ShaMaran Boosts Earnings on Kurdistan Pipeline Restart, Eyes Oslo Listing
Event summary
- ShaMaran's Q4 2025 revenue surged 57% YoY to $54.7M on Kurdistan pipeline restart
- Adjusted EBITDAX rose 71% YoY to $39.9M in Q4 2025
- Shareholders to vote March 10, 2026 on moving primary listing to Oslo
- Atrush block debottlenecking increased capacity to 40,000 bopd
- Company repaid $56.1M of corporate bond, extended maturity to July 2029
The big picture
ShaMaran's improved financial performance reflects the strategic importance of the Kurdistan pipeline restart, which has enabled higher international pricing and payment certainty. The proposed Oslo listing aligns with broader trends of energy companies seeking more liquid European markets amid shifting geopolitical dynamics. With $154.9M in full-year 2025 revenue, ShaMaran is positioning itself for growth while navigating the complex regulatory environment of Iraqi Kurdistan.
What we're watching
- Geopolitical Stability
- How regional security impacts ShaMaran's ability to 'drill-to-fill' Atrush capacity
- Governance Dynamics
- Whether Oslo listing attracts new investors and increases trading liquidity
- Financial Flexibility
- The pace at which ShaMaran can reduce net debt ($104.7M as of March 4, 2026)
Related topics