NorAm Drilling

In April 2026, the company operated all 11 rigs at 99% utilization. As of May 11, 2026, 100% of available rig days in May were contracted, with a backlog of approximately USD 16.6 million beyond that month.

In October 2026, the company operated all 11 rigs at 99% utilization. As of November 10, 2026, 91% of available rig days in November were contracted, with one rig transitioning to a pad-to-pad contract for a new customer.

NorAm’s Q1 2022 revenue was MUSD 17.1 (up from MUSD 10.2 in Q1 2021), with an operating loss of MUSD 2.9 (up from MUSD 2.7) and EBITDA of MUSD 1.7 (down from MUSD 1.9). Revenue growth resulted from higher dayrates, while losses widened due to rig reactivation and stacking costs.

• Revenue increased to $22.3 million or 30.4% compared to the first quarter of 2022 • EBITDA increased to $4.1 million, or 228% compared to the first quarter of 2022 • Fleet utilization increased to 95% compared to 79% in the first quarter 2022 • Average base dayrate increased 8.5% compared to the first quarter 2022 • Current revenue backlog of $50 million

For more information: https://otc.nfmf.no/public/news/20532.pdf

NorAm Drilling reports improved financial results for Q2 2026, driven by sustained demand for drilling rigs. The company highlights continued operational activity across its fleet, supporting revenue growth in the oilfield services sector. Management attributes performance to strong customer engagement and efficient resource deployment.

Aug 2026Investing.comNews article

NorAm Drilling reports higher Q2 revenue compared to the previous quarter, driven by improved rig efficiency. The company operates in Norway’s offshore drilling sector, where operational improvements contribute to financial growth.

Aug 2026ReutersNews article

NorAm Drilling reports operational improvements in Q1 2026 while revenue remains unchanged. The company highlights efficiency gains and cost management as key drivers, though revenue stability reflects ongoing market conditions. Executives emphasize disciplined capital allocation and operational execution despite flat top-line performance.

May 2026Investing.comNews article

NorAm Drilling AS operates **9 out of 11 rigs** under contract as of February 10, 2026, with **82% of available rig days** in the month already contracted. In January 2026, the company maintained an **88% rig utilization rate** with **10 out of 11 rigs** employed. The update highlights ongoing demand for drilling services amid strong contract execution.

Feb 2026ReutersNews article