OSLO, Norway, Jan. 10, 2022 /PRNewswire/ -- Norwegian Energy
Company ASA ("Noreco" or "the Company") is pleased to announce a
successful delivery from yard and sail away of the three
Tyra West wellhead and riser
topsides. The topsides were fabricated at Sembcorp Marine Ltd in
Singapore and will be transported
by HTV (Heavy Transport Vessel) BIGROLL BEAUFORT. The
transportation of the topsides will take a planned pit stop at the
Tyra site in the Netherlands to
accommodate for an optimal installation window in the North Sea,
expected in April.
In addition, Noreco completed the scheduled semi-annual
borrowing base redetermination under the Company's Reserve Based
Lending Facility (the "Facility" or the "RBL"), with the borrowing
base remaining above the Facility's maximum cash drawing capacity
of USD 1.0 billion. As of
31 December 2021, Noreco has drawn
USD 900 million with USD 100 million available undrawn cash drawing
capacity under the Facility.
In line with the Company's hedging policy, and as a result of
the positive commodity price environment in Q4 2021, Noreco has
entered into fixed-price swap contracts for additional oil and gas
volumes from 2022 to 2024. The Company has hedged c. 415,000
MWh (c. 245,000 boe) of gas in summer 2022 at an average price of
c. EUR 50/MWh and c. 720,000 bbl of
oil in 2023 and 2024 at prices from $65 to $71/bbl.
Further, Noreco is pleased to announce that Cathrine Torgersen has been appointed the
Company's Head of ESG, through her new role as EVP Investor
Relations & ESG. This reflects the importance that Noreco
places on being both an active participant in the Energy Transition
and doing so in a meaningful, but measured manner.
"The sail away of the topsides is an important Tyra
Redevelopment milestone for us and it further progresses the
project towards first gas in the middle of next year. Despite
COVID-19 challenges, Sembcorp Marine has demonstrated strong and
resilient performance by delivering the new topsides for Tyra –
last year for Tyra East and today
for Tyra West. With a timely sail
away from the yard in Singapore,
we are excited to welcome the new modules at the Tyra field later
this year after a safe voyage. The remaining two 2022 deliveries
from the yards in Rosetti and Batam will complete what will be a
state-of-the-art facility in the North Sea," said
Euan Shirlaw, Acting Managing
Director & CFO in Noreco
"We continue to focus on maintaining a strong capital
structure to secure delivery of the Tyra project, with the recent
successful redetermination outcome and additions to our hedging
programme demonstrating this. By hedging, we seek to maximise
pre-Tyra cashflow visibility with an approach that is also mindful
of the prevailing market conditions. While this will continue, we
do expect to increase our spot market exposure as Tyra first gas
approaches in Q2 next year and beyond," he adds.
"Cathrine has been actively involved in our sustainability
activities to date, and her appointment as the Company's Head of
ESG will help ensure the sustainability-focused activities we
develop are right for Noreco and for our shareholders. Our
participation in the Tyra Redevelopment Project was an early
demonstration of our commitment to the Energy Transition, by
ensuring essential gas supply is available, and we intend to
continue to progress in line with this theme where it makes sense
for us to do so," he concludes.
An updated investor presentation is attached and will be made
available at the Company's website, www.noreco.com.
Contact:
Cathrine Torgersen, EVP Investor
Relations & ESG
Phone: +47 91 52 85 01
Email: ct@noreco.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/noreco/r/sail-away-of-tyra-topsides--corporate-update-and-appointment-of-head-of-esg,c3483277
The following files are available for download:
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https://mb.cision.com/Main/4225/3483277/1518357.pdf
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Noreco Investor
Presentation 10 January 2022
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