BlueNord Annual Report and Accounts 2025
Annual Report & Accounts
2025
Delivering Energy
Security in an
Unstable World
BlueNord Annual Report and Accounts 2025
Introduction
Strategic Report
Introduction 1
Our Business at a Glance 2
Chair of the Board’s Statement 6
Chief Executive Officer’s Statement 7
Business Model 9
Our Strategy 10
Operational Review 11
Financial Review 14
Risk Management 16
Principal Risks and Uncertainties 17
Sustainability Statements
Our Approach to Sustainability 26
Environment 28
Social 43
Governance 48
Governance Report
Chair of the Board’s Introduction 52
Leadership 53
Corporate Governance Report 55
Board Activities 60
Audit Committee Report 61
Remuneration Committee Report 62
Technical Committee Report 63
Nomination Committee Report 64
Directors’ Report 65
Reporting of Payments to Governments 69
Financial Report
Consolidated Statements 72
Consolidated Statement of
Comprehensive Income 72
Consolidated Statement of Financial Position 73
Consolidated Statement of Changes in Equity 74
Consolidated Statement of Cash Flows 75
Notes 76
Statutory Accounts 125
Income Statement 125
Interim Balance Sheet 126
Cash Flow Statement 128
Notes 129
Independent Auditor’s Report 141
Statement of Compliance 144
Alternative Performance Measures 145
Supplementary Oil and Gas Information
(Unaudited) 147
Appendices
Appendix 1. UN Sustainable Development Goals 150
Appendix 2. Environment – Climate 151
Appendix 3. Environment – Nature 152
Appendix 4. BlueNord Transparency Act Report 153
Information about BlueNord 155
This report is also
available on our website
bluenord.com
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Key strengths in all core areas of the business:
Our strengths
Introduction continued
Financial Production
Sustainable
business for
the long-term
People
Revenue
$1,030m
Net cash flow from operating activities
$417m
Denmark’s Oil and Gas supply from DUC
85%
Reduction in scope 1 and 2 emissions
from DUC assets by 2030
40%
YE 2025 2P reserves
172.4 mmboe
2024 - 2025 production increase
c.50%
2025 Employee Engagement Index
81.9
Our values
• Growing cash flow generation
• Lowering unit operating costs with target lifting
cost of USD 13/boe
• Balanced revenue on gas and oil
• Earnings visibility via hedging programme
• Optimised balance sheet supports
distributions and minimises dilution
• Strong liquidity position
• Target deleveraging to 1.5x
• No near-term debt maturities
• DUC critical to Denmark energy
security – supplies 85 percent of the oil & gas
• Long-term licence position
• Stable regulatory regime
• Climate policy, carbon pricing and regulatory
requirements are core to investment decisions
• Continued investments in the CCS value
chain by our subsidiary CarbonCuts
• Strong governance as a non-operating partner,
with oversight of asset management and
performance by engaging with the Operator
• Maintain stable base production from mature
hubs (Dan, Gorm, Halfdan)
• Progress Tyra towards stable, full-capacity
operations
• Protect and mature the reserves base
• Maximising the value of the DUC
• Fit for purpose – strength in the right areas
• Allows BlueNord to play to its strength and purpose
• Strong technical capability to engage with
the Operator
• A team with a proven track record in the debt and
equity markets
• Expertise extends beyond oil and gas, supporting
both responsible hydrocarbon asset management
and participation in the CCS value chain
Read more on page 14
Read more on page 2
Read more on page 11
Read more on page 43
Bold, Purposeful
and Dependable
1
2
BlueNord Annual Report 2025
43.2%
20.0%
36 .8%
BlueNord is a strategic
European energy partner
producing oil and gas from a
portfolio of fields in Denmark
BlueNord has a 36.8 percent non-operated working interest in the Danish
Underground Consortium (DUC). The DUC comprises fifteen fields, with
access to three export pipelines and significant infrastructure.
Oil and gas are produced from four operational hubs, and overall the
DUC accounts for 85 percent of the oil and gas produced in Denmark.
It is a high-quality asset base with a long production history. Stable base
production delivered from Dan, Halfdan and Gorm hubs with growth being
delivered by Tyra.
The three pipelines secure exports from the hubs to the Danish mainland
and international markets.
Our Business at a Glance
Gorm
Dan
Halfdan
Tyra
1
Oil pipeline to Fredericia
2
Gas pipeline to Nybro
3
Gas pipeline to Den Helder
Gas cross-border points
Assets
Denmark
Sweden
2
Germany
Netherlands
3
DUC ownership
TotalEnergies
(Operator)
43.2%
BlueNord
(Partner)
36.8%
Nordsøfonden
(Partner)
20.0%
Find out more about
the DUC at
bluenord.com/about
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
2P: 172
2C: 23
Oil: 55%
Gas: 45%
195
mmboe
2C 23
2P 172
~45%
Gas
Gas 45%
Oil 55%
0
10
20
30
40
50
45
37
2025 2026 Estimated
Our Business at a Glance continued
Positioned at the core
of Europe’s energy system
Producing energy for Europe from within the EU,
Tyra transforms Denmark into a net exporter of
natural gas and directly strengthens European
energy security by reducing reliance on both
Russian supply and more CO
₂
intensive liquefied
natural gas (LNG) imports.
$506m
In distributions paid and proposed
during 2025
Proven and probable (2P) reserves
and near-term contingent (2C) resources
Commodity mix Net production (mboepd)
1 Figure reflects the extension of the RBL facility completed in February 2026.
Financial highlights
Revenue
$1,030m
+47% (2024: $702m)
EBITDA
$530m
+50% (2024: $354m)
Net cash flow from operating activities
$417m
+35% (2024: $309m)
Total liquidity
1
$493m
-5% (2024: $521m)
4
BlueNord Annual Report 2025
01
Chair of the Board’s Statement 6
Chief Executive Officer’s Statement 7
Business Model 9
Our Strategy 10
Operational Review 11
Financial Review 14
Risk Management 16
Principle Risks and Uncertainties 17
Strategic
Report
5
Strategic Report Sustainability Statements Governance Report Financial Statements AppendicesStrategic Report Sustainability Statements Governance Report Financial Statements Appendices
BlueNord’s strategy continues to
prioritise distributions, balanced with
disciplined capital allocation and a
conservative capital structure.”
Tyra II Maximising potential
The successful restart
of Tyra II signifies a new
era of high production
potential.
Read more on page 11
Near-term
developments include
infill drilling and projects
to maximise reservoir
potential.
Read more on page 11
6
BlueNord Annual Report 2025
Chair of the Board’s Statement
Following my first full year as your Chair of
the Board, I am pleased to report that in
every respect BlueNord continues to
perform strongly.”
That strength extends to the BlueNord asset portfolio and
financial position, which are overseen by a high-quality
team with real depth. This enables us to continue to
grow and stay true to our goal of maximising value for
all stakeholders, including equity and debt holders.
Our strength is also supported by our clarity of
purpose. This clarity is reflected in decisions taken
right throughout the business, including those relating
to capital allocation, investment, balance sheet
optimisation, and cash flow visibility.
It is also reflected in two milestone events which took
place during the year, namely the commissioning of
the Tyra II facilities and the initiation of the BlueNord
distributions policy.
The commissioning of Tyra is transformational. It supports
production and netbacks that will enable the Company to
pay material returns to investors over the long term, while
deleveraging and maximising the potential of its assets.
The initiation of the BlueNord’s distribution policy
represents the start of rewarding shareholders for their
confidence in the business, going back to the acquisition
of the DUC assets in 2019.
To put this in perspective, in 2025 BlueNord returned
USD 506 million
2
to shareholders, at the top end of the
stated range. BlueNord remains on track to exceed
that amount in 2026 and to maintain meaningful
returns thereafter.
2 Reflects share buybacks and distributions paid and proposed.
Having now moved beyond the initial investing phase,
our relentless focus continues. Our strategy is to
maintain production of around 50 mboepd to 2030
and beyond, and to optimise the value of DUC assets
to the end of the licence in 2042.
Any plans to expand production outside of the DUC area
will be measured against the performance of the existing
assets, and opportunity costs, to maximise returns.
This is a high bar, but certainly the right approach for
the continued success of the business.
I would like to take this opportunity to thank the team for
their continued commitment, without which the success
seen to date would not have been possible. I would also
like to extend my gratitude to my fellow Board members,
who have provided excellent counsel and a supportive
framework of good governance.
As the last year demonstrates, BlueNord has come a
very long way in only a short time. Today it ranks highly
among a small group of peers, with great strength-
in-depth at the heart of the business, putting us in
an enviable position to continue to make a positive
contribution in the coming year and beyond.
Glen Ole Rødland
Chair of the Board
Strength
across the
business
Glen Ole Rødland
Chair of the Board
Dividend paid and proposed
in 2025
$506m
2024: –
Total liquidity (cash and
undrawn facilities
1
)
$493m
2024: $521m
1 Figure reflects the extended RBL facility
that completed 25 February 2026.
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Chief Executive Officer’s Statement
In 2025, as Tyra ramped up, we began returning
capital and delivered over USD 500 million
1
to
shareholders.”
2025 marked a clear transition for BlueNord. As
Tyra ramped up, we moved from a project-led phase
with significant investment to one of significant cash
generation and shareholder returns. In total, we distributed
USD 506 million (paid and proposed) during the year, at
the top end of our stated policy.
That outcome reflects a clear strategy and consistent
focus: maximise cash flow and return as much as we
responsibly can, while maintaining a conservative capital
structure.
We now operate from a position of real strength. The
Tyra redevelopment is complete, our base assets are
performing well, our capital structure is robust, and we
have the right team in place. This combination gives us
confidence in both the near-term outlook and the long-
term potential of the business.
Looking beyond our own business, ongoing geopolitical
uncertainty continues to reinforce the importance of
reliable European oil and gas supply. In this context, the
Danish Underground Consortium provides strategically
important volumes that are not only lower cost and lower
emissions intensity than imported alternatives, but also
offer a significantly more secure source of energy.
Operations and assets
Our base assets, Dan, Halfdan and Gorm, delivered
consistent and reliable performance, with average
production of 20.9 mboepd. These are high-quality
assets, managed actively, with a strong focus on
production efficiency and long-term integrity.
This includes a disciplined maintenance programme,
ongoing well interventions, and a proactive approach
to resolving issues as they arise. During the year, this
included workover campaigns on Dan and well integrity
work on Gorm.
At Tyra, production increased steadily through the
year, reaching a monthly average of 25.1 mboepd in
December, the highest level since commissioning.
The ramp-up was not without challenges. There were
intermittent reliability issues, which were addressed by
the Operator as they arose. Importantly, the underlying
reservoir performance has been strong, and the long-term
fundamentals of the asset remain unchanged.
Production
We exited 2025 at 47.4 mboepd, with average
production of 37.3 mboepd for the year, a 49 percent
increase on 2024.
This growth reflects both the stability of the base assets
and the continued ramp-up of Tyra
Looking ahead, we expect to maintain a stable
production profile of around 50 mboepd beyond 2030.
This is underpinned by a clear plan to bring additional
resources into production, supporting plateau extension
and managing decline through to at least the current
end date of our DUC licence in 2042.
Delivering a
business built
for returns
Euan Shirlaw
Chief Executive Officer
Total Revenue
$1,030m
+47% (2024: $702m)
2025 Employee Engagement
Index
81.9
2024: 75.6
1 Reflects share buybacks and distributions paid and proposed.
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BlueNord Annual Report 2025
Our development portfolio includes three projects, Tyra
North, Halfdan North and Valdemar Bo South, alongside
an infill well programme across the portfolio. These
opportunities are continuously assessed with a clear
focus on optimising capital investment and maximising
the value of each barrel produced.
Our focus is clear: value over volume. We will only invest
where it enhances returns, not to simply increase
production or reserves, and this discipline underpins all
capital allocation decisions.
Reserves
The quality of our asset base continues to be a
defining strength.
Since 2021, we have maintained a low decline rate and
delivered consistent reserves replacement. In 2025, we
continued to refine a number of development projects to
maximise their long-term value. As this work progresses,
we expect their contribution to reserves to increase
At year end 2025, 2P reserves stood at 172 mmboe.
This includes a strong contribution from the Harald
East Middle Jurassic well, which significantly exceeded
expectations. The well continues to contribute
meaningfully to production and is expected to support
both plateau duration at Tyra and the life of the Harald hub.
Financials
Financial performance in 2025 was strong, reflecting the
combined impact of higher production, an increased gas
weighting and the benefits of our hedging strategy.
Our hedging strategy remains an important part of how
we manage the business. It provides visibility over cash
flows and supports our ability to deliver distributions.
At year end, approximately half of both oil and gas
production is hedged through to the end of 2026.
EBITDA increased to USD 530 million, up 50 percent
year-on-year, driven by higher revenues and lower
unit costs as Tyra production increased. Unit operating
costs were USD 23.9/boe at year end, excluding
workover activity.
Operating cash flow was strong, reflecting higher
revenues, improved cost performance, and lower capital
expenditure, partly offset by hedging movements and
softer commodity prices.
Distributions
Returning capital is central to our strategy, and 2025
marked the start of that delivery.
We distributed USD 506 million during the year, of which
USD 456 million (paid and proposed) as dividends
(return of paid-in capital), equivalent to NOK 192.97 per
share. Distributions commenced in July, following the
Tyra completion test, and continued on a quarterly basis.
Our policy is to return 50 to 70 percent of operating cash
flow through to the end of 2026. To date, distributions have
been at the top end of that range reflecting our deliberate
focus on maximizing returns to our shareholders.
Beyond 2026, we intend to maintain a meaningful level
of shareholder returns while continuing to ensure the
long-term strength of the business.
Financial structure
We maintained a strong and flexible financial position
throughout the year.
Liquidity at year end was USD 493 million, supported
by robust cash generation and undrawn debt capacity.
This includes the extension of our reserve-based
lending facilities, completed in early 2026.
During the year, we also refinanced BNOR15, replacing
it with a new hybrid instrument. This removed potential
equity dilution while preserving financial flexibility.
The transaction was supported by 99.99 percent
of bondholders.
Net leverage at year end was 1.9x, continuing its
downward trend towards our target level of 1.5x. With no
near-term maturities, we are well positioned to manage
the balance sheet and continue returning capital.
Sustainability
Our assets play an important role in Europe’s
energy system.
The DUC is central to Denmark’s oil and gas production
and supports the country’s position as a net exporter
of gas. This contributes to energy security and helps
stabilise energy supply across the region.
As our production mix shifts further towards gas, our
emissions intensity is also reducing. Gas will continue to
play a key role in the energy transition, providing a lower-
carbon alternative while supporting system stability.
Conclusion
BlueNord enters 2026 in a strong position. We have
delivered a major redevelopment project, established
a clear financial framework, and begun returning
significant capital to shareholders.
The fundamentals of the business are strong. We
operate within a stable regulatory and operating
environment that supports long-term investment. Our
assets are high quality, our balance sheet is robust, and
our strategy is clear.
With capital expenditure reducing and cash generation
increasing, we are well positioned to continue delivering
for shareholders.
We look ahead with confidence.
Euan Shirlaw
Chief Executive Officer
Chief Executive Officer’s Statement continued
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Business Model
Disciplined business model, focused
on maximising shareholder returns
Our purpose is to responsibly produce energy for Europe while
maximising the value of our assets for all our stakeholders.
What we do
Our objective is to maximise the long-term value of our
portfolio for the benefit of our stakeholders. By actively
managing our operational assets, we generate strong
cash flows that support substantial distributions to
shareholders, while maintaining a conservative capital
structure and enabling disciplined reinvestment in
value-accretive growth.
How we create value
Active operational engagement is fundamental to the
successful execution of our business model. This is
supported by strong technical and commercial analysis
to guide decision-making.
As a fully engaged partner in the Danish Underground
Consortium (DUC), we play an active role in strategic
direction and operational oversight. This ensures that
the portfolio is well managed and positioned to deliver
its full potential.
Our approach of maximising the value of our existing
assets will remain central to our strategy. At the same
time, our operational, commercial and financial
capabilities, together with strong access to capital,
enable us to assess selective growth opportunities.
However, we apply a clear threshold: any growth
opportunity must strengthen our ability to deliver
shareholder distributions. That principle is
fundamental to how we allocate capital.
BlueNord’s strategic pillars
• Deliver strong operational performance
Maintain high reliability, maximise production
and manage costs efficiently.
• Actively engage in asset management
Work closely with the Operator to optimise
field performance and long -erm value.
• Optimise realised commodity pricing
Prudent hedging to capture attractive
price environments.
• Deliver disciplined deleveraging
Progress towards our through-cycle
leverage target.
• Maintain financial resilience
Ensure the balance sheet remains robust
across commodity price cycles.
• Align capital structure with strategy
Maintain financing that prioritises resilience
and sustainable shareholder distributions.
• Distributions are central to our capital
allocation framework
Investment decisions evaluated against their
impact on shareholder returns.
