BlueNord Management

Management criteria checks 3/4

BlueNord's CEO is Euan Shirlaw, appointed in Nov 2021, has a tenure of 2.42 years. total yearly compensation is $1.22M, comprised of 43.6% salary and 56.4% bonuses, including company stock and options. directly owns 0.015% of the company’s shares, worth NOK2.31M. The average tenure of the management team and the board of directors is 1.9 years and 4.6 years respectively.

Key information

Euan Shirlaw

Chief executive officer

US$1.2m

Total compensation

CEO salary percentage	43.6%
CEO tenure	2.4yrs
CEO ownership	0.02%
Management average tenure	1.9yrs
Board average tenure	4.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Euan Shirlaw's remuneration changed compared to BlueNord's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$1m	US$533k	US$110m
Sep 30 2023	n/a	n/a	US$130m
Jun 30 2023	n/a	n/a	US$125m
Mar 31 2023	n/a	n/a	US$56m
Dec 31 2022	US$3m	US$470k	-US$9m
Sep 30 2022	n/a	n/a	-US$134m
Jun 30 2022	n/a	n/a	-US$119m
Mar 31 2022	n/a	n/a	-US$89m
Dec 31 2021	US$699k	US$376k	-US$53m
Sep 30 2021	n/a	n/a	-US$9m
Jun 30 2021	n/a	n/a	-US$15m
Mar 31 2021	n/a	n/a	US$32m
Dec 31 2020	US$574k	US$308k	US$17m
Sep 30 2020	n/a	n/a	US$52m
Jun 30 2020	n/a	n/a	US$226m
Mar 31 2020	n/a	n/a	US$195m
Dec 31 2019	US$515k	US$77k	US$215m

Compensation vs Market: Euan's total compensation ($USD1.22M) is below average for companies of similar size in the UK market ($USD2.27M).

Compensation vs Earnings: Euan's compensation has been consistent with company performance over the past year.

CEO

Euan Shirlaw

2.4yrs

Tenure

US$1,222,000

Compensation

Mr. Euan Shirlaw served as Chief Financial Officer of BlueNord ASA (formerly known as Norwegian Energy Company ASA) since October 1, 2019 and serves as its Chief Executive Officer since May 12, 2022 and ha...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Riulf Rustad	Executive Chairman	9.1yrs	US$500.00k	0.77% $ 115.8m
Euan Shirlaw	Chief Executive Officer	2.4yrs	US$1.22m	0.015% $ 2.3m
Jacqueline Boye	Chief Financial Officer	no data	US$643.00k	0.0021% $ 318.9k
Marianne Eide	Chief Operating Officer	1.9yrs	US$693.00k	0.016% $ 2.5m
Cathrine Torgersen	Chief Corporate Affairs Officer	less than a year	US$565.00k	0.016% $ 2.4m

1.9yrs

Average Tenure

Experienced Management: 0HTF's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Riulf Rustad	Executive Chairman	9.1yrs	US$500.00k	0.77% $ 115.8m
Robert McGuire	Director	4.1yrs	US$65.00k	no data
Marianne Lie	Director	7.9yrs	US$75.00k	0.027% $ 4.0m
Jan Lernout	Director	2.9yrs	US$65.00k	no data
Tone Omsted	Director	7.9yrs	US$65.00k	0.019% $ 2.9m
Colette Cohen	Director	4.6yrs	US$65.00k	no data
Peter Coleman	Director	2.9yrs	no data	no data

4.6yrs

Average Tenure

59.5yo

Average Age

Experienced Board: 0HTF's board of directors are considered experienced (4.6 years average tenure).

BlueNord Management

Management criteria checks 3/4

Key information

Recent management updates

BlueNord ASA Announces Promotion of Jacqueline Lindmark Boye as Chief Financial Officer

Norwegian Energy Company ASA, Annual General Meeting, Apr 25, 2023

No independent directors

Insider recently bought kr495k worth of stock

Norwegian Energy Company ASA Promotes Marianne Eide as Chief Operating Officer

No independent directors

Recent updates

Full year 2023 earnings released: EPS: US$4.22 (vs US$0.35 loss in FY 2022)

BlueNord Updates On Tyra Redevelopment Project: Opening on Valves in Nybro and Export of Gas to the Danish Market

