BlueNord ASA: Correction*: BlueNord Announces Third Quarter of 2026 Results

*Correction: Expected capital expenditure for 2026 in the Outlook section of the Q3 report corrected to USD 40-50 million.

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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