• Deliver consistent and meaningful
returns
Our distribution programme remains a core
priority through 2026 and beyond.
• Strong track record of execution with
more than USD 500 million
1
returned
to shareholders
All distributions to date delivered at the top
of policy range.
Measured reinvestment
~50 mboepd
Expected production by 2030, driven by a portfolio
of near-term, low-cost development projects
Swift deleveraging
<1.5x
Through-cycle net debt to EBITDA target,
supported by strong cash generation
Meaningful distributing
50-70%
of operating cash flow returned through 2026,
with meaningful distributions targeted from
2027 onwards
Strategic Pillar 1
Maximise value from
operational assets
Strategic Pillar 2
Maintain a conservative
capital structure
Strategic Pillar 3
Maximise distributions
to shareholders
1 Reflects share buybacks and distributions paid and proposed.
10
BlueNord Annual Report 2025
Our Strategy
Value-focused approach to capital allocation
Our capital allocation framework prioritises shareholder
distributions while maintaining balance sheet strength
and disciplined investment.
Returning cash to shareholders remains the central
objective of our capital allocation framework.
• Core focus of BlueNord’s strategy
• Investment decisions assessed through
a distributions lens
Evaluated against their ability to enhance
shareholder returns.
• Strong track record set to continue
More than USD 500 million
1
returned to
shareholders to date. Meaningful distributions
expected through 2026 and beyond.
Disciplined investment in high-return projects that
strengthen cash flow and distribution capacity.
• Focus on value over volume
Opportunities prioritised and reworked based
on economic returns.
• Clear financial discipline
Investments must be accretive to distribution
capacity or strengthen the balance sheet.
• Strong alignment with the Operator
Collaborative approach to developing a
disciplined and value-focused project pipeline.
Considered where opportunities enhance
long-term shareholder distributions.
• Review targets that strengthen
our platform
• High threshold for execution
Opportunities must be clearly additive relative
to the status quo.
• Focus on strategic themes
Opportunities aligned with regional and
European energy security focus.
Maintaining a conservative balance sheet ensures
resilience and supports sustainable shareholder
distributions.
• Maintain a conservative capital structure
through the cycle
• Balance sheet aligned with corporate
objectives
• Proactive capital management, ensuring
the capital structure remains robust,
flexible and fit for purpose
Capital returns
Organic growth
Deleveraging
Inorganic growth
Disciplined
approach
to capital
allocation
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1 Reflects share buybacks and distributions paid and proposed.
11
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Miriam Jager Lykke
Chief Operating Officer
2025 delivered strong operational performance
across the Danish Underground Consortium (DUC).
The base assets performed consistently through an
intensive programme of planned maintenance and well
interventions, while 2025 marked Tyra’s full transition
into operations following the redevelopment.
Operational activity during the year focused on reliability
and long-term integrity. Planned facility upgrades
and interventions temporarily affected operational
efficiency but were prioritised to strengthen the long-
term performance of the operating base. Targeted rig
decisions ensured capital and execution focus where it
delivers the greatest long-term value.
Reservoir performance across the portfolio proved
robust. The base assets continued to show predictable
behaviour when supported by optimisation, while the
Tyra hub reservoirs demonstrated strong production
potential as ramp-up progressed with focus on restoring
stable operations with facilities constraints progressively
addressed. In addition, the Harald East Middle Jurassic
(HEMJ) well exceeded expectations with exceptional
well performance. Collectively, the year demonstrated the
strength, longevity, and future upside of BlueNord’s assets.
Base assets: stability, resilience and
long-term value
The base assets, Dan, Gorm, and Halfdan hubs,
again demonstrated their importance to BlueNord’s
production base. Even after decades of development,
these fields continued to exhibit predictable behaviour
and reliable deliverability when supported by disciplined
operational effort. The mature nature of these assets
does not reduce their strategic relevance; rather, 2025
A year of strength, delivery, and positioning
for the future.”
Operational Review
Building
on success
Net cash flow from
operating activities
$417m
2024: $309m
2025 production (mboepd)
37. 3
2024: 25.0
2025 exit rate (mboepd)
47.4
2P reserves (mmboe)
172.4
2C near-term reserves (mmboe)
22.6
showed that with the right combination of surveillance,
intervention, maintenance, and optimisation, the DUC
partnership can continue to extract safe, stable, and
economically attractive production from these fields.
At Dan, 2025 brought one of the most material well
workover campaigns in recent years. Six workovers
were executed, restoring production from five previously
shut-in wells and safeguarding long-term integrity in
another. These campaigns are critical in mature fields;
with proper intervention, wells can regain stable rates,
extend their productive lives, and provide incremental
reserves that would otherwise remain stranded. The
Dan interventions in 2025 accomplished exactly this.
Further, a comprehensive maintenance programme
was completed, including pressure vessel inspections
and significant compressor maintenance, both of which
are essential to sustaining safe and reliable operations.
These efforts introduced planned downtime, reducing
operational efficiency during the period of execution.
However, the long-term value creation far outweighs
the short-term deferment. Dan exited 2025 better
positioned for consistent delivery, reduced unplanned
downtime, and higher operational efficiency in 2026
and beyond.
The Gorm hub faced a more complex operational path
throughout 2025. Facilities-related issues including a
fire alarm-triggered shutdown affecting all DUC assets,
compressor setbacks, and component failures during
maintenance created variability in operational efficiency
and constrained production. Despite these short-
term challenges, Gorm demonstrated its resilience.
Operations recovered strongly towards the end of
the year, achieving operational efficiencies above
12
BlueNord Annual Report 2025
90 percent in November and December. The Gorm
Lifetime Extension programme continued as planned,
making significant progress across compressor repairs,
structural maintenance, painting programmes, pressure
safety valve replacements, and pipeline integrity work.
These activities form the backbone of long-term asset
reliability. While they temporarily affect production in
the execution year, they ensure that the hub remains
structurally robust for the future. The continuing success
of the Skjold gas acceleration project offered further
confidence, with reservoir performance aligned with
expectations thereby supporting predictable long-term
production behaviour.
Halfdan was the most stable and consistently
performing hub in 2025. With annual operational
efficiency of approximately 93 percent reaching
98 percent in the fourth quarter of 2025, Halfdan
exemplified what strong production management looks
like. The field benefited from both its inherent reservoir
quality and the value delivered through well interventions
and optimisation.
The year’s most notable development was the
successful installation and commissioning of the HCA
Gas Lift (HCA GL) module. Lifted onto the platform in
May and operational from July, HCA GL transformed the
performance of the wells in the Halfdan northeast area.
Wells previously restricted by liquid loading experienced
immediate stabilisation, demonstrating steady flow
once provided with supplemental lift gas. The ability to
draw down these wells at lower pressures will increase
recovery and directly add reserves by extending
the production life of the wells. Nine wells benefited
immediately, and the infrastructure now supports
continued reservoir drainage. The HCA GL project
is a strong example of effective low capex value creation
in mature fields.
When supported by technical insight, data-driven
diagnosis, and a targeted facilities upgrade, even highly
mature wells can improve productivity. This reinforces
the central message of 2025: the base assets remain
an enduring pillar of BlueNord’s production and
reserves base.
Tyra: a reservoir performing above
expectations
2025 was a milestone year for Tyra. Following the
2024 restart, Tyra entered a period of ramp-up aimed
at restoring full production capacity, resolving facility
constraints and optimising production output. Though
the journey was not without challenges the reservoir
story is unequivocally positive. Whenever the facilities
allowed wells to produce unconstrained the reservoir
demonstrated exceptional performance.
Challenges in water treatment, liquid handling and
compressor reliability limited the pace of ramp-up.
However, the Operator’s structured workstreams,
focusing on three areas, namely facility reliability, process
capacity and well potential, progressively improved
Tyra’s performance. Studies in relation to facility reliability
resulted in a planned four-day full field shutdown,
completed successfully in October 2025, These studies
revealed further work needed to obtain optimal facility
reliability, hence a second shutdown is planned for June
2026. Regarding process capacity, improvements have
been implemented, amongst others designing dedicated
demulsifier chemicals, thereby meaningfully decreasing
production upsets related to slugging and handling of
emulsions. Finally, the well potential was progressively
increased as wells were opened through the year. By end
2025, circa 75 percent of the total well stock was brought
on production. Since mid-November, Tyra has operated
steadily, exiting 2025 with its highest average monthly
production of 25 mboepd, net and robust gas exports
exceeding 200 mmscfd, gross.
One benefit of the slower ramp-up is the extension of
Tyra’s plateau life. With production deferred and not lost,
the asset’s peak performance window is expected to
extend well into 2027, further amplified by the contribution
from HEMJ.
HEMJ: a well that transformed the year
The HEMJ well contributed more materially to
BlueNord’s 2025 story than any other well in the DUC
portfolio. Drilled during 2024 and brought online in
December 2024, HEMJ outperformed even the highest
pre-drill expectations. Production averaged around 18
mmscfd, net, and a total average export of 4.6 mboepd,
net, with condensate content higher than forecasted.
Reservoir diagnostics were equally positive. The
pressure response demonstrated a more favourable
depletion profile than originally modelled, indicating a
higher in-place volume. Analysis of reservoir oil and gas
samples strengthened this conclusion, and the planned
October shutdown provided a high-quality pressure
buildup datapoint that has materially influenced the year
end reserves revision. HEMJ’s performance is not just
a production success, it is a reserves story, a reservoir
story, and a strategic value story.
Furthermore, HEMJ’s tie-in through the Harald platform
provides vital operational flexibility. Because HEMJ
produces to Harald before flowing to the Tyra intermediate
pressure (IP) compressor, the well remained able to
produce even during periods when the Tyra low pressure
(LP) system faced constraints. This flexibility preserved
valuable volumes during otherwise disruptive periods.
As a result of this flexibility HEMJ contributed throughout
2025 nearly 30 percent of the Tyra hub’s production -
an extraordinary performance for a single well.
As a result of HEMJ, the expected productive life of the
Harald hub has been extended from the late 2020s to the
mid-2030s, transforming the long-term strategic context
of the field.
Operational Review continued
13
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Operational Review continued
Reserves and reservoir strength
As of 31 December 2025, BlueNord’s net 2P reserves are
estimated at 172.4 MM boe (1P: 89.8 mm boe; 3P: 253.1 MM
boe). Total net developed reserves amount to 147.9 MM boe
(2P), representing the majority of the reserves base. Net
undeveloped 2P reserves are 24.6MM boe, classified as
Approved or Justified for Development. The reserves are
distributed across the Dan, Halfdan, Gorm and Tyra hubs,
with Tyra representing ~60 percent of net 2P reserves. All
reserves are independently evaluated by Sproule ERCE
under the Society of Petroleum Engineers (SPE) Petroleum
Resources Management System (PRMS).
The undeveloped 2P reserves includes three infill
wells and two development projects. Two of the infill
wells are to be drilled in the Ekofisk formation of the
Halfdan reservoir, and one is to be drilled in the Upper
Cretaceous formation of the Valdemar reservoir. The
development projects are Tyra North and Tyra SE
Extension (TSEE). TSEE is a maturation of the Halfdan
North development, reducing overall costs by drilling
wells from existing facilities rather than spending capex
for installation of new facilities and infrastructure.
Across the portfolio, 2025 reinforced the depth
and quality of BlueNord’s reserves base. The base
assets continued to demonstrate production stability,
with interventions restoring wells to predictable
performance. The successful Well and Reservoir
Optimisation Management (WROM) campaigns in
recent years provided sustained benefit, particularly on
Dan and Halfdan, where well performance exceeded
expectations after intervention.
Tyra’s performance was exceptionally strong with
production data supporting long-term confidence in
2P reserves. Even with a partial well stock online, Tyra
delivered production rates consistent with expectations.
As process capacity is improved in 2026, additional
wells will be brought onstream and production will be
optimised, further unlocking remaining reserves.
HEMJ added a meaningful reserves uplift. The
combination of strong production and increased
condensate yield supports meaningful upward revision
of its in-place volume and recoverable reserves.
This has been incorporated into the 2025 year end
reserves evaluation.
Strategic execution in 2025
Two strategic rig decisions shaped the year. First, the Shelf
Drilling Winner rig was released following the success of
HEMJ and the deferral of the Valdemar Upper Cretaceous
well due to Tyra capacity constraints. The rig release
period was optimally utilized by executing the Dan well
workover campaign.
Second, the Noble Reacher rig was released as future
well interventions will be conducted directly from the
platforms rather than from rigs. This has been enabled
by improved shutdown planning and the adoption of
lightweight coiled tubing equipment. Platform-based
interventions reduce cost, increase flexibility, and
shorten execution windows.
These decisions highlight BlueNord’s disciplined capital
approach: rigs are secured when they generate value
and released when they do not.
A year of proof, progress, and positioning
for the future
2025 was a year in which the underlying quality of
BlueNord’s reservoirs was reaffirmed across the
portfolio. It was a year of meaningful operational
delivery, targeted investments, structural maintenance,
strategic discipline, and outstanding well performance.
The production base strengthened; the reserves base
deepened, and the long-term outlook for Tyra, Harald,
and the mature hubs improved.
The message from 2025 is clear: BlueNord’s assets,
both mature and recently redeveloped, continue to
deliver strong technical performance and compelling
long-term value. The foundation built in 2025 positions
the Company for an even stronger 2026 and beyond.
2026 outlook
In 2026 we will focus on further strengthening
operational stability, completing key reliability upgrades,
and unlocking the remaining potential from Tyra.
Production is expected to increase steadily through the
first half of the year, supported by an increase in Tyra
operational efficiency towards 92 percent by mid-2026
following permanent variable speed drive (VSD) and
control system upgrades during the planned June
2026 shutdown. As remaining wells come online Tyra
is positioned to deliver more consistent performance
with fewer unplanned interruptions.
The base assets are expected to maintain stable
contributions, with planned platform-based
maintenance across Dan, Gorm, and Halfdan ensuring
continued integrity, and setting the foundation for
improved operational efficiency in future years. While
these activities introduce defined periods of shortfall,
they strengthen the long-term reliability of the hubs.
We will prioritise disciplined operations, optimisation
of existing wells, and preparation for drilling activities
on Halfdan in 2027.
The 2026 Gorm WROM III campaign focuses on
reinstating production from shut-in and underperforming
wells through clean outs, perforations, water shut-off,
and gas lift optimisation. It marks the shift to lower
cost platform-based interventions. Execution began
late 2025 with main activities running through 2026,
targeting six wells with partner-approved scope. The
campaign is expected to support the recovery of Gorm’s
production and injection potential.
Tyra production is expected to improve through 2026
as more wells come online and remaining surface
issues are resolved. A walk-to-work (W2W) vessel has
been contracted to bring additional wells on production
from March 2026. Further, a major reliability step
change is anticipated after the June 2026 shutdown,
when permanent upgrades to the compression and
control systems are executed. Overall, Tyra remains on
track to reach steady state levels and strengthen hub
performance through the year.
Miriam Jager Lykke
Chief Operating Officer
14
BlueNord Annual Report 2025
14
BlueNord Annual Report 2025
activities, and a focus on delivering shareholder
distributions as quickly and efficiently as possible. These
coordinated efforts ensured that strategy was translated
into tangible results, converting operational success
into cash flow, and returning value to shareholders.
Performance summary
Total production increased from 25.0 mboepd in 2024
to 37.3 mboepd in 2025, primarily driven by the Tyra field
increasing from 0.9 to 16.4 mboepd. This was partially
offset by a reduction in base asset output from 24.1
to 20.9 mboepd, which was driven in part by planned
maintenance activities.
Tyra’s ramp- up drove the step up in revenue, EBITDA
and ultimately operating cash flow throughout the year
and realised prices on both oil and gas were supported
by our strategic hedging approach leading to at or above
spot market realisation on average across the year.
A further benefit of Tyra production increasing has
been our unit operating costs trending downward. The
modern Tyra facilities are significantly more efficient,
and as we ramp up volumes, fixed costs are spread over
more barrels, driving down unit operating costs towards
our target of USD 13/boe, which we delivered in the
fourth quarter. This efficiency directly supports improved
margins and enhances financial resilience. Excluding
workovers, unit operating costs averaged USD 23.9/boe
and lifting costs USD 16.3/boe in 2025.
Net cash flow from operating activities is the metric
that defines our distributions to shareholders. In 2025
we realised significant operating cash flow growth,
supported by our hedging strategy, lower unit operating
costs, and the positive impact of our tax loss position.
This growth enables us to deliver meaningful returns to
our shareholders while maintaining financial flexibility.
Total liquidity (cash and undrawn facilities) closed the
year at USD 493 million
₁
with net leverage of 1.9x.
From investment to returns: a year of delivery.”
