BlueNord has announced its financial results for the fourth quarter and full year of 2025, delivering another quarter of robust operational and financial performance. As a result, BlueNord is proposing a cash dividend of USD 115 million for Q4 2025, representing 70 percent of net cash flow from operating activities for the period.
Highlights:
- Net hydrocarbon production of 42.4 mboepd (39.1 mboepd in Q3 2025)
- Revenues of USD 270 million (USD 246 million in Q3 2025)
- Lifting cost of USD 13 per boe, in line with steady-state post-Tyra guidance
- EBITDA of USD 186 million (USD 131 million in Q3 2025)
- Operating cash flow of USD 168 million (USD 128.5 million in Q3 2025)
- Proposed cash dividend for the quarter of USD 115 million, with total paid and proposed distributions in 2025 exceeding USD 500 million
- Halfdan North and Valdemar Bo South development projects being reworked to enhance returns, with lower expected annual capital expenditure of USD 100-150 million over 2027-2030
- Refinancing of existing RBL agreed and expected to close imminently, extending maturity to 31 December 2031 with no amortisation until end 2028
- Strong liquidity position of USD 493 million based on revised RBL facility
Operational
BlueNord delivered total net production of 42.4 mboepd in the fourth quarter of 2025, within the guidance range of 42.0-50.0 mboepd and representing the highest quarterly production in the Company's history. The performance reflects continued ramp-up at the Tyra hub alongside stable contribution from the base assets.
At Tyra, a planned shutdown in October was successfully completed, improving efficiency and reducing unplanned shutdowns. Production performance improved through the quarter and had stabilised by late November. December production averaged 25.1 mboepd net to BlueNord, marking the highest monthly production since restart.
The base assets (Dan, Gorm and Halfdan hubs) averaged 21.7 mboepd, in line with expectations.
In line with the Company's disciplined approach to capital allocation, both the Halfdan North and Valdemar Bo South development projects are currently being reworked to enhance returns. As a result, BlueNord now expects lower annual capital expenditure, including both development and maintenance spending, of approximately USD 100-150 million over the period 2027 to 2030.
On 22 February 2026, the Company announced that it had received an invitation from the Danish Ministry of Climate, Energy and Utilities to explore a potential extension of the current DUC license from 2042 to 2050. An extension would support European energy security and strengthen the long-term production horizon of the asset base.
Financials
Revenue for the quarter was USD 270 million, supported by higher production and a strong contribution from Tyra. EBITDA increased to USD 186 million, reflecting lower per unit operating costs with an average lifting cost during the quarter of USD 13 per boe. Operating cash flow increased to USD 168 million.
Subsequent to quarter-end, the Company agreed a refinancing of its USD 1.4 billion reserve-based lending facility ("RBL"). The refinanced facility, expected to close imminently, will mature on 31 December 2031 with amortisations commencing on 31 December 2028. Reflecting the continued strong performance in Q4, the Company is proposing a cash dividend for the fourth quarter of USD 115 million, at the top end of the distribution policy range of 50-70% of operating cash flow. This brings total paid and proposed distributions to date to over USD 500 million.
'The fourth quarter of 2025 delivered strong operational and financial performance, with the highest quarterly production in BlueNord's history. We are also announcing our largest quarterly distribution to date of USD 115 million, underscoring our continued progress in translating production growth into meaningful shareholder returns. While Tyra has not yet reached steady-state operations or plateau production, we are seeing encouraging progress from the operator and remain confident in the trajectory. We expect this to support increasing production through the first half of 2026. Across the broader portfolio, we continue to take a disciplined approach to capital allocation, prioritising value over volume. The Halfdan North project has been reworked, Valdemar Bo South is under re-evaluation, and a rig tender has recently been launched for infill wells planned in 2027. Our focus through 2026 remains firmly on maximising shareholder distributions. From 2027, we intend to introduce an updated distribution framework built on the same principles, supported by lower capital expenditure and the benefit of tax losses expected to be utilised towards the end of that year. BlueNord remains well positioned to deliver sustainable and growing 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
