Energia
Noreco Announce Third Quarter 2022 Results: Operational and Financial Outperformance
Net hydrocarbon production for the quarter of 25.1 mboepd. This is above the latest guidance published for Q3 of 24 - 25 mboepd and has also allowed the Company to positively revise the full year 2022 guidance for the fourth time to 26.5 – 27 mboepd. The overarching strong production trend of 2022 continued during the quarter and was further strengthened by the successful Halfdan well restimulation campaign which delivered approximately 2 mboepd of additional gas volumes. During the quarter the company also carried out a well-managed and planned 21 days maintenance shut-in of the NOGAT pipeline
The Tyra Redevelopment project reached several major milestones during the latter part of the quarter following the COVID-19 driven revision of the Tyra start-up date from Q2 2023 to winter 2023/2024. On 1 September, Noreco announced the successful sail-away of the process module (the "TEG") from the yard in Batam and on 4 October Heerema Marine Contractors' Sleipnir lifted and installed the 17,000 metric tons heavy TEG at the Tyra field, an offshore lift that set a new world record. During the five following days, the two remaining bridges and flare tower were lifted in place. Tyra II now has its final shape with all eight platforms in place and all major lifts and installations safely completed.
The financial result for third quarter shows a continued strong development with revenues of USD 294 million and EBITDA of USD 198 million . Free Cash Flow generation in the quarter was USD 131 million prior to the voluntary and redrawable USD 100 million repayment of the Reserve Based Lending facility (the "RBL"). As a result, the Company had total liquidity of USD 473 million at the end of the quarter with cash on balance sheet of USD 273 million and available undrawn RBL capacity of USD 200 million . Despite the planned maintenance shut-in of the NOGAT pipeline, cash flow generation from the producing assets continues to be the strongest since closing the acquisition of Shell's Danish upstream assets in 2019, providing Noreco with additional flexibility.
said Euan Shirlaw , Chief Executive Officer of 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 a webcast today at 11:00 CEST .
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221026_15
Cathrine F. Torgersen , EVP Investor Relations & ESG
Phone: +47 915 28 501
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.
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