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Edge12 Dec 2025
Running on Clouds: The Story of On
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Northern Ocean (NOL) investor relations material
Northern Ocean Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Achieved a 9% increase in operating revenue to $57.4 million in Q3 2025, driven by higher operational days for both rigs, though utilization was 64% due to ramp-up costs and new contracts.
Deepsea Bollsta transitioned to a long-term Equinor contract, adding $335 million in firm backlog, later extended by 5 months post-quarter.
Deepsea Mira began a multi-well campaign in Namibia, with contract value extended post-quarter, contributing to a total firm backlog of $382 million.
Announced sale of Deepsea Bollsta for $480 million, expected to close mid-December 2025, enabling refinancing and future capital return to shareholders.
Financial highlights
Operating revenue rose to $57.4 million from $52.6 million sequentially, reflecting increased rig activity.
Total operating expenses increased to $65.9 million from $54.3 million, mainly due to deferred cost amortization.
Net loss widened to $25.9 million from $15.1 million in the previous quarter; basic and diluted loss per share was $0.09.
Cash and cash equivalents stood at $43.8 million at quarter-end.
Outlook and guidance
Near-term focus on closing the Deepsea Bollsta sale, refinancing, and securing new contracts for Deepsea Mira.
2026 expected as a transition year with tightening supply of modern rigs and increased long-term contract visibility.
Anticipates return of major oil companies to the Orange Basin, supporting Deepsea Mira's future activity.
Capital return plan post-Bollsta sale
Deepsea Mira: long-term contract outlook
What caused Q3 2025 net loss increase?
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Next Northern Ocean earnings date
Q4 202527 Feb, 2026
Next Northern Ocean earnings date
Q4 202527 Feb, 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).
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