Northern Ocean
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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.
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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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