Jacqueline Lindmark Boye
Chief Financial Officer
Total revenue
$1,030m
+47% (2024: $702m)
EBITDA
$530m
+50% (2024: $354m)
Operating cash flow
$417m
+35% (2024: $309m)
Cost/boe
$27
-9% (2024: $30)
Total liquidity (cash and undrawn
facilities)
1
$493m
-5% (2024: $521m)
Effective price – oil
$73/boe
-2% (2024: $74/boe)
Effective price – gas
€35/MWh
-15% (2024: €40/MWh)
2025 was the year BlueNord turned momentum into
outcomes. The ramp -up of Tyra, the stability of our base
assets, and disciplined capital allocation enabled us
to initiate our first cash distribution. We simplified
our capital structure, and advanced our strategy to
translate operational delivery into sector-leading
shareholder returns.
In July 2025, after meeting the Tyra Completion Test
under our Reserve Based Lending (RBL) facility, we
paid our inaugural cash dividend of USD 203 million
and launched a share buyback programme of USD
50 million. These are clear signals that BlueNord has
entered a cash-returning phase, while maintaining
investment and balance sheet discipline. In total during
2025 we have returned USD 506 million in paid and
proposed dividends, and share buybacks.
At the same time we redeemed the BNOR15
convertible bond and replaced it with a USD 300 million
subordinated hybrid bond (BNOR17). This decision has
enabled BlueNord to maintain financial flexibility and
retain a capital structure that reflects a balance between
debt and equity, while removing the risk of dilution for
shareholders. These are decisive steps that align capital
structure with strategy.
This year’s achievements were underpinned by effective
cross-functional collaboration. From an operational
perspective the increased contribution from Tyra,
delivering incremental production growth quarter by
quarter, alongside the reliable output from our base
assets, formed the foundation of our performance.
In parallel, the Finance team continues to demonstrate
one of our key strengths: managing our capital structure
with discipline. In addition to the refinancing of BNOR15
and issuance of BNOR17, restricted cash of USD 158
million was released, alongside strategic hedging
Financial Review
Driving value
creation
1 Figure reflects the extension of the RBL facility completed in February 2026.
15
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
The Company had a 47 percent increase in revenue,
primarily attributable to higher oil and gas sales driven by
the Tyra ramp-up. This growth reflects a 146 percent rise
in gas volumes and an 11 percent increase in oil volumes
compared to the previous year. These gains were
partially offset by lower realised gas (-3.0 percent after
hedging) and oil (-2.1 percent after hedging) prices.
Field operating costs increased 35 percent, representing
the direct costs of oil and gas production. The increase
reflects the Tyra start-up and well workover activities.
However cost per boe is down from USD 30/boe to USD
27.2/boe, representing a 9 percent reduction.
Net financial items fell by USD 38.0 million, mainly due to a
positive fair value movement on the BNOR15 embedded
derivative, compared to a negative in 2024, and an
increase in fair value related to financial instruments.
These gains were partially offset by costs from debt
restructuring and interest expense connected to the RBL
facility, as 2024 benefited from a gain on the interest rate
swap that matured in mid-2024.
Current income tax for 2025 of USD 95.4 million expense
and deferred tax movements of USD 119.2 million income.
This corresponds to a statutory tax rate of 64 percent
on hydrocarbon income, adjusted for uplift, prior year
adjustments, interest restriction as well as currency
adjustment of tax losses carried forward in DKK.
Effective 0percent tax in Norway and the UK and
effective 22 percent tax on ordinary income in Denmark.
Total non-current assets increased by 0.3 percent in
2025, mainly due to higher deferred tax assets from
currency adjustments on Danish kroner-denominated
tax losses, partially offset by declines in PPE and
intangible assets mainly from current year depreciation.
Total current assets decreased by 22 percent during
2025. The decline was primarily driven by decreased
cash and restricted cash balances. These decreases
were partially offset by higher trade receivables,
increase in the value of derivative instruments driven by
changes in mark-to-market valuations and increased
inventories including a change from over-lift to under-lift
from year end 2024 to 2025.
Equity had a net increase of 10 percent over the year,
primarily attributable to the issuance of a new subordinated
hybrid bond BNOR17, the annual net result and favourable
fair value adjustments of hedges. These positive
contributions were partially offset by cash dividends
and share buybacks of USD 391 million during 2025.
Interest-bearing debt declined 22 percent during the
year. This decrease reflects the full redemption of the
convertible bond loan BNOR15, in addition to a repayment
on the RBL facility. The convertible bond loan BNOR15
was replaced with the new subordinated hybrid bond,
BNOR17, which is classified as an equity instrument.
The Company’s RBL facility has a total capacity of USD
1.4 billion, of which the cash tranche represents USD
1.15 billion. The cash tranche was drawn USD 800.0
million with a book value of USD 763.5 million at year end.
The BNOR16 senior unsecured bond loan had a book
value of USD305.5 million. Both the RBL facility and
unsecured bond loan are valued at amortised cost.
Asset retirement obligations rose 20 percent to
USD1,349 million by the end of 2025, mainly due to an
updated discount rate to 4.2 percent compared with
5 percent in 2024. The obligation is primarily related
to the DUC assets.
In 2025 we continued to
live our values. Being Bold,
Purposeful and Dependable
is reflected in our strategy:
operational delivery, capital
discipline, and cash returns.”
Net cash flow from operating activities increased 35
percent to USD 417 million, driven by higher volumes
from Tyra and stable base operating expenses, partly
offset by a decline in gas commodity prices.
Cash flow from investing activities improved by 144
percent, shifting to an inflow of USD 109 million in 2025
which reflects the return of USD 158 million cash that
was held in escrow that was replaced by a letter of credit
security of USD 100 million. As Tyra transitioned from
construction to delivery, investments were mainly directed
at Tyra reinstatement, the HCA gas lift and WROM.
Cash flow from financing activities resulted in an outflow
of USD 634 million at the end of 2025, contrasting
with an inflow of USD 26 million in 2024. This was led
by dividend payments (USD 341 million) and share
buybacks (USD 50 million), in addition to interest
expense (USD 116.4 million), redemption of BNOR15
and hybrid bond issuance (net outflow USD 45.5 million),
and a reduction in the drawn amount on the RBL facility
(net repayment USD 80million).
Total liquidity of USD 493 million
₁
with cash and cash
equivalents of USD 142.7 million and undrawn facilities of
USD 350 million reflecting the RB facility capacity after
the extension completed in February 2026.
Jacqueline Lindmark Boye
Chief Financial Officer
Financial Review continued
Revenue
$1,030m
+47% (2024: $702m)
Field operating costs
$370m
+35% (2024: $274m)
EBITDA
$530
+50% (2024: $354m)
Net result
$112m
+258% (2024: -$71m)
Total non-current assets
$2,955m
+0.3% (2024: $2,948m)
Total equity
$768m
+10% (2024: $696m)
Asset retirement obligation
$1,349m
+20% (2024: $1,122m)
Total current assets
$399m
-22% (2024: $514m)
Interest-bearing debt
$1,069m
-22% (2024: $1,371m)
Leverage ratio
1.9x
-32% (2024: 2.8x)
Operating activities
$417m
+35% (2024: $309m)
Financing activities
-$634m
-2,575% (2024: $26m)
Investing activities
$109m
+144% (2024: -$250m)
Total liquidity (cash and
undrawn facilities)
¹
$493m
-5% (2024: $521m)
Income statement Balance sheet Cash flow
1 figure reflects the extention of the RBL facility completed in February 2026.
Risk management
framework
16
BlueNord Annual Report 2025
Risk Management
Effective risk management is essential to the
successful delivery of our strategy. The risk
management process determines the nature
and extent of the risk to which BlueNord
is exposed, the extent to which mitigation
is required, and thus the level of risk that
is acceptable.
Board of Directors
The Board is responsible for the Company’s risk framework.
Meet the Board on page 53
Our internal control framework supports
the management and mitigation of risk. This
framework is designed to manage, mitigate and
communicate (rather than eliminate) the risk of
failure to achieve strategic priorities.
Risk management and internal control are given
high priority by the Board of Directors. The Board
is responsible for identifying principal risks,and
determining the nature and extent of the risk that
BlueNord is willing to take. The impact of climate-
related risks is also taken into account.
The Board is responsible for monitoring our
risk management framework and reviewing its
effectiveness. The Audit Committee assists
the Board of Directors on an ongoing basis in
monitoring our systems for risk management
and internal control.
Risk management process
BlueNord faces various risks which may
impact our business. Not all of these risks are
necessarily within our control, and for this
reason we have established a risk management
process to identify and assess how to respond
to risks.
Responses can include: acceptance, alongside
the development of an action plan with
mitigating factors to reduce the risk; transfer to
third parties; or termination of the risk by ceasing
certain activities.
The Executive Team sets the tone and is
responsible for monitoring and managing the
most significant risks. Identified risk owners are
responsible for ensuring that risks within their
area are being appropriately managed.
Internal control
The Executive Team is responsible for
establishing and maintaining internal control
over financial reporting. Specific policies,
standards and accounting principles have
been developed for the annual and quarterly
financial reporting of the Group.
The Chief Executive Officer and Chief Financial
Officer supervise and oversee internal and
external reporting processes. This includes
assessing financial reporting risks and internal
controls over financial reporting within the Group.
Consolidated external financial statements
are prepared in accordance with International
Financial Reporting Standards (IFRS) and
International Accounting Standards (IAS) as
adopted by the EU.
Strategic objectives and risk appetite
set the context at Board level
Risk assessment
Status of the risk assessment is
presented annually, reviewed with the
Board and updated as required based
on the current risk appetite and context,
both internal and external.
Risk monitoring
Risk monitoring occurs on a quarterly
basis through Executive Team
evaluation, monitoring and review of
the risk register and matrix, which are
presented to the Audit Committee along
with quarterly financial statements.
Risk mitigation
Risk mitigation requires an assessment
of mitigation plans and controls based
on risk appetite. Risk mitigation plans
are developed between risk owners and
with feedback from the Executive Team,
considering the risk appetite and context
set at Board level.
Oversight
The risk assessment process includes
risk identification, which is achieved
through review meetings held with key
personnel in the business on a quarterly
basis. This includes an evaluation of
likelihood and impact, considering both
quantitative and qualitative factors.
The collated risks are maintained in the
Company risk register.
17
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Principal Risks and Uncertainties
The risks and uncertainties described in this section are the material
known risks and uncertainties faced by BlueNord at the time of publication.
Oil and gas production and reserves
Impact Material influencing factors Mitigation
Geographical concentration and field interdependency
Production of oil and gas is concentrated in a limited number of offshore
fields in a limited geographical area of the Danish continental shelf.
Consequently, the concentration of fields and infrastructure may result in
incidents or events in one location affecting a significant part of BlueNord’s
business.
• Four producing hubs that are interconnected and utilise the same
infrastructure.
• The fields within one hub are interconnected and one field can depend
on another to extract hydrocarbons.
• All gas produced at the different hubs is transported to shore via the Tyra
hub to Nybro or the Northern Offshore Gas Transport (NOGAT) pipeline.
• The Gorm hub receives liquids from all the other hubs and sends to shore
via pipeline from Gorm E.
The Operator has ongoing inspection and maintenance plans in place to
proactively maintain assets and minimise the risk of incidents.
Where events occur, activities are adjusted to respond to specific issues
as they arise, and isolated where possible to minimise impact.
Actual reserves may differ from reported reserves estimates
Reported reserves and resources represent significant estimates based on
several factors and assumptions made as of the reporting date, all of which
may vary considerably from actual results.
Further, oil and gas production could vary significantly from reported
reserves and resources. Should the actual results of the Company deviate
from the estimated reserves and resources, this may have a significant
impact on the value of the Group’s assets and net cash flow from
operating activities.
• Assumptions on which the reserves estimates are determined include
geological and engineering estimates (which have inherent uncertainties),
historical production, the assumed effects of regulation by governmental
agencies, and estimates of future commodity prices and operating costs
including the cost of CO
2
which is considered a part of the climate-related
risk on reserves estimates.
• The Company is a non-operated partner in the DUC and as such has
less control of future decline mitigating investments in the oil and gas
producing assets.
Reported reserves are based on independent technical expert reports
which are carried out at least annually.
In addition to carrying out external reserves reporting, BlueNord has a
subsurface team with appropriate technical expertise that monitors and
reviews production and reserves.
This provides oversight of performance and expectations throughout the
year to enable response and follow up on a timely basis.
Ongoing investment in developments
The Company makes and expects to continue to make substantial
investments in its business for the development and production of oil and
natural gas reserves.
Such projects require substantial investments to bring into production,
which come with several inherent risks.
• Development projects have inherent execution risks, including cost
overruns and delays, in addition to the impact of commodity prices on the
economics of a project.
• The Company may also be unable to obtain needed capital or financing on
satisfactory terms, which could lead to a decline in its oil and gas reserves.
The Company intends to finance future investments with net cash flow from
operating activities and borrowings under its RBL facility and other equity
and debt facilities. The Company regularly monitors liquidity, borrowing base
and other financial ratios.
Projects are screened for technical and non-technical risks, including
climate-related risks, with economics reviewed at multiple price scenarios.
KEY:
Higher Unchanged Decreasing
18
BlueNord Annual Report 2025
Principal Risks and Uncertainties continued
KEY: Higher Unchanged Decreasing
Oil and gas production and reserves continued
Impact Material influencing factors Mitigation
Tyra redevelopment project
The Tyra redevelopment project is, to date, the largest project carried out
on the Danish continental shelf. The project is in operation and production is
ramping up to plateau.
The risk of performance uncertainty once wells are unplugged continues
to be monitored, and is reducing as further actual production occurs and
knowledge of the reservoir performance can be assessed.
Such risks may have an adverse effect on our financial position.
• Ongoing improvement in performance of the facilities increasing uptime
and reliability.
• Monitoring of production performance and well optimisation and
management.
BlueNord maintains a regular dialogue with the Operator’s key personnel on
the project in addition to a review of weekly and monthly progress reporting.
BlueNord technical experts are closely involved with this review and have an
established feedback process with the Operator.
Decommissioning estimates
There are significant uncertainties and significant estimation risks relating
to the cost and timing for the decommissioning of offshore installations and
infrastructure.
Deviation from such estimates may have a material adverse effect on
the Company’s operational results, tax position, cash flow, and financial
condition. This includes the timing of when security may need to be put
in place.
• Within the DUC the partners are primarily liable to each other on
a pro rata basis and, secondarily, jointly and severally liable for all
decommissioning obligations.
• There is an obligation for participants to provide security for their
respective share of any decommissioning liabilities ahead
of actual decommissioning based on calculations as set out in the joint
operating agreement.
• Timing of the decommissioning of a hub will depend on the economic
cut-off of reserves and links with the risk regarding actual reserves
compared with reported estimates. A change in those estimates can
impact the timing of decommissioning and will be reflected in an update
in decommissioning estimates.
Decommissioning estimates are reviewed at least on an annual basis
including macro assumptions, and timing, updated every five years in detail
based on technological, regulatory and any other relevant information at
the time.
The need for decommissioning security is assessed annually.
Read more on page 114.
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Principal Risks and Uncertainties continued
KEY: Higher Unchanged Decreasing
Market risks
Impact Material influencing factors Mitigation
Commodity prices
The Company’s main business is to produce and sell oil and gas, therefore
future revenues, cash flow, profitability, financing, and rate of growth depend
substantially on prevailing prices of oil and gas.
Because oil and gas are globally traded the Company is unable to control
or predict the prices it receives for the oil and gas it produces.
Commodity price fluctuations could reduce the Company’s ability to
refinance its outstanding credit facilities and could result in a reduced
borrowing base under the RBL facility.
Fluctuations in commodity prices could also lead to impairment of the
Company’s assets.
• While volatility and uncertainty remain in the commodity market, global
supply risks have been managed through 2025. Geopolitical risk
continues to have an impact but markets have tended to adapt to this
situation over the short term.
• Hydrocarbons produced from specific fields may also have a premium
or discount in relation to benchmark prices, such as Brent, which may
vary over time.
• The majority of the natural gas produced by the Company is sold at
Trading Hub Europe (THE) prices. THE closely follows the Dutch Title
Transfer Facility (TTF) price. The Company is more exposed to additional
price volatility deriving from proposed responses by the European
Commission, as seen with the proposed Market Correcting Mechanism,
however, this has not recurred in 2025.
The Company actively seeks to reduce this risk through the establishment
of hedging arrangements.
BlueNord has to date executed this policy in the market through different
types of forward contracts. BlueNord enters hedging contracts on both oil
and gas that mitigate the impact of price volatility generally over the next one
to two year outlook.
Further detail on BlueNord hedging policy can be found in note 2 and note 19
to the consolidated financial statements.
Foreign currency exposure
The Group is exposed to market fluctuations in foreign exchange rates.
Significant fluctuations in exchange rates between euros and Danish kroner
to US dollars may materially adversely affect the reported results.
• Revenues are in US dollars for oil and in euros for gas, while operational
costs, taxes and investments are primarily in US dollars, euros and Danish
kroner. With Tyra coming onstream, delivering a more balanced portfolio
of oil to gas, this means more revenue will be euro-denominated, thus
reducing currency exposure on costs in euros and Danish kroner.
• Taxes are paid in Danish kroner and distributions in Norwegian kroner
• The Company’s financing is primarily in US dollars.
