BNOR: BlueNord Announces Third Quarter of 2026 Results

Oslo, 28 2026: BlueNord ASA ("BlueNord" or the "Company") has today announced
its financial results for the third quarter of 2026, reflecting an overall
strong performance both operationally and financially, mainly driven by higher
production and favourable commodity prices.

Highlights:

  - Net hydrocarbon production of 43.6 mboepd with Tyra reaching peak production
levels of c. 30mboepd during the quarter and stability improving significantly
  - Total revenues of USD 346 million in the third quarter, up from USD 276.8
million in the previous quarter
  - EBITDA of USD 219.6 million in Q3 compared to USD 146.8 million in Q2
  - Available liquidity of USD 392.8 million, with cash on balance sheet of USD
131.3 million and undrawn RBL capacity of USD 261 million
  - Proposed statutory merger with Vår Energi ASA announced and approved by
shareholders

Operational
BlueNord delivered a total net production of 43.6 mboepd in the third quarter of
2026, reflecting the successfully planned maintenance shutdowns at both the Tyra
and Gorm hubs earlier in the summer. The Tyra hub significantly improved its
stability and capacity after the planned June shutdown. A step change in
production was observed with gas production around export capacity, and
production reaching  c. 30 mboepd during the quarter.

Financials
Revenue for the quarter was USD 346 million, primarily driven by higher oil and
gas sales volumes and increased commodity prices, partly offset by a higher
hedge effect. EBITDA was USD 219.6 million, with net operating cash flow of USD
69.7 million (USD 212 million before working capital and tax payments). During
the quarter, the BNOR18 bonds were listed on Oslo Stock Exchange.

Transaction with Vår Energi
On 21 July 2026, Vår Energi ASA and BlueNord ASA announced a proposed statutory
merger of which Vår Energi's 100% owned subsidiary is the surviving entity. The
proposed merger and merger plan was approved by BlueNord's shareholders at an
Extraordinary General Meeting on 24 August 2026. BlueNord shareholders will
receive 9.7153 newly issued shares in Vår Energi and NOK 76.83 in cash per
share. BlueNord's shareholders will also be compensated for dividends in Vår
Energi declared before the merger completion, in accordance with the merger
plan. Closing of the transaction is expected around the year-end 2026, subject
to several conditions' precedent, including regulatory and governmental
approvals as outlined in the merger plan.



"Our shareholders approved the merger with Vår Energi in August, and BlueNord is
now approaching the end of its journey as an independent company. We can look
back on it with real satisfaction. Since we acquired our interest in the DUC in
2019, Tyra has been redeveloped and brought back into production, and we have
returned substantial cash to our shareholders.

Our success as a standalone company provides a strong foundation for BlueNord's
next chapter.  As part of Vår Energi, we believe our shareholders will benefit
from greater scale and diversification while continuing our shared commitment to
maximising operational performance and delivering long-term returns.  The
combination offers an opportunity to build on what both companies have achieved
independently, and we are working through the remaining steps to completion.  We
expect the merger to close around the end of the year.

This quarter Tyra delivered a step change in performance. Following the planned
maintenance campaign in June we saw record production days close to 30 mboepd
and gas export at maximum capacity. Until completion our focus is unchanged:
running the business well and working to complete the transaction.

Finally, I want to thank everyone at BlueNord for what they have delivered, and
our shareholders for their support," 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:
https://qcnl.tv/p/2ajQ7ZelImSeTV4sBh-NBQ



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.


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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 North
Sea 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.com.
s listed on the Oslo Stock Exchange and trades under the ticker\
"BNOR". For further information\, please visit: www.bluenord.com.\