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OKEA ASA
Quarterly Report • Nov 4, 2025
3701_rns_2025-11-04_c988860f-4dd6-497d-a9f2-bd373224fef3.pdf
Quarterly Report
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Quarterly report Q3 2025
Third quarter 2025
Highlights and key figures
(Figures in brackets refer to previous quarter)
Cash from operations Capital expenditure Leverage ratio
Production Operating income EBITDA
kboepd USD million USD million
31.7 224 117
(31.7) (206) (98)
186 100 -0.1
USD million USD million Net debt / EBITDA
(7) (83) (0.1)
Operational performance
- Continued strong production at 31.7 (31.7) kboepd
- Production efficiency of 91 (93)%; reduction due to planned maintenance at Gjøa/Nova and Ivar Aasen
- Production increase of 42% from Brage with Sognefjord East in production
- Lower production from Gjøa/Nova and Draugen mainly due to planned maintenance
- TRIF increased to 2.2 (1.6) mainly due to an LTI
Financial performance
- Petroleum revenues of USD 218 (196) million
- EBITDA of USD 117 (98) million
- Pre-tax impairments of USD 151 (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.
- Net loss post-tax of USD 37 (21) million
- Net cash position of USD 123 (42) million
Portfolio development
- Discoveries made in the Talisker Statfjord and Cook formations; exploration and appraisal wells drilled from Brage topside
- Farmed into the PL 1153 license (20% WI), located 35 km from the Gjøa platform, containing the Alpehumle prospect. Planned drilled in 2026
- Applications for APA2025 submitted
- Bestla development project progressing according to plan; drilling operations commenced in August with first of two wells completed
- All subsea power cable activities successfully completed for the Power from Shore project; several major components installed
Message from the CEO
I am pleased to report another quarter with high activity, where we continue to deliver on and above plan on our operated assets. Production was solid, with the additional volumes produced from the Sognefjord East well on Brage offsetting planned maintenance at Draugen and Gjøa/Nova. The Sognefjord East well is an excellent illustration of the fast-track and low-cost potential around Brage with production-start less than two years from discovery.
I am also excited about the exploration success with the significant Talisker discoveries of 16-33 mmboe, yet again demonstrating the further potential around Brage. We are now working to mature development plan to convert the discoveries into production.
The financial results for the third quarter were significantly impacted by impairments on the Statfjord and Draugen assets. Our efforts to improve the operational performance at Statfjord have thus far yielded mixed results. While we remain aligned with the operator on the overall asset strategy, we continue to engage actively to identify and implement measures to improve operational robustness and value generation from Statfjord.
Progress on our development projects are good. The Bestla project is progressing according to plan with drilling of one of two wells completed and Brage facilities upgrade ramping up. The Power from Shore project at Draugen has also ramped up to full capacity offshore and several major components were lifted onboard and installed during the quarter. Onshore facilities are progressing according to plan for completion mid 2026.
At balance sheet date, OKEA is in a net cash position of USD 123 million and has no debt maturities until May 2028.
Svein J. Liknes
Chief Executive Officer
Statement of comprehensive income
| Amounts in USD million | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | 2024 |
|---|---|---|---|---|---|
| Total operating income | 224 | 206 | 273 | 701 | 1,050 |
| Total operating expenses | -321 | -199 | -74 | -678 | -587 |
| Profit/loss (-) before income tax | -100 | 5 | 202 | 27 | 426 |
| Net profit / loss (-) | -37 | -21 | 26 | -37 | 36 |
| EBITDA 1 | 117 | 98 | 184 | 397 | 690 |
| EBITDAX | 124 | 118 | 188 | 435 | 731 |
| NOK/USD period average exchange rate | 10.10 | 10.30 | 10.71 | 10.49 | 10.74 |
Total operating income of USD 224 (206) million comprises:
- Petroleum revenues of USD 218 (196) million. The increase was due to higher volumes sold and higher realised crude prices, partly offset by lower realised gas and NGL prices. Sold volumes increased to 36,280 (32,979) boepd. The realised crude price averaged USD 70.6 (68.4) per boe. NGL constituted 13% (14%) of sold volumes with an average realised price of USD 40.6 (41.2) per boe, bringing the average realised liquids price to USD 65.3 (63.1) per boe. The average realised price for natural gas amounted to USD 65.7 (71.4) per boe, of which a gain of USD 4.6 (5.6) per boe was attributable to hedging.
- Other operating income of USD 5 (10) million mainly related to net tariff income at Gjøa and Statfjord of USD 5 (5) million. A change in the fair value of contingent considerations was due to increased forward prices for the remaining months of 2025 and resulted in an expense of USD 1 (income of 3) million.
Total operating expenses of USD 321 (199) million comprises:
- Production expenses of USD 77 (74) million, corresponding to USD 24.5 (23.5) per boe. The increase in cost was mainly due to maintenance work at Statfjord, Gjøa/Nova and Ivar Aasen.
- Changes in over-/underlift positions and production inventory resulted in an expense of USD 19 (8) million as sold volumes exceeded produced volumes.
- Depreciation of USD 64 (58) million relate to depreciation of oil and gas properties.
- Impairments of oil and gas assets of USD 133 (0) million on Statfjord and technical goodwill of USD 18 (32) million mainly on Draugen and Statfjord were due to a reduction of recoverable reserves and future cost reductions considered less likely at Statfjord and a reduction in reserve estimates at Draugen.
- Exploration and evaluation expenses of USD 7 (21) million, mainly relating to purchase of seismic of USD 4 (10) million.
- General and administrative expenses of USD 3 (6) million.
Net profit/loss (-) of USD -37 (-21) million comprises:
- Profit/loss (-) from operating activities of USD -98 (7) million.
- Net financial expense of USD 2 (3) million, of which USD 10 (20) million relate to finance cost, partly offset by USD 8 (8) million in finance income, and USD 0 (9) million in net foreign exchange gains. The decrease in finance cost was mainly due to redemption cost related to the refinancing of OKEA04 of USD 7 million in previous quarter.
- Tax income of USD 62 (expense of 26) million.
- Profit/loss (-) per share amounted to USD -0.36 (-0.20).
1 Definitions of alternative performance measures are available on page 42 of this report
Statement of financial position
| Amounts in USD million | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Goodwill | 97 | 114 | 142 | 154 |
| Oil and gas properties | 643 | 721 | 597 | 647 |
| Other non-current assets | 490 | 462 | 424 | 430 |
| Cash and cash equivalents | 377 | 423 | 289 | 344 |
| Other current assets | 302 | 289 | 291 | 261 |
| Assets classified as held for sale | 0 | 0 | 0 | 184,472 |
| TOTAL ASSETS | 1,909 | 2,008 | 1,743 | 2,020 |
| Equity | 75 | 112 | 98 | 99 |
| Interest bearing bond loans | 295 | 422 | 246 | 246 |
| Other long-term liabilities | 1,058 | 1,087 | 956 | 1,009 |
| Income tax payable | 92 | 98 | 143 | 184 |
| Other current liabilities | 388 | 289 | 299 | 281 |
| Liabilities directly associated with assets classified | ||||
| as held for sale | 0 | 0 | 0 | 201 |
| TOTAL EQUITY AND LIABILITIES | 1,909 | 2,008 | 1,743 | 2,020 |
| NOK/USD exchange rate at the reporting date | 9.99 | 10.09 | 11.35 | 10.51 |
Goodwill of USD 97 (114) million comprises USD 81 (98) million in technical goodwill and USD 16 (16) million in ordinary goodwill. The reduction in technical goodwill was due to impairments. Reference is made to note 11 for further information.
Oil and gas properties amounted to USD 643 (721) million. The reduction was due to impairment of Statfjord and general depreciation exceeding investments in Power from Shore at Draugen, Bestla, and production drilling at Statfjord.
Other non-current assets of USD 490 (462) million mainly comprise asset retirement reimbursement rights of USD 441 (418) million relating to Equinor's, Shell's and Harbour Energy's obligations to cover decommissioning costs for Statfjord, Draugen, Gjøa and Brage respectively. USD 31 (27) million relate to capitalised exploration and evaluation assets and USD 14 (15) million relate to right-of-use assets.
Cash and cash equivalents amounted to USD 377 (423) million.
Other current assets of USD 302 (289) million mainly comprise trade and other receivables of USD 160 (155) million, spare parts, equipment and inventory of USD 76 (65) million, placement of excess liquidity in money-market funds of USD 42 (41) million, and current portion of asset retirement reimbursement rights of USD 25 (27) million.
Interest bearing bond loans of USD 295 (422) million comprise the OKEA05 and OKEA06 bonds. The decrease was due to refinancing of the USD 125 million OKEA04 loan in June, which was settled in early July.
Other long-term liabilities of USD 1,058 (1,087) million mainly comprise asset retirement obligations of USD 944 (908) million which are partly offset by the asset retirement reimbursement rights outlined above. In addition, deferred tax liabilities amounted to USD 94 (159) million.
Income tax payable amounted to USD 92 (98) million.
Other current liabilities of USD 388 (289) million mainly comprise trade and other payables of USD 352 (249) million. The increase was mainly due to high cash calls from partners due to expected high investment activity on operated licenses in the coming quarter.
Highlights and key figures Financial review Operational review Financial statements Notes
Statement of cash flows
| Amounts in USD million | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | 2024 |
|---|---|---|---|---|---|
| Cash and equivalents at the beginning of the period |
423 | 343 | 299 | 289 | 226 |
| Net cash flow from / used in (-) operations |
186 | 7 | 132 | 329 | 397 |
| Net cash flow from / used in (-) investments |
-106 | -103 | -85 | -305 | -408 |
| Net cash flow from / used in (-) financing activities |
-132 | 162 | -9 | 24 | 93 |
| Effect of exchange rate fluctuation on cash held |
5 | 13 | 6 | 40 | -21 |
| Cash and cash equivalents at the end | |||||
| of the period | 377 | 423 | 344 | 377 | 289 |
Net cash flows from operating activities of USD 186 (7) million account for taxes paid of USD 11 (108) million. The decrease in tax payments was due the last two (of six) tax instalments for the income year 2024 paid in the previous quarter exceeding the first two (of ten) tax instalments for the income year 2025 paid in the current quarter. Increased profit from operations before impairment and an increase in trade payables also contributed to the higher cash flow from operations.
