Northern Ocean Q2 FY26 net loss narrows to $2.48 million; revenue rises to $34.08 million

Reuters2026/08/28 07:40

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Northern Ocean posted Q2 net loss of $2.48 million, narrowing from $23.14 million in Q1 as revenue rose to $34.08 million.
Operating income swung to $2.95 million from an operating loss of $22.37 million; basic loss per share improved to $0.01.
Deepsea Mira delivered 98.6% economic utilization; the Shell campaign generated about $31 million of Q2 revenue, ending July 2.
Quarter-end debt totaled $132.8 million, including $7.8 million of capitalized PIK interest; a $25 million receivables RCF was fully drawn.
The rig remained idle in Walvis Bay as of Aug. 28, with the idle period expected to extend into Q1 2027; refinancing has been initiated.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Northern Ocean Ltd. published the original content used to generate this news brief on August 28, 2026, and is solely responsible for the information contained therein.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Northern Ocean Q2 FY26 net loss narrows to $2.48 million; revenue rises to $34.08 million

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