BlueNord (BNOR) Q2 2024 earnings summary

Executive summary

• Q2 2024 featured strong operational delivery, with production averaging 24,500 BOE/day, in line with guidance, and continued progress on Tyra redevelopment and infill drilling programs.

• Tyra first gas export achieved in March 2024; plateau production expected in Q4 2024, unlocking substantial free cash flow and enabling shareholder distributions.

• Capital structure reset completed with upsized $1.4bn RBL facility and new $300m bond, supporting long-term objectives and future distributions.

• Major milestones included extension of the Shelf Drilling Winner rig contract, successful spud of Harald East Middle Jurassic well, and CCS project license award.

• Net result for Q2 2024 was a loss of $1.3m, mainly due to non-cash items and tax effects.

Financial highlights

• Q2 2024 revenue was $171 million, up from $169 million in Q1; H1 2024 revenue at $339 million.

• Q2 2024 EBITDA was $72 million, down from $88 million in Q1; H1 2024 EBITDA at $160 million.

• Operating cash flow before tax was $57 million in Q2 and $146 million YTD.

• Liquidity at quarter-end was $406 million, rising to $506 million including the new bond issue.

• Net interest-bearing debt at 30 June 2024: $1,156.5 million.

Outlook and guidance

• Tyra expected to reach plateau production by end of Q4 2024, with guidance unchanged.

• Full-year 2024 production expected to average approximately 35,000 BOE/day.

• 2025 production expected to exceed 55,000 BOE/day, driven by Tyra ramp-up and infill drilling.

• Distribution policy targets returning 50–70% of operating cash flow from 2024–2026.

• First dividend expected to be announced once Tyra completion test is met, likely by year-end.