Norway's NorAm Drilling Q2 revenue rises sequentially on rigs efficiency

Noram Drilling AS

25/08/2026 18:18

Overview
Norway drilling rig operator's Q2 revenue rose 12.3% sequentially
Adjusted EBITDA for Q2 was $6.3 mln
Company paid $4.9 mln in dividends during the quarter

Outlook
Company did not provide specific financial guidance for the current or upcoming periods

Result Drivers
FULL FLEET UTILIZATION - All 11 rigs remained under contract and operational throughout the quarter, supporting revenue growth
PERMIAN BASIN ACTIVITY - Increased rig counts in the Permian Basin, driven primarily by private E&Ps, contributed to higher demand
OPERATIONAL EFFICIENCY - Rigs ranked among top performers in U.S. shale market measured in feet drilled per day

Company press release: ID:nObiqn2r2a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$29.40 mln
$28.80 mln (2 Analysts)
Q2 Adjusted EBITDA
 
$6.30 mln
$6.69 mln (2 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas drilling peer group is "buy."
Wall Street's median 12-month price target for Noram Drilling AS is NOK53.00, about 13.9% above its August 25 closing price of NOK46.55
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
Aug 24 - Exxon turns to automated drilling in the Permian in push for higher oil output
Aug 25 - China Oilfield Services H1 revenue, net income rise, helped by North Sea drilling strength
Aug 24 - BW Offshore posts Q2 loss, cuts 2026 EBITDA outlook on BW Opal delay

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)