OB:NORAMEnergy Services
NorAm Drilling (OB:NORAM) Stock Rides Near Full Utilization As Costs Climb
NorAm Drilling stock closed at NOK45.75 on Wednesday after a mixed few months, with a modest gain over 30 days but pressure over 90 days. The reaction meets a quarter that puts hard numbers behind the high quality, super spec rig story. Q2 revenue reached US$29.4m and net income came in at US$4.2m, helped by 98.6% rig utilization and a debt free balance sheet. For investors, the headline is simple: this was an execution and margin quarter, not just a day rate or oil price trade.
Is NorAm...