BlueNord Announces First Quarter 2025 Results: Tyra Production Ramp-Up Continues and Second Distribution to Shareholders Proposed

OSLO, Norway, May 14, 2025 /PRNewswire/ — BlueNord ASA (“BlueNord” or the “Company”) today published its first quarter 2025 results, highlighting robust base production, continued progress at the Tyra hub and a strong liquidity position of USD 684 million. In addition, BlueNord is proposing its second shareholder distribution of USD 38 million for Q1 2025. This is expected to be declared and paid alongside the USD 215 million proposed distribution for 2024 once the RBL Completion Test for Tyra is met.

Highlights:           

• Net hydrocarbon production of 29.8 mboe/d in Q1           
• Revenues of USD 171 million for the quarter and EBITDA of USD 80 million           
• Pre-Tax Operating Cash Flow of USD 70 million for the quarter           
• Post-Tax Operating Cash Flow of USD 55 million for the quarter          
• Strong liquidity position at quarter end of USD 684 million and cash on balance sheet of USD 414 million following release of cash in escrow           
• Attractive hedges added during the quarter at favourable prices for 2025 and 2026, further securing future cashflow from the Company’s operational portfolio           
• Proposed shareholder distribution of USD 38 million for Q1 2025           
• Full technical capacity on Tyra during Q1 with final phase of ramp-up progressing           
• Net 2P Reserves at 194 mmboe and a Reserves Replacement Ratio of 189%

Operational            
The base assets, Dan, Gorm and Halfdan continued their stable and reliable production and delivered within guidance. Following the success of the HEMJ well which will extend plateau from Tyra significantly, the need for near-term infill wells to fill production capacity is reduced, and as such, the partners in the DUC have decided to optimise the drilling schedule of infill wells. This will reduce near-term cost and defer infill activities from 2025 to 2026/2027. 

Tyra
Tyra ramp-up is progressing and has to date achieved a peak production of c.26 mboe/d net to BlueNord with plateau production of c.30 mboe/d expected in May 2025. Reservoir performance has been strong and, while 91% of the wells have now been commissioned, current production is being delivered by less than 50% of the total well stock. 

Financial
The stable production from the base assets continued to contribute to the financial performance, while lower than expected volumes from Tyra, due to operational occurrences during the restart, resulted in penalties on gas sales. However, with Tyra in its final phase, restricted cash on escrow of USD 158 million was released during the quarter, resulting in a robust liquidity position of USD 684 million and cash on balance sheet of USD 414 million. In addition, the Company took advantage of the favourable commodity price sentiment during the quarter and added hedges on gas and oil for 2025 and 2026 at attractive prices. 

“BlueNord entered 2025 with strong operational momentum, having seen Tyra reach maximum technical capacity in the fourth quarter of 2024. While Dan, Halfdan, and Gorm have continued their track record of stable, predictable production in line with guidance, reaching plateau at Tyra has taken longer than expected. That said, we are now in a strong position with a positive outlook. In early May, Tyra production net to BlueNord peaked at over 26 mboe/d, with underlying reservoir performance continuing to exceed expectations. Together with the operator, our focus is on achieving stable operations and maximising operational efficiency at a hub that will support BlueNord’s business through at least 2042. 

The transition of Tyra from development to delivery sets the stage for meaningful shareholder returns. For the first quarter of 2025, we are proposing a $38 million distribution, representing 70% of net operating cashflow. With a resilient portfolio of gas-weighted growth, low-cost structure, and strengthened liquidity, BlueNord is well positioned to deliver sustainable cashflow, even amidst commodity market volatility. Our focus remains clear: to maximise operational value, maintain capital discipline, and deliver on our core commitment to shareholder returns,” said Euan Shirlaw, Chief Executive Officer of BlueNord.

The report and investor presentation may be downloaded from the Company’s website www.bluenord.com or www.newsweb.no.

The Company will host a webcast today at 10:00 CEST. To join webcast:
https://channel.royalcast.com/landingpage/hegnarmedia/20250514_4/

Contact:
Cathrine F. Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: [email protected] 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrine Torgersen, Chief Corporate Affairs Officer, BlueNord ASA, at the date and time as set out above.

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