BlueNord ASA

Earnings Release • Oct 29, 2025

BlueNord Announces Third Quarter 2025: Robust Results & Proposed Cash Dividend for the Quarter

BlueNord Announces Third Quarter 2025: Robust Results & Proposed Cash Dividend for the Quarter

Oslo, 29 October 2025: BlueNord ASA ("BlueNord" or the "Company") today

published its third quarter 2025 results, delivering another quarter of robust

operational and financial performance.  As a result, BlueNord is proposing a

cash dividend of USD 89 million for Q3 2025, bringing the total returns to

shareholders year-to-date to USD 391 million.

Highlights for Q3 2025:

·    Net hydrocarbon production of 39.1 mboepd (37.8mboepd in Q2 2025)

·    Revenues of USD 246 million (USD 260 million in Q2 2025)

·    EBITDA of USD 131 million (USD 133 million in Q2 2025)

·    Operating cash flow of USD 128.5 million, up more than 80% from Q2 2025

·    Proposed cash dividend for the quarter of USD 89 million

·    Strong liquidity position of USD 447 million

Operational

Dan, Gorm and Halfdan produced 20.2 mboepd during the quarter. Tyra continued

its ramp up, averaging 18.9 mboepd during the quarter and reaching its highest

average monthly production since restart at 22.0 mboepd in September. As

production from the Tyra hub continues to increase, it is making a significant

contribution to the Company's financial results. Reservoir performance remains

strong, with ongoing efforts focused on maintaining stable operations and

further improving operational efficiency.

Financial

Supported by the strong contribution from the Tyra hub and solid performance

from the base assets, operating cashflow increased significantly quarter-on

-quarter to USD 128.5 million in Q3, up from USD 71.2 million in the previous

quarter. During the quarter, the Company distributed a total of USD 302 million

based on the 2024 and H1 2025 results, including USD 50 million in the form of

share buybacks. Liquidity remains robust, with cash on balance sheet and undrawn

RBL capacity of USD 447 million at the quarter end. Reflecting the continued

strengthening of both operational and financial performance during Q3, the

Company is proposing a cash dividend for third quarter of USD 89 million,

representing the top end of the distribution policy range of 50 - 70% of

operating cashflow.

"The third quarter of 2025 marks a clear shift for BlueNord as we enter into the

harvesting phase of the business. With Tyra now delivering strong and growing

production, we are seeing the full benefit of the investments made over the past

few years translate into higher cash flow and profitability.  During the

quarter, we returned USD 302 million to shareholders, including USD 252 million

in cash dividends and USD 50 million through share buybacks, and we are now

proposing a further USD 89 million dividend for Q3, bringing total shareholder

returns this year to USD 391 million.  Supported by our strong balance sheet,

low-cost production base and an attractive long-term activity set within our

portfolio, we remain fully committed to delivering on our stated strategy of

maximising cash returns to 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 CET.

To join webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20251029_3/

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.