The Company considers currency risk as low.
The main financial items (held in a currency other than the functional
currency of the respective components) are offset by positions in other
components of the Group, and/or are hedged once future payment
amounts are known.
Interest rate risk, covenant compliance and available funding
The Company has several debt instruments which expose it to interest rate
risk and obligations to meet certain covenants. The Company’s material
hedging programme provides significant visibility over its ability to meet
these requirements. However, if the Company is unable to do so, then actions
to rectify this position may be required.
There can be no assurance that such actions will be available, or sufficient,
to allow BlueNord to ultimately fulfil its obligations. The availability of funding
and the nature and diversity of lenders involved could pose a third-party
liquidity risk.
• Exposure to floating interest rates through the Company’s USD 1.4 billion
RBL facility.
• Exposure to fixed interest rates through a USD 300 million senior
unsecured note and USD 300 million hybrid bond.
• Under these financing instruments the Company is subject to several
covenants, including maximum leverage relative to earnings and
demonstration of a minimum level of liquidity.
The Group monitors its liquidity and covenant coverage continuously to
ensure it will be able to meet its financial obligations as they fall due.
As of the date of this report, the Company continues to review and optimise
its capital structure.
20
BlueNord Annual Report 2025
Principal Risks and Uncertainties continued
KEY: Higher Unchanged Decreasing
Financial liabilities
Impact Material influencing factors Mitigation
Future capital requirements
BlueNord’s future capital requirements will be determined based on several
factors, including production levels, commodity prices, future expenditures
that require funding, and the development of the Company’s capital structure.
To the extent that the Company’s operating cash flow is insufficient to fund
the business plan at any time, additional external capital may be required.
• BlueNord currently has a strong financial base, supported by existing
liquidity and hedging positions.
• Current market conditions remain favourable towards the Company which
provides flexibility to the Company in assessing the capital structure.
• However, there can be no guarantee that, if required, BlueNord would
be able to access the debt or equity markets on favourable terms, or if
necessary be able to adequately restructure or refinance its debt.
BlueNord maintains a strong relationship with its banking syndicate through
continual engagement to underpin its borrowing position and has an active
investor relations and market strategy to support access to the debt and
equity capital markets.
Insurance risk
The Company maintains liability insurance in an amount that it considers
adequate and consistent with industry standards.
However, the nature of the risks inherent in the oil and gas industry generally,
and on the Danish continental shelf specifically, are such that liabilities could
materially exceed policy limits, or not be insured at all.
In this situation the Company could incur significant costs that could have an
adverse effect on its financial condition, operational results and cash flow.
• Due to the ongoing geopolitical situation there may be an increased risk of
the Group’s assets becoming the target of acts of war and/or sabotage,
as seen with the Nord Stream pipeline in 2022. No such events were
noted during the last three years, but action, also linked with geopolitical
risks, may be directed towards infrastructure in future.
• Any such acts of war and/or sabotage directed towards the Group’s
assets may have a material adverse effect on the Group’s assets and
financial position. Whether an incident is classified as an act of war or
sabotage under the Group’s insurances may have consequences for the
Group’s right to claim insurance proceeds under the relevant insurances.
The Company reviews the adequacy of its insurance coverage annually and
maintains a strong dialogue with the insurance market to continue to monitor
market conditions and impacts on the Company’s insurance coverage.
21
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Principal Risks and Uncertainties continued
KEY: Higher Unchanged Decreasing
Cyber security
Impact Material influencing factors Mitigation
Key infrastructure, networks or core systems are compromised or are otherwise rendered unavailable
A compromised network or infrastructure would seriously impair the
Company’s ability to maintain regular operations, including the ability
to continue reporting, and to meet regulatory and financial obligations,
if required information were not available.
• As in previous years, ongoing global tensions continue to raise IT security
risks around cyber crime and similar threats.
• Protection and monitoring of critical infrastructure continues to be a high
priority in the Danish energy sector.
The Company has IT controls and processes in place, including preventative
security routines, disaster recovery and business continuity plans.
The Company has enhanced its IT security systems and protocols to protect
against cyber criminality and similar threats.
Third-party risk
Impact Material influencing factors Mitigation
Third-party risk / Non-operator
The Company has limited control over management of the oil and gas assets
as it is a non-operating partner. Mismanagement or misalignment with the
Operator as to the most appropriate course of action, may result in significant
delays, losses or increased costs.
Jointly-owned licences also result in possible joint liability under certain
terms and conditions. Other participants in licences may default on their
obligations in relation to the assets.
In such circumstances the Company may be required under the terms of the
relevant operating agreement to contribute all or part of any funding shortfall.
The Company may not have the resources to meet these obligations.
• There is a long history and relationship within the DUC partnership with
strong, reliable partners being TotalEnergies and the North Sea Fund.
• The structure and nature of joint operations is common in the oil and gas
industry and it is a way of working that is well established.
• The DUC has been operating since the 1960s in an effective way with
stability and a strong joint venture operation relationship.
The Company has consultation rights, or the right to withhold consent, in
relation to significant operational and development matters, depending on
the importance of the matter, the level of its interest in the licence, or to which
licence the contractual arrangements for the licence apply.
The structure of engagement with the Operator is contractually set out in the
joint operating agreement and is actively enforced and supports the ongoing
engagement and oversight of the management of the assets.
22
BlueNord Annual Report 2025
Principal Risks and Uncertainties continued
KEY: Higher Unchanged Decreasing
Politics, regulation and compliance
Impact Material influencing factors Mitigation
Changes in obligations arising from operating in markets that are subject to a high degree of regulatory, legislative and political intervention and uncertainty
The exploration and development activities in Denmark are dependent upon
receipt of government approvals and permits to develop assets.
There is no assurance that future political conditions in Denmark will not
result in the government adopting new or different policies and regulations
relating to exploration, development, operation, and ownership of oil and
gas, environmental protection, or labour relations.
Any of the above factors may have a material adverse effect on the
Company’s business, results of operations, cash flow and financial condition.
• Future political conditions in Denmark could result in the government
adopting new or different policies, meaning that the Company may be
unable to obtain, maintain or renew required drilling rights, licences and
permits, resulting in work being halted.
• Due to the conflict in Ukraine new regulations have been imposed by the
EU, United States, United Kingdom, and other governments, which affect
the export and import of oil and gas to and from the Russian market.
• Trade restrictions on the Russian market could increase the importance
of oil and gas fields in Europe, including in Denmark. Such an increase in
importance could result in governments adopting new regulations that
could affect the assets and the operations of the Group.
The Company maintains a regular dialogue with the Danish Energy Agency
(DEA) and relevant government ministries.
This ensures an up-to-date understanding is in place, enabling us to act and
respond on a timely basis to any impact on the business.
Danish taxation and regulations
All BlueNord petroleum assets are located in Denmark and the petroleum
industry is subject to higher taxation than other businesses.
There is no assurance that future political conditions in Denmark will not
result in the relevant government adopting different policies for petroleum
taxation than those currently in place.
• Proposed legislation around the Solidarity Contribution was enacted
in 2023 and its impact on the Company is known and accounted for.
No new exposures have been identified during 2025.
• As taxation has a major impact on the Company’s results, such
amendments may significantly impact the Group’s cash flow and
financial condition.
• In 2024 a tax was adopted regarding additional CO
2
duties. This will be
implemented from 2025 and its impact has been incorporated into the
Company assessment of forward-looking performance and exposures.
Dialogue is maintained with industry bodies and the relevant government
ministries to understand proposed legislation before it is enacted and
provide a full impact analysis.
There is a compensation agreement between the Danish state and the
DUC such that the companies participating in the DUC are entitled to
compensation for tax increases. Under this agreement any alterations in
present legislation to the disadvantage of DUC licensees can be challenged
for compensation.
Any compensation would be determined based upon the impact of the
changes on the DUC. However, this cannot exceed the net advantage
deemed to have been obtained by the state.
23
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Principal Risks and Uncertainties continued
Climate risk
Impact Material influencing factors Mitigation
Changes to and impacts of environmental regulations
All phases of the oil and gas industry present environmental risks and
hazards and are subject to environmental regulation pursuant to a variety
of international conventions and state and municipal laws and regulations.
Compliance with such legislation can require significant expenditures and
any breach may result in the imposition of fines and penalties, some of which
may be material, in addition to loss of reputation.
• Environmental legislation provides for restrictions and prohibitions
on spills, releases or emissions of various substances produced in
association with oil and gas operations.
• Legislation also requires that wells and facility sites are operated,
maintained, abandoned, and reclaimed to the satisfaction of applicable
regulatory authorities.
• The Company is subject to legislation in relation to the emission of carbon
dioxide, methane, nitrous oxide, and other greenhouse gases (GHGs).
• Environmental legislation is evolving in a manner expected to result
in stricter standards and enforcement, larger fines and liability, and
potentially increased investments and operating costs.
• With all its assets being on the Danish continental shelf the Company is
highly exposed to changes in Danish law.
• CO
2
costs and the Danish CO
2
duty are an ongoing exposure and
incorporated in the Company future forecasts and estimates. Active
management of emissions and cost of allowances is required to manage
this exposure as any increases can have an impact on the Company’s
financial performance and future outlook.
The Company maintains a regular dialogue with the DEA and relevant
government ministries.
This ensures an up-to-date understanding is in place, enabling us to act and
respond on a timely basis to any impact on the business.
The Operator has a framework and controls in place for managing the
business within regulatory requirements.
BlueNord maintains an overview of the requirements and dialogue with the
Operator through the appropriate joint committees.
BlueNord has the option to and does actively manage its own CO
2
cost
exposure for purchasing of allowances to the extent possible in the market.
See also note 4 to the consolidated financial statements regarding climate
risk management.
24
BlueNord Annual Report 2025
02
Our Approach to Sustainability 26
Environment 28
Social 43
Governance 48
Sustainability
Statements
25
Strategic Report Sustainability Statements Governance Report Financial Statements AppendicesStrategic Report Sustainability Statements Governance Report Financial Statements Appendices
BlueNord maintains a focus
on balancing the need for
energy security with lowering
emissions.”
Tyra emissions reduction Reporting transparency
While the mandatory sustainability
reporting landscape has evolved
rapidly and profoundly in recent
years, BlueNord remains
committed to disclosing relevant
sustainability-related information
in an accurate, transparent and
consistent manner.
Read more on page 26-27
Through the application of advanced
digital solutions and technological
innovations, the redeveloped Tyra
facilities supports more efficient
operations with a reduction in
GHG emissions relative to the
former facilities.
Read more on page 29
26
BlueNord Annual Report 2025
Our Approach to Sustainability
In this section:
Our role as a non-operating partner 26
Basis of preparation and scope 26
Regulatory and reporting framework 27
Sustainability and long-term value 27
Stakeholder engagement 27
Sustainability framework 27
Sustainability through
governance, compliance,
and financial responsibility
Our role as a
non-operating partner
BlueNord’s approach to sustainability is grounded
in governance, regulatory compliance and capital
discipline. This reflects our role as a non-operating
partner and our responsibility to manage long-term
environmental and financial risks transparently.
BlueNord participates in the Danish Underground
Consortium (DUC) as a non-operating partner. As such,
the day-to-day management of operations and the
collection of key environmental and sustainability data,
including emissions reporting, are primarily undertaken
by the DUC Operator. BlueNord’s role is focused on
governance, oversight, and constructive engagement
to support responsible performance across the
partnership. This includes contributing to joint venture
governance processes and promoting alignment with
applicable regulatory and reporting standards. Through
active participation in joint venture forums and technical
assurance activities, BlueNord supports the integration
of climate, environmental, and safety considerations
into operational decision-making, while maintaining
transparency in sustainability reporting.
Following publication of the EU Omnibus I Directive (EU
2026/470) which entered into force on 18 March 2026,
the in-scope companies for Corporate Sustainability
Reporting Directive (CSRD) reporting has been
narrowed and BlueNord is no longer subject to
the CSRD.
BlueNord remains committed to transparent
sustainability reporting and will continue to align with
ESRS philosophy during 2026, focusing on material
topics and core environmental, social and governance
(ESG) metrics such as emissions.
>>
Basis of preparation
and scope
BlueNord’s 2025 Sustainability Report is guided by
the principles of the ESRS. Material topics have been
prioritised based on actual and potential impacts
relevant to the UN Sustainable Development Goals
(SDGs), risks identified through our enterprise risk
management processes, and impacts and opportunities
across the primary DUC value chain; the DUC’s primary
business being the exploration for and production of oil
and gas from the Danish sector of the North Sea.
This is a consolidated report for BlueNord ASA and
its 100 percent-owned subsidiary CarbonCuts. The
reporting perimeter is aligned with the consolidated
financial statements.
Sustainability information is reported using an equity
share approach, reflecting BlueNord’s non-operated
working interest in the DUC. The primary focus is on
environmental reporting, including emissions, alongside
relevant workforce and governance disclosures.
Environmental and sustainability data for the DUC is
primarily sourced from the Operator, supported where
relevant by third-party information. As a non-operating
partner, BlueNord relies on established joint venture
reporting systems to support consistent and transparent
sustainability disclosure.
The report also reflects the requirements of the
Norwegian Transparency Act and has been reviewed by
internal committees and senior management.
27
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Our Approach to Sustainability continued
Basis of preparation
and scope continued
Emissions
Emissions metrics for scope 1 and scope 2 are based on
Operator-provided data for the DUC, supplemented by
BlueNord’s own operational emissions outside the joint
venture. Where primary data is not available, standard
emission factors are applied. Scope 3 emissions are
reported in line with applicable value chain categories
and available data.
Value chain
The value chain assessment is primarily focused on
Tier 1 suppliers and customers, reflecting BlueNord’s
direct contractual relationships.
>>
Regulatory and reporting
framework
CSRD and ESRS
The CSRD was adopted by the European Parliament
and EU Council in 2022 and introduced sustainability
reporting requirements grounded in a double materiality
approach. Following publication of the EU Omnibus I
Directive (EU 2026/470) which entered into force on
18 March 2026, the in-scope companies for CSRD
reporting has been narrowed and BlueNord is no longer
subject to the CSRD.
BlueNord continues to monitor further regulatory
and standard-setting developments, including the
European Commission’s ongoing workstream on
voluntary standards.
EU Taxonomy and European Green Deal
The EU Taxonomy Regulation, implemented in
Norway in 2021 and applicable from 2023, provides a
classification system for environmentally sustainable
economic activities. It supports the EU’s broader policy
agenda under the European Green Deal, including
the objective of climate neutrality by 2050. The EU
Taxonomy establishes a framework for reporting the
share of taxonomy-aligned activities across turnover,
capital expenditure (capex), and operating expenditure
(opex), as well as activities that may become aligned
over time. Taxonomy disclosures form part of the
sustainability statement under the ESRS and CSRD
requirements. BlueNord is no longer subject to the
CSRD, hence not to the EU taxonomy.
Norwegian Transparency Act
BlueNord complies with the Norwegian Transparency
Act through due diligence processes and reporting on
human rights and working conditions across relevant
parts of our value chain. Governance oversight is
supported through reporting to the Audit Committee.
Climate-related risks and opportunities are assessed
and disclosed in line with the Task Force on Climate-
related Financial Disclosures (TCFD). These
considerations are integrated into BlueNord’s enterprise
risk management (ERM) framework and corporate risk
register, which support structured risk identification,
monitoring and decision-making.
Environmental performance is monitored through
regular emissions data provided by the DUC Operator.
Sustainability and
long-term value
BlueNord integrates sustainability into our strategic
priorities and governance, with a focus on energy
security, regulatory compliance, and long-term
value protection. As a non-operating partner, this is
primarily exercised through joint venture oversight,
risk management, and disciplined capital allocation.
Key priorities include:
• Safe and reliable operations through robust
governance and technical assurance.
• Reduction of greenhouse gas emissions intensity
through Operator engagement and performance
monitoring.
• Selective investments in carbon capture and
storage (CCS).
• Responsible value creation for shareholders and
society through stable fiscal contributions and
alignment with national climate objectives.
BlueNord remains committed to transparent sustainability
reporting and will continue to align with ESRS philosophy.”
Stakeholder engagement
BlueNord recognises the importance of stakeholder
perspectives. As a non-operating partner, our
engagement is focused on key stakeholder groups
connected to our joint venture activities, including
authorities, partners, employees, suppliers, communities
and shareholders. Stakeholder engagement practices
will continue to be developed over time in line with
evolving reporting expectations and business priorities.
Sustainability framework
BlueNord’s sustainability approach is aligned with
relevant UN SDGs (see Appendix 1) and focuses on
topics most material to our business as a non-operating
partner in the DUC.
Key areas include climate change and emissions,
pollution prevention, biodiversity, health and safety,
workforce matters, and governance.
