Energia
Noreco Announces Third Quarter 2021 Results
Net hydrocarbon production for the quarter of 27.2 mboepd is in the upper range of annual guidance of 25.5 – 27.5 mboepd. The Noble Sam Turner drilling program commenced a planned well workover and maintenance campaign earlier this year, delivering positive results on operating performance also during the third quarter. Activity levels on the Tyra project continue to be high, and during the quarter the Company took delivery of the Tyra East topsides from Sembcorp followed by a successful offshore installation at the Tyra field.
In September, the Company announced Project Bifrost, a Danish Underground Consortium ("the DUC") partnership with Ørsted and DTU. Project Bifrost will focus on progressing the potential for Carbon Capture & Storage in Denmark and in specific 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 third quarter continues to strengthen quarter on quarter, with revenues of USD 150 million and adjusted EBITDA of USD 67 million . The Company had total liquidity of USD 252 million at the end of third quarter, with cash on balance sheet of USD 152 million and available undrawn RBL capacity of USD 100 million . During the quarter, a successful written resolution was obtained from bondholders of NOR14 to amend certain covenants providing the Company with further headroom. Noreco also entered into a USD 1.0 billion swap transaction to fix interest rate exposure under the RBL facility
David Cook , Noreco's Chief Executive Officer stated,
said John Hulme , Chief Operating Officer in Noreco
said Euan Shirlaw , Chief Financial Officer in Noreco.
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 08:00 CEST .
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211028_4
Euan Shirlaw , Chief Financial Officer
Phone: +44 7979 690622
Email: es@noreco.com
Cathrine Torgersen , EVP Investor Relations & Communications
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 & Communications, Norwegian Energy Company ASA, at the date and time as set out above.
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https://news.cision.com/noreco/r/noreco-announces-third-quarter-2021-results,c3442048
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