Annonce • Jul 23
Vår Energi ASA (OB:VAR) agreed to acquire BlueNord ASA (OB:BNOR) for NOK 12.8 billion. Vår Energi ASA (OB:VAR) agreed to acquire BlueNord ASA (OB:BNOR) for NOK 12.8 billion on July 21, 2026. As part of consideration, BlueNord shareholders will as a merger consideration, receive 248.4 million new Vår Energi shares and NOK 1.964 billion ($204 million) in cash; equating to 9.7153 shares in Vår Energi and NOK 76.83 in cash as consideration for each share held in BlueNord. The transaction will strengthen Vår Energi with increased scale, cash generation and dividend capacity, while providing both Vår Energi and BlueNord shareholders with continued exposure to future value creation through ownership in Vår Energi. Vår Energi expects the transaction to be accretive on a per share basis to production, reserves, cash flow from operations and free cash flow, while increasing dividend capacity over time. The Company remains committed to its long-term dividend policy of distributing 25–30% of cash flow from operations after tax over the cycles. The transaction will be financed through the issuance 248.4 million new Vår Energi shares (representing a share issue of 9.95%), to be resolved by the Vår Energi board under the existing authorization granted by the 2026 annual general meeting and a cash consideration of NOK 1.964 billion ($204 million). Following completion, existing Vår Energi shareholders are expected to own approximately 90.95% of the shares outstanding, while BlueNord shareholders are expected to own approximately 9.05% of the shares in Vår Energi. Eni will remain long-term strategic majority shareholder with approximately 57.33% ownership post transaction.
The boards of directors of both Vår Energi and BlueNord have approved the proposed transaction and consider it to be in the best interests of each company and their respective shareholders. Completion of the transaction is subject to approval by BlueNord shareholders at an extraordinary general meeting as well as other customary conditions, including receipt of relevant regulatory and governmental approvals, absence of certain license pre-emption right exercise, required licence and partner approvals, compliance with applicable covenants and expiry of statutory waiting periods. The transaction is not subject to further due diligence or financing. Closing of the transaction is expected around the end-2026.
SpareBank 1 Markets AS acted as financial advisor for Vår Energi ASA. Barclays Bank Ireland PLC acted as financial advisor for Vår Energi ASA. Advokatfirmaet Schjødt As acted as legal advisor for Vår Energi ASA. KPMG AS acted as accountant for Vår Energi ASA. Jefferies International Limited acted as financial advisor for BlueNord ASA. Advokatfirmaet BAHR AS acted as legal advisor for BlueNord ASA. Gorrissen Federspiel Advokatpartnerselskab acted as legal advisor for BlueNord ASA. Rajesh Singhi, Jeremy Low, Akshat Bansal and Maryann Akujobi of Standard Chartered Bank provided a fairness opinion to the board of directors of BlueNord. Reported Earnings • Jul 10
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: US$276.8m (up 6.4% from 2Q 2025). Net income: US$19.1m (up 2.7% from 2Q 2025). Profit margin: 6.9% (down from 7.1% in 2Q 2025). Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.1%. New Risk • Jul 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risk Large one-off items impacting financial results. Annonce • Jun 05
Bluenord ASA Reiterates Production Guidance for the Second Quarter 2026 BlueNord ASA reiterated production guidance for the second quarter 2026. For the second quarter, The company expects production of 18-20 mboepd for the base assets and 21-26 mboepd for the Tyra hub. Annonce • May 22
Bluenord ASA Approves Dividend for the First Quarter of 2026 On 20 May 2026, BlueNord ASA board resolved to distribute the aforementioned dividend of NOK 36.17 per share in the Company with ex-date 22 May 2026. The dividend distribution is treated by the Company as a repayment of paid-in capital for Norwegian tax purposes. Board Change • May 20
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 7 non-independent directors. Director Jann Brown was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Annonce • Mar 23
Bluenord Asa Approves Dividend BlueNord ASA announced that its shareholders approved all agenda items at the extraordinary general meeting held on March 23, 2026. Following the approval, the company will pay a cash dividend of NOK 42.84 per share to shareholders of record as of March 23, 2026, with registration date on March 25, 2026. Annonce • Feb 24
