BlueNord has published its Second Quarter and First Half 2025 results, highlighting robust base production, continued progress and significant increased contribution from the Tyra hub and a strong liquidity position of USD 718 million. In addition, BlueNord is proposing a cash dividend of USD 49 million for Q2 2025, bringing the total distributions to USD 302 million.
Highlights:
- Net hydrocarbon production of 37.8 mboe/d in Q2
- Revenues of USD 260 million which is up 52% quarter-on-quarter
- EBITDA of USD 133 million, 66% higher than previous quarter
- Operating Cash Flow of USD 70 million for the quarter
- BNOR15 successfully refinanced with USD 300 million BNOR17, removing future equity dilution for shareholders
- Attractive hedges added during the quarter at favourable prices for 2026 and 2027, further securing future cashflow from the Company's operational portfolio
- Proposed cash dividend of USD 49 million for Q2 2025
Operational
Dan, Gorm and Halfdan continued their stable and reliable production performance and delivered within guidance. The Tyra ramp-up is progressing well, having reached a peak production rate of c.28 mboe/d net to BlueNord, and the hub is now contributing significantly to the Company’s financial results. During the quarter, the Tyra Completion Test under the Reserve Based Lending facility was successfully met. Reservoir performance remains strong, and the focus remains on ensuring stable operations and improving operational efficiency.
Financial
Stable production from the base assets continued to support strong financial performance, while the contribution from the Tyra hub increased significantly quarter-on-quarter. With the Tyra Completion Test met, the Company paid its first cash distribution to shareholders of USD 203 million on 4 July 2025, and will launch a share buyback programme of up to USD 50 million early next week. In addition, the Company successfully refinanced the BNOR15 convertible bond with a new USD 300 million hybrid bond issue, eliminating potential future equity dilution and enhancing shareholder value.
'The second quarter of 2025 has been pivotal for BlueNord: not only have we made significant progress in delivering the full value of the Tyra hub, we also declared our first distribution and refinanced an instrument to eliminate significant potential equity dilution. As Tyra continues to move towards operating at steady-state levels, our production has increased more than 90% quarter-on-quarter and the hub is driving significant increases in profitability and cash flow. Our strategy remains clear: maximise cash flow from our producing asset base and return a substantial portion of that to shareholders. Backed by a robust capital structure, a low-cost production profile, and a long horizon for further investment, BlueNord continues to be well positioned to deliver sustainable value to all stakeholders,' said Euan Shirlaw, Chief Executive Officer of BlueNord.
The report and investor presentation may be downloaded from the Company's website www.bluenord.com or www.newsweb.no. The Company will host a webcast today at 10:00 CEST. To join webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250710_2
Source: BlueNord
