Noram Drilling AS
XMUN:TM9
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Noram Drilling AS
XMUN:TM9
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Atlas Energy Solutions Inc
NYSE:AESI
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Gladstone Capital Corp
F:1G70
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Noram Drilling AS
Noram Drilling AS is an offshore drilling contractor. It owns and operates drilling rigs that are hired out to oil and gas companies to drill wells, mainly in shallow-water offshore areas. Its core job is to provide the rig, crew, and drilling operation needed to reach oil and gas reserves safely and efficiently. The company makes money by signing drilling contracts and charging customers for the use of its rigs and related services. Its main customers are energy companies and exploration operators that need a rig for a set period of time, often while developing a field or drilling an appraisal well. In this business, the value is in having a capable rig available and running reliably when customers need it. What makes Noram Drilling different is that it sits in a very specialized part of the energy supply chain. It is not an oil producer and it does not sell equipment to many different industries; it focuses on offshore drilling capacity. That makes its business model tied to rig availability, technical performance, and long-term relationships with oil and gas customers rather than to consumer demand.
Noram Drilling AS is an offshore drilling contractor. It owns and operates drilling rigs that are hired out to oil and gas companies to drill wells, mainly in shallow-water offshore areas. Its core job is to provide the rig, crew, and drilling operation needed to reach oil and gas reserves safely and efficiently.
The company makes money by signing drilling contracts and charging customers for the use of its rigs and related services. Its main customers are energy companies and exploration operators that need a rig for a set period of time, often while developing a field or drilling an appraisal well. In this business, the value is in having a capable rig available and running reliably when customers need it.
What makes Noram Drilling different is that it sits in a very specialized part of the energy supply chain. It is not an oil producer and it does not sell equipment to many different industries; it focuses on offshore drilling capacity. That makes its business model tied to rig availability, technical performance, and long-term relationships with oil and gas customers rather than to consumer demand.
Utilization: NorAm reactivated 2 rigs in the first quarter and ended with 100% fleet utilization, even as Permian rig counts fell during the quarter.
Profitability: Revenue was essentially flat at $26.2 million, but adjusted EBITDA improved to $4.5 million and net profit rose to $2.6 million.
Backlog: Backlog stood at $23.3 million, and the company said 7 rigs are contracted with major E&Ps.
Demand tone: Management said customer conversations have become more focused on longer-term contracts, with 6- to 12-month terms increasingly common.
Capital returns: NorAm paid $3.9 million in dividends in Q1 and said its 42nd consecutive monthly dividend has now been declared.
Outlook: Management sees current market conditions and tighter rig availability as supportive for pricing and contract terms, while warning that costs and equipment availability are creeping higher.
