Energia
Noreco Announces Second Quarter 2021 Results
Net hydrocarbon production for the quarter of 27.3 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 this spring, delivering positive results on operating performance during the second quarter. Activity levels on the Tyra project continue to be high with the fabrication of topsides close to sail away from Sembcorp Marine and progress being made towards first production in Q2 2023.
The financial results for second quarter were significantly stronger than the previous quarter, with revenues of
USD 135 million and adjusted EBITDA of
USD 60 million . The Company had total liquidity of
USD 245 million at the end of second quarter, with cash on the balance sheet of
USD 145 million and available undrawn RBL capacity of
USD 100 million . In May, Noreco announced the successful closing of an
USD 1.1 billion RBL facility that matures in 2028. This is an amendment of the Company's existing
USD 900 million facility which provides access to significant additional liquidity, while at the same time as deferring amortisation payments to the second half of 2024.
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 12:00 CEST .
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210713_2
, Chief Financial Officer, Noreco
Phone: +44 7979 690622
Email: es@noreco.com
, EVP Investor Relations & Communications, Noreco
Phone: +47 91 52 85 01
Email: ct@noreco.com
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