NorAm Drilling Q2 revenue rises 12.3% sequentially to MUSD 29.4; adjusted EBITDA totals MUSD 6.3
XLE•Fleet utilization and backlog
Revenue rose 12.3% sequentially, with all 11 rigs under contract and operating throughout the quarter.
Fleet utilization held at 98.6%, with current revenue backlog at MUSD 30.3.
Dividends and market commentary
Paid MUSD 4.9, or NOK 1.08 per share, in monthly dividends during the quarter; declared two additional dividends post quarter-end.
CEO Marty L. Jimmerson cited a 17-rig increase in Permian counts to 258, with WTI volatility tied to the Iran war.
Second-quarter revenue and EBITDA
NorAm Drilling posted revenue of MUSD 29.4 in the second quarter, with adjusted EBITDA of MUSD 6.3.