28
BlueNord Annual Report 2025
In this section:
Climate change, emissions, and environmental performance 28
Climate risk and financial implications 33
Task Force on Climate-related Financial Disclosures (TCFD) 34
Pollution prevention and marine environment 41
Biodiversity and ecosystems 42
Circular economy and asset lifecycle 42
Managing
resources
responsibly
Climate change, emissions,
and environmental
performance
Paris Agreement
BlueNord acknowledges the findings of the United
Nations Intergovernmental Panel on Climate Change
(IPCC) and supports the climate objectives of the United
Nations Framework Convention on Climate Change
(UNFCCC) and the Paris Agreement, including efforts to
limit global temperature rise to 1.5°C above pre-industrial
levels. BlueNord supports Denmark’s national ambition
to reduce GHG emissions and is committed to taking
an active role.
The DUC’s Operator has set its ambition to reduce
scope 1 and 2 emissions by 40 percent by 2030
compared to 2015 levels, which BlueNord, as a partner,
fully supports. BlueNord is committed to operating
within the regulatory frameworks of the regions where
we do business. For our non-operated oil and gas
assets in Denmark this includes alignment with the
Danish North Sea Agreement (NSA) target of net zero
emissions by 2050. In effect, this means that Denmark
has committed to a complete phase-out of oil and gas
production by 2050. DUC licence expiry is currently
2042. The DUC’s decarbonisation pathway will be
shaped by evolving regulations, market dynamics,
technological advancements, investment in carbon
abatement projects, and compliance with the policy
landscape in which we operate. BlueNord is aligned with
this phase-out.
Recognising that hydrocarbons will remain a part of
the energy mix for the foreseeable future, BlueNord
is dedicated to playing an active role in the energy
transition. BlueNord’s strategy focuses on producing
affordable and reliable energy in the region for Denmark
and the wider EU, while managing climate-related
risks and opportunities. This involves assessing and
implementing operational emissions reduction activities
in partnership with the Operator and other stakeholders.
Environment
BlueNord manages its assets to protect long-term value,
incorporating emissions-related considerations and
participation in the carbon capture and storage value chain.
BlueNord acknowledges that its activities have actual and
potential environmental impacts.
29
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Scope 1
BlueNord’s scope 1 emissions arise from our partnership
in the DUC, mostly linked to fuel combustion for
powering offshore installations. Flaring of natural gas
occurs on all DUC hubs to allow for safe operations
during production upsets and non-routine activities.
Routine flaring was eliminated in 2023 following the
re-routing of Halfdan production.
Fugitive emissions can occur due to partial combustion
or leaks and are surveyed regularly, notably via Leak
Detection and Repair (LDAR). Venting emissions may
occur for safety reasons.
In 2025, the Gorm LP flare ejector project was completed
and commissioned in April. The project continues the
flare reduction effort on Gorm. Gorm’s flaring reduced by
34 percent in 2025 compared to 2024, and by 74 percent
compared to 2020.
The 2025 Carbon Footprint Reduction (CFR) projects
collectively achieved a total reduction of 15 kt CO
2
e
in 2025.
CFR opportunities are continuously assessed in the
DUC partnership and ranked according to complexity,
impact on simultaneous operations, and carbon
abatement scope and cost.
BlueNord’s share of DUC scope 1 emissions in 2025 is
0.38 Mt CO
2
e, an increase of 5.6 percent compared to
2024. This increase is driven by the Tyra hub ramp-up but
is partially offset by CFR activities, primarily conducted
at the Gorm hub. Tyra operations are associated with
fuel requirements and therefore GHG emissions. Tyra
facilities have continued experiencing unplanned
production upsets in 2025, but when the facilities were
running stably, it was consuming about 27 percent less
fuel and flaring 72 percent less than prior to the hub
redevelopment according to BlueNord’s calculations.
The Tyra redevelopment project will allow reducing the
hubs emissions substantially compared
to the old facilities for the years to come.
Climate change, emissions,
and environmental
performance continued
We acknowledge that achieving the Paris Agreement
goals requires accelerated investment and
technological advancements in clean energy, energy
efficiency and low-carbon solutions across both
supply and end-user segments.
Piped oil and gas, with lower emissions intensity than
LNG volumes imported from overseas, supports an
orderly energy transition. By supplying hydrocarbons
with approximately one-third of the carbon footprint
of imported shipped LNG, we can displace higher-
emissions imported hydrocarbons, contributing to
a more sustainable energy future.
BlueNord has also invested in CarbonCuts as part
of its selective participation in carbon capture and
storage (CCS). The project is intended to support the
development of carbon storage capacity in Denmark,
subject to regulatory approval and project progress.
Greenhouse gas emissions
Greenhouse gases (GHGs) are a component
of atmospheric emissions, alongside other non-GHG
gases and pollutants. Their release into the atmosphere
occurs through processes such as fuel combustion,
flaring, venting, and fugitive emissions.
BlueNord supports the reduction of environmental
impact through our own activities and through the DUC
partnership. Emissions reduction measures include
Operator-led initiatives on energy efficiency, venting
reduction, and eliminating routine flaring.
BlueNord aligns its climate-related disclosures, including
scope 1 and 2 emissions metrics, with the Task Force
on Climate-related Financial Disclosures (TCFD)
framework now incorporated into IFRS S2.
Methane emissions have remained constant in 2025
compared to 2024. They are closely monitored and
reported, in line with the new EU Regulation on methane
emissions reduction in the energy sector (EU Methane
Regulation) that entered into force in 2024. This includes
using drones to survey methane emissions from the
installations, with annual monitoring campaigns.
In 2025, the DUC’s Operator deployed over 800
methane trackers that will allow monitoring and
detecting methane emissions in real-time thanks to Long
Range gateway installations on all operated production
platforms. Predictive emissions monitoring systems on
flares and stationary combustion systems were also
rolled out. The deployment was part of TotalEnergies
group-level initiative to reduce methane emissions as
part of its commitment under the OGMP Partnership 2.0,
aiming at near-zero methane emissions by 2030.
The DUC’s GHG scope 1 intensity decreased by 28
percent from 2024 to 2025, down to 26.3 kg CO
2
e/boe
thanks to increased production (+45.6 percent) and
a small increase in emissions (+5.6 percent)
2025 GHG scope 1 emissions intensity has been largely
impacted by increased production at the Tyra hub, and
intensity is expected to further reduce as the hub’s
uptime increases.
Scope 2
Scope 2 emissions are linked to energy consumption at
BlueNord’s offices, encompassing GHG emissions from
both electricity and district heating consumption.
In 2025, scope 2 emissions were less than 0.01 Mt CO
2
e.
Scope 3
BlueNord started assessing its scope 3 emissions
in 2024. Scope 3 emissions were assessed then
across all scope 3 categories and estimated that more
than 99 percent fell under category 11 (Use of sold
products). Category 9 (Downstream transportation
and distribution) and 10 (Processing of sold products)
are assumed nil as per Ipieca guidance to avoid
double counting.
Category 11 emissions, assuming that the oil and gas
sold are used as fuel, amounted to 5.04 Mt CO
2
e in 2025,
which is 41 percent higher than in 2024. This increase
is linked to significant increase in export volumes
(47 percent) and a higher proportion of gas in the mix.
Tyra II facilities will reduce
the hub’s scope 1 emissions
by 30 percent compared
to 2018 levels.”
Environment continued
30
BlueNord Annual Report 2025
KEY: Higher Unchanged Lower
Scope 1 reporting perimeter (includes drilling and logistics)
1
Topic 2024 Performance 2025 Performance
3
Change
CO2
emissions
Total CO2 emissions
338 kt
Total CO2 emissions
358 kt
CH4
emissions
Total CH4 emissions
603 tonnes
Total CH4 emissions
601 tonnes
NMVOCs
261 tonnes 215 tonnes
NOx and SOx
emissions
NOx
1,231 tonnes
NOx
977 tonnes
SOx
27 tonnes
SOx
25 tonnes
Contribution
to total GHG
emissions
Fuel consumption –
Fuel gas
74%
Fuel consumption –
Fuel gas
83%
Fuel consumption – Diesel
14%
Fuel consumption – Diesel
7%
Flare
9%
Flare
7%
Venting
4%
Venting
3%
GHG intensity
(CO2eq/boe)
36.4 26.3
EU ETS reporting perimeter
2
Topic 2024 Performance 2025 Performance Change
CO2
emissions
Total CO2 emissions
316 kt
Total CO2 emissions
344 kt
EU ETS CO2
intensity
(CO2/boe)
31.3 23.5
1. Numbers have been verified and submitted by the DUC Operator to DEA for OSPAR reporting. Awaiting approval from OSPAR.
2. Numbers have been submitted by the DUC Operator to external auditors for verification.
3. Numbers are net to BlueNord unless stated otherwise.
Environmental performance 2025: Atmospheric emissions
Environment continued
31
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
KEY: Higher Unchanged Lower
Environmental performance 2025: Discharge to sea
3
OSPAR reporting perimeter
1
Topic 2024 Performance 2025 Performance Change
Discharge
to sea
Discharged produced water
6.7 million m
3
Discharged produced water
7.4 million m
3
Volume of oil discharged
45.9 tonnes
Volume of oil discharged
57.6 tonnes
Oil concentration in water
6.8 mg/L
Oil concentration in water
7.8 mg/L
Spills
Number of oil and diesel spills
2
14
Number of oil and diesel spills
2
17
Oil and diesel spills
0.14 tonnes
Oil and diesel spills
1.23 tonnes
Number of chemical spills
2
23
Number of chemical spills
2
20
Chemical spills
0.02 tonnes
Chemical spills
1.53 tonnes
1. Numbers have been verified and submitted by the DUC Operator to DEA for OSPAR reporting. Awaiting approval from OSPAR.
2. Number of spills is 100% DUC.
3. Numbers are net to BlueNord unless stated otherwise.
Topic 2024 Performance 2025 Performance Change
Chemical
usage
Green chemicals
2,583 tonnes
Green chemicals
3,419 tonnes
Yellow chemicals
2,969 tonnes
Yellow chemicals
2,725 tonnes
Red chemicals
24 tonnes
Red chemicals
40 tonnes
Black chemicals
0 tonnes
Black chemicals
0 tonnes
Total chemicals
5,576 tonnes
Total chemicals
6,184 tonnes
Chemical
discharge
Green chemicals
1,761 tonnes
Green chemicals
2,209 tonnes
Yellow chemicals
1,728 tonnes
Yellow chemicals
1,601 tonnes
Red chemicals
4 tonnes
Red chemicals
16 tonnes
Black chemicals
0 tonnes
Black chemicals
0 tonnes
Total chemicals
3,494 tonnes
Total chemicals
3,826 tonnes
Environment continued
32
BlueNord Annual Report 2025
Environment continued
Since 2024 CarbonCuts A/S has been a wholly-
owned subsidiary of the BlueNord Group, which has
funded its activities since October 2022. CarbonCuts
A/S contributes to the Paris Agreement’s goal of
arresting global warming, with its core business to build,
own and operate permanent geological sites for CO
2
storage. Currently, the Ruby Project is the major focus
of CarbonCuts activities.
The future concepts for the Ruby Project consider CO
2
receiving facilities, intermediate storage, pumping and
injection facilities as well as a number of wells for
injection and observation. Several CO
2
import options
are being investigated to allow flexibility and optionality
in terms of pace, customer requirements, and volume.
A first milestone was achieved in June 2024,
when CarbonCuts was awarded an exploration licence
in Rødby. The exploration licence enables CarbonCuts
to conduct various subsurface activities, aiming to get a
thorough understanding of the underground to ensure
that CO
2
can be stored safely and to assess the capacity
of a potential storage.
In early 2025 CarbonCuts conducted a 3D seismic
survey covering 220 km
2
providing valuable data about
the underground. This was followed by a re-entry in an
old oil and gas exploration well from 1953 which provided
additional data on the underground. To perform its
activities the company has invested in real estate, as
well as established local offices. Further, progress was
made on planning exploration activities for 2026 and
conducting various technical and ecological studies to
prepare for later stages of the project. By the end of 2025
CarbonCuts has 21 highly skilled employees.
Since the beginning, CarbonCuts has pursued and
gained solid political support via frequent contact
with the municipality, the local business association,
Business Lolland-Falster, as well as other major
stakeholders. Securing and sustaining public
acceptance is of utmost importance. To achieve
this, the company engages in an ongoing dialogue
with the citizens, in the form of meetings as well as
close contacts with neighbours, supported by a
range of tools, such as brochures, videos and other
materials. CarbonCuts continues to actively engage
with stakeholders, including local communities,
regulatory authorities and industry partners, seeking
input and feedback to inform decisions and operations,
to ensure our social licence to operate.
Ongoing dialogue across the value chain and with
political stakeholders is particularly important as
large-scale carbon capture and injection is an emerging
industry and regulations, industry practices and markets
are not fully in place.
The focus remains firmly on the goal: to launch an
economically sustainable storage solution with
accompanying infrastructure that can contribute to
fulfilling Denmark’s climate goals and serve as an
example for CO₂ storage globally.
We continue to progress the Ruby
Project. During 2025 CarbonCuts
continued the exploration programme
with a comprehensive onshore
3D seismic survey and re-entry of
an existing well to support further
subsurface evaluation and storage
characterisation.”
Emissions reduction and
decarbonisation actions
In 2021 BlueNord initiated an inventory of its scope
1 emissions linked to its working interest in the DUC.
BlueNord is working alongside the DUC Operator to
set out an emissions reduction roadmap with GHG
emissions reduction targets founded upon cost-
effective CFR initiatives on an asset-by-asset basis.
BlueNord acknowledges that it has indirect emissions
related to upstream and downstream activities.
Under scope 3, category 11 of the GHG Protocol
(Use of sold products) constitutes the bulk of BlueNord
scope 3 emissions.
Carbon capture and storage (CCS)
BlueNord has made a strategic investment
in CarbonCuts A/S, intending to establish an onshore
CO
2
storage location in Denmark supporting Denmark’s
ambitions for onshore storage of CO
2
.
CarbonCuts is a key element of our business. Under
the EU’s Net-Zero Industry Act (NZIA), oil and gas
producers are required to contribute to the EU-wide goal
of achieving an annual CO₂ injection capacity of 50 Mt by
2030. This obligation is allocated based on each producer’s
share of EU crude oil and natural gas production between
1 January 2020 and 31 December 2023.
Timeframe until the beginning of operations
for the Ruby Project
2024
Award of storage licence
2025
• 3D seismic work
• Re-entry of legacy well
2026
Drilling and testing
2027+
• Data analysis and maturation
• Environmental assessment,
permits and storage licence
• Investment decision
• Fabrication and construction
33
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Environment continued
Energy efficiency
For DUC operations, which consume the majority of
BlueNord’s energy, potential energy efficiency gains
are regularly assessed. Most of the DUC production
system, apart from the Tyra facilities, relies on
equipment installed up to 50 years ago. At the time of
their installation, the primary design criteria focused
on safety, robustness and reliability, rather than
energy consumption efficiency and minimising the
environmental footprint.
While modifications are being implemented to reduce
environmental impact and/or fuel consumption, the
scope of these changes is limited by the equipment
itself, such as gas turbines, gas compressors and water
pumps. Over the past three years, activities such as
air filter replacements on turbines and optimisation of
compressor cooling have been carried out to enhance
fuel consumption and improve energy efficiency.
The refurbishment of Tyra has provided an excellent
opportunity to enhance the facility’s energy efficiency
and reduce GHG emissions compared to the old Tyra
facilities. With Tyra hub production restart and ramp
up following the hub redevelopment, production is
progressively being reinstated to 2018 levels prior
to the hub shut down while fuel and flare lowered by
about 30 percent compared to 2018 levels. As a result,
Tyra-produced gas will reduce scope 1 emissions by
30 percent, when compared to 2018 levels, before
the production of the field was temporarily shut-in.
Additionally, the new Tyra facility will be able to further
reduce fuel consumption as production declines,
thanks to the implementation of variable speed drive
(VSD) compressors. This will enable further emissions
reductions from the hub over time.
Electrification
Electrification of DUC operations is continuously
evaluated in light of technological advancements,
equipment costs and access to renewable power
sources. The location of the DUC assets, approximately
200 km from the Danish coast, poses significant
challenges for electrification, especially considering
the grid is not fully decarbonised. The DUC partnership
remains committed to exploring options and reviewing
new concepts as they emerge.
LDAR/MMV
Leak Detection And Repair (LDAR) surveys are designed
to identify, monitor and mitigate fugitive emissions and
leaks of volatile organic compounds and methane.
LDAR is one of the essential tools in the Measuring,
Monitoring and Verification (MMV) plan. LDAR surveys
have been conducted on DUC installations using Optical
Gas Imaging (OGI) cameras, followed by maintenance
to address identified leaks. Since 2022, the DUC has
implemented annual drone survey campaigns using
ultralight spectrometers to measure methane and
carbon dioxide levels above our production hubs. The
EU Methane Regulation on the reduction of methane
emissions in the energy sector (2024/1787), enforced in
2024, mandates offshore installations to perform Type 1
LDAR surveys annually. Drone surveys since 2022 have
allowed the DUC partnership to better assess equipment
performance, such as flare destruction rates, and to stay
ahead of EU Regulation requirements.
