OSLO, Norway, Feb. 20, 2024 /PRNewswire/ — BlueNord ASA (“BlueNord” or the “Company”) today published its fourth quarter and full-year 2023 results. The Company delivered strong operational and financial performance during the quarter, resulting in significant achievements. In addition, Tyra II has entered its final stages, and the first production is expected in March 2024, marking a significant step-change in BlueNord’s business. The Company has announced its Distribution Policy today. The policy has a clear intention to maximize near-term capital returns while maintaining a conservative balance sheet.
Here are the significant highlights from the report:
– Fourth quarter and full-year net hydrocarbon production of 24.9 mboepd
– Revenues of $184 million for the quarter and $795 million for the full year
– Operating Cash Flow in the quarter of $104 million and $480 million for 2023 with net cash flow of $250 million
– Tyra Redevelopment Project entering its final stages with first gas expected in March 2024
– Announcement of Distribution Policy for 2024 to 2026 with 50 – 70% of operational cashflow intended to be returned to BlueNord’s shareholders during the period
Operational performance was strong. Net hydrocarbon production for the quarter was 24.9 mboepd, which is at the upper end of the annual guidance range of 24.5 – 25.0 mboepd. BlueNord’s proactive optimization work has successfully mitigated the natural decline since 2021, with the company delivering at or above its guidance for 12 consecutive quarters.
Tyra II, BlueNord’s Redevelopment project, has made significant progress and has entered its final stages. The safety and emergency systems are being thoroughly tested to ensure that they are fully functional. First gas from Tyra II is expected on 31 March 2024.
The Distribution Policy for 2024 to 2026 that has been announced by BlueNord intends to return 50 – 70% of operational cashflow to the Company’s shareholders. This is a tangible step toward delivering against the Company’s commitment to delivering shareholder returns.
BlueNord expects to re-set its capital structure in 2024, including the ongoing refinancing of the Company’s Reserve Based Lending facility (the “RBL”). Subject to the completion of Tyra II according to the current timeline, the first distribution is expected to be made by BlueNord in Q3 2024. BlueNord also plans to download the report and the investor presentation from the Company’s website http://www.bluenord.com or from http://www.newsweb.no.
BlueNord will host a webcast today at 10:00 CET. To join the webcast, please visit: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240220_4.
Contact:
Cathrine F. Torgersen
Chief Corporate Affairs Officer
Phone: +47 915 28 501
This information is considered to be inside information pursuant to the EU Market Abuse Regulation. The stock exchange announcement was published by Catherine Torgersen, Chief Corporate Affairs Officer, BlueNord ASA, at the date and time set out above.
Source link
