Oslo – October 29, 2026 -- BlueNord ASA posted third-quarter 2026 EBITDA of USD 219.6 million, up from USD 146.8 million in the second quarter, as higher production and stronger commodity prices lifted revenue to USD 346 million.
Revenue rises 25% quarter on quarter on higher volumes and prices
Revenue climbed from USD 276.8 million in Q2. The company attributed the gain to higher oil and gas sales volumes and increased commodity prices, partly offset by a higher hedge effect. EBITDA grew roughly 50% over the same period.
Net operating cash flow was USD 69.7 million, or USD 212 million before working capital and tax payments. The BNOR18 bonds were listed on Oslo Stock Exchange during the quarter.
Tyra hub reaches c. 30 mboepd after June maintenance shutdown
Net hydrocarbon production totaled 43.6 mboepd, following planned summer maintenance shutdowns at the Tyra and Gorm hubs. After the June shutdown, Tyra recorded a step change, with gas production around export capacity and output reaching about 30 mboepd. The company said stability improved significantly.
CEO Euan Shirlaw said Tyra "delivered a step change in performance" and that the company's focus until completion of the merger remains running the business well.
Liquidity stands at USD 392.8 million
Available liquidity comprises USD 131.3 million in cash and USD 261 million in undrawn reserve-based lending (RBL) capacity.
Vår Energi merger terms set, closing expected around year-end
Vår Energi ASA and BlueNord announced a proposed statutory merger on 21 July 2026, with a 100%-owned Vår Energi subsidiary as the surviving entity. BlueNord shareholders approved the plan at an Extraordinary General Meeting on 24 August 2026.
Shareholders will receive 9.7153 newly issued Vår Energi shares and NOK 76.83 in cash per BlueNord share. They will also be compensated for any Vår Energi dividends declared before completion, in line with the merger plan.
Closing is expected around the end of 2026, subject to conditions precedent including regulatory and governmental approvals.