BlueNord ASA has released its financial results for the first quarter of 2025, showcasing strong base production, ongoing advancements at the Tyra hub, and a solid liquidity position of US$684 million.
The company has also proposed a second distribution to shareholders amounting to US$38 million for the first quarter of 2025, expected to be declared and paid alongside the previously proposed US$215 million distribution for 2024, contingent upon the completion of the RBL Test for Tyra.
The company’s base assets — Dan, Gorm, and Halfdan — continue to deliver stable production within guidance.
The successful HEMJ well has reduced the immediate need for infill wells, allowing partners to optimise the drilling schedule and defer activities from 2025 to 2026/2027, thus reducing near-term costs.
The ramp-up at Tyra is ongoing, with peak production reaching approximately 26 mboe/d net to BlueNord and expected plateau production of around 30 mboe/d in May 2025.
While 91 per cent of the wells have been commissioned, current output is sourced from less than half of the total well stock, indicating strong reservoir performance.
Stable production from the base assets has positively influenced the company’s financial outcomes.
However, lower-than-expected volumes from Tyra during the restart led to penalties on gas sales.
The release of US$158 million in restricted cash from escrow has bolstered liquidity, ensuring a robust position moving forward.
The company has also capitalised on favourable commodity prices to secure hedges for gas and oil for 2025 and 2026.
“Our strong operational momentum as we entered 2025 has been pivotal. While reaching plateau production at Tyra has taken longer than anticipated, we are now well-positioned for future growth.
“In early May, Tyra production peaked at over 26 mboe/d, with reservoir performance exceeding expectations.
“Our partnership with the operator remains focused on achieving stable operations and maximising efficiency at this critical hub, which will support BlueNord’s business through at least 2042,” stated Euan Shirlaw, Chief Executive Officer of BlueNord.
The transition of Tyra from development to delivery marks a promising phase for shareholder returns.
The proposed US$38 million distribution, representing 70 per cent of net operating cash flow, underscores BlueNord’s commitment to delivering sustainable cash flow amid market volatility.
