BlueNord has published its third quarter 2025 results, delivering another quarter of robust operational and financial performance. As a result, BlueNord is proposing a cash dividend of USD 89 million for Q3 2025, bringing the total returns to shareholders year-to-date to USD 391 million.
Highlights for Q3 2025:
- Net hydrocarbon production of 39.1 mboepd (37.8mboepd in Q2 2025)
- Revenues of USD 246 million (USD 260 million in Q2 2025)
- EBITDA of USD 131 million (USD 133 million in Q2 2025)
- Operating cash flow of USD 128.5 million, up more than 80% from Q2 2025
- Proposed cash dividend for the quarter of USD 89 million
- Strong liquidity position of USD 447 million
Operational
Dan, Gorm and Halfdan produced 20.2 mboepd during the quarter. Tyra continued its ramp up, averaging 18.9 mboepd during the quarter and reaching its highest average monthly production since restart at 22.0 mboepd in September. As production from the Tyra hub continues to increase, it is making a significant contribution to the Company's financial results. Reservoir performance remains strong, with ongoing efforts focused on maintaining stable operations and further improving operational efficiency.
Financial
Supported by the strong contribution from the Tyra hub and solid performance from the base assets, operating cashflow increased significantly quarter-on -quarter to USD 128.5 million in Q3, up from USD 71.2 million in the previous quarter. During the quarter, the Company distributed a total of USD 302 million based on the 2024 and H1 2025 results, including USD 50 million in the form of share buybacks. Liquidity remains robust, with cash on balance sheet and undrawn RBL capacity of USD 447 million at the quarter end. Reflecting the continued strengthening of both operational and financial performance during Q3, the Company is proposing a cash dividend for third quarter of USD 89 million, representing the top end of the distribution policy range of 50 - 70% of operating cashflow.
'The third quarter of 2025 marks a clear shift for BlueNord as we enter into the harvesting phase of the business. With Tyra now delivering strong and growing production, we are seeing the full benefit of the investments made over the past few years translate into higher cash flow and profitability. During the quarter, we returned USD 302 million to shareholders, including USD 252 million in cash dividends and USD 50 million through share buybacks, and we are now proposing a further USD 89 million dividend for Q3, bringing total shareholder returns this year to USD 391 million. Supported by our strong balance sheet, low-cost production base and an attractive long-term activity set within our portfolio, we remain fully committed to delivering on our stated strategy of maximising cash returns to shareholders,' 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.
Source: BlueNord
