Northern Ocean

NOL.OL

Oil & Gas Drilling · Energy

Also trades as: NTNOF

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Northern Ocean Ltd. is an offshore drilling company based in Bermuda and listed on the Oslo Stock Exchange. It owns and operates semi-submersible drilling rigs, which are large floating platforms used to drill for oil and gas in deep water. Its main customers are major oil companies that hire these rigs on contract to explore and develop offshore energy fields, primarily in harsh environments like the North Sea and Norwegian Continental Shelf.

The company earns money by leasing its rigs to oil companies under day-rate contracts, meaning customers pay a fixed daily fee while the rig is working. Northern Ocean operates a small fleet, making it more vulnerable than larger drillers to downtime between contracts. The negative margins reflect the high fixed costs of running and maintaining deepwater rigs, which can sit idle between jobs. The key risk is that day rates and rig utilization depend heavily on oil prices and the willingness of energy companies to approve new offshore drilling projects.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-77.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-31.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

54.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~9 months

kr 28M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Northern Ocean has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-154.4%

Thin — -154.4% gross margin

Profit after running costs

Operating Margin

-168.6%

Losing money on operations — -168.6%

Return on the money invested

ROCE

-17.1%

Weak — -17.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-0.7%

Shrinking sales (-0.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-29.7%

Burning cash (-29.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.31

Conservative — low debt load (0.31)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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