Highlights:
- Hydrocarbon production of 27.2 mboepd
-
Total Revenues of
USD 150 million compared toUSD 135 million in previous quarter -
Adjusted EBITDA of
USD 67 million versusUSD 60 million in Q2 -
Net result for the period of
USD 3 million compared to negativeUSD 20 million in Q2 -
A positive net cash flow from operating activities of
USD 84 million versusUSD 19 million in the second quarter
Net hydrocarbon production for the quarter of 27.2 mboepd is in the upper range of annual guidance of 25.5 - 27.5 mboepd. The Noble Sam Turner drilling program commenced a planned well workover and maintenance campaign earlier this year, delivering positive results on operating performance also during the third quarter. Activity levels on the Tyra project continue to be high, and during the quarter the Company took delivery of the Tyra East topsides from
In September, the Company announced Project Bifrost, a
The financial result for third quarter continues to strengthen quarter on quarter, with revenues of
"Compared to the beginning of the year, operational performance has improved significantly, and the Noble Sam Turner rig program continued to make a positive impact. So far in 2021 we have had five workovers completed, adding more than 5000 bpd. The Tyra Redevelopment project is progressing towards first gas, and further de-risked when the Tyra East Wellhead & Riser Platforms were delivered and installed during the quarter. In addition, we have now locked-in the 2022 sail away dates for the remaining fabrication of the project," said
"In addition to a quarter of strong underlying financing performance, we also further secured pre-Tyra flexibility in our capital structure. During Q3 we obtained a successful written resolution from our NOR14 bondholders, improving certain covenants and providing sufficient leverage covenant headroom. This, in addition to significant pre-Tyra price hedging, ensures our capital position is set to deliver the Tyra Redevelopment in a wide range of future market scenarios. At start-up, Tyra unlocks a real step-change for the Company and our stakeholders. With an expected production increase of 90 percent and a significantly increased gas exposure, the redeveloped project materially enhances our free cash flow generation potential," said
The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.
The Company will host an earnings call today at
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211028_4
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Contacts:
Phone: +44 7979 690622
Email: es@noreco.com
Phone: +47 91 52 85 01
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
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About
Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on the
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