BlueNord ASA Proposes Dividend for the Fourth Quarter of 2025, Payable on or About 27 March 2026 BlueNord ASA announced that at the EGM to be held on 23 March 2026, Subject to approval by the EGM, the Company shall pay a dividend of NOK 42.84 per share to shareholders as of 23 March 2026 (as registered in Euronext Securities Oslo (VPS) on 25 March 2026). Consequently, BlueNord's shares will be traded ex-dividend as of 24 March 2026. Payment date for the dividend will be on or about 27 March 2026. Annonce • Jan 03
BlueNord ASA, Annual General Meeting, May 19, 2026 BlueNord ASA, Annual General Meeting, May 19, 2026. Annonce • Nov 20
Bluenord Asa Approves Dividend BlueNord ASA announced at the EGM held on November 20, 2025, approved dividend of NOK 34.75 per share to shareholders as of 20 November 2025 (as registered in Euronext Securities Oslo (VPS) on 24 November 2025). Annonce • Oct 29
BlueNord ASA Proposes Cash Dividend the Third Quarter of 2025, Payable on or About 27 November 2025 BlueNord ASA announced that at the EGM to be held on 20 November 2025, Subject to approval by the EGM, the Company will pay a dividend of NOK 34.75 per share the third quarter of 2025, to shareholders as of 20 November 2025 (as registered in Euronext Securities Oslo (VPS) on 24 November 2025). Consequently, BlueNord's shares will be traded ex-dividend as of 21 November 2025. Payment date for the dividend will be on or about 27 November 2025, subject to registration and announcement of the above mentioned interim balance sheet in the Norwegian Register of Company Accounts. The dividend distribution is treated by the Company as repayment of paid in capital for Norwegian tax purposes. Annonce • Jul 19
BlueNord ASA Approves Dividend, Payable on 6 August 2025 BlueNord ASA resolved to declare a cash dividend payment of USD 49 million, to shareholders registered in the Company's shareholder register on 29 July 2025 (record date). Payment date is 6 August 2025. Annonce • Jul 10
Bluenord Asa Proposes Cash Dividend for the Second Quarter of 2025 BlueNord ASA Proposed cash dividend of USD 49 million for second quarter of 2025, bringing the total distributions to USD 302 million. Annonce • Jun 19
BlueNord ASA Declares Dividend, Payable on July 4, 2025 BlueNord ASA announced Pursuant to the authorization to the board of directors to pay dividends granted by the annual general meeting of the Company on 22 May 2025, the board of directors has June 14, 2025 resolved to declare a cash dividend payment of USD 203 million, NOK 76.05 per share, to shareholders registered in the Company's shareholder register on 25 June 2025 (record date). Consequently, BlueNord's shares will be traded ex-dividend as of 24 June 2025. Payment date is 4 July 2025. For Norwegian tax purposes, the dividend is considered repayment of paid-in capital. Annonce • Jun 11
BlueNord ASA Proposes Cash Distribution BlueNord ASA announced that With the Tyra Completion Test met, the Company expects to shortly declare the USD 253 million cash distribution, expected to be paid as a return of paid-in capital. Annonce • Apr 10
BlueNord ASA Announces Update on Tyra Redevelopment Project BlueNord ASA announced that Tyra II has now been successfully restarted and that full technical capacity has been achieved on the facilities. The continuation of ramp-up of production is currently ongoing. Annonce • Apr 05
BlueNord ASA Update on Tyra Redevelopment Project BlueNord ASA announced that the necessary replacement parts have successfully been delivered offshore, and installation and testing is ongoing. Full technical capacity from Tyra II is expected to be fully restored next week followed by a continuation of production ramp-up. Annonce • Mar 13
BlueNord ASA, Annual General Meeting, May 22, 2025 BlueNord ASA, Annual General Meeting, May 22, 2025. Annonce • Feb 28
BlueNord ASA Provides Update on Tyra Redevelopment Project and Tyra Completion Test BlueNord ASA announced that on 27 February, the Tyra Redevelopment Project ("Tyra II") achieved a gas export rate above 200 mmscfpd. Including associated liquids production, this corresponds to approximately 23 mboepd net to the Company. This gas export rate exceeds the threshold of 191 mmscfpd required by the RBL completion test for Tyra (the "Tyra Completion Test"). To satisfy the Tyra Completion Test, gas export must exceed 191 mmscfpd on average over a rolling 30-day period. Upon meeting the Tyra Com completion Test, BlueNord will reach an important milestone and be able to commence distributions to its shareholders. Based on current performance and the continued progress of the ramp-up phase, the Company anticipates meeting this 30-day average requirement of 191 mmscfpd in mid-March. Annonce • Feb 13
