OSLO, Norway, Feb. 16, 2022 /PRNewswire/ -- Norwegian Energy
Company ASA ("Noreco" or the "Company") today announced its fourth
quarter 2021 results. The quarter delivered both strong production
of 27.5 mboepd and a [strong] financial result with revenues of
USD 175 million and EBITDA of
USD 97 million.
Highlights:
- Hydrocarbon production of 27.5 mboepd, at the top of our annual
guidance for 2021
- Total Revenues of USD 175
million, which compares to USD 150
million in the previous quarter
- EBITDA of USD 97 million, which
compares to USD 65 million in the
previous quarter
- A refocused and fit-for purpose management team
Net hydrocarbon production for the quarter of 27.5 mboepd is at
the top end of our annual guidance range of 25.5 - 27.5 mboepd and
average production over the full year was 26.9 mboepd. The Noble
Sam Turner drilling program delivered a positive impact on
operating performance throughout the year, including in Q4 2021,
and will continue to undertake additional well interventions in
2022. The Tyra Redevelopment project made significant progress in
the fabrication yards during fourth quarter, which resulted in a
successful sail away, in-line with plan, of the Tyra West topsides
in early January.
In December, the Company announced a successful award of funding
under the 'Energy Technology Development and Demonstration
Programme' (EUDP) of DKK 75 million
for Project Bifrost which is a Danish Underground Consortium
("the DUC") partnership with Ørsted and DTU. The project will focus
on progressing the potential for CO2 transport and storage at the
Harald field with expected startup storage capacity of 3 million
tons of CO2 per year (m/tpa).
The financial result for fourth quarter shows a strong
development over the previous quarter, with revenues of
USD 175 million compared to
USD 150 million in Q3, and EBITDA of
USD 97 million compared to
USD 65 million in Q3. The Company had
total liquidity of USD 223 million at
the end of fourth quarter, with cash on balance sheet of
USD 123 million and available undrawn
RBL capacity of USD 100
million.
Strategic changes were made to the Noreco's organisational
leadership, resulting in a refocused and fit-for-purpose management
team who will drive performance and deliver on the Company's short-
and long-term objectives. As previously announced, Euan Shirlaw was appointed Acting Managing
Director in addition to his role as Chief Financial Officer and,
further, Cathrine Torgersen was
appointed EVP Investor Relations & ESG.
The leadership team was also strengthened with the addition of
Marianne Eide, who joined Noreco in
January 2022 as EVP Upstream and will
lead the Company's operations function going forward. Marianne
brings 30 years of North Sea experience in the oil and gas
industry. In her last position, from 2016 to 2021, she was a member
of the Shell UK Upstream Leadership team accountable for
subsurface, field development, and technology deployment
contributing to a significant increase in the level of operated
activity with field developments like Penguins and further
development of the Shearwater hub. Prior to joining Shell she held
the position as Managing Director for BG Group in Norway in parallel with managing BG Group's
non-operated portfolio in the UK (Buzzard, J-block and Elgin Franklin). She was also managing BG
Groups's Norwegian Knarr FPSO development through project execution
and start-up. In addition, Marianne held positions in Commercial,
Business Development and Petroleum Engineering in Gaz de France, Conoco and Equinor.
"I'm delighted to be part of the Noreco team. I am looking
forward to working with our partners TotaEnergies and Nordsøfonden
to bring Tyra on stream next year. This is an exciting time to be
joining Noreco with the transformation we are going through with
the Tyra Redevelopment, shifting from late-life oil to
state-of-the-art gas facilities with lower operating costs and
emissions. I am also looking forward to exploring the field
development opportunities beyond Tyra", said Marianne Eide, EVP Upstream in Noreco
Euan Shirlaw, Noreco's Acting
Managing Director and CFO said "The final quarter of 2021 saw us
demonstrate the significant potential of our business with positive
operational delivery translating into our strongest quarter of
financial performance since we closed the acquisition of Shell's
Danish upstream interests in 2019. That potential will only
continue to grow as we move through the next 18 months, a period
which will culminate with first gas from Tyra".
"We are very pleased to have Marianne onboard, and the
significant non-operated and projects experience she brings sits
well with the focus of our business. I would like to thank
John Hulme for his contribution
during his time as Chief Operating Officer and he leaves with our
best wishes for the future. I am confident that our assets
are in safe hands with Marianne and look forward to having her as
part of our Executive Team as we move through the next few exciting
months"
The report and investor presentation may be downloaded from the
Company's website www.noreco.com or www.newsweb.no.
The Company will host an earnings call today at 11:00 CET.
To join audiocast:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220216_10
Contact:
Cathrine Torgersen, EVP Investor
Relations & ESG
Phone: +47 91 52 85 01
Email: ct@noreco.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, Executive Vice President
Investor Relations & ESG, Norwegian Energy Company ASA, at the
date and time as set out above.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/noreco/r/noreco-announces-fourth-quarter-2021-results,c3507525
The following files are available for download:
https://mb.cision.com/Main/4225/3507525/1535750.pdf
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Noreco Q4
2021
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https://mb.cision.com/Public/4225/3507525/93af5fed97e5518e.pdf
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Noreco Fourth Quarter
2021 Investor Presentation
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