Net cash flows from investment activities of USD -106 (-103) million mainly relate to investments in oil and gas properties of USD 100 (83) million. The investments mainly relates to Bestla, production drilling at Statfjord and the Power from Shore project on Draugen. USD 3 (-3) million was invested in exploration activities.
Net cash flows from financing activities of USD -132 (162) million mainly relate to the repayment of OKEA04 of USD 127 million. Interest paid amounted to USD 4 (6) million. Prior quarter included net proceeds from issuance of the OKEA06 bond of USD 170 million.
Cash and cash equivalents ended at USD 377 (423) million. Reference is made to note 18 for further details. In addition to the cash balance, USD 42 (41) million was placed in money-market funds classified as other current assets.
Financial risk management
OKEA addresses financial risk by use of derivatives and fixed price contracts to manage exposures to fluctuations in commodity prices and foreign exchange rates.
Financial hedging arrangements on foreign exchange exposure, CO2 quotas and oil and gas options are recognised at market value on each balance sheet date.
Hedging positions on crude oil and gas production as per the date of this report:
| Crude oil | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
| Price [USD/bbl] (ceilings) | 75 - 91 | 75 - 85 | 75 - 80 |
| Price [USD/bbl] (floors) | 60 - 65 | 60 | 60 |
| Hedged share (net p/tax) | 58% | 59% | 24% |
| Gas | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
| Physical deliveries at average fixed price [p/th] | N/A | N/A | N/A |
| Hedged share (net p/tax) | N/A | N/A | N/A |
| Financial hedge - price [p/th] (ceilings) | 192 - 197 | 192 - 197 | N/A |
| Financial hedge - price [p/th] (floors) | 80 - 90 | 80 - 90 | N/A |
| Hedged share (net p/tax) | 23% | 23% | N/A |
| Combined hedged share (net p/tax) | 23% | 23% | N/A |
Key operational figures
Produced volumes amounted to 31,651 (31,705) boepd. The lower production efficiency of 91 (93)% was mainly due to planned maintenance at Gjøa/Nova and Ivar Aasen. Production from the Sognefjord East well at Brage, which commenced in July, offset the impact of maintenance on other assets.
Production expenses amounted to USD 24.5 (23.5) per boe. The increase was due to maintenance work at Statfjord, Gjøa/Nova and Ivar Aasen.
| Unit | Q2 2025 | Q3 2024 | 2024 | ||
|---|---|---|---|---|---|
| Total net production 2 | Boepd | 31,651 | 31,705 | 37,261 | 38,865 |
| 3rd party volumes available for sale 3 | Boepd | -94 | -7 | -25 | -67 |
| Change in O/U lift | Boepd | 4,724 | 1,281 | 3,553 | -1,344 |
| Total net sold volume | Boepd | 36,280 | 32,979 | 40,789 | 37,454 |
| Production expense per boe4 | USD | 24.5 | 23.5 | 21.8 | 20.4 |
| Realised crude oil price | USD/boe | 70.6 | 68.4 | 81.4 | 82.5 |
| Realised NGL price | USD/boe | 40.6 | 41.2 | 44.2 | 46.0 |
| Realised liquids price | USD/boe | 65.3 | 63.1 | 74.9 | 77.2 |
| Realised gas price | USD/boe | 65.7 | 71.4 | 68.9 | 67.4 |
Note, Production efficiency is calculated as actual production of main product divided by the total of actual production of main product, scheduled deferment and unscheduled deferment. Deferment is the reduction in production caused by a reduction in available production capacity.
QHSSE and ESG
Preventing harm to people's health and the environment is a key priority, and work to ensure safe working conditions is a continuous focus in OKEA.
One serious incident was recorded in August, when a person broke the leg due to fall from a scaffolding ladder, resulting in an increase in SIF and TRIF.
There were no serious acute spills or hydrocarbon leakages from OKEA-operated assets during the quarter. GHG emissions intensity was 30 (29) kg CO2e per boe produced.
The share of females recruited doubled to 36 (18)%. Locally committed spend increased to 99 (98)%.
| Key QHSSE indicators | Unit | Q3 2025 | Q2 2025 | 2024 |
|---|---|---|---|---|
| Total recordable injury frequency 12 M | Per mill. work hours | 2.2 | 1.6 | 1.1 |
| rolling avg Serious incident frequency 12 M rolling |
Per mill. work hours | 1.6 | 1.1 | 1.1 |
| avg Serious acute spills to to sea (A-B) |
Count | 0 | 0 | 0 |
| Hydrocarbon leakages (>0.1 kg/s) | Count | 0 | 0 | 0 |
| Equity share GHG emissions intensity | Kg CO2 / boe |
30 | 29 | 25 |
| Share of female recruitment YTD | Percent | 36 | 18 | 30 |
| Share of locally committed spend | Percent | 99 | 98 | 97 |
In 2024, activities from the 15% WI in Yme were included in the statement of comprehensive income and key figures until closing date at the end of November 2024. Effective date of the transaction was 1 January 2024. OKEA's share of volumes excluding Yme was 34,121 boepd in the third guarter of 2024 and 35,974 boepd in total for 2024.
Net compensation volumes from Duva and Nova received and sold (tie-in to Gjøa)
4 Definitions of alternative performance measures are available on page 42 of this report
OKEA operated assets
Draugen (operator, 44.56%)
| Unit | Q3 2025 | Q2 2025 | Q3 2024 | 2024 | |
|---|---|---|---|---|---|
| Production | Boepd | 8,673 | 9,072 | 7,330 | 9,377 |
| Change in O/U lift | Boepd | 3,292 | 2,658 | 1,288 | -2,191 |
| Total net sold volume | Boepd | 11,964 | 11,729 | 8,618 | 7,185 |
| Production efficiency | % | 94% | 91% | 86% | 90% |
Production volumes were somewhat reduced, mainly due to a planned well scale squeeze campaign in July and deferred gas production due to an emergency shut down test at Kårstø.
Start of drilling of the Garn West South production well, expected to significantly impacting Draugen's daily production next year, is planned for November.
The reserve estimate at Hasselmus has been reduced due to higher than expected reservoir pressure development which increases the risk of earlier water ingress. The reserve reduction is not expected to reduce production near term, but in an earlier cut-off than previously anticipated on the Hasselmus well.
Brage (operator, 35.2%)
| Unit | Q3 2025 | Q2 2025 | Q3 2024 | 2024 | |
|---|---|---|---|---|---|
| Production | Boepd | 8,299 | 5,850 | 6,250 | 6,694 |
| Change in O/U lift | Boepd | 2,228 | -1,913 | 2,028 | 618 |
| Total net sold volume | Boepd | 10,526 | 3,937 | 8,278 | 7,312 |
| Production efficiency | % | 97% | 93% | 97% | 94% |
Production at Brage increased by 42%, mainly due to the Sognefjord East well coming on stream in July. In addition, overall production performance from Brage was solid with a production efficiency of 97%.
Drilling of an exploration well and an appraisal well in the Talisker West area was completed, with hydrocarbons discovered in both the Statfjord and Cook formations. P10 to P90 estimates of the discoveries amounts to 16-33 mmboe. Maturation of the development concept ongoing, with production potential as early as 2027.
Drilling of the planned producer in the Talisker East area is expected completed in the fourth quarter.
Partner operated assets
Statfjord area (partner, 28%)
| Unit | Q3 2025 | Q2 2025 | Q3 2024 | 2024 | |
|---|---|---|---|---|---|
| Production | Boepd | 9,272 | 9,226 | 12,668 | 11,477 |
| Change in O/U lift | Boepd | 451 | 2,947 | 574 | 710 |
| Total net sold volume | Boepd | 9,723 | 12,173 | 13,242 | 12,187 |
| Production efficiency | % | 92% | 91% | 93% | 90% |
Production volumes were in line with previous quarter, still reflecting delay in drilling of new wells to offset natural decline. The delay was mainly due to prolonged operations to replace ESP pumps and a longer maintenance stop on the Statfjord C drilling rig. The production efficiency improved somewhat to 92 (91)%.
Efforts to improve the operational performance at Statfjord have thus far yielded mixed results. In addition, economically recoverable reserves have been reduced based on revised production expectations. While we remain aligned with the operator on the overall asset strategy, we continue to engage actively to identify and implement measures to improve operational robustness and value generation from Statfjord. This includes accelerating production where feasible, optimising drilling and other activity schedules, and several efficiency improvement initiatives.
As previously reported, OKEA has initiated legal actions against Equinor Energy AS in accordance with the SPA regulations. The arbitration hearing has been concluded; and the matter is currently under deliberation.
Gjøa & Nova (partner, 12% & 6%)
| Unit | Q3 2025 | Q2 2025 | Q3 2024 | 2024 | |
|---|---|---|---|---|---|
| Production | Boepd | 3,815 | 5,840 | 5,786 | 6,136 |
| Change in O/U lift | Boepd | -138 | -1,075 | -1,424 | -422 |
| Total net sold volume | Boepd | 3,677 | 4,764 | 4,362 | 5,714 |
| Production efficiency | % | 76% | 97% | 88% | 93% |
Production volumes from Gjøa/Nova were reduced due to a three-weeks planned maintenance shutdown. This also impacted the production efficiency of 76 (97)%. The primary objectives of the shutdown were to ensure facility integrity and implement adjustments to the processing systems at Gjøa to enhance production. At Nova, the water cut and reservoir complexity remain key focus areas.
Plans for future infill wells to increase recoverable reserves are progressing in both licenses.
Several tie-in candidates are being considered for Gjøa as host facility. A combination of these may extend the operational life of the Gjøa hub beyond 2040.
Ivar Aasen (partner, 9.2385%)
| Unit | Q3 2025 | Q2 2025 | Q3 2024 | 2024 | |||
|---|---|---|---|---|---|---|---|
| Production | Boepd | 1,592 | 1,717 | 2,086 | 2,290 | ||
| Change in O/U lift | Boepd | -1,202 | -1,342 | 1,059 | 20 | ||
| Total net sold volume | Boepd | 390 | 375 | 3,145 | 2,310 | ||
| Production efficiency | % | 65% | 95% | 80% | 94% |
Production efficiency at Ivar Aasen was reduced by a planned 23-day turnaround, which was successfully completed during the quarter.