BlueNord ASA Proposes Inaugural Shareholder Distribution for 2024 BlueNord ASA proposed inaugural shareholder distribution of USD 215 million for 2024 to be made once the RBL Completion Test for Tyra is met. Annonce • Jan 12
BlueNord ASA Provides Update on Tyra Redevelopment Project BlueNord ASA announced that the Company gave an update on the Tyra Redevelopment Project (Tyra II) and expected plateau production to be reached in the second half of January 2025. The operator of the Danish Underground Consortium (DUC), TotalEnergies, is undertaking work to replace a seal on a gas compressor and Tyra II is therefore not currently running at full technical capacity, however once the work is completed the operator expects full technical capacity on the facilities. The operator has revised the time they expect to reach plateau production from 21 January 2025 to 31 January 2025, in line with BlueNord's previous communications. Annonce • Dec 19
BlueNord ASA Updates on Tyra Redevelopment Project BlueNord ASA issued an update on the progress of the Tyra Redevelopment Project ("Tyra II"). The ramp-up of Tyra II is underway, with gas production successfully re-established from three of the six fields. However, operational challenges and adverse offshore weather conditions have impacted progress and limited weather windows have delayed the reactivation of the Tyra satellite wells. The Company has been informed by TotalEnergies, the operator of the DUC, that based on current weather forecasts the timeline for reactivating all satellite wells required to achieve plateau production has been extended by approximately three weeks. As a result, plateau production is now expected to be reached in the second half of January. New Risk • Nov 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Annonce • Nov 01
BlueNord ASA Provides Update on Tyra Redevelopment Project BlueNord ASA announced that the company expected maximum technical capacity from the Tyra II facilities between 15 to 30 November 2024, followed by production ramp-up to plateau level. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.40 (vs US$0.24 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.40 (up from US$0.24 loss in 3Q 2023). Revenue: US$170.2m (down 15% from 3Q 2023). Net income: US$11.0m (up US$17.3m from 3Q 2023). Profit margin: 6.5% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Annonce • Oct 29
BlueNord ASA Announces Positive Preliminary Results on HEMJ Well Reference is made to stock exchange notice published on 17 June 2024 by BlueNord ASA about the successful spudding of the Harald East Middle Jurassic ("HEMJ") step-out well in the Eastern part of the producing field Harald. The Company announced that the well has been successfully drilled and is expected to be completed for production shortly. The well encountered 48 meters of good quality sand reservoir containing gas condensate. The well is expected to be brought on stream this year in connection with the Tyra start-up. The preliminary results from the well are promising and the volume potential will be further assessed when the well is on production. Annonce • Oct 18
BlueNord ASA Provides an Update on Tyra Redevelopment Project BlueNord ASA provided an update regarding Tyra II ("Tyra") based on information received by the operator TotalEnergies. The planned repair of the second transformer has been progressing ahead of schedule and is ready for transportation offshore to Tyra where it will be lifted back on to the processing facility followed by installation. Annonce • Oct 01
BlueNord ASA Updates Production Guidance for the Fourth Quarter of 2024 BlueNord ASA updated production guidance for the fourth quarter of 2024. For the quarter, the company expects production and ramp-up to continue into fourth quarter with maximum technical capacity reached by the end of 2024. With these assumptions, BlueNord expects Tyra production guidance of 4.0 - 6.0 mboepd, net average for fourth quarter of 2024, and with an expected December 2024 exit rate from Tyra of ca 30.0 mboepd net to the Company. Annonce • Aug 30
Bluenord Asa Updates Production Guidance for the Third Quarter of 2024 and Full Year of 2024 BlueNord ASA updated production guidance for the third quarter of 2024. For the quarter, the company expects base production of 23.0 - 25.0.
