NorAm Drilling AS Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 22, 2023 at 03:49 pm IST
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NorAm Drilling AS reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 34.97 million. Revenue was USD 34.97 million. Net income was USD 9.51 million. Basic earnings per share from continuing operations was USD 0.22. Diluted earnings per share from continuing operations was USD 0.22.
For the six months, sales was USD 67.65 million compared to USD 39.37 million a year ago. Revenue was USD 67.65 million compared to USD 39.37 million a year ago. Net income was USD 19.09 million compared to net loss of USD 7.86 million a year ago. Basic earnings per share from continuing operations was USD 0.44 compared to basic loss per share from continuing operations of USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.44 compared to diluted loss per share from continuing operations of USD 0.34 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.