A 4D seismic campaign has been sanctioned and is scheduled for execution in the second quarter of 2026. First oil from the sanctioned IOR26 campaign is expected in the fourth quarter of 2026.
Exploration success
Talisker discoveries from Brage
Significant discoveries were made in the Statfjord and Cook formations in Talisker West. The exploration well 31/4-A-15 B at the Brage field (PL 055) was drilled from Brage platform, proving a successful strategy based on available technology and subsurface knowledge, drilling close to 11 km out from Brage. In addition, hydrocarbons were encountered in two thin sandstones in the Brent group, which was further appraised by well 31/4-A-15 C. The Talisker producer well 31/4-A-15 D is scheduled for drilling in the fourth quarter.
The exploration success demonstrates the further potential around Brage. Maturation of development plans to convert the discoveries into production is ongoing.
Preliminary results from the discoveries amounts to 16 – 33 mmboe estimated gross recoverable resources.
- Statfjord: 14 26 mmboe
- Cook: 2 7 mmboe
The new discoveries will likely extend the life of the Brage and Bestla base production.
Fast and low cost development possible
- Production wells can be drilled from the Brage platform utilising the rig onboard
- Maturation of development concept for the discoveries ongoing, with the possibility to commence production already in 2027
- Minimal investments beyond drilling/completion
Exploration licences
OKEA continues to focus on further strengthening its position in core areas by building a portfolio of prospects in the Norwegian Sea and North Sea basins with a target to drill up to four exploration wells per year.
Update on key exploration projects:
- OKEA farmed into the PL 1153 license, containing the Alpehumle prospect, by entering into an agreement with Harbour Energy Norge AS for a 20% working interest (WI). The license is located 35 km north of the Gjøa platform, and the farm-in strengthens OKEA`s position in the greater Gjøa area. PL 1153 is operated by Aker BP and drilling of the Alpehumle prospect is scheduled for the first quarter of 2026. The transaction is subject to customary government approvals.
- Maturation of the PL 1119 Mistral S discovery (20% WI) is ongoing. Preliminary estimates of recoverable oil equivalents is 19 - 44 mmboe. Within the license, the additional prospect Mistral N is being matured and a decision to drill was made in October.
- The PL 1014 Arkenstone well (20% WI) is a high-risk/high-reward opportunity operated by Equinor and located in the Northern Norwegian Sea. Timing for drilling is being assessed, expected in 2026 or 2027.
- Applications for APA2025 was submitted in the third quarter. Acreage award is expected announced in January 2026.
Development projects
Draugen – Power from Shore (operator, 44.56%)
All subsea power cable activities were successfully completed. Offshore construction activities have ramped up to full capacity and several major components were installed during the quarter. Construction of onshore facilities is progressing according to plan including handover of switchgear facilities to the regional grid provider for start of high-voltage installation.
The project will result in average annual reduction of CO2 emissions of 200,000 tonnes from Draugen and 130,000 tonnes from Njord as well as an average annual reductions of NOx emissions of 1,250 tonnes from Draugen and 520 tonnes from Njord. The project will also result in reduced production expenses, increased gas export and extend the economic life of the Draugen field. Project completion is expected in 2028.
Bestla (operator, 39.2788%)
The Bestla project is progressing according to plan with all key milestones on schedule. Drilling of Bestla production wells started in August from the semisubmersible rig Deepsea Yantai. The drilling program is progressing according to plan with expected completion in the fourth quarter. All subsea deliverables are progressing according to plan and key topside installation activities at Brage have been completed to meet planned riser pull-in in the first half of 2026.
The Bestla field is developed as a two-well tie-back to the Brage field and contains estimated gross recoverable reserves of 24 mmboe. First production is expected in the first half of 2027. Plateau production is expected within the first year of production by about 10 kboepd net to OKEA.
Guidance Outlook
Production guidance updates
Based on continued solid production, guidance for 2025 is increased:
• New: 32 - 33 kboepd • Previous: 30 - 32 kboepd
Production guidance for 2026 remain unchanged at 31 - 35 kboepd.
Capex guidance updates
Capex guidance for 2025 and 2026 remain unchanged at USD 350 - 380 million and USD 300 - 360 million respectively.
Capex guidance does not include capitalised interest and exploration spending.
Other
The company is in a period of relatively high spending on organic investments near term which will add value over time. In line with the company's first capital allocation principle of maintaining a healthy balance sheet, dividend payments have been temporarily put on hold. The board will revert with a dividend plan when it considers to be in a position to distribute.
OKEA has a clear ambition to deliver competitive shareholder returns through disciplined value-accretive growth, and the strategy continues to focus on three growth levers:
- actively pursuing upside potential in the company's current portfolio,
- pursuing mergers and acquisitions to add new legs to the portfolio, and
- considering organic projects either adjacent to existing hubs or pursuing new hubs, dependent on financial headroom and attractive risk-reward
The board of directors considers that the company is well positioned to continue to execute on the strategy and deliver value to shareholders going forward.
Subsequent events
There are no subsequent events to report.
Financial statements with notes Q3 2025
Statement of comprehensive income
| Amounts in USD '000, unaudited | Note | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenues from crude oil and gas sales | 6 | 218,420 | 196,111 | 274,933 | 680,926 | 827,688 | 1,025,873 |
| Other operating income / loss (-) | 6, 25 | 5,219 | 9,777 | -1,679 | 20,047 | 16,602 | 23,775 |
| Total operating income | 223,639 | 205,888 | 273,254 | 700,973 | 844,290 | 1,049,648 | |
| Production expenses | 7 | -77,451 | -73,618 | -73,807 | -212,824 | -235,504 | -308,538 |
| Changes in over / underlift positions and production inventory | 7 | -18,843 | -7,866 | -7,991 | -39,560 | -30,111 | 2,956 |
| Exploration and evaluation expenses | 8 | -7,471 | -20,540 | -3,943 | -37,404 | -28,242 | -41,528 |
| Depreciation, depletion and amortisation | 10, 11 | -63,638 | -58,292 | -66,059 | -179,193 | -206,467 | -268,213 |
| Impairment (-) / reversal of impairment | 10, 11, 12 | -150,693 | -32,084 | 81,323 | -194,718 | 41,440 | 41,440 |
| General and administrative expenses | 13 | -3,118 | -6,246 | -3,053 | -13,953 | -10,037 | -12,862 |
| Total operating expenses | -321,214 | -198,646 | -73,530 | -677,651 | -468,921 | -586,746 | |
| Profit / loss (-) from operating activities | -97,575 | 7,242 | 199,724 | 23,322 | 375,369 | 462,902 | |
| Finance income | 14 | 8,391 | 8,400 | 7,584 | 23,946 | 19,724 | 27,781 |
| Finance costs | 14 | -10,270 | -19,919 | -12,946 | -41,110 | -38,212 | -49,660 |
| Net exchange rate gain / loss (-) | 14 | -153 | 8,960 | 8,007 | 21,046 | 5,303 | -15,109 |
| Net financial items | -2,032 | -2,558 | 2,646 | 3,882 | -13,185 | -36,988 | |
| Profit / loss (-) before income tax | -99,607 | 4,684 | 202,370 | 27,204 | 362,183 | 425,915 | |
| Taxes (-) / tax income (+) | 9 | 62,280 | -25,673 | -176,462 | -64,192 | -332,839 | -390,406 |
| Net profit / loss (-) | -37,326 | -20,989 | 25,908 | -36,989 | 29,344 | 35,508 |
Table continues on the next page
Statement of comprehensive income - continues
| Amounts in USD '000, unaudited | Note | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Other comprehensive income, net of tax: | |||||||
| Items that may be reclassified to profit or loss in subsequent periods - foreign currency translation differences | 818 | 5,339 | 1,435 | 14,622 | -1,608 | -9,175 | |
| Items that will not be reclassified to profit or loss in subsequent periods - remeasurements pensions, actuarial | 0 | 0 | 0 | 0 | 0 | 190 | |
| gain / loss (-) Total other comprehensive income, net of tax |
818 | 5,339 | 1,435 | 14,622 | -1,608 | -8,985 | |
| Total comprehensive income / loss (-) | -36,509 | -15,651 | 27,343 | -22,367 | 27,736 | 26,524 | |
| Weighted average no. of shares outstanding basic | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | |
| Weighted average no. of shares outstanding diluted | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | |
| Earnings per share (USD per share) - Basic | -0.36 | -0.20 | 0.25 | -0.36 | 0.28 | 0.34 | |
| Earnings per share (USD per share) - Diluted | -0.36 | -0.20 | 0.25 | -0.36 | 0.28 | 0.34 |
Statement of financial position
| Amounts in USD '000, unaudited | Note | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Goodwill | 11,12 | 96,843 | 113,933 | 142,074 | 153,507 |
| Exploration and evaluation assets | 11 | 30,694 | 27,076 | 16,519 | 4,737 |
| Other intangible assets | 11 | 1,563 | 0 | 0 | 0 |
| Oil and gas properties | 10 | 643,360 | 720,512 | 596,959 | 646,680 |
| Furniture, fixtures and office equipment | 10 | 2,855 | 1,838 | 3,350 | 3,643 |
| Right-of-use assets | 10 | 14,291 | 14,916 | 14,657 | 16,627 |
