Northern Ocean Ltd. (NOL.OL,NTNOF), an oil and gas drilling company, reported Friday narrower net loss for the third quarter compared to last year reflecting higher revenues.
Looking ahead, Arne Jacobse, CEO, stated, "We view 2026 as a transition year for the harsh-environment market, with tightening supply of modern units and increased visibility on future drilling programs. Against this backdrop, we expect key long-term contracts for 2027 and beyond to be tendered and awarded during 2026, and believe Deepsea Mira is well positioned to compete for these opportunities."
The company expects to complete the proposed $480 million cash sale of Deepsea Bollsta to an Odfjell Drilling subsidiary in mid-December 2025.
In the third quarter, the company's net loss from continuing operations narrowed to $25.89 million from loss of $35.89 million in the earlier year.
For the three-month period, net loss from continuing operations per share was $0.09, compared to a loss of $0.19 a year ago.
Northern Ocean's total operating revenue climbed to $57.44 million from $39.87 million for the comparable period last year.
The company's contract revenue was $55.92 million, higher than $37.80 million in the prior year.
The firm's reimbursable revenue, meanwhile, declined to $1.45 million from $2.04 million in the prior-year quarter.
On the Oslo Stock Exchange, the shares closed on Thursday's regular trading at 8.11 kroner.
In the OTC market, NTNOF's shares closed on Thursday's regular trading at $0.60.
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