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Revenue and utilization dropped after asset sale, but debt reduction improved financial stability.

Asset sale reduced debt, but going concern risk persists amid limited backlog and contract reliance.

Q3 2025 saw higher revenue, a wider net loss, and a $480M rig sale to boost capital efficiency.

Q2 2025 delivered operational progress, cost cuts, and new contracts, but posted a $15.1M net loss.

Q1 2025 saw improved losses, strong operations, and cost cuts, but contract risk persists.

Revenue growth and contract wins offset by going concern risks for Deepsea Mira.

Revenue fell sharply as one rig was idle, but new contracts strengthen future backlog.

Refinancing, equity raise, and contract extensions position Northern Ocean for improved stability.