For the fourth quarter, the company expects base production of 23.0 - 25.0 . Annonce • Aug 06
Bluenord ASA Reiterates Production Guidance for the Third Quarter of 2024 BlueNord ASA reiterated production guidance for the third quarter of 2024. The company reiterates its production guidance of 29.0 mboepd - 36.0 mboepd. Board Change • Jul 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Chair of the Board Glen Rodland was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jun 18
Bluenord Announces Successful Spudding of Harald East Middle Jurassic Well BlueNord ASA announced that drilling operations on the Harald East Middle Jurassic well has commenced with the well successfully spudded by the jackup rig Shelf Drilling Winner. The HEMJ was spudded in the Harald East area, located close to the Norwegian border and the gas will be exported through the Tyra East facilities. In a success case, the well could deliver production by end of 2024. The expected gain from the well is estimated to up to 8 mmboe net to BlueNord of which approximately 80% is expected to be gas. Annonce • Jun 08
BlueNord ASA Reiterates Production Guidance for the Second Quarter of 2024 BlueNord ASA reiterated production guidance for the second quarter of 2024. The company reiterates its production guidance of 23.0 mboepd - 26.0 mboepd. Annonce • May 15
Bluenord Asa Approves Election of Glen Ole Rødland as Chair of the board BlueNord ASA approved election of Glen Ole Rødland is elected as chair of the board for a period of two years. Following this, the Board consists of: Glen Ole Rødland (chair), Robert J. McGuire (board member), Marianne Lie (board member), Tone Kristin Omsted (board member), Peter Coleman (board member). Annonce • Apr 30
BlueNord Updates on Tyra Redevelopment Project BlueNord ASA related to the operational occurrence with the IP compressor temporarily impacting the commissioning of the new Tyra facilities during the ramp-up and testing period. Continued efforts and investigations are ongoing, however, the export volumes from Tyra II are expected to be impacted for the month of May 2024. Currently, the duration of the testing program and commissioning plan for achieving the technical milestones and driving the ramp-up to 8,1 mcm/d Technical Capacity is expected to be prolonged by at least 1 month. The exact duration is to be determined pending outcome of the investigation. Reported Earnings • Apr 15
Full year 2023 earnings released: EPS: US$4.22 (vs US$0.35 loss in FY 2022) Full year 2023 results: EPS: US$4.22 (up from US$0.35 loss in FY 2022). Revenue: US$795.0m (down 18% from FY 2022). Net income: US$109.8m (up US$118.6m from FY 2022). Profit margin: 14% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Combined production Oil equivalent production: 9.1 MMboe (9.8 MMboe in FY 2022) Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 54% per year. Annonce • Mar 28
BlueNord Updates On Tyra Redevelopment Project: Opening on Valves in Nybro and Export of Gas to the Danish Market BlueNord ASA announced that the Tyra Redevelopment Project (Tyra or Tyra II) continues to progress according to plan with the valves at the Nybro Gas Treatment Plant expected to open and first gas will be exported to the Danish market from Tyra II. Reference is made to the REMIT notification issued by TotalEnergies: Postings (gashub.at). Annonce • Mar 14
BlueNord ASA Provides Update on Tyra Redevelopment Project BlueNord ASA announced that Methanol Loading has commenced on the Tyra Redevelopment Project (\"Tyra\" or \"Tyra II\") with reference made to the REMIT notification issued by TotalEnergies on 12 March 2024. Following the milestone and depending on continued progress, the expected start -up date of Tyra II is in the second half of March, with arrival of gas from Tyra II to Denmark expected between 21 - 31 March 2024. Annonce • Mar 08
BlueNord ASA Reiterates Production Guidance for the First Quarter of 2024 BlueNord ASA reiterated production guidance for the first quarter of 2024. For the quarter, the company expects production of 22.0 mboepd - 23.0 mboepd. Annonce • Feb 28