BlueNord ASA Provides Update on Tyra Redevelopment Project

BlueNord ASA Reiterates Production Guidance for the First Quarter of 2024

BlueNord ASA Provides Update on Progress of the Tyra Redevelopment Project

New major risk - Financial position

Full year 2023 earnings released: EPS: US$3.14 (vs US$1.22 loss in FY 2022)

BlueNord ASA to Report Q4, 2023 Results on Feb 20, 2024

BlueNord ASA to Report Q3, 2024 Results on Oct 31, 2024

BlueNord ASA Reiterates Annual Production Guidance for the Year 2023

Third quarter 2023 earnings released: US$0.24 loss per share (vs US$0.47 loss in 3Q 2022)

BlueNord ASA Announces Promotion of Jacqueline Lindmark Boye as Chief Financial Officer

BlueNord ASA Reiterates Production Guidance for the Third Quarter 2023

Second quarter 2023 earnings released: EPS: US$0.74 (vs US$2.00 loss in 2Q 2022)

BlueNord ASA Announces Significant Progress on Tyra II Gas Turbine Generators

BlueNord ASA Announces Successful Spudding of the First Halfdan Tor North East Infill Well

BlueNord ASA Revises Production Guidance for the Second, Third and Fourth Quarter of 2023

BlueNord ASA Revises Production Guidance for the Second, Third and Fourth Quarter of 2023

First quarter 2023 earnings released

Full year 2022 earnings released: US$1.22 loss per share (vs US$2.21 loss in FY 2021)

Full year 2022 earnings released: US$1.22 loss per share (vs US$2.20 loss in FY 2021)

Norwegian Energy Company ASA, Annual General Meeting, Apr 25, 2023

No independent directors

Norwegian Energy Company Asa Revises Production Guidance for Fourth Quarter and Full Year 2022

Third quarter 2022 earnings released: US$0.47 loss per share (vs US$0.12 profit in 3Q 2021)

Norwegian Energy Company ASA Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2022

Norwegian Energy Company ASA Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2022

Norwegian Energy Company ASA Announces Successful Sail Away of the New Tyra II Process Module

Insider recently bought kr495k worth of stock

Norwegian Energy Company ASA Update on the Tyra Redevelopment Project

Second quarter 2022 earnings released: US$2.00 loss per share (vs US$0.80 loss in 2Q 2021)

Norwegian Energy Company ASA Promotes Marianne Eide as Chief Operating Officer

First quarter 2022 earnings released: US$1.86 loss per share (vs US$0.40 loss in 1Q 2021)

Norwegian Energy Company ASA Revises Production Guidance for the Year 2022

No independent directors

Norwegian Energy Company ASA Provides Production Guidance for the Year 2022

Full year 2021 earnings released: US$2.20 loss per share (vs US$0.70 profit in FY 2020)

Norwegian Energy Company Deleted from Other OTC

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Chief Executive Officer David Cook has left the company

Third quarter 2021 earnings released: EPS US$0.10 (vs US$0.12 loss in 3Q 2020)

No independent directors

No independent directors

Second quarter 2021 earnings released: US$0.80 loss per share (vs US$1.20 profit in 2Q 2020)

Norwegian Energy Company ASA Reports Production Results for the Second Quarter of 2021

First quarter 2021 earnings released: US$0.40 loss per share (vs US$0.60 loss in 1Q 2020)

Full year 2020 earnings released: EPS US$0.70 (vs US$14.59 in FY 2019)

Director has left the company

Norwegian Energy Company Asa Appoints John Hulme as Chief Operating Officer

New 90-day high: kr149

Full year 2020 earnings released: EPS US$0.70 (vs US$14.79 in FY 2019)

Revenue misses expectations

New 90-day high: kr149

Norwegian Energy Company ASA to Report Fiscal Year 2020 Results on Apr 20, 2021

Market bids up stock over the past week

Market bids up stock over the past week

Chief Executive Officer recently bought kr188k worth of stock

Third quarter 2020 earnings released: US$0.10 loss per share

Revenue misses expectations

Norwegian Energy Company ASA Provides Update on the Tyra Redevelopment Project

Chief Executive Officer recently bought kr237k worth of stock

Chief Executive Officer recently bought kr237k worth of stock

Norwegian Energy Company ASA Announces the Successful Installation of Two New Jackets At Tyra

Norwegian Energy Company ASA to Report Q3, 2020 Results on Nov 11, 2020

Chief Executive Officer recently bought kr504k worth of stock

CEO Compensation Analysis

CEO

Tenure

Compensation