Noreco announces fourth quarter 2019 results

NOR 25.02.2020 kl 07:37 702

Oslo, 25 February 2020: Norwegian Energy Company ASA ("Noreco") today announced
its result for the fourth quarter of 2019.

The fourth quarter result was the first full quarter reflecting the acquisition
of Shell Olie- og Gasudvinding Danmark B.V. and the successful shut-in of Tyra
as part of the redevelopment plan. Halfdan, Gorm and Dan contributed to a stable
production of 31.7 mboepd, in line with Company guidance.

. Net production of 31.7 thousand barrels of oil equivalents per day
("mboepd"), post shut-in of Tyra
. Adjusted EBITDA of USD 116 million
. Cash flow from operating activities of USD 87 million
. Net profit for the period after tax of USD 44 million

The financial figures for the fourth quarter reflect a strong contribution from
the Company's Danish Underground Consortium ("DUC") assets. Cash flow from
operating activities was USD 87 million and adjusted EBITDA was USD 116 million
(EBITDA 59 million). The Company issued a USD 175 million senior unsecured bond
issue during the quarter which was significantly oversubscribed by international
investors. In addition, Noreco improved the terms of its RBL facility, providing
the Company with additional financial flexibility.

The operational performance of the Company proved to be solid in the fourth
quarter with several planned maintenance campaigns successfully executed. Net
production of 31.7 mboepd was in line with previous Company guidance, and Gorm
reached a formidable operating efficiency of 96.8 percent in December following
a planned maintenance campaign in November. The existing Tyra modules are to be
decommissioned in 2020 and fabrications related to the redevelopment project are
progressing as planned and within budget.
26.02.2020 kl 09:35 541

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