Oslo, 12 April 2023: Norwegian Energy Company ASA, to be renamed BlueNord ASA
("BlueNord" or the "Company"), is pleased to announce it has entered into a
strategic partnership with Semco Maritime A/S ("Semco Maritime"). In addition,
BlueNord has submitted a licence application for acreage containing the gas
discovery Elly-Luke in the Danish part of the North Sea, and as such will
participate in the Danish Ministry of Climate, Energy and Utilities' upcoming
mini-round of licencing.
The strategic partnership agreement with Semco Maritime will allow the two
companies to jointly identify, explore and investigate opportunities in the oil
and gas space. For BlueNord this is a tangible and important step in the ongoing
trajectory towards long term maximisation of the value from the existing assets
and evaluating any new opportunities.
BlueNord is also proud to announce the submission of a license application in
the Elly-Luke area of the Danish North Sea, and its participation in a so-called
mini-round. This application aligns with BlueNord's approach of considering
opportunities to maximize shareholder value as part of its robust capital
allocation process. If BlueNord is successful in its application, the Company
expects to carry out a preliminary technical review of Elly-Luke prior to any
longer-term commitment, which is currently believed to have the potential to
provide approximately 5 billion cubic meters of natural gas to Denmark and
Europe while producing safely, efficiently, and with low emissions. This
important contribution to energy security would help lower energy prices for
consumers, while also recognising that energy produced within the EU is a
reliable alternative to imported energy sources like LNG and coal that have
significantly higher climate footprints. The license application is the
Company's first tangible step taken outside of its ownership in the Danish
Underground Consortium (the "DUC") and will together with other planned
initiatives ensure that BlueNord can maintain a long-term robust dividend policy
once the Tyra Redevelopment is completed by the end of 2023 and create value for
all stakeholders.
"Today's announcement demonstrates our strong commitment to maintaining and
strengthening our position in Denmark, with the goal of maximizing value for all
stakeholders. Together with Semco Maritime's operational expertise, we have
established a structure that enables us to pursue opportunities in Denmark in a
way that aligns with our current capabilities," says Euan Shirlaw, Chief
Executive Officer of BlueNord
"The resources in the Danish North Sea have benefitted the country, both
economically and strategically, for more than 50 years and will continue to do
so until 2050. Our license application to assess the potential for developing
the Elly-Luke discovery looks to build upon this with our own expertise to
provide the energy that Denmark and Europe needs, for as long as it is needed.
This will be delivered in a manner that is consistent with our objective of
maximising distributions to shareholders, however, Elly-Luke provides additional
attractive optionality for value creation. If successful in the application
process, BlueNord expects the license to be awarded in late 2023, with an
initial study period of limited financial commitment through 2024," he
concludes.
Contact:
Cathrine F. Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
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About Semco Maritime
Semco Maritime is an international engineering and contracting business enabling
a safe and sustainable energy transition with assignments across the value chain
of the global energy sector. The company pursues its Sustainable Growth strategy
by helping customers seize opportunities in the green transition and ensure
responsible fossil fuel extraction. Since 1980, we have applied our specialist
competencies as a platform for the work carried out at all stages of offshore
and onshore assignments - from preliminary analyses over design, procurement and
manufacturing to installation, commissioning and subsequent service as well as
rental of manpower and supply of bespoke components, systems and solutions.
Semco Maritime has 1,900 dedicated people securing our customers cost-effective
project management and operations. www.semcomaritime.com
About Norwegian Energy Company ASA (BlueNord)
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company operates in the Danish North
Sea with a 36.8 percent interest in the Danish Underground Consortium (DUC).
BlueNord is listed on the Oslo Stock Exchange and currently trades under the
ticker "NOR". For further information, please visit: www.bluenord.com.