Support to academic research
BlueNord, alongside the DUC partners entered into a
ten-year research cooperation agreement with DTU
(Technological University of Denmark) in 2014. Since
then, the objective has been to develop research-based
innovative solutions with significant potential to improve
the Danish oil and gas industry in terms of increased
recovery, improve efficiency and reduce environmental
footprint. Research spanned across eight work
programmes, including produced water management,
oil and gas assets abandonment and CCS to name a few.
2025 marked the last year of the agreement.
In 2025, this work led to two additional projects that
have successfully attracted Energy Technology
Development and Demonstration Programme funding
and will allow the development of underwater sensors to
measure dissolved methane into the sea concentration
as well as methane origin.
The sensors, development is addressing a technological
gap and will be key for carrying out underwater methane
surveys in line with the EU Methane Regulation on
Methane Emissions Reduction in the Energy Sector.
BlueNord is participating in these two projects as a
potential end-user of these technologies.
Decarbonisation pathway
The decarbonisation pathway for DUC operations
is continuously re-evaluated, considering CFR
opportunities, rationalisation of production equipment,
the feasibility of electrification and the cessation dates
of asset production. In addition to its working interest in
the DUC partnership, BlueNord actively supports CCS
initiatives. We also acknowledge that the DUC licence
currently expires in 2042 and the framework conditions
in Denmark under the NSA is such that oil and gas
production is planned to cease in 2050.
>>
Climate risk and financial
implications
Carbon policy, markets, and regulation
EU countries are legally committed to fight climate
change and achieve climate neutrality by 2050. This
goal was made into a legal obligation in European
climate law within the European Green Deal, as affirmed
by the European Commission.
The EU has set a number of intermediary targets and
tools to achieve this ambition, which impact BlueNord’s
activities. These include the EU Emission Trading
Scheme (EU ETS), the EU Methane Regulation on
methane emissions reduction in the energy sector, the
Net Zero Industry Act (NZIA), the NSA (Danish North
Sea Agreement), the Corporate Sustainability Reporting
Directive (CSRD) and the EU Green Taxonomy. In
addition, the Danish State has implemented additional
measures, such as the Green Tax Reform, to further
accelerate the energy transition.
BlueNord is continuously monitoring the evolving
regulatory landscape to ensure compliance.
Climate scenarios and risk management
Climate change risks are continuously reviewed as part
of the impacts, risks and opportunities (IRO) assessment.
The financial impact of climate change on BlueNord’s
activities is summarised in the TCFD section below.
Analysis of various climate scenarios from the
International Energy Agency (IEA), such as CPS (Current
Policies scenarios), STEPS (Stated Policies scenario)
and NZE (Net Zero Emissions by 2050 scenario), are
regularly updated by assessing the impact of oil, gas and
carbon price projections associated with each scenario
on the portfolio valuation.
34
BlueNord Annual Report 2025
Environment continued
Task Force on Climate-
related Financial Disclosures
(TCFD)
In line with TCFD recommendations, a report in
accordance with TCFD has been an integral part of
BlueNord’s annual financial reporting since 2022. The
report is reviewed annually by our Audit Committee
and the Board.
TCFD encourages a standardised reporting structure
for financially material climate-related risks and
opportunities to give investors, lenders and insurers
enhanced comparability when assessing and pricing
pertinent companies.
The TCFD framework is made up of eleven
recommended disclosures divided into four pillars
that represent core elements of how organisations
operate. The four pillars are: governance, strategy, risk
management, and metrics and targets.
Moreover, the framework separates into three main
categories: risks related to the physical impacts of
climate change, risks related to the transition to a lower-
carbon economy, and climate-related opportunities.
TCFD has also incorporated financial impact as an
integral part of its disclosure recommendations.
At BlueNord we have identified the most significant climate-related
risks and opportunities we face.”
GOVERNANCE RECOMMENDED DISCLOSURES
Disclose the organisation’s
governance around
climate-related risks and
opportunities.
a) Describe the Board’s oversight
of climate-related risks and
opportunities.
b) Describe the management’s role in
assessing and managing climate-
related risks and opportunities.
STRATEGY RECOMMENDED DISCLOSURES
Disclose the actual and
potential impacts of
climate-related risks
and opportunities on the
organisation’s business,
strategy and financial
planning where such
information is material.
a) Describe the climate-related risks
and opportunities the organisation
has identified over the short, medium
and long term.
b) Describe the impact of climate-
related risks and opportunities
on the organisation’s businesses,
strategy and financial planning.
c) Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C
or lower scenario.
RISK MANAGEMENT RECOMMENDED DISCLOSURES
Disclose how the
organisation identifies,
assesses and manages
climate-related risks.
a) Describe the organisation’s
processes for identifying and
assessing climate-related risks.
b) Describe the organisation’s
processes for managing climate-
related risks.
c) Describe how processes for
identifying, assessing and
managing climate-related risks are
integrated into the organisation’s
overall risk management.
METRICS AND TARGETS RECOMMENDED DISCLOSURES
Disclose the metrics and
targets used to assess
and manage relevant
climate-related risks and
opportunities where such
information is material.
a) Disclose the metrics used by the
organisation to assess climate-
related risks and opportunities
in line with its strategy and risk
management process.
b) Disclose scope 1, scope 2 and, if
appropriate, scope 3 greenhouse
gas (GHG) emissions, and the
related risks.
c) Describe the targets used by the
organisation to manage climate-
related risks and opportunities and
performance against targets.
35
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Environment continued
1. Governance
a. Board-level oversight
The Board fully supports the recommendations of the TCFD. The Chair of the Board has overall responsibility for the
management of climate-related issues at BlueNord, and the Board is responsible for ensuring that climate-related
targets are defined and addressed as part of Company strategy.
The Board receives regular updates from management, and will ensure that our risk management and internal
control systems are adequate in relation to the regulations governing the business.
The Board reviews the Group’s main risk areas and internal control systems annually. This includes the Group’s
values, Code of Conduct and corporate responsibility policy. The Board reports annually on climate impacts and
any risks that the Company faces.
b. Management-level oversight
Executive Management is responsible for identifying risks and opportunities, and for implementing effective
processes and mitigation efforts. This includes climate-related issues, risks and opportunities within the managers’
respective areas of responsibility.
The Chief Corporate Affairs Officer has responsibility for ESG strategy, and reports directly to the CEO. In 2020,
an ESG Committee was established to support BlueNord’s commitment to ESG and to evolve our contribution
to the energy transition. In late 2024 it was decided to integrate the controls, risks and processes associated with
sustainability into the responsibilities of the Audit Committee to align with the responsibilities the Audit Committee
already takes regarding the internal control framework. ESG strategy is integrated into the overall strategy of the
Company with responsibility at the Board level.
Climate risks are also assessed as part of BlueNord’s risk management process. For more information on
BlueNord’s risk management processes, including the assessment of climate-related risks, see the relevant
sections of this report.
See Governance operating model on page 55.
2. Strategy
a. and b. Identified climate-related risks and opportunities
In line with the recommendations laid out in the TCFD framework, BlueNord has conducted a process to assess how,
and to what extent, the Company is exposed to climate risk. Management representatives for Finance and Corporate
Affairs identified significant physical risk, transition risk, and opportunities created by climate change.
Risks and opportunities were assessed in a strategic and financial context, against three different time horizons
and four different climate scenarios. This assessment was reviewed again in January 2026.
The following time horizons were used:
• Short term – 2026-2027
• Medium term – 2026-2030
• Long term – 2030-2050.
These four International Energy Agency (‘IEA’) climate scenarios were used:
• Current Policies scenario (‘CPS’)
• Stated Policies scenario (‘STEPS’)
• Net Zero Emissions by 2050 scenario (‘NZE’).
For BlueNord it is important to identify the most significant climate-related risks and opportunities we face, as this
can help us to make informed decisions about how to mitigate, or take advantage of, these factors.
To identify the most critical risk factors, Executive Team-appointed representatives assessed factors that could
potentially impact the operations negatively and the probability of occurrence.
To identify the opportunities with the highest potential, the management representatives assessed how the
factors could potentially impact the Company positively, and the degree of difficulty posed by taking advantage
of any opportunity.
Risk factors defined as most critical:
1. High/increased CO
2
tax
2. NZIA’s CO
2
storage obligation timeline.
Opportunities defined with greatest potential:
1. Resource efficiency
2. Evolution of financial markets
3. Relatively flexible investments
4. Sector already strictly regulated and well-prepared for harsh weather conditions.
Task Force on Climate-related Financial Disclosures (TCFD) continued
36
BlueNord Annual Report 2025
Acute physical risk
Through our acute physical risk identification process, we identified extreme weather due to increased frequency and intensity of strong wind, storms, and hurricanes as most significant to BlueNord.
Such events may impact BlueNord’s direct operations, or cause disruptions in the supply chain. Any events delaying production have a financial implication.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Increased frequency
and intensity of strong
wind, storms, and
hurricanes
Climate change and temperature
increases may lead to more extreme
weather. The wind speed is expected
to increase, and the air will contain more
moisture. This will lead to increased
occurrences of strong winds, storms,
and hurricanes in the future.
• Inability to have people
safely offshore.
• Inability to transport people
and equipment, as this
is done by helicopter and
supply ships.
• Weakened production
capacities due to shortage
of supplies, employees
and possible damage
to the equipment.
• Reduced revenue and
increased costs associated
with asset repair and
additional labour. Potential
impact on production.
BlueNord sees the greatest
consequences in CPS and
STEPS, but the negative effects
may be more relevant for the
supply chain at an earlier stage.
Medium and
long term.
BlueNord is constantly working to strengthen
our work on human rights and decent working
conditions, by reviewing and revising our Corporate
Social Responsibility Guidelines. This helps us
establish governance documents, routines and
instructions related to due diligence processes
and our supply chain to ensure that we apply to
the highest standards of professional and ethical
standards in the conduct of our business affairs.
In addition, TotalEnergies provides a letter every
year regarding their compliance programme, and
approach to human rights.
Chronic physical risk
Chronic physical risks refer to longer-term shifts in climate patterns, such as sustained higher temperatures that may cause sea level rise or chronic heat waves.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Rising sea levels
Sea levels may rise due to expanding
ocean volumes from temperature
increases and from melting glaciers
and ice sheets.
• High waves which hit the
infrastructure on the platform
causing damage.
• Increased cost due to
adaption of platforms in order
to handle rising sea level.
Most relevant in CPS and
STEPS.
Long term. The platforms have already been reconstructed
or assessed to meet the risk of sinking seabeds.
This has prepared them more for extreme weather
events and rising sea levels.
Transition risk – Policy and legal
Transitioning to a lower-carbon economy may entail extensive policy and legal changes to address mitigation and adaptation requirements related to climate change. We have identified the following policy actions and climate-related
litigation claims as the most significant for BlueNord.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
EU Taxonomy and its
impact on BlueNord’s
access to capital
The EU taxonomy is central for
capital allocation and recent changes
with EU Omnibus I Directive will impact
flow of capital.
• More difficult and more
expensive to raise support
from a capital market
perspective and
debts perspective.
• Limited access to capital.
• Increased cost of capital.
Most relevant in NZE. Medium and
long term.
Focus on having a close dialogue with investors.
Transparency is crucial when it comes to climate
risk. BlueNord focuses on being as transparent as
possible towards investors and other stakeholders.
Task Force on Climate-related Financial Disclosures (TCFD) continued
Environment continued
37
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Environment continued
Transition risk – Policy and legal continued
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
NZIA CO
2
storage
injection capacity
obligation
The EU’s ambition to develop CO
2
storage has been converted into an
obligation for European oil and gas
producers to develop CO
2
injection
capacity by 2030 with volumes pro-rata
to their production level over the period
2020-2023.
• Unable to develop the full CO
2
injection capacity obligation
by 2030 due to reasons
beyond the Company’s
control (e.g.: unsuitable
geology, protracted
permitting process).
• Incur a penalty in case of non-
compliance with the full CO
2
injection capacity obligation.
All scenarios. Long term. Progress exploration phase of the Ruby Project
exploration licence onshore Denmark. Review
CO
2
storage licence opportunities as they arise.
Monitor outcome of legal cases raised by obligated
entities versus the EU Commission, notably
regarding timeline.
Stricter
environmental
laws
Both the EU and Denmark may impose
stricter regulatory compliance.
• Reduction in production if
permitted discharge volumes
are reduced.
• Reduction in drilling activity.
• EU Methane Regulation
monitoring requirements
and impact on operations
and production.
• Fields earlier cessation of
production in case of earlier
fossil fuel phase-out policies
implementation.
• Loss of revenue linked to
lower production.
• Increased cost of the
business and shortened life
of assets.
Most relevant in NZE. Medium to
long term.
Emissions and discharge to the sea are regulated
and actual discharge well within actual permits.
DUC methane monitoring efforts were initiated
before the EU Methane Regulation was published.
Dialogue with authorities to demonstrate lower
environmental footprint of operations versus
country’s import alternatives.
Increased carbon
pricing and taxes
Carbon tax is an instrument for cost-
effective cuts in GHG emissions.
Other extraordinary taxes or measures
affecting the operations of high-
emission sectors could also be put
in place.
• Low emissions and being
part of the energy transition
will play a bigger part in the
licence to operate.
• Increased cost of the
business and shortened
life of assets, and increased
likelihood of stranded assets.
Most relevant in NZE. Short, medium
and long term.
Ongoing management, analysis and
effective strategies to understand the
size of CO
2
obligations and their cost.
Transition risk – Technology
Technological improvements or innovations that support the transition to a lower-carbon, energy-efficient economic system can have a significant impact on organisations.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Transition to lower
emission technology
Gas has a role and opportunity
in the transition. In the long term,
the need for oil and gas will change/
decrease. Technology also represents
an opportunity in identifying,
addressing, and reducing risks.
Changes in demand due to:
• Declining cost on renewables.
• Electrification of industries
and transportation.
• Advanced technology, which
makes it possible to monitor
and detect possible spills
and reduce impact, and
consequently, identify and
reduce emissions.
• Decrease in revenue, due to
reduced oil and gas demand
• Technology for monitoring
will provide more precise
measures, ability to respond
immediately and potentially
reduce financial impact.
Most relevant in NZE. Medium and
long term.
Investing in projects in the CCS value
chain, to support hard to abate emissions.
Task Force on Climate-related Financial Disclosures (TCFD) continued
38
BlueNord Annual Report 2025
Transition risk – Market
While the ways in which markets could be affected by climate change are varied and complex, one of the major ways is through shifts in supply and demand for certain commodities, products, and services as climate-related risks and
opportunities are increasingly taken into account.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Changes in
gas demand
The transition to a zero-emissions
society is expected to decrease the
demand for gas in the long run. The
speed of transition is uncertain.
The current geopolitical situation has
increased the focus on energy security
where gas plays a part, but also where
the transition to renewables has
increased in pace.
• Declining demand based on
new technology. For instance,
electric vehicles, heat pumps,
an increasingly circular
economy and less use
of plastic.
• Decreased revenues. Most relevant in NZE. Medium and
long term.
DUC gas production will decrease and stop no later
than 2050 in line with Denmark's commitment to
a complete phase out of oil and gas production
by 2050.
Transition risk – Reputation
Climate change has been identified as a potential source of reputational risk tied to changing customer or community perceptions of an organisation’s contribution to or detraction from the transition
to a lower-carbon economy.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Reputation risk
in the era of ESG
Fossil fuel is not a renewable energy
source and leaves a large carbon
footprint. Nonetheless, gas will continue to
play a role in the energy mix for some time.
Abandonment of infrastructure needs
to be done in a safe and sustainable
manner thus contributing to circularity
of these materials.
• Oil and gas producers
generally have a poor
reputation in the field of
ESG. BlueNord needs to
demonstrate the required
accountability and
responsibility to maintain its
social licence to operate.
• Increased requirements for
sustainable abandonment.
• Reduced revenue from
decreased demand for
goods/services.
• Reduction in capital
availability and higher cost
of capital.
• Increased cost related to
abandonment/recycling.
Most relevant in NZE. Medium and
long term.
Presenting a balanced view of both our
production activities and energy transition
initiatives and projects, for example Carbon Cuts
CO
2
storage project.
BlueNord is working diligently to recycle
materials. The Company is also assessing
sustainable decommissioning strategies which
leave infrastructure on the seabed based on
value to sealife.
Task Force on Climate-related Financial Disclosures (TCFD) continued
Environment continued
39
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Resource efficiency
There is growing evidence that it is possible for organisations to reduce operating costs by improving efficiency across production and distribution processes, buildings, machinery/appliances,
and transport/mobility.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Efforts to increase
resource efficiency
More efficient operations can lower cost
and reduce emissions intensity. Good for
both business and the environment.
• Increased operational
productivity leads to
increased revenue and
reduced unit costs.
• Increased efficiency
leads to lower GHG
emissions intensity.
• Increased interest
from investors.
• Easier access to capital.
• Increased revenue.