| Asset retirement reimbursement right | 15 | 440,809 | 418,112 | 389,409 | 405,375 |
| Total non-current assets | 1,230,414 | 1,296,387 | 1,162,967 | 1,230,570 | |
| Current assets | |||||
| Trade and other receivables | 17,25 | 159,603 | 155,298 | 182,679 | 173,261 |
| Financial investments | 27 | 41,709 | 40,735 | 22,374 | 23,882 |
| Spare parts, equipment and inventory | 20 | 75,712 | 65,468 | 68,400 | 62,798 |
| Asset retirement reimbursement right, current | 15 | 24,609 | 27,047 | 17,601 | 810 |
| Cash and cash equivalents | 18 | 376,519 | 423,098 | 288,807 | 343,899 |
| Total current assets | 678,152 | 711,645 | 579,861 | 604,650 | |
| Assets classified as held for sale | 0 | 0 | 0 | 184,472 | |
| TOTAL ASSETS | 1,908,566 | 2,008,033 | 1,742,828 | 2,019,691 |
Table continues on the next page
Statement of financial position - continues
| Amounts in USD '000, unaudited Note |
30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital 16 |
1,229 | 1,229 | 1,229 | 1,229 |
| Share premium | 180,615 | 180,615 | 180,615 | 180,615 |
| Other paid in capital | 2,166 | 2,166 | 2,166 | 2,166 |
| Retained earnings / loss (-) | -58,887 | -21,561 | -21,899 | -28,253 |
| Foreign currency translation differences | -49,632 | -50,450 | -64,254 | -56,687 |
| Total equity | 75,491 | 112,000 | 97,858 | 99,070 |
| Non-current liabilities | ||||
| Asset retirement obligations 19 |
944,209 | 907,503 | 818,435 | 880,897 |
| Pension liabilities | 7,227 | 6,798 | 5,423 | 6,560 |
| Lease liability 24 |
13,359 | 13,661 | 12,948 | 14,603 |
| 9 Deferred tax liabilities |
93,583 | 158,993 | 110,809 | 97,258 |
| Other provisions 26 |
0 | 0 | 8,854 | 9,375 |
| Interest bearing bond loans 22 |
294,839 | 294,560 | 246,426 | 245,783 |
| Total non-current liabilities | 1,353,216 | 1,381,515 | 1,202,895 | 1,254,476 |
| Current liabilities | ||||
| 21,25,26 Trade and other payables |
352,097 | 248,896 | 266,823 | 268,782 |
| Interest bearing bond loans, current 22 |
0 | 127,380 | 0 | 0 |
| 9 Income tax payable |
91,913 | 97,882 | 143,436 | 183,600 |
| Lease liability, current 24 |
3,796 | 4,096 | 4,252 | 4,776 |
| Asset retirement obligations, current 19 |
25,125 | 27,508 | 18,162 | 1,012 |
| Public dues payable | 6,928 | 8,755 | 9,401 | 6,672 |
| Total current liabilities | 479,858 | 514,517 | 442,075 | 464,843 |
| Liabilities directly associated with assets classified as held for sale | 0 | 0 | 0 | 201,302 |
| Total liabilities | 1,833,074 | 1,896,033 | 1,644,969 | 1,920,621 |
| TOTAL EQUITY AND LIABILITIES | 1,908,566 | 2,008,033 | 1,742,828 | 2,019,691 |
Statement of changes in equity
| Amounts in USD `000 | Share capital | Share premium | Other paid in capital Retained earnings/loss (-) Translation adjustments | Total equity | ||
|---|---|---|---|---|---|---|
| Equity at 1 January 2024 | 1,229 | 180,615 | 2,166 | -57,597 | -55,079 | 71,334 |
| Net profit / loss (-) for the period | 0 | 0 | 0 | 3,436 | 0 | 3,436 |
| Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | -3,043 | -3,043 |
| Equity at 30 June 2024 | 1,229 | 180,615 | 2,166 | -54,162 | -58,122 | 71,727 |
| Equity at 1 July 2024 | 1,229 | 180,615 | 2,166 | -54,162 | -58,122 | 71,727 |
| Net profit / loss (-) for the period | 0 | 0 | 0 | 25,908 | 0 | 25,908 |
| Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 1,435 | 1,435 |
| Equity at 30 September 2024 | 1,229 | 180,615 | 2,166 | -28,253 | -56,687 | 99,070 |
| Equity at 1 October 2024 | 1,229 | 180,615 | 2,166 | -28,253 | -56,687 | 99,070 |
| Net profit / loss (-) for the period | 0 | 0 | 0 | 6,165 | 0 | 6,165 |
| Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 190 | -7,567 | -7,377 |
| Equity at 31 December 2024 | 1,229 | 180,615 | 2,166 | -21,898 | -64,254 | 97,858 |
| Equity at 1 January 2025 | 1,229 | 180,615 | 2,166 | -21,899 | -64,254 | 97,858 |
| Net profit / loss (-) for the period | 0 | 0 | 0 | 338 | 0 | 338 |
| Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 13,804 | 13,804 |
| Equity at 30 June 2025 | 1,229 | 180,615 | 2,166 | -21,561 | -50,450 | 112,000 |
| Equity at 1 July 2025 | 1,229 | 180,615 | 2,166 | -21,561 | -50,450 | 112,000 |
| Net profit / loss (-) for the period | 0 | 0 | 0 | -37,326 | 0 | -37,326 |
| Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 818 | 818 |
| Equity at 30 September 2025 | 1,229 | 180,615 | 2,166 | -58,887 | -49,632 | 75,491 |
Statement of cash flows
| Amounts in USD `000, unaudited | Note | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash flow from operating activities | |||||||
| Profit / loss (-) before income tax | -99,607 | 4,684 | 202,370 | 27,204 | 362,183 | 425,915 | |
| Income tax paid/received | 9 | -11,110 | -107,526 | -32,614 | -168,326 | -232,085 | -293,226 |
| Depreciation, depletion and amortization | 10, 11 | 63,638 | 58,292 | 66,059 | 179,193 | 206,467 | 268,213 |
| Impairment / reversal of impairment | 10, 11, 12 | 150,693 | 32,084 | -81,323 | 194,718 | -41,440 | -41,440 |
| Expensed exploration expenditures temporary capitalised | 8, 11 | 0 | 7,678 | 5 | 12,848 | 15,682 | 15,682 |
| Accretion asset retirement obligations/reimbursement right - net | 14, 15, 19 | 3,961 | 3,872 | 3,179 | 10,808 | 9,316 | 12,160 |
| Asset retirement costs from billing (net after reimbursement) | 15, 19 | 122 | -530 | -455 | -479 | -1,386 | -2,235 |
| Gain from sales of licences | 6 | -464 | 28 | 0 | -546 | 0 | -4,435 |
| Interest expense | 14 | 643 | 3,537 | 4,654 | 6,879 | 11,824 | 15,752 |
| Gain / loss on financial investments | 14 | 75 | 0 | -89 | 21 | -89 | -368 |
| Change in fair value contingent consideration | 6, 26 | 991 | -2,799 | 2,100 | -1,601 | -2,641 | -2,767 |
| Change in trade and other receivables, and inventory | -11,985 | 18,859 | -3,404 | 44,997 | -54,386 | -79,967 | |
| Change in trade and other payables and other current balance sheet items | 93,023 | -6,585 | -23,745 | 46,428 | 47,743 | 64,197 | |
| Change in foreign exchange interest bearing debt and other non-current items | -4,039 | -4,152 | -4,276 | -23,523 | -1,607 | 19,914 | |
| Net cash flow from / used in (-) operating activities | 185,941 | 7,443 | 132,462 | 328,621 | 319,582 | 397,395 |
Table continues on the next page
Statement of cash flows - continues
| Amounts in USD `000, unaudited | Note | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash flow from investment activities | |||||||
| Investment in exploration and evaluation assets | 11 | -3,283 | 3,051 | -208 | -31,814 | -724 | -13,229 |
| Investment in other intangible assets | 11 | -1,565 | 0 | 0 | -1,565 | 0 | 0 |
| Business combinations, cash paid | 26 | 0 | -6,944 | -1,122 | -6,944 | -63,858 | -64,754 |
| Investment in oil and gas properties | 10, 14 | -100,025 | -83,319 | -60,319 | -252,110 | -218,264 | -287,891 |
| Investment in furniture, fixtures and office machines | 10 | -1,178 | -761 | -15 | -1,939 | -38 | -590 |
| Cash used on (-) / received from financial investments | 0 | -14,566 | -23,349 | -14,566 | -23,349 | -23,349 | |
| Proceeds from sales of licences | 0 | 0 | 0 | 4,037 | 0 | -17,860 | |
| Net cash flow from / used in (-) investment activities | -106,051 | -102,540 | -85,012 | -304,901 | -306,233 | -407,672 | |
| Cash flow from financing activities | |||||||
| Net proceeds from borrowings | 22 | 0 | 169,528 | 0 | 169,528 | 122,636 | 122,636 |
| Repayment/buy-back of bond loans | 22 | -127,072 | 0 | 0 | -130,372 | 0 | 0 |
| Repayment of other interest bearing liabilities | 23 | 0 | 0 | -1,251 | 0 | -4,081 | -5,260 |
| Interest paid | -3,905 | -6,300 | -6,748 | -16,204 | -14,618 | -20,840 | |
| Payments of lease debt | 24 | -790 | -775 | -781 | -2,285 | -2,356 | -3,115 |
| Net cash flow from / used in (-) financing activities | -131,767 | 162,453 | -8,781 | 23,966 | 101,580 | 93,421 | |
| Net increase/ decrease (-) in cash and cash equivalents | -51,876 | 67,356 | 38,669 | 47,686 | 114,939 | 83,144 | |
| Cash and cash equivalents at the beginning of the period | 423,098 | 342,553 | 298,938 | 288,807 | 226,218 | 226,218 | |
| Effect of exchange rate fluctuation on cash held | 5,297 | 13,189 | 6,291 | 40,026 | 2,741 | -20,555 | |
| Cash and cash equivalents at the end of the period | 376,519 | 423,098 | 343,899 | 376,519 | 343,899 | 288,807 |
Notes to the interim financial statement
1 General and corporate information
These financial statements are the unaudited interim condensed financial statements of OKEA ASA for the third quarter of 2025.
OKEA ASA ("OKEA" or the "company") is a public limited liability company incorporated and domiciled in Norway, with its main office located in Trondheim. The company's shares are listed on the Oslo Stock Exchange under the ticker "OKEA".
OKEA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS).
2 Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for 2024. The annual financial statements for 2024 were prepared in accordance with IFRS® Accounting Standards (IFRS) as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.
All figures in the financial statements are presented in USD. OKEA's functional currency is NOK, but has from Q1 2025 presented its financial statements in USD. Comparative information for previous periods previously presented in NOK have been restated to USD to conform the current years presentation.
For presentation purposes, balance sheet items are translated from functional currency to presentation currency using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to presentation currency using average exchange rates for the periods presented, or rates at the dates of the transactions if significantly different. For share capital and share premium historical exchange rates are used.