BlueNord ASA Provides Update on Progress of the Tyra Redevelopment Project BlueNord ASA provide an update on the expected timeline of the Tyra Redevelopment Project (\"Tyra\" or \"Tyra II\") with reference made to the REMIT notification issued by TotalEnergies on 28 February 2024. The Operator confirmed in its REMIT notification on 28 February that the restart of Tyra is progressing according to plan and that the testing program and continuous efforts in achieving the technical milestones associated with the preparation of the restart continue to indicate that the ramp-up from 0mcm/d. Available Capacity to the 8,1mcm/d Technical Capacity is expected to take 4 months from the restart of production of the redeveloped Tyra, including the time required to repressurize and activate the connecting gas infrastructure. The Operator also confirms that first gas is expected in March, with REMIT date maintained as 31 March, however, that the restart could, depending on project progress, be reached earlier in the second half of March. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: US$3.14 (vs US$1.22 loss in FY 2022) Full year 2023 results: EPS: US$3.14 (up from US$1.22 loss in FY 2022). Revenue: US$795.0m (down 18% from FY 2022). Net income: US$81.8m (up US$112.3m from FY 2022). Profit margin: 10% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 50% per year whereas the company’s share price has increased by 55% per year. Annonce • Jan 23
BlueNord ASA to Report Q4, 2023 Results on Feb 20, 2024 BlueNord ASA announced that they will report Q4, 2023 results on Feb 20, 2024 Annonce • Dec 06
BlueNord ASA Reiterates Annual Production Guidance for the Year 2023 BlueNord ASA reiterated annual production guidance for the year 2023. The company reiterated its annual production guidance of 24.5 - 25.0 mboepd and expects the full year production for 2023 to be in the upper range of the guidance. Reported Earnings • Oct 20
Third quarter 2023 earnings released: US$0.24 loss per share (vs US$0.47 loss in 3Q 2022) Third quarter 2023 results: US$0.24 loss per share (improved from US$0.47 loss in 3Q 2022). Revenue: US$200.2m (down 32% from 3Q 2022). Net loss: US$6.30m (loss narrowed 48% from 3Q 2022). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Aug 10
BlueNord ASA Reiterates Production Guidance for the Third Quarter 2023 BlueNord ASA reiterated production guidance for the third quarter 2023. For the quarter, the company reiterated the production guidance of 24.0 mboepd to 25.0 mboepd. Reported Earnings • Jul 13
Second quarter 2023 earnings released: EPS: US$0.74 (vs US$2.00 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.74 (up from US$2.00 loss in 2Q 2022). Revenue: US$190.7m (down 28% from 2Q 2022). Net income: US$19.4m (up US$68.7m from 2Q 2022). Profit margin: 10% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Annonce • Jul 07
BlueNord ASA Announces Significant Progress on Tyra II Gas Turbine Generators BlueNord ASA announced significant progress of the two gas turbine generators (GTGs) on Tyra II which have now been powered up. Once Tyra II is producing again, the two gas turbine generators will, on a continuous basis and with the highest environmental standards, convert natural gas to mechanical energy, enabling production and export from the Tyra field. In addition, a third GTG will be on stand-by. The powering up of the two gas turbine generators marks a crucial step towards first gas, and the next step for the GTGs to be available for continuous operations is completion of the installation of the sea water lift pumps. The second GTG was powered up a month ahead of schedule, and further safeguards first gas from Tyra II in December 2023. Annonce • Jun 13
BlueNord ASA Announces Successful Spudding of the First Halfdan Tor North East Infill Well BlueNord ASA announced that drilling operations on the HBA-27B well has commenced with first well successfully spudded by the jackup rig Shelf Drilling Winner. This is the first of two infill wells to be drilled during 2023 in the Tor reservoir in the Halfdan North East area. Following the spudding, drilling activities will continue for the next months, and the well is scheduled to be on stream during autumn this year and is expected to have an initial peak production rate of 3 mboe/day net to BlueNord where approximately 75% is gas. Annonce • Jun 09
