NorAm Drilling AS Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 04:42 pm EST
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NorAm Drilling AS reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 26.61 million compared to USD 26.54 million a year ago. Revenue was USD 26.61 million compared to USD 26.54 million a year ago. Net income was USD 2.04 million compared to USD 1.54 million a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to basic loss per share from continuing operations of USD 0.07 a year ago. Diluted earnings per share from continuing operations was USD 0.05 compared to diluted loss per share from continuing operations of USD 0.07 a year ago.
For the nine months, sales was USD 94.26 million compared to USD 65.91 million a year ago. Revenue was USD 94.26 million compared to USD 65.91 million a year ago. Net income was USD 21.14 million compared to net loss of USD 6.32 million a year ago. Basic earnings per share from continuing operations was USD 0.49 compared to basic loss per share from continuing operations of USD 0.27 a year ago. Diluted earnings per share from continuing operations was USD 0.48 compared to diluted loss per share from continuing operations of USD 0.27 a year ago.
Noram Drilling AS, formerly NorAm Drilling Company AS, is a Norway-based drilling operator. The Company owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the biggest oil producing region in North America. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. NorAm focuses solely on the US land drilling market and has established a solid foothold in the lower US, with operating experience in Louisiana, New Mexico, Oklahoma and Texas. All eleven rigs are operating in Texas in the Permian Basin.