BlueNord Shatters Records with Q1 Performance, Boosting Dividends and European Energy Supply

OSLO, Norway – May 04, 2026 – BlueNord ASA today unveiled a landmark first quarter for 2026, reporting the highest production levels in its history and proposing a substantial USD 100 million cash dividend for shareholders. The stellar performance, driven by the successful and accelerating ramp-up of the critical Tyra hub in the Danish North Sea, underscores the company's robust operational health and its growing strategic importance in a volatile European energy landscape.

The Oslo-based oil and gas firm announced net hydrocarbon production of 43.1 thousand barrels of oil equivalent per day (mboepd), a new company record. This surge in output translated directly to the bottom line, with revenues climbing to USD 318 million and EBITDA reaching USD 201 million for the quarter. The impressive results have prompted the company to propose a dividend at the top end of its distribution policy, representing 70 percent of its net cash flow from operating activities.

A Record-Breaking Quarter

BlueNord's financial and operational metrics for the first quarter of 2026 paint a picture of a company hitting its stride. The net production of 43.1 mboepd not only surpassed the 42.2 mboepd from the previous quarter but also landed comfortably within its quarterly guidance, signaling operational stability. This increased output, coupled with strong commodity prices, propelled revenues to USD 318 million, a significant jump from USD 270 million in Q4 2025.

The strong performance has been met with positive sentiment from the financial markets, where a consensus of analysts holds a "Buy" rating on the company's stock. The proposed USD 100 million dividend is a clear signal of BlueNord's confidence in its cash-generating capabilities and its firm commitment to delivering shareholder returns. This distribution is underpinned by a net operating cash flow of USD 141 million for the period and a formidable liquidity position of USD 460 million at the quarter's end.

Tyra's Triumph: The Engine of Growth

The driving force behind BlueNord's success is the revitalized Tyra hub, which delivered its highest quarterly contribution since its restart, averaging 22.9 mboepd. The redeveloped hub, a cornerstone of Denmark's energy infrastructure, is proving its worth after a multi-year modernization project.

A pivotal achievement in the quarter was the successful execution of a 'walk-to-work' campaign in March. This intensive operational effort brought approximately 80% of Tyra's total well stock onstream, significantly increasing the available well potential and paving the way for future production growth. The company expects output from Tyra to continue increasing through the second half of the year as the operator, TotalEnergies, works to resolve remaining constraints and unlock the hub's full potential.

The strategic value of Tyra extends far beyond BlueNord's balance sheet. Once fully operational, the hub is projected to produce enough natural gas to meet the annual consumption of 1.5 million Danish households for 15 years, drastically reducing the nation's reliance on imported energy.

Fortifying the Balance Sheet for the Long Term

Alongside its operational achievements, BlueNord has been actively managing its capital structure to ensure long-term stability and financial flexibility. During the quarter, the company successfully refinanced its USD 1.4 billion reserve-based lending (RBL) facility. This crucial maneuver extended the debt's maturity to the end of 2031 and, critically, deferred any amortization payments until the end of 2028, providing significant financial headroom.

Further demonstrating its proactive financial strategy, BlueNord announced it is contemplating a refinancing of its BNOR16 bond, a USD 300 million senior unsecured instrument. The company has scheduled meetings with fixed-income investors to explore this possibility, aiming to align its capital structure with its strengthening business fundamentals. These strategic financial moves, combined with hedging programs that protect against price downside while retaining upside exposure, fortify the company's ability to navigate market fluctuations and sustain its shareholder return policy.

Bolstering Europe's Energy Security

The timing of BlueNord's production surge carries significant geopolitical weight. In the company's announcement, CEO Euan Shirlaw highlighted the strategic importance of this output in a world of heightened uncertainty.

"The current environment of heightened geopolitical uncertainty, including the ongoing Iran conflict, underlines the strategic importance of reliable European energy supply," Shirlaw stated. "Danish oil and gas production continues to play a critical role in supporting regional energy security, providing stable, lower-emission and domestically sourced volumes that reduce reliance on imported alternatives."

This sentiment is echoed by the Danish government itself. In a significant development, the government has invited BlueNord and its partners in the Danish Underground Consortium (DUC) to explore an extension of their production license beyond its current 2042 expiry. This invitation is particularly noteworthy as it signals potential flexibility within the framework of Denmark's 2020 North Sea Agreement, which had previously set a 2050 end-date for all Danish oil and gas production. The move suggests a pragmatic recognition of the need for stable, domestic energy sources to ensure regional stability during the long-term energy transition.

An extension would secure the long-term production horizon for BlueNord's core assets, encouraging continued investment and solidifying its role as a key contributor to both the Danish economy and Europe's broader energy independence. As the Tyra hub continues to ramp up and with a supportive policy environment taking shape, BlueNord appears well-positioned to deliver value to both its shareholders and the wider European community for years to come.