All scenarios. Short, medium,
and long term.
Reducing emissions from our facilities in
collaboration with the Operator. We work actively
to reduce flaring and to improve production
optimisation to reduce emissions and energy
(fuel) use.
Energy sources
The trend toward decentralised clean energy sources, rapidly declining costs, improved storage capabilities, and subsequent global adoption of these technologies is significant.
Organisations that shift their energy usage toward low-emission energy sources could potentially save on annual energy costs.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Use of alternative
energy in operations
The world is switching to renewable
energy and electrical operating solutions
that reduce the emission of CO
2
.
BlueNord’s platforms are gas-fired or fired
by diesel generators. There is a potential
to develop the approach to alternative
energy sources.
• Emissions reduction. • Easier access to capital.
• Reduction in CO
2
-related
costs.
Most relevant in NZE. Medium and
long term.
Dialogue with the Operator on alternative energy
sources and potential electrification of facilities
remains an opportunity if economic to do so.
Products and services
Organisations that innovate and develop new low-emission products and services may improve their competitive position and capitalise on shifting consumer and producer preferences.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
New products
To reach the climate targets and
reduce carbon emissions internationally,
CCS technologies need to be
deployed on a large scale and will
be increasingly important.
• CCS represents a benefit
for the climate which does
not involve the sacrifice of
crucial industries with hard
to abate emissions.
• Increased interest from new
investors and easier access
to capital.
Most relevant in NZE. Medium and
long term.
Ruby Project CO
2
storage development will be
dependent on successful exploration phase.
It could help Denmark and Europe achieve
their climate target. CarbonCuts applied for a
new exploration licence for a near-shore CO
2
storage site in Denmark in 2025, demonstrating
a continued commitment to the development of
the CCS value chain.
Task Force on Climate-related Financial Disclosures (TCFD) continued
Environment continued
40
BlueNord Annual Report 2025
Markets
Organisations that proactively seek opportunities in new markets or types of assets may be able to diversify their activities and better position themselves for the transition to a lower-carbon economy.
In particular, opportunities exist for organisations to access new markets through collaborating with governments, development banks, small-scale local entrepreneurs, and community groups in
developed and developing countries as they work to shift to a lower-carbon economy. BlueNord has addressed the following opportunity.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Financial markets
evolvement
ESG and climate risk is increasingly
seen as an important risk in the
financial markets.
• Shift from the typical funding
sources to more targeted
structures.
• For those not addressing this
– higher risk and costs.
• Changed interest rate market.
Relevant in All scenarios. Short, medium
and long term.
Evaluate the opportunities that the
energy transition can bring to retain existing
financiers and access new debt and equity
investors market.
Resilience
The concept of climate resilience involves organisations developing adaptive capacity to respond to climate change to better manage the associated risks and seize opportunities, including the ability to respond to transition risks and
physical risks. Opportunities related to resilience may be especially relevant for organisations with long-lived fixed assets or extensive supply or distribution networks; those that depend critically on utility and infrastructure networks
or natural resources in their value chain; and those that may require longer-term financing and investment.
Identified
risk
Description
of risk
Potential
impacts
Potential financial
impacts
The climate scenario in which
the risk is most relevant
Time
horizon
Mitigation
strategy
Strictly regulated
sector
The energy transition will result in
stricter regulations.
• Changes in regulations, and
CO
2
taxes.
• For those that are already in
line with the regulations it can
decrease the demand for
mitigation and adjustment
of strategy.
Most relevant in CPS
and STEPS.
Short, medium,
and long term.
BlueNord is already part of a strictly regulated
sector that operates in harsh weather conditions.
Many precautions and adaptations are therefore
already in place and could be a competitive
advantage.
Flexible future
investments
Future market developments will
greatly affect the return on investments
in fossil fuels.
• Increase in future profits by
being dynamic and adjusting
investment strategy.
• Less risk of being locked
in outdated solutions and
demand scenarios; flexibility
to diversify and increase
profitability.
Most relevant in CPS
and STEPS.
Short, medium,
and long term.
BlueNord can choose to invest in more gas-
weighted projects or CCS value chain projects
depending on how the market is evolving.
Currently, the market for gas remains attractive
and continues to be a value fuel along with oil.
c. Scenario analysis
In line with the recommendations laid out by the TCFD, BlueNord conducted a qualitative scenario analysis in 2023 of all identified risks and opportunities as part of the climate risk assessment.
The Current Policies
Scenario (‘CPS’)
CPS is being reintroduced after it was discontinued post-2020 amid turmoil in energy markets and rapid changes in the policy landscape during the Covid-19 pandemic. The scenario relies on measures that are formally written into
existing legislation and regulation, and which does not consider any additional changes to policy, even where governments have announced an intention to enact them.
This scenario corresponds to a temperature increase of 2˚C in 2050 compared to 1980, 2.9˚C in 2100, and is set to keep rising from there.
In this scenario, oil demand is increasing steadily over time from 100.0 mmbpd in 2024 to 112.8 mmbpd in 2050. Natural gas demand follows the same path, increasing from 4,254 bcm per year in 2024 to 5,596 bcm per year in 2050.
Task Force on Climate-related Financial Disclosures (TCFD) continued
Environment continued
41
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Task Force on Climate-related Financial Disclosures (TCFD) continued
Environment continued
The Stated Policies
scenario (‘STEPS’)
STEPS considers the application of a broader range of policies, including those that have been formally put forward but not yet adopted, as well as other official strategy documents that indicate the direction of travel. Barriers to the
introduction of new technologies are lower than in the CPS, but the STEPS does not assume that aspirational targets are met.
This scenario corresponds to a temperature increase of 2˚C in 2060 compared to 1980, 2.5˚C in 2100, and is set to keep rising from there. The 2025 version of STEPS show an increase in warming compared to its previous iterations.
This scenario provides a more conservative benchmark for the future. Oil demand is set to peak in 2030 and decrease slowly to 96.9 mmbpd in 2050. Gas demand is forecasted to peak later in the 2030s and slowly reduce from there to
4,645 bcm per year in 2050.
The Net Zero
Emissions by 2050
scenario (‘NZE’)
The Net Zero Emissions by 2050 Scenario (NZE) is a normative global energy pathway that translates the Paris Agreement objective of limiting global warming to 1.5 °C into a detailed transformation of the global energy system,
achieving net zero energy-related carbon dioxide (CO₂) emissions by 2050, while ensuring universal energy access and maintaining energy security. In this scenario warming peaks around 2050 at 1.65˚C compared to 1980 and
declines after that to below 1.5˚C in 2100.
In this scenario, demand for oil falls rapidly by about 3 mbpd per year between 2024 and 2050, with a stronger demand destruction in the late 2030s. Gas demand for natural gas follow the same trend as for the oil with an average
demand destruction of 130 bcm per year from now to 2050 and with a stronger demand destruction in the 2030s.
Of note, the 2025 World Energy Outlook report does not included the Announced Pledges Scenario (APS) which models a future for the energy system in which key national energy and climate targets, such as countries’ nationally determined contributions (NDCs),
are achieved in full and on time. The scenario will be published again when a more complete picture of the countries’ NDCs is made.
3. a., b., and c. Risk management
The identification, assessment and management of
climate-related risks and opportunities is an integral
part of BlueNord’s multidisciplinary risk and opportunity
management. The BlueNord Board and management
conducts regular reviews of the Group’s activities for
identifying, assessing, and responding to climate-related
risks and opportunities. The risk management process
is reviewed on an annual basis.
2023 was the first year of implementation of the climate-
risk management process recommended by the TCFD.
A material risk and opportunity matrix system developed
by Tavler AS was used as a foundation for this process.
The identification and assessment processes were
conducted through a workshop with key Executive Team
members and relevant ESG representatives from different
organisational levels and functions, providing a balanced
picture of the risks and opportunities faced by BlueNord.
In the matrix, the impact (large, relatively large, relatively
easy, easy) and likelihood (high/low) of each risk and
opportunity are determined. Based on each risk’s
categorisation, BlueNord develops, reviews, and
implements response plans to mitigate risks and
maximise opportunities.
4. a., b., and c. Metrics and targets
BlueNord works to reduce its carbon footprint while
contributing to energy security. While DUC electrification
continues to be assessed, neither feasibility nor the
timeline can be ascertained. With the North Sea Energy
Island project on pause, an alternative renewable power
source has to be identified.
In line with the DUC Operator’s targets, our commitment
is to reduce scope 1 and scope 2 emissions by 40 percent
from DUC assets by 2030 compared to 2015 levels.
BlueNord will also continue to invest in CarbonCuts,
including the Ruby Project, and will review other strategic
opportunities in the CCS value chain.
As a non-operator, BlueNord will work to protect the
environment to the greatest possible extent, both in its
own operations and through the Company’s partnership
in the DUC. The data reported on climate and nature have
been supplied by the Operator, TotalEnergies, for the
DUC. BlueNord will monitor and report on performance
year-on-year as part of our sustainability strategy.
The following metrics are used to assess climate-related
risks and opportunities: CO
2
emissions, methane (CH
4
)
emissions, fuel consumption, flaring, fugitive emissions,
nitrogen oxides (NOx) and sulphur oxides (SOx)
emissions, GHG emissions, and GHG intensity related
to DUC operations.
Pollution prevention and
marine environment
Emissions, chemical usage and discharge to the sea
are regulated with permits issued by the regulatory
body. These are reported to the authorities following
third-party verification of the Operator’s report.
The DUC portfolio consists of ten sites that are covered
by OSPAR measures. The sites are located offshore
in the Danish North Sea, some 200 km off the west
coast of Denmark. CarbonCuts’ Ruby Project licence is
located near the town of Rødby on the island of Lolland
in Denmark.
Air emissions
BlueNord recognises that air quality can affect public
health and the environment. Traditional air pollutants
in the oil and gas exploration and production industry
can include ammonia, carbon monoxide, SOx, NOx,
non-methane volatile organic compounds (NMVOCs),
and particulate matter. As part of our environmental
management we work alongside the Operator to
continuously monitor our non-GHG air emissions and put
measures in place to reduce the impact of our activities.
Air emissions are monitored and independently verified
prior to being reported via OSPAR on a yearly basis.
The air emissions reported include CO
2
, NOx, SO
2
, CH
4
,
and NMVOCs.
Please refer to page 30 for 2025 emission figures.
Water and marine resources
Formation water is produced along with the
hydrocarbons and a portion is discharged into the sea
following treatment. Sea water is injected into some
of the DUC fields for pressure support and enhanced
reservoir sweeping. Formation water is also reinjected
in some fields.
42
BlueNord Annual Report 2025
Environment continued
Pollution prevention and
marine environment
continued
Discharge of produced water to the sea can contain
chemicals that were injected in the production process,
and traces of hydrocarbons. Water, oil and chemical
discharges to the sea are measured and reported to
the competent authorities. The total oil discharged to
the sea along with the water is regulated by a discharge
permit. The yearly volumes are independently verified
and reported to the Danish Environmental Protection
Agency (DEPA) and OSPAR.
In partnership with the DTU and the Danish Offshore
Technology Centre (DTU Offshore), the DUC
partnership has been devising ways to improve
the treatment and disposal of the water produced
alongside hydrocarbons.
Substances of concern and spills
Chemical usage and discharge are regulated for the
oil and gas industry.
The DUC partnership uses chemicals that are required
in the oil and gas production process as well as in drilling
and well intervention operations. Chemicals that pose
little or no risk to the environment are prioritised (green
chemicals). Use of yellow or red chemicals is limited to
situations where no commercial alternative is available.
Drilling and well intervention activities do not involve
the use of any red chemicals.
The DUC’s operations do not use nor discharge
chemicals that are listed in OSPAR’s list of Substances
for Priority Action (black chemicals).
Please refer to page 31 for 2025 discharge to sea figures.
Discharges of hydrocarbons,
acids and muds
Discharge of dispersed hydrocarbons along with
produced water, known as discharge oil-in-water
(OiW), is regulated by permits. The DUC’s installation
OiW concentration is being closely monitored and our
performance is outperforming the regulatory limit of 30
mg/L. Please refer to page 31 for 2025 discharge figures.
Spills
Spills refers to the accidental release of oil or chemicals
into the environment. Please refer to page 31 for 2025
spill figures.
Biodiversity and
ecosystems
As partners in the DUC, we align with the Operator
in implementing a Biodiversity Action Plan (BAP)
to monitor flora and fauna in proximity to offshore
installations. While the programme is managed by
the Operator and third-party research institutions,
BlueNord actively supports these initiatives and
contributes to advancing biodiversity knowledge
in the Danish North Sea.
In 2025, the majority of planned biodiversity actions
progressed as expected. Ongoing initiatives include:
• Rig-to-Reef studies at Regnar, comprising both
eDNA and marine mammal monitoring. eDNA
data collection has been completed and analysed,
with sampling paused pending clarity on structure
removal timelines. Marine mammal monitoring
continues, supplemented in 2025 with fish tag
detectors and broad-spectrum underwater
sound recording.
• COD ecotoxicology project with DTU Offshore,
analysing fish tissue samples collected at Skjold to
assess potential ecotoxicological effects of living
near offshore installations. Laboratory analysis
commenced in 2025 and will continue into 2026.
• Seabed monitoring, with data reports received
from the 2024 monitoring campaign and scoping for
the 2027 campaign to begin in 2026.
• DUC Operator decommissioning biodiversity
research scope, initiated in 2025 and continuing
into 2026.
Some activities have been reprioritised. Monitoring of
minke whales, as well as joint bird and bat monitoring,
has been placed on hold pending clarification of
the broader Operator biodiversity scope and data-
sharing arrangements.
Biodiversity action plan
A key action under the BAP has been the establishment
of a marine biodiversity data-sharing platform.
The North Sea Environment Portal (NSEP) https://
www.northseaenvironmentportal.eu was developed
by the Operator and Dansk Hydraulisk Institut A/S
(DHI) on behalf of the DUC to provide open access to
environmental and biodiversity data from the Danish
North Sea. The portal, launched in December 2024,
contains decades of environmental data, including
seabed conditions, water quality, fish, marine mammals,
benthic fauna, and marine vegetation.
In 2025, further development continued through
partnership with HubOcean to enhance the sensitive
areas module and integrate NSEP datasets into broader
marine data ecosystems.
The portal provides researchers, authorities and the
public with access to robust environmental datasets,
supporting trend identification, scientific research and
evidence-based decision-making. As the first initiative
of its kind in Denmark, it contributes to improved
transparency and a stronger knowledge base for
understanding and protecting the marine environment.
Circular economy
and asset lifecycle
Decommissioning
BlueNord supports the DUC’s ambition to maximise
local reuse and recycling of obsolete infrastructure.
During the dismantling of platforms and structures from
the Tyra field, 98.5 percent of the material was reused or
recycled through Danish facilities. Equipment suitable
for reuse, such as generators, was repurposed, while
remaining materials entered established recycling and
recovery streams.
Experience from the Tyra redevelopment provides
important input into future decommissioning planning
across the DUC. Together with the DUC Operator
and relevant partners, BlueNord is evaluating cost-
effective abandonment solutions that meet regulatory
requirements and environmental protection standards.
Drilling waste, muds and cuttings
Drilling waste, including muds and cuttings, is managed
in accordance with regulatory requirements and
Operator procedures. Key practices include:
• Monitoring the oil content of water-based mud
(WBM) and associated cuttings to ensure it remains
below 1 percent on average.
• Reuse of WBM across well sections where feasible
to reduce waste.
• Minimising discharges of WBM to sea.
• Returning reservoir section cuttings to shore for
appropriate disposal.
• Prohibiting discharge of oil-based mud (OBM) to sea;
OBM is returned to shore for treatment and disposal.
43
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
In this section:
Health, safety and environment (HSE) 43
Our people and values 44
Workers in our value chain 47
Affected communities 47
Community engagement 47
Safe and
responsible
operations
Health, safety and
environment (HSE)
This section pertains exclusively to our company’s own
workforce. While these metrics and initiatives focus
on our direct employees, we also maintain oversight
across operations where we act as a non-operating
partner. Our commitment to HSE standards extends
Social
2025 has demonstrated a resilient and highly engaged workforce,
strengthened by a culture of trust, inclusion, and strong team
cohesion. We highly value the unique contributions of our team
which as of end 2025 counted fifty-four employees.
As a partner in the DUC, we demonstrate our
commitment to HSE by actively supporting the
Operator’s excellent HSE efforts and proactively
participating in meetings and initiatives. In 2025 we
continued constructive dialogue regarding HSE topics
with the Operator, and have been represented in the
Environmental, CCS and Sustainability Committees of
Danish Offshore industry association.
We are committed to safe and efficient operations,
to continually improving our performance, and to
introducing and following the International Association
of Oil & Gas Producers (IOGP) lifesaving rules.