The interim financial statements were authorised for issue by the company's board of directors on 3 November 2025.
3 Accounting policies
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the annual financial statements for 2024. New standards, amendments and interpretations to existing standards effective from 1 January 2025 did not have significant impact on the financial statements.
4 Critical accounting estimates and judgements
Preparation of the interim financial statements entails use of judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised as assets and liabilities, income and expenses. The estimates, and associated assumptions, are based on historical experience and other factors that are considered as reasonable under the circumstances. The actual results may deviate from these estimates. The material assessments underlying the application of the company's accounting policies, and the main sources of uncertainty, are the same for the interim financial statements as for the annual accounts for 2024.
5 Business segments
The company's only business segment is development and production of oil and gas on the Norwegian continental shelf.
6 Income
Breakdown of petroleum revenues
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Sale of liquids | 165,183 | 137,042 | 221,685 | 493,400 | 671,008 | 793,572 |
| Sale of gas | 53,237 | 59,069 | 53,248 | 187,526 | 156,680 | 232,300 |
| Total petroleum revenues | 218,420 | 196,111 | 274,933 | 680,926 | 827,688 | 1,025,873 |
| Sale of liquids (boe) | 2,527,899 | 2,173,350 | 2,975,526 | 7,325,615 | 8,520,088 | 10,271,410 |
| Sale of gas (boe) | 809,898 | 827,699 | 777,031 | 2,529,156 | 2,501,307 | 3,436,712 |
| Total sale of petroleum in boe5 | 3,337,797 | 3,001,049 | 3,752,557 | 9,854,772 | 11,021,395 | 13,708,122 |
Other operating income
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Gain / loss (-) from put/call options, oil | -546 | 431 | 870 | -384 | -661 | -1,923 |
| Gain / loss (-) from put/call options, gas | -58 | 814 | 379 | 1,748 | 518 | -360 |
| Gain / loss (-) from forward contracts, CO2 quotas | 165 | -16 | -44 | 30 | -1 | 201 |
| Change in fair value contingent consideration (see note 26) | -991 | 2,799 | -2,100 | 1,601 | 2,641 | 2,767 |
| Tariff income | 5,133 | 5,376 | -1,469 | 14,987 | 13,074 | 17,438 |
| Sale of licences | 464 | -28 | 0 | 546 | 0 | 4,435 |
| Joint utilisation of logistics resources | 1,052 | 401 | 685 | 1,519 | 1,032 | 1,216 |
| Total other operating income/loss (-) | 5,219 | 9,777 | -1,679 | 20,047 | 16,602 | 23,776 |
5 Barrels of oil equivalents
7 Production expenses & changes in over/underlift positions and production inventory
Production expenses
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| From licence billings - producing assets | 64,138 | 62,428 | 61,007 | 176,827 | 197,946 | 258,015 |
| Other production expenses (insurance, transport) | 12,030 | 9,899 | 11,580 | 31,907 | 33,013 | 44,602 |
| G&A expenses allocated to production expenses | 1,284 | 1,291 | 1,220 | 4,090 | 4,544 | 5,921 |
| Total production expenses | 77,451 | 73,618 | 73,807 | 212,824 | 235,504 | 308,538 |
Changes in over-/underlift positions and production inventory
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Changes in over-/underlift positions | -24,816 | -5,846 | -5,734 | -32,682 | -14,141 | 10,295 |
| Changes in production inventory | 5,973 | -2,020 | -2,257 | -6,877 | -15,971 | -7,339 |
| Changes in over-/underlift positions and production inventory | -18,843 | -7,866 | -7,991 | -39,560 | -30,111 | 2,956 |
8 Exploration and evaluation expenses
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Share of exploration and evaluation expenses from participation in licences excluding dry well impairment, from billing | 3,675 | 2,864 | 1,923 | 9,400 | 6,854 | 9,828 |
| Share of exploration expenses from participation in licences, dry well write off, from billing | 0 | 7,678 | 5 | 12,848 | 15,682 | 15,682 |
| Seismic and other exploration and evaluation expenses, outside billing | 3,522 | 9,733 | 1,742 | 14,420 | 5,029 | 15,234 |
| G&A expenses allocated to exploration expenses | 273 | 265 | 274 | 737 | 676 | 784 |
| Total exploration and evaluation expenses | 7,471 | 20,540 | 3,943 | 37,404 | 28,242 | 41,528 |
9 Taxes
Income taxes recognised in the income statement
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Change in deferred taxes current year | 66,520 | -11,368 | -88,814 | 34,038 | -89,675 | -112,413 |
| Taxes payable current year | -4,033 | -14,869 | -87,648 | -98,499 | -242,882 | -277,710 |
| Tax payable adjustment previous year | -108 | 1,655 | 0 | 1,435 | -283 | -283 |
| Change in deferred taxes previous year | -99 | -1,092 | 0 | -1,166 | 0 | 0 |
| Total taxes (-) / tax income (+) recognised in the income statement | 62,280 | -25,673 | -176,462 | -64,192 | -332,839 | -390,406 |
Reconciliation of income taxes
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Profit / loss (-) before income taxes | -99,607 | 4,684 | 202,370 | 27,204 | 362,183 | 425,915 |
| Expected income tax at tax rate 78.004% | 77,697 | -3,654 | -157,856 | -21,220 | -282,517 | -332,230 |
| Permanent differences, including impairment of goodwill | -15,090 | -22,701 | -22,173 | -50,160 | -48,078 | -42,931 |
| Effect of uplift | 1,445 | 1,487 | 1,297 | 4,283 | 4,291 | 5,821 |
| Financial and onshore items | -1,566 | -1,058 | 2,321 | 2,657 | -5,573 | -20,156 |
| Change valuation allowance | 0 | -555 | -50 | -39 | -134 | -106 |
| Adjustments previous year and other | -207 | 807 | 0 | 286 | -828 | -804 |
| Total income taxes recognised in the income statement | 62,280 | -25,673 | -176,462 | -64,192 | -332,839 | -390,406 |
| Effective income tax rate | 63% | 548% | 87% | 236% | 92% | 92% |
Specification of tax effects on temporary differences, tax losses and uplift carried forward
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Tangible and intangible non-current assets | -475,606 | -533,904 | -436,805 | -577,945 |
| Provisions (net ARO), lease liability, pensions and gain/loss account | 423,996 | 413,260 | 365,489 | 438,946 |
| Interest bearing loans | -3,967 | -4,941 | -824 | -977 |
| Current items (spareparts and inventory) | -38,006 | -33,409 | -38,668 | -35,672 |
| Tax losses carried forward, onshore 22% | 602 | 596 | 543 | 602 |
| Valuation allowance (uncapitalised deferred tax asset) | -602 | -596 | -543 | -602 |
| Total deferred tax assets / liabilities (-) recognised | -93,583 | -158,993 | -110,809 | -175,648 |
| Of this classified as held for sale, see note | 0 | 0 | 0 | 78,390 |
| Total deferred tax assets / liabilities (-) recognised excl. classified as held for sale | -93,583 | -158,993 | -110,809 | -97,258 |
Specification of tax payable
| Amounts in USD `000 | Total |
|---|---|
| Tax payable at 1 January 2025 | 143,436 |
| Tax paid | -168,326 |
| Tax payable adjustment previous year | -1,898 |
| Tax payable current year recognised in the income statement | 98,847 |
| Foreign currency translation effects | 19,854 |
| Tax payable at 30 September 2025 | 91,913 |
Total deferred tax assets / liabilities (-)
| Amounts in USD `000 | Total |
|---|---|
| Deferred tax assets / liabilities (-) at 1 January 2025 | -110,809 |
| Deferred tax current year recognised in the income statement | 34,038 |
| Change in deferred taxes previous year | -1,166 |
| Foreign currency translation effects | -15,646 |
| Total deferred tax assets / liabilities (-) 30 September 2025 | -93,583 |
10 Tangible assets and right-of-use assets
| Oil and gas properties | Furniture, | ||||
|---|---|---|---|---|---|
| Amounts in USD `000 | Assets under development |
Assets in production |
fixtures and office machines |
Right of use assets |
Total |
| Cost at 1 January 2025 | 131,925 | 1,055,622 | 7,957 | 31,594 | 1,227,098 |
| Additions | 76,333 | 82,885 | 761 | 0 | 159,979 |
| Reclassification from exploration | 0 | 1,734 | 0 | 0 | 1,734 |
| Reclassification from inventory | 0 | 124 | 0 | 0 | 124 |
| Removal and decommissioning asset | 0 | 209 | 0 | 0 | 209 |
| Disposals | 0 | 0 | -5,908 | 0 | -5,908 |
| Foreign currency translation effects | 20,309 | 136,086 | 479 | 3,929 | 160,803 |
| Cost at 30 June 2025 | 228,567 | 1,276,660 | 3,289 | 35,523 | 1,544,039 |
| Accumulated depreciation and impairment at 1 January 2025 | 0 | -590,588 | -4,607 | -16,938 | -612,133 |
| Depreciation | 0 | -114,107 | -394 | -1,054 | -115,555 |
| Disposals | 0 | 0 | 3,781 | 0 | 3,781 |
| Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator | 0 | 0 | 0 | -425 | -425 |
| Foreign currency translation effects | 0 | -80,020 | -232 | -2,190 | -82,442 |
| Accumulated depreciation and impairment at 30 June 2025 | 0 | -784,716 | -1,451 | -20,607 | -806,774 |
| Carrying amount at 30 June 2025 | 228,567 | 491,945 | 1,838 | 14,916 | 737,266 |
| Cost at 1 July 2025 | 228,567 | 1,276,660 | 3,289 | 35,523 | 1,544,039 |
| Additions | 62,616 | 44,053 | 1,178 | 0 | 107,847 |
| Reclassification from inventory | 0 | 33 | 0 | 0 | 33 |
| Removal and decommissioning asset | 5,613 | -1,045 | 0 | 0 | 4,568 |
| Foreign currency translation effects | 3,325 | 14,493 | 49 | 392 | 18,259 |
| Cost at 30 September 2025 | 300,121 | 1,334,194 | 4,516 | 35,915 | 1,674,747 |
| Accumulated depreciation and impairment at 1 July 2025 | 0 | -784,716 | -1,451 | -20,607 | -806,774 |
| Depreciation | 0 | -62,870 | -193 | -557 | -63,619 |
| Impairment (-) and reversal of impairment | 0 | -132,550 | 0 | 0 | -132,550 |
| Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator | 0 | 0 | 0 | -224 | -224 |