BlueNord ASA Revises Production Guidance for the Second, Third and Fourth Quarter of 2023 BlueNord ASA revised production guidance for the second, third and fourth quarter of 2023. For the second quarter, the company now expects production guidance of 22.5 mboepd - 23.5 mboepd against previous guidance of 20.0 mboepd - 21.5 mboepd.For the third quarter, the company now expects production guidance of 24.0 mboepd - 25.0 mboepd against previous guidance of 22.5 mboepd - 24.0 mboepd.For the fourth quarter, the company now expects production guidance of 26.0 mboepd - 27.0 mboepd against previous guidance of 24.5 mboepd - 26.0 mboepd. Reported Earnings • May 10
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$220.5m (up 23% from 1Q 2022). Net income: US$41.6m (up US$86.5m from 1Q 2022). Profit margin: 19% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 173 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2022 earnings released: US$1.22 loss per share (vs US$2.21 loss in FY 2021) Full year 2022 results: US$1.22 loss per share (improved from US$2.21 loss in FY 2021). Revenue: US$966.9m (up 71% from FY 2021). Net loss: US$30.5m (loss narrowed 43% from FY 2021). Oil sales price Average sales price/bbl (hedged): US$75.50 Gas sales price Average sales price/mcf (hedged): US$30.18 Combined production and costs Oil equivalent production: 9.8 MMboe (9.8 MMboe in FY 2021) Average production cost/Boe: US$31.60 (US$30.20/Boe in FY 2021) Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 167 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
Full year 2022 earnings released: US$1.22 loss per share (vs US$2.20 loss in FY 2021) Full year 2022 results: US$1.22 loss per share (improved from US$2.20 loss in FY 2021). Revenue: US$966.9m (up 71% from FY 2021). Net loss: US$30.5m (loss narrowed 43% from FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 146 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Jan Lernout was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Oct 28
Norwegian Energy Company Asa Revises Production Guidance for Fourth Quarter and Full Year 2022 Norwegian Energy Company ASA revised production guidance for fourth quarter and full year 2022. The company have narrowed range for fourth quarter to between 26,000 and 27,000 boe per day. For the year the company have also removed some downside in full year '22 range, which is now between 26,500 and 27,000 boe per day. Reported Earnings • Oct 27
Third quarter 2022 earnings released: US$0.47 loss per share (vs US$0.12 profit in 3Q 2021) Third quarter 2022 results: US$0.47 loss per share (down from US$0.12 profit in 3Q 2021). Revenue: US$293.5m (up 95% from 3Q 2021). Net loss: US$12.0m (down US$15.0m from profit in 3Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 4.8% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. Annonce • Sep 07
Norwegian Energy Company ASA Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2022 Norwegian Energy Company ASA provided production guidance for the third quarter, fourth quarter and full year of 2022. For the third quarter, the company expected production of 24.0 mboepd - 25.0 mboepd compared to 21.0 mboepd - 24.0 mboepd prior guidance.For the fourth quarter, the company expected production of 25.5 mboepd - 27.5 mboepd compared to 23.0 mboepd - 26.0 mboepd prior guidance.For the year, the company expected production of 25.5 mboepd - 27.0 mboepd compared to 24.5 mboepd - 26.5 mboepd prior guidance. Annonce • Sep 01
Norwegian Energy Company ASA Announces Successful Sail Away of the New Tyra II Process Module Norwegian Energy Company ASA announced the successful sail away of the new Tyra II process module (the "TEG"), 10.15am local time, from Batam, Indonesia. The process module was fabricated at the McDermott yard in Batam by McDermott and TotalEnergies, and heavy transport vessel GPO Emerald will safely sail the 17,000 metric tons unit to the Tyra field in the Danish North Sea, a voyage of 8,700 miles taking approximately one month. Upon arrival at the Tyra field, the process module will be lifted and installed by the larger crane vessel, Sleipnir. The sail away is an important milestone for the entire project as it marks the conclusion of yard fabrication and allows remaining focus to be on further optimising the offshore hook-up and commissioning work towards first gas from Tyra II. At peak, the TEG will be able to process 300 million standard cubic feet gas per day which will be coming from both Tyra and five unmanned satellite fields. Redeveloped Tyra will be a critical contributor in safeguarding access to natural gas for both Denmark and the European Union for decades to come. Recent Insider Transactions • Aug 10
