OKEA ASA

Earnings Release • Nov 4, 2025

OKEA ASA - Third quarter 2025 financial results

OKEA ASA - Third quarter 2025 financial results

(Trondheim, 4 November 2025) - In the third quarter of 2025, OKEA ASA (OSE:

OKEA) delivered operating income of USD 224 (206) million and EBITDA of USD 117

(98) million. The net loss of USD 37 (21) million was heavily impacted by

impairments with a post-tax effect of USD 47 (32) million. Net cash position was

at solid USD 123 (42) million. Based on continued solid production, guidance for

2025 is increased to 32 - 33 kboepd.

(Amounts in parentheses refer to previous quarter)

"We continue to deliver on and above plan on our operated assets and made a

significant discovery with the Talisker exploration well at Brage. Production

was solid, with the additional volumes produced from the new Sognefjord East

well on Brage offsetting planned maintenance at other assets. On the other hand,

the quarterly result is adversely impacted by reserve reductions and increased

future cost estimates at Statfjord and reserve reduction in the Hasselmus

tieback to Draugen. Thisresulted in impairments on Statfjord and Draugenassets

which significantly impacts the bottom line for the third quarter", stated OKEA

CEO, Svein J. Liknes.

Third quarter 2025 summary

Net production was 31.7 (31.7) kboepd. Production from the new Sognefjord East

well at Brage offset the impact of maintenance on other assets.

Sold volumes amounted to 36.3 (33.0) kboepd  The average realised crude price

was USD 70.6 (68.4) per boe. Average realised NGL price was USD 41.2 (47.0) per

boe, resulting in an average realised liquids price of USD 65.3 (63.1) per boe.

The average realised price for gas was USD 65.7 (71.4) per boe, of which a gain

of USD 4.6 (5.6) per boe was attributable to hedging. Total operating income

amounted to USD 224 (206) million.

Total operating expenses amounted to USD 77 (74) million, corresponding to USD

24.5 (23.5) per boe. The increased cost was mainly due to maintenance work at

Statfjord, Gjøa/Nova and Draugen. Changes in over-/underlift positions and

production inventory resulted in an expense of USD 19 (8) million as sold

volumes exceeded produced volumes.

Impairments of oil and gas assets of USD 133 (0) million on Statfjord and

technical goodwill of USD 18 (32) million mainly due to reduced recoverable

reserves at Draugen and Statfjord as well as future cost reductions considered

less likely on Statfjord. Related post-tax effect was USD 47 (32) million.

Tax income was USD 62 (expense 26) million, and net loss after tax ended at USD

37 (21) million.

Cash flow generated from operations was a solid USD 186 (7) million, and cash

and cash equivalents ended at USD 377 (423) million. In addition to the cash

balance, USD 42 (41) million was placed in money market funds. Following

settlement of the USD 125 million OKEA04 bond loan in July, interest-bearing

bond loans was reduced to USD 295 (422) million, which brings the net cash

position up to USD 123 (42) million.

Updated guidance

Based on continued solid production, production guidance for 2025 is increased

and narrowed to 32-33 kboepd from 30-32 kboepd. Production guidance for 2026

remain unchanged at 31-35 kboepd. Capex guidance for 2025 and 2026 remain

unchanged at USD 350 - 380 million and USD 300 - 360 million respectively.

Webcast and audio conference

A presentation of the results will be held today through a webcast and audio

conference starting 10:00 CET. The presentation will be held by Svein J. Liknes

(CEO) and Birte Norheim (CFO).

The webcast can be followed at www.okea.no

or OKEA Webcast

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Dial in details for the audio conference:

NO: +47 2195 6342

DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:

Stig Hognestad, VP Investor Relations

stig.hognestad@okea.no

+47 902 59 040

About OKEA

OKEA ASA is a leading mid- and late-life operator on the Norwegian continental

shelf (NCS). OKEA finds value where others divest and has an ambitious strategy

built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no