BlueNord revenue rises to $346 million in third quarter as Tyra production improves
Key Facts
BlueNord reported revenue of $346 million in the third quarter of 2026, compared with $276.8 million in the previous quarter, as net hydrocarbon production rose to 43.6 thousand barrels of oil equivalent per day. The company said the revenue improvement was linked to higher oil and gas sales volumes and stronger commodity prices, while the greater impact of hedging partly offset the increase. Earnings before interest, taxes, depreciation and amortization reached $219.6 million, compared with $146.8 million in the second quarter. The figures place the company’s performance in an operating context combining higher production and prices, without the company describing revenue as a record. Tyra field production also reached peak levels of about 30 thousand barrels of oil equivalent per day during the quarter, according to the results statement.
In preliminary production data for September, BlueNord said average Tyra production was 26.0 thousand barrels of oil equivalent per day during the quarter, within its quarterly guidance range of 25 to 30 thousand. Average production from core assets was 17.6 thousand barrels of oil equivalent per day, within the guidance range of 17 to 19 thousand. The comparison with Tyra reaching about 30 thousand at peak times shows that this figure was not the field’s average production for the entire quarter. The company attributed improved performance at the Tyra hub to greater stability and capacity after the planned maintenance shutdown in June. It said the field recorded record production days close to 30 thousand barrels of oil equivalent per day, and gas exports reached full capacity. This reflects production reaching operational peaks during the quarter, alongside a quarterly average below the peak level.
On cash, net operating cash flow was $69.7 million in the third quarter, while it reached $212 million before working capital and tax payments. The difference between the two figures means reported cash flow after those payments was lower than the amount before them, according to figures in the company statement. Available liquidity at quarter-end was $392.8 million, comprising $131.3 million of cash on the balance sheet and $261 million of undrawn borrowing capacity under the existing reserve-based lending facility. These figures provide a picture of available cash and unused funding sources alongside operating results. In July, BlueNord announced a cash distribution of $174 million for the second quarter, which it described at the time as its largest quarterly distribution to date.
The results come as the company moves toward a merger with Vår Energi. BlueNord shareholders approved the merger plan at an extraordinary general meeting held on 24 August 2026. Under the announced terms, BlueNord shareholders will receive 9.7153 new shares in Vår Energi and 76.83 Norwegian kroner in cash for each BlueNord share they own. The deal thus links the company’s operating results to a transition in ownership, under the consideration set out in the merger plan. BlueNord said completion of the deal is expected near the end of 2026, but remains conditional on meeting requirements that include regulatory and government approvals. The timing remains the company’s stated estimate, with the next step dependent on completing the conditions preceding closing.