| Foreign currency translation effects | 0 | -10,820 | -18 | -236 | -11,074 |
| Accumulated depreciation and impairment at 30 September 2025 | 0 | -990,955 | -1,662 | -21,624 | -1,014,241 |
| Carrying amount at 30 September 2025 | 300,121 | 343,239 | 2,855 | 14,291 | 660,506 |
11 Goodwill, exploration and evaluation assets and other intangible assets
| Other | Exploration | ||||
|---|---|---|---|---|---|
| Amounts in USD `000 | intangible assets |
and evaluation assets |
Technical goodwill |
Ordinary | goodwill Total goodwill |
| Cost at 1 January 2025 | 0 | 16,519 | 232,624 | 157,996 | 390,620 |
| Additions | 0 | 28,531 | 0 | 0 | 0 |
| Reclassification to oil and gas properties under development | 0 | -1,734 | 0 | 0 | 0 |
| Disposals | 0 | -7,060 | 0 | 0 | 0 |
| Expensed exploration expenditures temporarily capitalised | 0 | -12,848 | 0 | 0 | 0 |
| Foreign currency translation effects | 0 | 3,668 | 28,928 | 19,648 | 48,576 |
| Cost at 30 June 2025 | 0 | 27,076 | 261,552 | 177,644 | 439,196 |
| Accumulated impairment at 1 January 2025 | 0 | 0 | -104,926 | -143,620 | -248,546 |
| Impairment | 0 | 0 | -44,025 | 0 | -44,025 |
| Foreign currency translation effects | 0 | 0 | -14,831 | -17,860 | -32,691 |
| Accumulated impairment at 30 June 2025 | 0 | 0 | -163,782 | -161,480 | -325,263 |
| Carrying amount at 30 June 2025 | 0 | 27,076 | 97,769 | 16,164 | 113,933 |
| Cost at 1 July 2025 | 0 | 27,076 | 261,552 | 177,644 | 439,196 |
| Additions | 1,565 | 3,280 | 0 | 0 | 0 |
| Reclassification to oil and gas properties under development | 0 | 0 | 0 | 0 | 0 |
| Disposals | 0 | 0 | 0 | 0 | 0 |
| Expensed exploration expenditures temporarily capitalised | 0 | 0 | 0 | 0 | 0 |
| Foreign currency translation effects | 17 | 338 | 2,881 | 1,956 | 4,837 |
| Cost at 30 September 2025 | 1,582 | 30,694 | 264,432 | 179,601 | 444,033 |
| Accumulated depreciation at beginning of period | 0 | 0 | 0 | 0 | 0 |
| Accumulated impairment at beginning of period | 0 | 0 | -163,782 | -161,480 | -325,263 |
| Depreciation | -19 | 0 | 0 | 0 | 0 |
| Impairment | 0 | 0 | -18,143 | 0 | -18,143 |
| Foreign currency translation effects | 0 | 0 | -2,006 | -1,778 | -3,784 |
| Accumulated depreciation and impairment at 30 September 2025 | -20 | 0 | -183,931 | -163,259 | -347,190 |
| Carrying amount at 30 September 2025 | 1,563 | 30,694 | 80,501 | 16,342 | 96,843 |
12 Impairment / reversal of impairment
Tangible and intangible assets are tested for impairment / reversal of impairment whenever indicators are identified and at least on an annual basis. Impairment is recognised when the book value of an asset or cash generating unit exceeds the estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use and is estimated based on discounted future cash flows. The discount rate applied represents the weighted average cost of capital (WACC).
Technical goodwill arises as an offsetting account to the deferred tax recognised in business combinations and is allocated to each Cash Generating Unit (CGU). Technical goodwill will be impaired during the life-time of the CGU and is a non-cash expense. As reserves are produced, depreciation of the oil and gas properties (CGU) reduces deferred tax and exposes technical goodwill for impairment.
Fair value assessments of the company's right-of-use (ROU) asset-portfolio are included in the impairment test.
Valuation of oil and gas properties and goodwill are inherently uncertain due to the judgemental nature of the underlying estimates.
Key assumptions applied in the impairment test at 30 September 2025 stated in real terms:
| Year | Oil USD/BOE | Gas GBP/ therm |
Currency rates USD/NOK |
|---|---|---|---|
| 2025 | 66.7 | 0.9 | 10.0 |
| 2026 | 63.8 | 0.8 | 10.0 |
| 2027 | 62.8 | 0.7 | 10.0 |
| 2028 | 72.4 | 0.8 | 10.0 |
| From 2029 | 75.0 | 0.7 | 10.0 |
Other assumptions
For oil and gas reserves, future cash flows are calculated on the basis of expected production profiles and estimated proven and probable remaining reserves limited by economic cut-off.
Future capex, opex and abandonment cost are calculated based on expected production profiles and the best estimate of related cost. The nominal discount rate applied for estimating fair values is 10% post tax. The long-term inflation rate is assumed to be 2%.
Total cost for CO2 comprises Norwegian CO2 tax and cost of the EU Emission Trading System and is estimated to gradually increase from NOK 1,806 per tonne in 2025 towards a long term price of NOK 2,400 (real 2025) per tonne from 2030 and NOK 3,400 (real 2025) from 2035 in line with price estimates presented by the Norwegian authorities in 2025. NOx prices are estimated to increase from approximately NOK 18 per kg in 2025 to a level of approximately 27 NOK per kg from 2030.
Impairment testing of technical goodwill, ordinary goodwill, fixed assets and ROU assets
Impairments of oil and gas assets of USD 133 (0) million on Statfjord and technical goodwill of USD 18 (32) million mainly on Draugen and Statfjord were due to reduced economically recoverable reserves and future cost reductions considered less likely on Statfjord, and a reduction in reserve estimates at Draugen.
| Amounts in USD `000 | Q3 2025 | Q2 2025 | ||
|---|---|---|---|---|
| Technical goodwill |
Oil & gas assets |
Technical goodwill |
Oil & gas assets |
|
| Statfjord | 5,080 | 132,550 | 22,984 | 0 |
| Draugen | 11,119 | 0 | 0 | 0 |
| Gjøa/Nova | 1,944 | 0 | 7,602 | 0 |
| Ivar Aasen | 0 | 0 | 1,499 | 0 |
| Total impairment | 18,143 | 132,550 | 32,084 | 0 |
No impairments on ordinary goodwill were required in the third quarter 2025..
Sensitivities
| Amounts in USD `000 | Alternative calculations of pre Increase / decrease (-) of pre tax impairment/reversal (-) tax impairment |
||||
|---|---|---|---|---|---|
| Change | Increase in assumption |
Decrease in assumption |
Increase in assumption |
Decrease in assumption |
|
| Oil and gas price | +/- 10% | 12,385 | 261,086 | -138,308 | 110,393 |
| Oil and gas price forward period | +/- 10% | 93,698 | 209,503 | -56,995 | 58,811 |
| Currency rate USD/NOK | +/- 1.0 NOK | 13,375 | 252,033 | -137,318 | 101,340 |
| Discount rate | +/- 1% point | 159,332 | 141,315 | 8,639 | -9,378 |
| Environmental cost (CO2 and NOx) |
+/- 20% | 200,747 | 100,638 | 50,055 | -50,055 |
13 General and administrative expenses
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Salary and other employee benefits expenses | 30,523 | 31,469 | 26,001 | 89,051 | 78,410 | 106,724 |
| Consultants and other operating expenses | 15,705 | 18,430 | 14,293 | 48,614 | 44,262 | 58,878 |
| Allocated to operated licences | -41,552 | -42,098 | -35,747 | -118,886 | -107,414 | -146,036 |
| Allocated to exploration and production expenses | -1,557 | -1,555 | -1,494 | -4,827 | -5,220 | -6,705 |
| Total general and administrative expenses | 3,118 | 6,246 | 3,053 | 13,953 | 10,037 | 12,862 |
14 Financial items
| Amounts in USD `000 | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Interest income | 2,992 | 3,054 | 2,791 | 8,225 | 5,641 | 9,066 |
| Unwinding of discount asset retirement reimbursement right (indemnification asset) | 5,474 | 5,346 | 4,705 | 15,743 | 13,994 | 18,347 |
| Gain on financial investments | -75 | 0 | 89 | -21 | 89 | 368 |
| Finance income | 8,391 | 8,400 | 7,584 | 23,946 | 19,724 | 27,781 |
| Interest expense and fees from loans and borrowings | -7,287 | -7,714 | -6,660 | -20,656 | -15,801 | -22,379 |
| Capitalised borrowing cost, development projects | 6,644 | 4,177 | 2,006 | 13,777 | 3,977 | 6,627 |
| Other interest expense | -6 | -1,064 | 0 | -1,071 | -1,756 | -1,758 |
| Unwinding of discount asset retirement obligations | -9,435 | -9,219 | -7,884 | -26,551 | -23,310 | -30,507 |
| Loss on buy-back/early redemption bond loan | 184 | -5,589 | 0 | -5,405 | 0 | 0 |
| Other financial expense | -370 | -510 | -407 | -1,205 | -1,323 | -1,642 |
| Finance costs | -10,270 | -19,919 | -12,946 | -41,110 | -38,212 | -49,660 |
| Exchange rate gain / loss (-), interest-bearing loans and borrowings | 3,268 | 11,906 | 3,632 | 33,254 | -2,739 | -24,017 |
| Net exchange rate gain / loss (-), other | -3,421 | -2,945 | 4,375 | -12,208 | 8,042 | 8,908 |
| Net exchange rate gain / loss (-) | -153 | 8,960 | 8,007 | 21,046 | 5,303 | -15,109 |
| Net financial items | -2,032 | -2,558 | 2,646 | 3,882 | -13,185 | -36,988 |
15 Asset retirement reimbursement right
| Amounts in USD `000 | Total |
|---|---|
| Asset retirement reimbursement right at 1 January 2025 (indemnification asset) | 407,010 |
| Changes in estimates | 31,050 |
| Effect of change in the discount rate | -27,078 |
| Asset retirement costs from billing, reimbursement from Shell and Harbour Energy | -1,901 |
| Asset retirement costs from billing, paid by Equinor | -15,021 |
| Unwinding of discount | 15,743 |
| Foreign currency translation effects | 55,616 |
| Asset retirement reimbursement right at 30 September 2025 (indemnification asset) | 465,418 |
| Of this: | |
| Asset retirement reimbursement right, non-current | 440,809 |
| Asset retirement reimbursement right, current | 24,609 |
| Asset retirement reimbursement right at 30 September 2025 (indemnification asset) | 465,418 |
Asset retirement reimbursement right consists of a receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets in 2018, a receivable from the seller Harbour Energy (previously Wintershall Dea) from OKEA's acquisition of the Brage asset in 2022, and a receivable from the seller Equinor from OKEA's acquisition of the Statfjord asset in 2023.
Receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets:
The parties have agreed that the seller Shell will cover 80% of OKEA's share of total decommissioning costs for the Draugen and Gjøa fields up to a predefined after-tax cap amount of USD 78 million (2025 value) subject to Consumer Price Index (CPI) adjustment. The present value of the expected payments is recognised as a pre-tax receivable from the seller.
In addition, the seller has agreed to pay OKEA a fixed amount of USD 46 million (2025 value) subject to a CPI adjustment according to a schedule based on the percentage of completion of the decommissioning of the Draugen and Gjøa fields.
The net present value of the receivable is calculated using a discount rate of 5.1% (5.1%).
Receivable from the seller Harbour Energy from OKEA's acquisition of the Brage asset:
The parties have agreed that Harbour Energy will retain responsibility for 80% of OKEA's share of total decommissioning costs related to the Brage Unit, limited to an agreed pre-tax cap of USD 167 (2025 value) million subject to index regulation.
The net present value of the receivable is calculated using a discount rate of 5.0% (5.0%).
Receivable from the seller Equinor from OKEA's acquisition of the Statfjord assets:
The parties have agreed that Equinor will retain responsibility for 100% of OKEA's share of total decommissioning costs related to Statfjord A.
The net present value of the receivable is calculated using a discount rate of 4.3% (4.5%).
16 Share capital
| Ordinary shares | |
|---|---|
| Outstanding shares at 1 January 2025 | 103,910,350 |
| New shares issued during 2025 | 0 |
| Number of outstanding shares at 30 September 2025 | 103,910,350 |
| Nominal value NOK per share at 30 September 2025 | 0.10 |
| Share capital NOK at 30 September 2025 | 10,391,035 |
| Nominal value USD per share at 30 September 2025 | 0.01 |
| Share capital USD at 30 September 2025 | 1,229,272 |
17 Trade and other receivables
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Accounts receivable and receivables from operated licences | 22,234 | 22,312 | 13,730 | 22,864 |
| Accrued revenue | 48,892 | 40,639 | 67,788 | 58,820 |
| Prepayments | 10,915 | 14,120 | 8,757 | 11,482 |
| Working capital and overcall, joint operations/licences | 57,317 | 50,515 | 56,456 | 57,723 |
| Underlift of petroleum products | 11,778 | 20,255 | 30,696 | 22,677 |
| VAT | 1,248 | 229 | 3,567 | 1,183 |
| Accrued interest income | 5,489 | 3,720 | 909 | 2,882 |
| Other receivables | 336 | 332 | 295 | 319 |
| Fair value put/call options, gas | 553 | 1,165 | 0 | 528 |
| Fair value put/call options, oil | 0 | 129 | 73 | 1,231 |
| Fair value forward contracts, foreign exchange | 360 | 1,572 | 0 | 1,541 |
| Fair value forward contracts, CO2 quotas | 481 | 311 | 408 | 228 |
| Total trade and other receivables | 159,603 | 155,298 | 182,679 | 181,478 |
| Of this classified as held for sale | 0 | 0 | 0 | -8,217 |
| Total trade and other receivables excl. classified as held for sale | 159,603 | 155,298 | 182,679 | 173,261 |
18 Cash and cash equivalents
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Bank deposits, unrestricted | 266,754 | 159,068 | 195,667 | 247,150 |
| Bank deposit, time deposit | 95,670 | 79,773 | 79,758 | 85,651 |
| Bank deposit, restricted, net proceeds from bond issue OKEA06 on escrow account | 123 | 169,619 | 0 | 0 |
| Bank deposit, restricted, employee taxes | 2,831 | 3,908 | 4,304 | 2,588 |
| Bank deposit, restricted, deposit office leases | 2,066 | 2,043 | 1,517 | 1,619 |
| Bank deposit, restricted, other | 9,075 | 8,687 | 7,561 | 6,890 |
| Total cash and cash equivalents | 376,519 | 423,098 | 288,807 | 343,899 |
In addition to the cash and cash equivalents, USD 41.7 (40.7) million was placed in money-market funds. Reference is made to note 27.
19 Asset retirement obligations
Provisions for asset retirement obligations represent the future expected costs for close-down and removal of oil equipment and production facilities. The provision is based on the company's best estimate. The net present value of the estimated obligation is calculated using a discount rate of 4.0% (year end 2024: 3.7%). The assumptions are based on the economic environment at balance sheet date. Actual asset retirement costs will ultimately depend upon future market prices for the necessary works which will reflect market conditions at the relevant time. Furthermore, the timing of the close-down is likely to depend on when the field ceases to produce at economically viable rates. This in turn will depend upon future oil and gas prices, which are inherently uncertain.
For recovery of costs of decommissioning related to assets acquired from Shell, Harbour Energy (previously Wintershall Dea) and Equinor, reference is made to note 15.
| Amounts in USD `000 | Total |
|---|---|
| Provisions at 1 January 2025 | 836,598 |
| Changes in estimates | 46,889 |
| Effects of change in the discount rate | -38,043 |
| Asset retirement costs from billing | -17,790 |
| Unwinding of discount | 26,551 |
| Foreign currency translation effects | 115,130 |
| Asset retirement obligations at 30 September 2025 | 969,334 |
| Of this: | |
| Asset retirement obligations, non-current | 944,209 |
| Asset retirement obligations, current | 25,125 |
| Asset retirement obligations at 30 September 2025 | 969,334 |
20 Spare parts, equipment and inventory
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Inventory of petroleum products | 24,396 | 18,157 | 28,540 | 22,285 |
| Spare parts and equipment | 51,315 | 47,312 | 39,860 | 47,675 |
| Total spare parts, equipment and inventory | 75,712 | 65,468 | 68,400 | 69,960 |
| Of this classified as held for sale | 0 | 0 | 0 | -7,162 |
| Total spare parts, equipment and inventory excl. classified as held for sale | 75,712 | 65,468 | 68,400 | 62,798 |
21 Trade and other payables
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Trade creditors | 42,658 | 28,455 | 40,481 | 34,927 |
| Accrued holiday pay and other employee benefits | 21,015 | 17,868 | 20,626 | 17,453 |
| Working capital, joint operations/licences | 194,915 | 134,775 | 121,483 | 125,808 |
| Overlift of petroleum products | 33,252 | 16,676 | 20,242 | 34,550 |
| Accrued interest bond loans | 8,567 | 5,038 | 4,816 | 4,816 |
| Other provisions, current (see note 26) | 8,853 | 7,766 | 6,687 | 8,489 |
| Prepayments from customers | 16,484 | 9,334 | 18,768 | 24,941 |
| Fair value put/call options, gas | 0 | 0 | 363 | 0 |
| Fair value put/call options, oil | 54 | 0 | 0 | 0 |
| Fair value forward contracts, foreign exchange | 0 | 0 | 667 | 0 |
| Accrued consideration from acquisitions of interests in licences | 41 | 142 | 446 | 0 |
| Other accrued expenses | 26,257 | 28,843 | 32,244 | 28,617 |
| Total trade and other payables | 352,097 | 248,896 | 266,823 | 279,601 |
| Of this classified as held for sale | 0 | 0 | 0 | -10,819 |
| Total trade and other payables excl. classified as held for sale | 352,097 | 248,896 | 266,823 | 268,782 |
22 Interest bearing bond loans
In June 2025, the company issued a USD 175 million secured bond loan (OKEA06). Maturity date for OKEA06 is June 2029, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA 06 was issued at par value.
In May 2024, the company issued a USD 125 million secured bond loan (OKEA05). Maturity date for OKEA05 is May 2028, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA05 was issued at par value.
In September 2023, the company completed a refinancing of the OKEA03 bond loan, with original maturity in December 2024, by issuing a USD 125 million secured bond loan (OKEA04). Maturity date for OKEA04 was September 2026, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA04 was issued at par value. Following issue of the OKEA06 bond loan in June, a notice of redemption of the OKEA04 bond was issued and the bond was repaid in full on 1 July 2025 at a redemption price of 104.563%.
During 2025, the company has been in full compliance with the covenants under the bond agreements. The financial covenants of OKEA05 and OKEA06 comprise:
- Leverage Ratio (Total Debt Liquid Assets) / 12-mth rolling EBITDA of max 1.75x
- Minimum Liquidity of USD 45 million
| Bond loan | Bond loan | Bond loan | ||
|---|---|---|---|---|
| Amounts in USD `000 | OKEA06 | OKEA05 | OKEA04 | Total |
| Interest bearing bond loans at 1 January 2025 | 0 | 122,923 | 123,502 | 246,426 |
| Bond issue | 175,000 | 0 | 0 | 175,000 |
| Capitalized transaction cost | -3,338 | 0 | 0 | -3,338 |
| Amortisation of transaction costs | 179 | 439 | 1,636 | 2,254 |
| Bond buy-back/early redemption | 0 | 0 | -124,963 | -124,963 |
| Foreign exchange movement | -2,961 | -15,927 | -14,677 | -33,566 |
| Foreign currency translation effects | 2,860 | 15,664 | 14,502 | 33,026 |
| Interest bearing bond loans at 30 September | ||||
| 2025 | 171,740 | 123,099 | 0 | 294,839 |
| Interest bearing bond loans at 1 January 2025 | 0 | 122,923 | 123,502 | 246,426 |
| Cash flows: | ||||
| Gross proceeds from borrowings | 175,000 | 0 | 0 | 175,000 |
| Transaction costs | -2,172 | 0 | 0 | -2,172 |
| Bond buy-back/early redemption | 0 | 0 | -130,372 | |
| Total cash flows: | 172,828 | 0 | -130,372 | 42,456 |
| Non-cash changes: | ||||
| Amortisation of transaction costs | 179 | 439 | 1,636 | 2,254 |
| Transaction costs accrued | -1,166 | 0 | 0 | -1,166 |
| Loss / gain (-) on buy-back/early redemption | 0 | 0 | 5,408 | 5,408 |
| Foreign exchange movement | -2,961 | -15,927 | -14,677 | -33,566 |
| Foreign currency translation effects | 2,860 | 15,664 | 14,502 | 33,026 |
| Interest bearing bond loans at 30 September | ||||
| 2025 | 171,740 | 123,099 | 0 | 294,839 |
23 Other credit facilities
To enhance the financial flexibility, OKEA has a Revolving Credit Facility (RCF) which is available for working capital purposes. In connection with the bond issue OKEA06, the size of the super senior revolving credit facility (the "SSRCF") was increased from USD 37.5 million to USD 45.0 million. The RCF has a limit of USD 45.0 million until November 2027, and thereafter reduces to USD 26.25 million until final maturity in December 2028. No draw downs have been made on the RCF.
