OSLO, Norway, Feb. 12, 2025 — BlueNord ASA (“BlueNord” or the “Company”) released its fourth-quarter and full-year 2024 financial results today. The company reported strong operational performance and a healthy financial standing at year-end. Tyra II recommenced production in November 2024 and is nearing peak production. BlueNord also announced a proposed initial shareholder distribution of USD 215 million for 2024, contingent upon the successful completion of the Tyra RBL test.

Key Highlights: 

• Q4 net hydrocarbon production: 25.9 mboepd
• Quarterly revenue: USD 193 million; full-year revenue: USD 702 million
• Pre-tax operating cash flow: USD 146 million (Q4) and USD 383 million (full year)
• Post-tax operating cash flow: USD 95 million (Q4) and USD 309 million (full year)
• Tyra II restart and production ramp-up, ending 2024 at 15 mboepd
• Successful Harald East Middle Jurassic (“HEMJ”) exploration well
• Proposed inaugural shareholder distribution of USD 215 million for 2024

Operational Performance 
BlueNord’s quarterly net hydrocarbon production reached 25.9 mboepd. Proactive optimization efforts have kept the annual natural decline rate under 4% since 2021. The HEMJ well, drilled using the Shelf Drilling Winner rig, exceeded expectations. Production commenced in December, and it’s anticipated to extend Tyra II’s peak production period.

Tyra II Update 
Tyra II reached full technical capacity on November 10, 2024, with four of six fields producing by year-end. The hub concluded 2024 at a production rate of 15 mboepd. Due to prior weather-related disruptions and minor operational issues, peak production is now projected for February 2025.

Financial Performance 
BlueNord’s strong operational results, coupled with favorable commodity prices, led to robust Q4 financials. Revenue for the quarter totaled USD 193 million, with pre-tax operating cash flow of USD 146 million. Year-end liquidity stood at USD 521 million, supporting the proposed USD 215 million shareholder distribution, payable upon successful completion of the Tyra RBL test.

“BlueNord achieved significant milestones in Q4 2024, bolstering our long-term prospects. The HEMJ well is now producing, with preliminary results exceeding pre-drill estimates by over 60%. This well has the potential to substantially extend Tyra II’s peak production and provide vital gas to Denmark and Europe. Tyra II’s production continues to increase; we are currently producing 19 mboepd net to BlueNord in February 2025. With peak production approaching and a more than doubling of DUC production year-over-year, 2025 will be transformative for BlueNord and our shareholders. We are pleased to propose our first distribution, anticipated after the Tyra completion test in late February or early March,” said Euan Shirlaw, BlueNord’s Chief Executive Officer. 

The report and investor presentation are available on the Company’s website. 

A webcast will be held today at 10:00 CET. To join the webcast:

Contact: 
Cathrine F. Torgersen, Chief Corporate Affairs Officer 
Phone: +47 915 28 501 
Email:  

This information is considered inside information under the EU Market Abuse Regulation and is subject to disclosure requirements under section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was released by Cathrine Torgersen, Chief Corporate Affairs Officer, BlueNord ASA, at the time and date indicated above. 

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