BlueNord Announces Second Quarter and First Half 2026 Results and Declares Cash Dividend for the Quarter
BlueNord Announces Second Quarter and First Half 2026 Results and Declares Cash Dividend for the Quarter |
| [09-July-2026] |
OSLO, Norway, July 9, 2026 /PRNewswire/ -- BlueNord ASA ("BlueNord" or the "Company") has today announced its financial results for the second quarter and first half of 2026, delivering record net cash flow from operating activities in a period of significant market volatility. As a result, BlueNord has declared a cash dividend of USD 174 million for Q2 2026, at the top end of our distribution policy range and the Company's largest quarterly distribution to date. Highlights:
Operational BlueNord delivered a total net production of 37.2 mboepd in the second quarter of 2026, reflecting the planned maintenance shutdowns at both the Tyra and Gorm hubs during the quarter. The Tyra hub produced 19.3 mboepd, with the planned June shutdown successfully completed and the full work scope executed. Following the restart, Tyra exited the quarter producing at record gas rates above 250 mmscf/d and is currently producing above 28 mboepd net to BlueNord. The Company expects steady-state performance to be delivered for the second half of 2026. The base assets (Dan, Gorm and Halfdan hubs) averaged 17.9 mboepd, with the annual full-field shutdown at Gorm completed during May. With the planned Q2 maintenance activity now complete, the Company currently delivers a total production above 47 mboepd providing strong momentum into the third quarter, where production is guided at 42.0-49.0 mboepd. Financials Revenue for the quarter was USD 277 million, reflecting lower production during the shutdown period, partially offset by strong commodity prices. EBITDA was USD 147 million, with net operating cash flow reaching a record USD 249 million. Unit operating costs were temporarily higher as a result of the planned shutdown activity and are expected to return to target levels in the second half of 2026. The Company's hedge portfolio provides downside protection through to the end of 2026. During the quarter, the Company successfully issued BNOR18, a USD 400 million 5-year senior unsecured bond maturing in 2031. The transaction was multiple times oversubscribed and attractively priced at 7.875 percent, with net proceeds used primarily to refinance the USD 300 million BNOR16 senior unsecured bond, reducing the Company's cost of borrowing and extending its maturity profile. The terms of the new bond, including its distribution covenants, provide increased flexibility. Reflecting the strong cash generation in Q2, the Company has declared a cash dividend for the second quarter of USD 174 million, at the top end of the distribution policy range of 50-70% of operating cash flow and a record quarterly dividend, bringing total paid and declared distributions to date to USD 780 million. "The second quarter of 2026 demonstrates the resilience of BlueNord's business, with record quarterly net operating cashflow and dividend delivered in a period of significant market volatility. The planned Tyra shutdown was completed with the full work scope successfully executed, and the hub is now producing at record rates, providing strong momentum into a second half in which we expect higher operational efficiency and further production growth. During the quarter we also completed the refinancing of BNOR16, reducing our cost of borrowing and providing additional flexibility ahead of the new distribution policy we intend to communicate later this year. As operational performance strengthens into the second half, our priority remains unchanged: converting this into cash and returning it to our 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. The Company will host a webcast today at 10:00 CEST. To join webcast: https://qcnl.tv/p/Hr1IcAJVGmuiYeouvVvs9w Contact: This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrine Torgersen, Chief Corporate Affairs Officer, BlueNord ASA, at the date and time as set out above. This information was brought to you by Cision http://news.cision.com The following files are available for download:
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Company Codes: Bloomberg:BNOR@NO,ISIN:NO0010379266,Oslo:BNOR,RICS:BNOR.OL |
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