BlueNord ASA

Earnings Release • Jul 10, 2025

BlueNord Announces Second Quarter and First Half 2025: Increased Contribution from Tyra & Proposing Cash Dividend for the Quarter

BlueNord Announces Second Quarter and First Half 2025: Increased Contribution from Tyra & Proposing Cash Dividend for the Quarter

Oslo, 10 July 2025: BlueNord ASA ("BlueNord" or the "Company") today published

its second quarter and First Half 2025 results, highlighting robust base

production, continued progress and significant increased contribution from the

Tyra hub and a strong liquidity position of USD 718 million. In addition,

BlueNord is proposing a cash dividend of USD 49 million for Q2 2025, bringing

the total distributions to USD 302 million.

Highlights:

· Net hydrocarbon production of 37.8 mboe/d in Q2

· Revenues of USD 260 million which is up 52% quarter-on-quarter

· EBITDA of USD 133 million, 66% higher than previous quarter

· Operating Cash Flow of USD 70 million for the quarter

· BNOR15 successfully refinanced with USD 300 million BNOR17, removing future

equity dilution for shareholders

· Attractive hedges added during the quarter at favourable prices for 2026 and

2027, further securing future cashflow from the Company's operational portfolio

· Proposed cash dividend of USD 49 million for Q2 2025

Operational

Dan, Gorm and Halfdan continued their stable and reliable production performance

and delivered within guidance.  The Tyra ramp-up is progressing well, having

reached a peak production rate of c.28 mboe/d net to BlueNord, and the hub is

now contributing significantly to the Company's financial results. During the

quarter, the Tyra Completion Test under the Reserve Based Lending facility was

successfully met.  Reservoir performance remains strong, and the focus remains

on ensuring stable operations and improving operational efficiency.

Financial

Stable production from the base assets continued to support strong financial

performance, while the contribution from the Tyra hub increased significantly

quarter-on-quarter. With the Tyra Completion Test met, the Company paid its

first cash distribution to shareholders of USD 203 million on 4 July 2025, and

will launch a share buyback programme of up to USD 50 million early next week.

In addition, the Company successfully refinanced the BNOR15 convertible bond

with a new USD 300 million hybrid bond issue, eliminating potential future

equity dilution and enhancing shareholder value.

"The second quarter of 2025 has been pivotal for BlueNord: not only have we made

significant progress in delivering the full value of the Tyra hub, we also

declared our first distribution and refinanced an instrument to eliminate

significant potential equity dilution.  As Tyra continues to move towards

operating at steady-state levels, our production has increased more than 90%

quarter-on-quarter and the hub is driving significant increases in profitability

and cash flow.  Our strategy remains clear: maximise cash flow from our

producing asset base and return a substantial portion of that to shareholders.

Backed by a robust capital structure, a low-cost production profile, and a long

horizon for further investment, BlueNord continues to be well positioned to

deliver sustainable value to all stakeholders," 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://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250710_2

Contact:

Cathrine F. Torgersen, Chief Corporate Affairs Officer

Phone: +47 915 28 501

Email: cathrine.torgersen@bluenord.com

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.

***

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 operates in the Danish NorthSea

with a 36.8 percent interest in the Danish Underground Consortium (DUC).

BlueNord is listed on the Oslo Stock Exchange and trades under the ticker"BNOR".

For further information, please visit: www.bluenord.