NorAm Drilling publishes 2025 annual report

  • NorAm Drilling AS published its 2025 annual report, highlighting softer US land rig demand that weighed on utilization despite relatively stable Permian dayrates.
  • Fleet held at 11 super-spec rigs in the Permian Basin, with all rigs under contract as of May 27, 2026.
  • Monthly dividend program continued, extending a run of consecutive payouts since December 2022, with additional distributions made after year-end.
  • Depreciation profile shifted following a reassessment that extended rig useful lives to 10 years, lowering reported depreciation expense.
  • Management flagged oil-price volatility tied to the 2026 Iran war, tariffs, and OPEC+ supply plans as key swing factors for 2026 activity.


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