Norway's NorAm Drilling Q1 revenue rises as fleet utilization improves

Noram Drilling AS

27/05/2026 17:11

Overview
Norway drilling rig operator's Q1 revenue rose as fleet utilization reached 90.3%
Company achieved 100% fleet utilization by quarter end as two idle rigs returned to operation
Company paid MUSD 3.9 mln in dividends during Q1 and declared two more after quarter end

Outlook
Company did not provide specific guidance for the current qtr or full yr

Result Drivers
FLEET UTILIZATION - Return of two idle rigs drove fleet utilization to 100% by quarter end, per CEO Marty L. Jimmerson
OPERATIONAL PERFORMANCE - Company said rigs continue to rank among top performers in U.S. shale market measured in feet drilled per day
COST BASE - Company cited industry-low cost base and zero debt as supporting shareholder returns despite challenging market conditions

Company press release: ID:nObifl57Ka

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
MUSD 26.20 mln
MUSD 24.90 mln (2 Analysts)
Q1 Adjusted EBITDA
Miss
MUSD 4.50 mln
MUSD 4.76 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 NOK49.00, about 3% below its May 27 closing price of NOK50.50
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)