Insider recently bought €51k worth of stock On the 8th of August, Cathrine Torgersen bought around 2k shares on-market at roughly €33.74 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Annonce • Aug 04
Norwegian Energy Company ASA Update on the Tyra Redevelopment Project Norwegian Energy Company ASA published an update on the Tyra Redevelopment Project with the first gas date being revised by the operator of the Danish Underground Consortium, TotalEnergies, to Winter 2023 /2024. The revision has been driven by global supply chain challenges that have impacted the extent to which fabrication work on the process module has been completed in the yard in Batam. While the sail-away of the TEG will be a positive milestone that marks the end of Tyra II's onshore fabrication phase, it will depart with additional work required to be completed offshore in order to achieve first gas. Additionally, the operator of the Project has revised its plan for the ongoing hook-up and commissioning phase. Based on the strength of Noreco's underlying business, with three producing hubs that are significantly cash generative in the current environment, the Company is fully funded based on current estimates and with a capital structure that continues to be set to deliver Tyra II based on the revised forecasts. Process Module: TEG: Seven out of eight modules are already installed offshore and the TEG has been the only remaining module where onshore fabrication is still ongoing. With load-out of the process module beginning this week, the module will leave McDermott's yard in Batam in an incomplete state with approximately 580,000 hours of remaining work, where the operator expects approximately 165,000 hours are required to reach first gas. The Carry-Over work is mainly caused by the overall performance at the yard where overhang from COVID-19 has challenged the quality and progress, and the operator's efforts in mitigating actions have proved not to be sufficiently effective. The sail away of the module remains on schedule and is expected in early September where the TEG will be transported directly to the Tyra field by heavy lift vessel GPO Emerald followed by a lift and installation by Heerema's Sleipinir. Offshore Hook-Up and Commissioning: Although TotalEnergies has focused on optimising the ongoing offshore activities at the Tyra field, progress is below the original plan and will be further impacted by the carry-over scope of the arriving TEG. As such, offshore productivity assumptions have been revisited with several identified areas of potential improvements and learnings which should have an overall positive effect on the Offshore Hook-Up and Commissioning performance going forward. Revised Start-Up of Tyra II: The final stage of the yard fabrication is now complete with seven out of eight modules in place. As a result, TotalEnergies has revised the planning towards first gas according to the status of TEG at sail away. The operator has concluded that time schedule of the original planned work scope is no longer achievable and the probabilistic range of first gas dates for Tyra II is as follows: P10: October 2023; P50: December 2023; and P90: March 2024. Budget: As a result of the schedule change, the expenditure budget for Tyra II is expected to rise. While the operator is in the process of preparing a formal budget for approval by the DUC partnership, TotalEnergies have indicated that they expect a gross budget to first gas of c. DKK 24.0 billion and to Project completion of DKK 25.7 billion. Net to Noreco, the remaining expenditure to reach first gas is approximately USD 300 million which implies a net increase to first gas of approximately USD 120 million compared to previous budget. The increase in budget is mainly related to higher expected costs on the hook-up & commissioning and project