24 Leasing
| Amounts in USD `000 | Total |
|---|---|
| Lease liability at 1 January 2025 | 17,199 |
| Accretion lease liability | 1,186 |
| Payments of lease debt and interest | -3,471 |
| Foreign currency translation effects | 2,241 |
| Total lease debt at 30 September 2025 | 17,155 |
| Break down of lease liability | |
| Short-term (within 1 year) | 3,796 |
| Long-term | 13,359 |
| Total lease liability | 17,155 |
| Undiscounted lease liabilities and maturity of cash outflows | |
| Within 1 year | 3,988 |
| 1 to 5 years | 13,025 |
| After 5 years | 8,811 |
| Total | 25,824 |
The company has entered into operating leases for office facilities. In addition, as operator of the Draugen field, the company has on behalf of the licence entered into operating leases for logistic resources such as supply vessel with associated remote operated vehicle (ROV), base and warehouse for spare parts and hence these lease debts are recognised on a gross basis.
Lease payments related to leasing contracts entered into as an operator of the Draugen field are presented on a gross basis.
25 Commodity contracts
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Premium commodity contracts | 0 | 0 | 46 | 199 |
| Accumulated unrealised gain/loss (-) commodity contracts included in other operating income / loss(-) | 499 | 1,294 | -337 | 1,559 |
| Short-term net derivatives included in assets/liabilities (-) | 499 | 1,294 | -291 | 1,759 |
OKEA uses derivative financial instruments (put and call options) to manage exposures to fluctuations in commodity prices. Put options are purchased to establish a price floor for a portion of future production of petroleum products. In some cases, a price ceiling is established by selling call options, to reduce the net hedging premium. The contracts are recognised at fair value.
26 Other provisions
| Amounts in USD `000 | Total |
|---|---|
| Provision at 1 January 2025 | 15,542 |
| Settlements/payments to Harbour Energy and Equinor | -6,944 |
| Changes in fair value | -1,601 |
| Foreign currency translation effects | 1,856 |
| Other provisions at 30 September 2025 | 8,853 |
| Specification of other provisions: | |
| Other provisions, non-current | 0 |
| Other provisions, current (classified within trade and other payables) | 8,853 |
| Other provisions at 30 September 2025 | 8,853 |
Other provisions consists of provisions for additional contingent consideration from OKEA's acquisition of the Statfjord asset in 2023. The provisions for contingent consideration is measured at fair value with changes in fair value recognised in the income statement. The fair value is estimated using an option pricing methodology, where the expected option payoff is calculated at each future payment date and discounted back to the balance date.
Additional contingent consideration for the acquisition of the Brage, Ivar Aasen and Nova assets in 2022:
The final payment to Harbour Energy was made in June 2025.
Additional contingent consideration for acquisition of the Statfjord asset in 2023:
OKEA shall pay to Equinor an additional contingent consideration with contingent payment terms applicable for 2023-2025 for certain thresholds of realised oil and gas prices.
27 Financial investments
| Amounts in USD `000 | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
|---|---|---|---|---|
| Investments in money-market funds | 41,709 | 40,735 | 22,374 | 23,882 |
| Total financial investments | 41,709 | 40,735 | 22,374 | 23,882 |
28 Fair value of financial instruments
It is assessed that the carrying amounts of financial assets and liabilities, except for interest bearing bond loans, are approximately equal to their respective fair values.
For the interest bearing bond loans OKEA05 and OKEA06, with a total issue amount of USD 300 million, total fair value is estimated to USD 311 million at 30 September 2025. OKEA05 and OKEA06 are listed on the Oslo Stock Exchange. The fair value is based on the latest quoted market prices (level 2 in the fair value hierarchy according to IFRS 13) as per balance sheet date.
Put/call options oil, put/call options gas, forward contracts CO2 quotas and forward contracts foreign exchange are carried in the statement of financial position at fair value. The fair values are based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy).
29 Events after the balance sheet date
There are no subsequent events to report.
Alternative performance measures
Reconciliations
| EBITDA | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Amounts in USD million | 3 months | 3 months | 3 months | 9 months | 9 months | 12 months |
| Profit / loss (-) from operating activities | -98 | 7 | 200 | 23 | 375 | 463 |
| Add: depreciation, depletion and amortisation | 64 | 58 | 66 | 179 | 206 | 268 |
| Add: impairment | 151 | 32 | -81 | 195 | -41 | -41 |
| EBITDA | 117 | 98 | 184 | 397 | 540 | 690 |
| EBITDAX | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Amounts in USD million | 3 months | 3 months | 3 months | 9 months | 9 months | 12 months |
| Profit / loss (-) from operating activities | -98 | 7 | 200 | 23 | 375 | 463 |
| Add: depreciation, depletion and amortisation | 64 | 58 | 66 | 179 | 206 | 268 |
| Add: impairment / reversal of impairment | 151 | 32 | -81 | 195 | -41 | -41 |
| Add: exploration and evaluation expenses | 7 | 21 | 4 | 37 | 28 | 42 |
| EBITDAX | 124 | 118 | 188 | 435 | 569 | 731 |
| Production expense per boe | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Amounts in USD million | 3 months | 3 months | 3 months | 9 months | 9 months | 12 months |
| Productions expense | 77 | 74 | 74 | 213 | 236 | 309 |
| Less: processing tariff income | -5 | -5 | 1 | -15 | -13 | -17 |
| Less: joint utilisation of resources | -1 | 0 | -1 | -2 | -1 | -1 |
| Divided by: produced volumes (boe) | 2,912 | 2,885 | 3,428 | 8,878 | 10,750 | 14,225 |
| Production expense USD per boe | 24.5 | 23.5 | 21.8 | 22.1 | 20.6 | 20.4 |
| Leverage ratio | ||||
|---|---|---|---|---|
| Amounts in USD million | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
| Net debt | ||||
| Interest bearing bond loans | 295 | 422 | 246 | 246 |
| Other interest bearing liabilities (pre reclass) | 0 | 0 | 0 | 43 |
| Income tax payable (pre reclass) | 92 | 98 | 143 | 206 |
| Less:Cash and cash equivalents | -377 | -423 | -289 | -344 |
| Less:Investments in money-market funds | -42 | -41 | -22 | -24 |
| Net debt | -31 | 56 | 79 | 128 |
| 12 months rolling EBITDA | 547 | 614 | 690 | 694 |
| Leverage ratio | -0.1 | 0.1 | 0.1 | 0.2 |
| Net interest-bearing debt | ||||
|---|---|---|---|---|
| Amounts in USD million | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
| Interest bearing bond loans | 295 | 422 | 246 | 246 |
| Other interest bearing liabilities | 0 | 0 | 0 | 0 |
| Other interest bearing liabilities, current | 0 | 0 | 0 | 0 |
| Less:Cash and cash equivalents | -377 | -423 | -289 | -344 |
| Less:Investments in money-market funds | -42 | -41 | -22 | -24 |
| Net interest-bearing debt / (cash) position | -123 | -42 | -65 | -122 |
| Net interest-bearing debt excl. other interest bearing debt | ||||
|---|---|---|---|---|
| Amounts in USD million | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 |
| Interest bearing bond loans | 295 | 422 | 246 | 246 |
| Less:Cash and cash equivalents | -377 | -423 | -289 | -344 |
| Less:Investments in money-market funds | -42 | -41 | -22 | -24 |
| Net interest-bearing debt / (cash) position excl. other interest bearing liabilities | -123 | -42 | -65 | -122 |
Definitions
EBITDA
EBITDA is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation and impairments.
EBITDAX
EBITDAX is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation, impairments and exploration and evaluation expenses.
Production expense per boe
Production expense per boe is defined as production expense less processing tariff income and joint utilisation of resources income for assets in production divided by produced volumes. Expenses classified as production expenses related to various preparation for operations on assets under development are excluded.
Capital expenditure
Capital expenditure (Capex) is defined as investment in oil and gas properties as shown in investment activities in the statement of cash flows.
Leverage ratio
Leverage ratio means the ratio of net debt to EBITDA. Net debt includes tax payable.
Net interest-bearing debt (cash)
Net interest-bearing debt is book value of interest-bearing loans, bonds and other interest-bearing liabilities excluding lease liability (IFRS 16) less cash and cash equivalents and investments in money-market funds.
Net interest-bearing debt excl. other interest bearing liabilities
Net interest-bearing debt excl. other interest bearing liabilities is book value of interest-bearing bond loans less cash and cash equivalents.
Contact OKEA:
[email protected] +47 73 52 52 22
IR contacts:
Stig Hognestad, VP Investor Relations [email protected] +47 902 59 040
Birte Norheim, CFO [email protected] +47 952 93 321
Trondheim Oslo Stavanger Kristiansund Bergen
Kongens gate 8 Tordenskioldsgate 8-10 Kongsgårdbakken 1-3 Råket 2 Espehaugen 32
7011 Trondheim 0160 Oslo 4005 Stavanger 6516 Kristiansund 5258 Bergen