BlueNord ASA

Capital/Financing Update • Jun 26, 2025

BlueNord ASA: Successful Placement of Subordinated Hybrid Bond Issue

BlueNord ASA: Successful Placement of Subordinated Hybrid Bond Issue

Oslo, 26 June 2025: Reference is made to the stock exchange notice published by

BlueNord ASA (OSE: BNOR) ("BlueNord" or the "Company") on 23 June 2025. BlueNord

has successfully placed a new USD 300 million subordinated callable hybrid bond

issue with maturity in 2085. The hybrid bond will have the first call at 100% of

nominal value and coupon step up after 4.5 years. The new bond will carry a

fixed interest rate of 12% per annum, payable semi-annually in arrears.

"The successful placement of a hybrid bond marks a key milestone in the

evolution of BlueNord's capital structure. This instrument allows us to

refinance the convertible bond raised during our entry into the DUC in 2019,

while preserving our financial flexibility and removing the equity dilution

associated with BNOR15's mandatory conversion. With Tyra fully onstream, we have

a robust outlook for both production and cash flow while maintaining a

disciplined and resilient balance sheet.  This is an important step forward for

the Company, and we look forward to continuing to deliver for all our

stakeholders," said Euan Shirlaw, Chief Executive Officer of BlueNord.

Settlement is expected on or about 10 July 2025, subject to customary conditions

precedent, including required consents from the lenders in the Company's USD 1.4

billion reserve based lending facility. An application will be made to list the

bonds on the Oslo Stock Exchange. Net proceeds from the bond issue will be used

to refinance any outstanding parts of the Company's existing subordinated

convertible bonds with ISIN NO 0012780867 ("BNOR15"), and the Company intends to

exercise a clean-up call under BNOR15 given the threshold for outstanding bonds

has been met, thereby redeeming any remaining BNOR15 bonds in full.

Arctic Securities AS, Clarksons Securities AS, DNB Carnegie, a part of DNB Bank

ASA and Pareto Securities AS acted as Joint Bookrunners in connection with the

hybrid bond issue whereas ABN AMRO Bank N.V, Fearnley Securities AS and

Sparebank 1 Markets AS acted as Co-Managers. Advokatfirmaet BAHR AS has been

engaged as legal advisor of the Company. Advokatfirmaet Thommessen AS is acting

as legal advisor to the managers.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.

***

Contact:

Cathrine Torgersen, Chief Corporate Affairs Officer

Phone: +47 915 28 501

Email: cathrine.torgersen@bluenord.com

About BlueNord ASA

BlueNord is a strategically important European oil and gas company that

specialises in producing and developing energy resources, and in activities

which support the energy transition. The Company has a 36.8 percent interest in

the Danish Underground Consortium (DUC) that is responsible for oil and gas

production in the Danish North Sea. BlueNord is listed on the Oslo Stock

Exchange and trades under the ticker "BNOR". For further information, please

visit: www.bluenord.com.