BlueNord Reports Strong Growth in Q2 and Proposes Cash Dividend Amid Rising Tyra Contributions
BlueNord Reports Strong Financial Results in Q2 2025
BlueNord ASA has officially announced its financial results for the second quarter and the first half of 2025, showcasing impressive growth and continued positive momentum from its Tyra hub. The company's net hydrocarbon production came in at 37.8 thousand barrels of oil equivalent per day (mboe/d) in Q2, marking a remarkable 52% increase in revenues, which reached $260 million. This substantial growth can be attributed to robust base production and a significant uptick in contributions from the Tyra hub, which has proven to be a game-changer for BlueNord.
The company reported an EBITDA of $133 million, representing a 66% increase from the previous quarter, and an operating cash flow of $70 million. The liquidity position also remains strong, with a total of $718 million available, enabling BlueNord to maintain its trajectory of growth and shareholder value enhancement. To further bolster its commitment to returning cash to shareholders, BlueNord proposed a cash dividend of $49 million for Q2 2025, which would bring total distributions to a staggering $302 million.
Operational Highlights
The operational performance has remained stable across its base assets, particularly within the Dan, Gorm, and Halfdan fields. Consistent with previous guidance, these assets have delivered robust performances. Meanwhile, the Tyra hub has achieved a peak production rate of approximately 28 mboe/d, significantly boosting the company's financial performance. The successful completion of the Tyra Completion Test under the Reserve Based Lending facility is an essential milestone, reinforcing the reservoir’s strong performance.
BlueNord’s ongoing strategy focuses on enhancing operational efficiency and maintaining stable operations to secure future cash flows. The Tyra hub's consistent contributions highlight its importance to the overall operational portfolio.
Financial Strategies and Future Outlook
Financially, BlueNord's results reflect both a strong performance from its existing assets and the impactful contribution of the Tyra hub. Following the successful completion of the Tyra Completion Test, the company made its first cash distribution to shareholders of $203 million on July 4, 2025. To further solidify its financial health, BlueNord is set to launch a share buyback program of up to $50 million next week. Additionally, with the refinancing of the BNOR15 convertible bond through a new USD 300 million hybrid bond issue, the company aims to eliminate potential future equity dilution and enhance shareholder value.
Euan Shirlaw, BlueNord's CEO, highlighted the importance of Q2 2025, stating, “We have made significant progress in delivering the full value of the Tyra hub, declared our first distribution, and refinanced an instrument to eliminate significant potential equity dilution. Our production has increased more than 90% quarter-on-quarter, demonstrating the hub’s capability to drive profitability and cash flow.” He emphasized the company's ongoing commitment to maximising cash flow while returning a significant portion to shareholders.
The company maintains a robust capital structure, a low-cost production profile, and a long-term investment horizon, all of which position BlueNord to continue delivering sustainable value to its stakeholders.
Looking Ahead
With a successful Q2 behind them, BlueNord ASA is set to host a webcast presentation to delve deeper into these results and outline future plans. Investors can access the report and additional information through the company's official website. As the company continues on its growth trajectory, all eyes will be on the next moves of the Tyra hub and its contribution to BlueNord's bottom line in the months and quarters to come.