OSLO, Norway, July 9, 2026 /PRNewswire/ -- BlueNord ASA ("BlueNord" or the "Company") has today announced its financial results for the second quarter and first half of 2026, delivering record net cash flow from operating activities in a period of significant market volatility. As a result, BlueNord has declared a cash dividend of USD 174 million for Q2 2026, at the top end of our distribution policy range and the Company's largest quarterly distribution to date.
Highlights:
- Successful completion of the planned Tyra shutdown in June, with the full work scope executed and the hub currently producing at record rates above 28 mboepd net to BlueNord
- Net hydrocarbon production of 37.2 mboepd for Q2, reflecting the planned work scope on Tyra and Gorm
- Revenues of USD 277 million for the quarter and USD 594 million for the first half of 2026
- EBITDA of USD 147 million for the quarter and USD 348 million for the first half of 2026
- Record net operating cash flow of USD 249 million compared to USD 141 million in previous quarter, bringing net operating cash flow for the first half to USD 390 million
- Declared cash dividend for the quarter of USD 174 million, the largest quarterly distribution to date, with paid and declared distributions now totalling USD 780 million
- Successful issuance of a USD 400 million 5-year senior unsecured bond in May, refinancing BNOR16 at significantly improved terms, reducing the Company's borrowing cost and providing increased distribution flexibility
- Strong liquidity position of USD 546 million at quarter end
Operational
BlueNord delivered a total net production of 37.2 mboepd in the second quarter of 2026, reflecting the planned maintenance shutdowns at both the Tyra and Gorm hubs during the quarter. The Tyra hub produced 19.3 mboepd, with the planned June shutdown successfully completed and the full work scope executed. Following the restart, Tyra exited the quarter producing at record gas rates above 250 mmscf/d and is currently producing above 28 mboepd net to BlueNord. The Company expects steady-state performance to be delivered for the second half of 2026. The base assets (Dan, Gorm and Halfdan hubs) averaged 17.9 mboepd, with the annual full-field shutdown at Gorm completed during May. With the planned Q2 maintenance activity now complete, the Company currently delivers a total production above 47 mboepd providing strong momentum into the third quarter, where production is guided at 42.0-49.0 mboepd.
Financials
Revenue for the quarter was USD 277 million, reflecting lower production during the shutdown period, partially offset by strong commodity prices. EBITDA was USD 147 million, with net operating cash flow reaching a record USD 249 million. Unit operating costs were temporarily higher as a result of the planned shutdown activity and are expected to return to target levels in the second half of 2026. The Company's hedge portfolio provides downside protection through to the end of 2026.
During the quarter, the Company successfully issued BNOR18, a USD 400 million 5-year senior unsecured bond maturing in 2031. The transaction was multiple times oversubscribed and attractively priced at 7.875 percent, with net proceeds used primarily to refinance the USD 300 million BNOR16 senior unsecured bond, reducing the Company's cost of borrowing and extending its maturity profile. The terms of the new bond, including its distribution covenants, provide increased flexibility.
Reflecting the strong cash generation in Q2, the Company has declared a cash dividend for the second quarter of USD 174 million, at the top end of the distribution policy range of 50-70% of operating cash flow and a record quarterly dividend, bringing total paid and declared distributions to date to USD 780 million.
"The second quarter of 2026 demonstrates the resilience of BlueNord's business, with record quarterly net operating cashflow and dividend delivered in a period of significant market volatility. The planned Tyra shutdown was completed with the full work scope successfully executed, and the hub is now producing at record rates, providing strong momentum into a second half in which we expect higher operational efficiency and further production growth.
While oil prices have been volatile, gas prices have remained consistently high and, with gas now representing a substantial share of our production, the Company is well positioned to capture this strength. Our forward outlook benefits from the hedge portfolio we strengthened during the first quarter to cover the majority of expected volumes through to the end of 2026, protecting the cashflow that underpins our distributions while retaining exposure to further upside.
During the quarter we also completed the refinancing of BNOR16, reducing our cost of borrowing and providing additional flexibility ahead of the new distribution policy we intend to communicate later this year. As operational performance strengthens into the second half, our priority remains unchanged: converting this into cash and returning it to our shareholders," 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://qcnl.tv/p/Hr1IcAJVGmuiYeouvVvs9w
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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https://news.cision.com/bluenord-asa/r/bluenord-announces-second-quarter-and-first-half-2026-results-and-declares-cash-dividend-for-the-qua,c4372764
The following files are available for download:
https://mb.cision.com/Main/4225/4372764/4187271.pdf | BlueNord Q2 2026 Report |
https://mb.cision.com/Public/4225/4372764/b5a022d2a8a0bda2.pdf | BlueNord Q2 2026 Presentation |
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