean (NOL) investor relations material
Northern Ocean Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Aug, 2025
Executive summary
Achieved key operational milestones, including Deepsea Bollsta's Acknowledgement of Compliance and contract completion with OMV, and Deepsea Mira's successful campaign with TotalEnergies and new contract in Namibia.
Organizational restructuring, including Dublin office closure and workforce reduction, aimed at cost optimization and efficiency.
Focus remains on securing new contracts, optimizing cash flow, and preparing for refinancing.
Financial highlights
Q2 2025 operating revenue was $52.6 million, down from $58.1 million in Q1 2025, mainly due to fewer operational days.
Net loss from continuing operations was $15.1 million, compared to a $11.2 million loss in the previous quarter.
Total operating expenses were $54.3 million, nearly flat sequentially.
Administrative expenses dropped to $1.5 million from $2.6 million, reflecting restructuring benefits.
One-time $6.5 million fee received for Deepsea Mira's demobilization.
Outlook and guidance
Priorities include securing additional contracts for Deepsea Mira, optimizing cash flow, and realizing cost savings.
Preparing for refinancing to enhance capital efficiency.
Demand for high-specification harsh environment rigs remains robust, with opportunities in West Africa.
Address Deepsea Mira's lack of long-term backlog
Update on bank debt refinancing efforts
Detail expected H2 cost optimization savings
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Next Northern Ocean earnings date
Q3 202528 Nov, 2025
Next Northern Ocean earnings date
Q3 202528 Nov, 2025
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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).
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