BlueNord has announced its financial results for the first quarter of 2026, delivering another quarter of strong operational and financial performance.
Highlights include:
• Net hydrocarbon production of 43.1 mboepd (42.2 mboepd in Q4 2025)
• Revenues of USD 318 million (USD 270 million in Q4 2025)
• EBITDA of USD 201 million (USD 186 million in Q4 2025)
• Net operating cash flow of USD 141 million (USD 165 million in Q4 2025).
BlueNord delivered total net production of 43.1 mboepd in the first quarter of 2026, within the quarterly guidance range of 42.0-45.0 mboepd. The performance reflects continued improvement at the Tyra hub with its highest quarterly contribution of 22.9 mboepd since restart, alongside stable contribution from the base assets.
At Tyra the successful execution of the walk-to-work campaign took place in March, resulting in approximately 80% of the total well stock now on stream, and materially increasing available well potential. The base assets (Dan, Gorm and Halfdan hubs) averaged 20.1 mboepd, in line with expectations.
During the quarter the company announced that the Danish government had invited the Danish Underground Consortium partners to explore an extension of the existing production license beyond its current 2042 expiry, within the framework of the 2020 North Sea Agreement. An extension would support European energy security and strengthen the long-term production horizon of the asset base.
"The first quarter of 2026 represents a further step forward for BlueNord, delivering the highest quarterly production in the company’s history, said Euan Shirlaw, Chief Executive Officer of BlueNord. “This reflects strengthening performance at Tyra and the consistency of our base assets. We expect Tyra production to increase further through the second half of the year, and improved stability and fewer unplanned temporary shutdowns provide positive momentum as we enter the second quarter.
“The current environment of heightened geopolitical uncertainty, including the ongoing Iran conflict, underlines the strategic importance of reliable European energy supply. Danish oil and gas production continues to play a critical role in supporting regional energy security, providing stable, lower-emission and domestically sourced volumes that reduce reliance on imported alternatives.
“Alongside this, we remain focused on actively managing our capital structure to ensure it enables us to maintain a conservative balance sheet while delivering on our shareholder returns commitment. The contemplated refinancing of BNOR16 announced today reflects our desire to ensure the strength of our underlying business is reflected in our capital structure. As production increases and operational performance strengthens, our priority remains clear: maximizing distributions while maintaining a conservative capital structure."
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