management. The Company has in H1 2022 delivered strong results and is in a robust financial position. The cash generation from Dan, Gorm and Halfdan is significant and during Second Quarter 2022 the Company delivered revenues of USD 265 million and EBITDA of USD 167 million. This is mainly a result of high operational performance of all the three hubs and a favourable commodity price environment. Noreco remains fully funded to deliver Tyra based on current estimates, with significant headroom under the financial covenants of the Company's debt instruments. With the remaining work of the Tyra Redevelopment Project being carried out locally at the Tyra field in Denmark by the operator, Noreco expects a higher transparency of the Project's performance and intends to update the market on a regular basis on relevant progress and milestones. Reported Earnings • Jul 13
Second quarter 2022 earnings released: US$2.00 loss per share (vs US$0.80 loss in 2Q 2021) Second quarter 2022 results: US$2.00 loss per share (down from US$0.80 loss in 2Q 2021). Revenue: US$264.6m (up 96% from 2Q 2021). Net loss: US$49.3m (loss widened 147% from 2Q 2021). Over the next year, revenue is forecast to grow 40%, compared to a 52% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2022 earnings released: US$1.86 loss per share (vs US$0.40 loss in 1Q 2021) First quarter 2022 results: US$1.86 loss per share (down from US$0.40 loss in 1Q 2021). Revenue: US$179.0m (up 71% from 1Q 2021). Net loss: US$44.9m (loss widened 399% from 1Q 2021). Over the next year, revenue is forecast to grow 3.3%, compared to a 67% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • May 10
Norwegian Energy Company ASA Revises Production Guidance for the Year 2022 Norwegian Energy Company ASA revised production guidance for year 2022. For the year, the company raised its yearly production guidance to 24.5 - 26.5 mboepd. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Bob McGuire was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 20
Norwegian Energy Company ASA Provides Production Guidance for the Year 2022 Norwegian Energy Company ASA provided production guidance for the year 2022 . For the year, the company expected production of 23.5 - 25.5 mboepd. Reported Earnings • Apr 13
Full year 2021 earnings released: US$2.20 loss per share (vs US$0.70 profit in FY 2020) Full year 2021 results: US$2.20 loss per share (down from US$0.70 profit in FY 2020). Revenue: US$565.0m (flat on FY 2020). Net loss: US$53.0m (down 412% from profit in FY 2020). Oil sales price Average sales price/bbl (hedged): US$57.80 Gas sales price Average sales price/mcf (hedged): US$10.25 Combined production and costs Oil equivalent production: 9.8 MMboe (10.4 MMboe in FY 2020) Average production cost/Boe: US$30.20 (US$26.60/Boe in FY 2020) Over the next year, revenue is forecast to grow 8.4%, compared to a 51% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Annonce • Apr 01
Norwegian Energy Company Deleted from Other OTC Norwegian Energy Company ASA's Stavenger Shs (Norway) have been deleted from Other OTC effective March 31, 2022. The deletion was due to inactive security. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$2.20 loss per share (down from US$0.70 profit in FY 2020). Revenue: US$565.0m (flat on FY 2020). Net loss: US$53.0m (down 412% from profit in FY 2020). Revenue exceeded analyst estimates by 24%. Over the next year, revenue is forecast to grow 6.9%, compared to a 67% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Executive Departure • Dec 01
Chief Executive Officer David Cook has left the company On the 29th of November, David Cook was replaced as CEO by Euan Shirlaw after 1.4 years in the role. We don't have any record of a personal shareholding under David's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.08 years, which is considered inexperienced in the Simply Wall St Risk Model. Under David's leadership, the company delivered a total shareholder return of 2.8%. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.10 (vs US$0.12 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$150.0m (down 4.5% from 3Q 2020). Net income: US$3.00m (up US$6.00m from 3Q 2020). Profit margin: 2.0% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.