BlueNord Reports Strong Q1 2025 Results with Tyra Production Growth and Shareholder Returns

BlueNord ASA's Q1 2025 Financial Performance Overview

BlueNord ASA, a prominent player in the hydrocarbon sector, recently unveiled its first quarter results for 2025, showcasing an impressive operational momentum and robust financial indicators. With net hydrocarbon production reaching 29.8 mboe/d, the company demonstrated its capacity to maintain stable production levels across its major assets, namely the Dan, Gorm, and Halfdan fields. These stable production figures are crucial as they signify BlueNord's continued commitment to operational efficiency and reliability.

Key Financial Insights

During Q1 2025, BlueNord reported revenues of USD 171 million, demonstrating solid earnings backed by a comprehensive strategy that encompasses market positioning and production optimization. The EBITDA stood at USD 80 million, while the pre-tax operating cash flow was recorded at USD 70 million. After tax, the cash flow remained strong at USD 55 million. This financial stability is further accentuated by the company’s liquidity position, which concluded the quarter with USD 684 million.

Additionally, the financial report highlighted a considerable cash reserve, with USD 414 million available on the balance sheet. This robust liquidity was bolstered by a strategic release of cash held in escrow, thereby enhancing BlueNord's ability to navigate through market fluctuations and operational demands effectively.

Tyra Production Ramp-Up

The ongoing ramp-up of production at the Tyra hub has been a focal point in BlueNord's quarterly results. As of May 2025, the peak production for Tyra was approximately 26 mboe/d. The company anticipates reaching a steady plateau production around 30 mboe/d in the forthcoming weeks. Such advancements underline BlueNord's commitment to enhancing production capabilities and maximizing overall operational output.

Even as challenges arose during the restart of Tyra, which resulted in penalties on gas sales, the overall performance of BlueNord remains solid. The majority of the wells at Tyra have already been commissioned, marking significant progress towards achieving full operational capacity. The reservoir performance has exceeded initial expectations, showing promising results that emphasize the company’s meticulous focus on project execution and operational integrity.

Shareholder Returns and Future Outlook

In a move to reward its shareholders, BlueNord has proposed a distribution of USD 38 million for Q1 2025, equating to 70% of its net operating cash flow. This illustrates the company's strong commitment to delivering value to its investors, particularly as it transitions from development to operational delivery at Tyra. The anticipated distribution is set to complement a previous proposal of USD 215 million for 2024, contingent upon meeting the Required Borrowing Base Liquidity (RBL) Completion Test for Tyra.

Euan Shirlaw, Chief Executive Officer of BlueNord, articulated confidence regarding the company’s trajectory, noting that the strong production capabilities established through the base assets will support BlueNord's objectives well beyond the current market conditions. With a diversified portfolio focused on gas-weighted growth and an effective low-cost structure, BlueNord aims to navigate market volatility while ensuring sustained cash flow generation.

The CEO emphasized, “Our priority is to maximize operational value and maintain capital discipline, ensuring we deliver on our commitments to shareholder returns.” This clear intent sets a positive tone for future performance as BlueNord continues to advance its operational capabilities in a highly competitive market.

Upcoming Engagements

In conjunction with the earnings report, BlueNord will host a webcast to further discuss the financial results and future operational strategies. Investors are encouraged to engage with the company during this session to gain insights into ongoing projects and expectations for the remaining quarters of 2025.

For further information, the full report, as well as an investor presentation, is available on BlueNord’s official website. The company remains committed to transparent communication with stakeholders and maintaining a platform for open dialogue regarding its operational strategies and market outlook.

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