CarbonCuts is in the exploration phase with the Ruby
Project. As part of the work programme, environmental
studies and assessments of current and planned
activities have been completed. If CarbonCuts
establishes a storage facility, it will use the most
advanced monitoring technologies and geological
analysis methods so that storage takes place safely
and under controlled conditions. CarbonCuts works
Work-related accidents or injuries in 2025
1
0
Total sick leave
1
2.66%
1 Excluding non-operational DUC interest.
proactively with authorities, experts and suppliers
to meet all safety standards and that the activities do
not pose a risk to people or the environment.
All employees are offered annual ergonomic
assessments. Total sick leave in the BlueNord Group
was reported to be 2.66 percent in 2025. No work-
related accidents or injuries were reported in 2025.
Bold
Purposeful
Dependable
We are:
to monitoring and influencing the safety practices of
our partners to support the highest level of care and
compliance throughout all collaborative efforts.
Our Group HSE vision of ‘zero accidents, zero
incidents, and zero impact on the environment
and communities in which we operate’ underpins
our commitment to:
• Safe and efficient operations
• Compliance with regulatory standards
• Aiming to reduce climate and environmental
impacts to the lowest level feasible.
BlueNord is ultimately accountable for the contribution
of all our people to HSE outcomes and continuous
improvement in these areas.
By complying with applicable standards and regulations
and continually improving our management system
we maintain the key goal of zero fatalities and zero
recordable work-related accidents.
44
BlueNord Annual Report 2025
39%
61%
3.34
44.70
1.62
7%
26%
26%
26%
7%
8% 1
5
3
5
1
3
Social continued
Health, safety and
environment (HSE) continued
Human rights
BlueNord is dedicated to upholding fundamental human
and labour rights in all our operations and interactions
with business partners. We are committed to complying
with all applicable laws and regulations.
We conduct our business in a manner that respects
the rights and dignity of all people. We support and
acknowledge the fundamental principles of human
and labour rights as defined in the International Bill of
Human Rights, the United Nations Guiding Principles on
Business and Human Rights, the Universal Declaration
of Human Rights, and the International Labour
Organization Declaration on Fundamental Principles
and Rights at Work.
Our human rights work is also guided by the OECD
Guidelines for Multinational Enterprises. Our human
rights commitments are set out in our Code of Conduct.
Read our Human and Working Rights, and Diversity
and Inclusion Policy at www.bluenord.com.
Our people and values
BlueNord upholds the principles of freedom of
association and collective bargaining. We fully respect
our employees’ rights to form and join trade unions, as
well as their right to remain non-unionised. Currently,
there are no trade unions represented at BlueNord.
Therefore, the Company is not bound by any collective
bargaining agreements, except as required by local
legislation, case law and legal practice.
At BlueNord, 33.3 percent of the team holds managerial
roles, meaning they have one or more direct reports.
BlueNord maintains a predominantly flat management
structure. As an organisation, BlueNord focuses on and
prioritises the presence of the best-qualified person
in every role, regardless of their gender. This applies
to both the recruitment of new employees and the
assessment of performance and capabilities for
internal advancement.
Building culture is a collective effort at BlueNord.
We strive for an inclusive culture with high employee
engagement, where everyone feels empowered,
respected and has a strong sense of belonging.
Strategic success is contingent on our teams working
cohesively toward a unified direction. With commitment
from the Executive Team the entire organisation has
participated in our culture journey 2025, through Group
wide camps, team discussions and various initiatives.
Permanent
Fixed term –
hourly paid
(interns)
Permanent – part
time
Zero instances of
involuntary part-
time employment
Full-Time Equivalents (FTEs) YE 2025 49.96
18-26
27-35
36-45
46-55
56-64
65+
18-26
27-35
36-45
46-55
56-64
65+
Age distribution Age distribution new employees in 2025
Female
Male
Gender distribution new employees in 2025
Overall
Executive Team
Managers
Employees
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Female Male
Gender distribution
Our team represents thirteen different nationalities
and a wide range of ages, backgrounds, experiences,
and ways of thinking. These are just some of the reasons
why our employees say they look forward to going to
work every morning.
Since January 2021, BlueNord has carried out an
extensive annual organisational survey measuring
employee engagement and assessing the physical
working environment. Since 2023, the survey has
integrated diversity and inclusion. The objective is to
track progress over time and focus on the right areas to
further develop a workplace where people enjoy coming
to work and where our cultural foundation supports
strategy execution. The survey has a two part structure
involving the psychological aspects of job engagement
in addition to the physical working environment. To
complement the quantitative results, semi- structured
interviews are conducted to provide deeper insights.
The overall results are presented to the Board and
discussed in detail with the Executive Management,
the Working Environment Committee and the wider
organisation. These discussions help create ownership,
set direction and define our annual culture plan.
All numbers are as per year end 2025.
45
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
78
82
76
83
74
82
67
77
79
81
I look forward to going to work
My work tasks motivate me
I feel appreciated at work
In BlueNord we leverage people’s capabilities to create
the best possible results together
In BlueNord we collaborate well on important tasks
80
86
83
87
83
86
84
92
My perspectives, ideas and opinions are
respected in BlueNord
I find that BlueNord values diversity in background,
age, gender, thinking, and beliefs
At BlueNord everyone has equal opportunities
for development regardless of gender, age, ethnicity,
sexual orientation, family status, disabilities, religion or language
I feel a sense of belonging at BlueNord
Social continued
Our people and values continued
The BlueNord values
Our values mirror who we are as a company and as individuals.
They guide us towards our daily actions and shape the future we
aspire to. They form the foundation of our thoughts, behaviours
and interactions. These values influence our operations,
leadership and decision-making processes.
To foster both individual and team growth, as well as high
performance, our 2025 cultural journey concentrated on the key
elements necessary for creating a positive, strong safety culture
and developing a learning organisation.
Our initiatives focused on aligning our culture with our strategic
priorities, leveraging process-driven performance to achieve our
goals. This year, insights about psychological safety and trust-
based team collaboration has been the foundation for enhanced
team cohesion and performance.
Work-life balance
BlueNord advocates a hybrid working model, which is
considered a core organisational asset, a good work-life balance
and supporting our team at various life stages. We offer leave
schemes for childcare and caregiving to close relatives, provide
sick pay and have implemented gender-equal terms for the
duration and payment of parental leave. Our organisation survey
proves that our employees appreciate the flexible and supportive
work environment and its impact on enhanced wellbeing
and efficiency, without reducing the quality of teamwork,
our creativity and performance.
Extract from the Employee Engagement Index
Extract of responses from BlueNord ‘s annual Employee Engagement and Working Environment survey included in the
BlueNord DE&I Index. Responses on a 7-point Likert scale converted into a 0-100 index scale.
2025
2024
Extract from the DE&I Index
Extract of responses from BlueNord ‘s annual Employee Engagement and Working Environment survey included in the
BlueNord Employee Engagement Index. Responses on a 7-point Likert scale converted into a 0-100 index scale.
2025
2024
BlueNord Employee Engagement Index
BlueNord DE&I Index
January 2023
80.3
January 2024
81.8
January 2025
75.6*
January 2026
81.9*
January 2023
79.1
January 2024
80.5
January 2025
75.3*
January 2026
79.9*
* Includes CarbonCuts.
46
BlueNord Annual Report 2025
Social continued
Our people and values
continued
Diversity
BlueNord is an equal opportunity employer, committed
to fostering diversity, equity and inclusion (DE&I) in the
workplace, which we find positively impacts recruitment
and retention and drives performance across the
Company. Thus, we welcome and embrace a variety
of skillsets and perspectives, and we value differences
between people of different cultural backgrounds,
ethnicity, age, gender, gender identification, gender
expression, sexual orientation, functional ability, religion,
and philosophies of life. These principles apply to all
employment practices at BlueNord, including recruitment,
hiring, compensation and benefits, promotion, training
and development, and leave of absence.
According to the Norwegian Equality and Anti-
Discrimination Act, organisations must proactively identify
and address challenges related to workplace equality
and diversity before any incidents or discrimination occur.
The Act’s general activity duty applies to BlueNord.
Additionally, we are following the Act’s prescribed working
method for specific activity duty: Investigate, Analyse,
Implement, and Evaluate results.
Normative psychometric assessment tools, including
job profiles, are a mandatory part of our recruitment
process. The job profile reduces the risk of gender, age,
and job-level biases in our recruitment process.
Gender-equalising terms for duration and payment of
parental leave are implemented as part of BlueNord’s
leave policies.
As part of the performance management process
involving annual performance dialogue, mid-term review
and personal development planning, performance
evaluations were assessed and calibrated jointly
by leaders to avoid the risk and impact of biases
and discrimination.
A set of questions to establish whether BlueNord is
considered a safe, inclusive and healthy workplace with
equal opportunities and zero tolerance for harassment,
are included in our annual Employee Engagement and
Working Environment survey. The survey demonstrates
strong DE&I foundation and high psychological safety
and belonging with an improvement from 75.3 to
79.9 this year. This reinforces equality as a cultural
cornerstone and that our efforts to understand,
recognise and embrace diversity and its impact on
our multinational teams have paid off.
The survey shows that BlueNord has a healthy speak-
up culture, which we consider a critical component of
ethical and responsible organisational behaviour.
High psychological safety accelerates alignment and
adoption of our strategy, safeguards sound decisions
and help us avoiding blind-spots. Consistently strong
collaboration and the deep sense of belonging across
our offices and teams, create the trust and coordination
required for us to execute on our strategic initiatives.
Our targeted activities strengthen team cohesion which
has improved cross-organisational delivery.
Change and uncertainty influence employees and this
is very relevant when working in the energy sector with
ongoing external factors that challenge the business
direction and strategy. The rebound in engagement from
2025 to 2026 signals a culture capable of absorbing
change and maintaining momentum. High engagement
translates into discretionary effort – crucial for meeting
our strategic milestones.
Channels and procedures are in place for reporting
concerns about harassment of any kind, whether
experienced by or witnessed by a staff member. The
appropriate handling of any potential discrimination
issue is detailed in the Company’s Harassment Policy.
This policy complements the grievance process and
the existing whistleblowing procedure, along with its
related integrity channel.
Training and skills development
Learning is part of our Company’s culture. Continuous
improvement and sharing knowledge and ideas are
vital for the business to thrive. Employees at all levels are
encouraged to consider how they upgrade their knowledge
and skills, and development activities are to be part of the
ongoing dialogue between manager and employee. We find
that inclusive development opportunities unlock capability
growth, which we find critical for executing strategy in a
resource-constrained setting.
Experience and on-the-job training are a primary
source of learning. People can pursue new projects
and activities they are passionate about and through
that find development. This is backed by competence
development and coaching, both individually and in
teams, together with mentoring, job-shadowing and
formal training courses and sessions. When people find
they can grow, this not only enhances their personal
growth but also drives innovation and productivity within
BlueNord, they invest more energy in our strategic
projects and activities, leading to overall success.
Participation in seminars and conferences is also
supported, to keep abreast of industry trends and
developments, update professional expertise and to
build and manage networks.
BlueNord is a great place to work.”
47
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Our people and values
continued
We also support those who wish to pursue new projects
and activities they are passionate about, as an effective
route for personal development. This enhances
personal growth, and drives innovation and productivity
within the business, leading to overall success.
To ensure all employees adhere to governing
documents and business conduct standards at
BlueNord, our Code of Conduct and several other
corporate governing documents are mandatory
for all employees to read and understand as part
of our onboarding process. Ongoing cyber security
training campaigns safeguard our data and prevent
financial losses.
All employees at BlueNord are required to attend
an annual session on handling insider information,
facilitated by our legal advisers. This is essential for
protecting BlueNord as a listed company, especially
since many of our permanent employees participate
in our Long-Term Incentive (LTI) Programme and
have the opportunity to become shareholders.
During 2025, BlueNord employed five interns while they
complete their degree. Two have been working part-
time in Operations, and one is working with the People &
Capability team. Two interns joined CarbonCuts in 2025
working in Communications and Finance, respectively.
Remuneration
Remuneration for Executive Management and
employees at BlueNord follows a clear and transparent
compensation policy which aim to offer competitive
salaries and equal pay to attract and retain individuals with
the right capabilities to execute our business strategies
and the Company’s sustainable development. Internal,
market and industry-specific benchmarking exercises
are conducted on a frequent basis.
Base salary, which rewards daily performance,
represents a significant component of an individual’s
total remuneration package. The base salary is
determined by the role’s accountabilities, impact on
business performance and results, as well as the
experience and expertise required. Employees are
employed under local terms and conditions, with
pensions and other benefits aligned with local market
standards. Additionally, all permanent employees
participate in variable pay incentive programmes
applicable to their positions.
For further information on executive remuneration,
please see the 2025 Executive Remuneration Report
and our Executive Remuneration Guidelines at
www.bluenord.com.
Gender pay gap
BlueNord is not subject to mandatory equal-pay
reporting. However, in 2025 we completed an extended
pay gap analysis in partnership with a recognised
consultancy as part of our commitment to transparency
and gender equality. Given our size and organisational
structure, safeguarding anonymity remains essential.
Our analysis incorporates relevant justification factors,
including location, job family, education, experience, and
performance. BlueNord’s overall pay gap at the end of
2025 is 4.2 percent.
>>
Workers in our value chain
Beyond the DUC, our vendors are primarily located
in the Nordic and North European regions. They offer
consultancy, legal and financial services, which are
considered to involve minor risk. However, when
evaluating new investments or tendering for goods and
services, we conduct due diligence and monitor both
prospective and existing partners wherever applicable.
We also strive to uphold fundamental human rights
principles in our operations. During tender processes
and contract conclusions we verify that all parties
adhere to human rights, maintain sound working
conditions and employment terms, and comply with
our Code of Conduct. For more information see the
Governance section of this report from page 54.
>>
Affected communities
After receiving the licence in mid-2024, CarbonCuts
began planning exploration activities for the Ruby Project.
These temporary activities use heavy equipment that
may affect local communities, nature and infrastructure.
To minimise impact, CarbonCuts avoids sensitive
areas, adjusts schedules to protect wildlife, considers
agricultural needs, reduces noise, and manages traffic.
The work also requires land access, affecting local
landowners. Acknowledging these potential impacts,
CarbonCuts is committed to conducting all activities
with respect for affected communities.
Community engagement
We are committed to conducting our business with
integrity and in full compliance with applicable laws and
regulations, while respecting local values and norms
in all the communities where we operate.
Although BlueNord is not a large employer, our role as
a partner in the DUC has a significant positive impact
on local communities. The economic multiplier effect
generated through our engagement with contractors
and the purchase of services and equipment contributes
to broader economic activity, supporting employment,
local businesses, and community prosperity.
CarbonCuts is working closely with local and national
stakeholders to advance the Ruby Project. In early
2025, the company completed a 3D seismic survey
covering more than 200 km², which required consent
from several hundred landowners, and successfully
re-entered and assessed a 1953 exploration well. These
activities were supported by clear information materials
and dedicated stakeholder meetings.
CarbonCuts remains in ongoing dialogue with
authorities, landowners and community representatives
to align project activities and identify synergies
that promote sustainable local development. This
engagement is particularly important as plans progress
to industrialise a large area near the proposed Ruby
Project surface facilities following construction of the
Femern Tunnel, which will link Denmark with Germany.
In late 2025, BlueNord introduced an employee-driven
sponsorship programme designed to support sports
and cultural initiatives in which our employees are
personally involved and where our contribution delivers
clear, local impact. The programme strengthens our
community engagement efforts and promotes activities
that benefit children and youth across the communities
in which our people live.
As in previous years, our 2025 Christmas donation
of USD 50,000 was directed to childhood cancer
foundations in our locations.
Social continued
2024
78%
88%
2025
Overall I am satisfied with my job
I often see people helping each other
without being asked to do so.”
48
BlueNord Annual Report 2025
In this section:
Code of Conduct 48
ESG governance and responsibilities 48
Systems and processes 48
Anti-bribery and corruption 49
Cyber security 49
Whistleblowing, harassment and grievance 49
Governance
built on
responsibility
and trust
Code of Conduct
BlueNord’s Code of Conduct is the foundation for the
high standards of integrity that guide our business. It
applies to all Directors, officers, employees, and to all
subsidiaries in which BlueNord holds a direct or indirect
ownership interest. The Code of Conduct also applies to
anyone acting on behalf of the Company.
The Code of Conduct is supported by a suite of
underlying policies, including those covering anti-
corruption, whistleblowing, and responsible business
conduct. Employees and partners are encouraged to
raise concerns through the Company’s established
reporting channels so that potential breaches are
addressed promptly and appropriately.
We expect our business partners – including suppliers,
subcontractors, joint venture partners, and other
contracting parties – to operate in a manner consistent with
the principles and requirements of this Code of Conduct.
Read our Code of Conduct at www.bluenord.com.
ESG governance and
responsibilities
The Board holds the overall responsibility for BlueNord’s
ESG commitments and for guiding the Company’s
contribution to the energy transition. The Audit
Committee supports the Board through oversight of
ESG-related information in financial and corporate
reporting, focussing on alignment with applicable
legislation, standards, and frameworks.
Executive accountability for ESG lies with the Chief
Corporate Affairs Officer (“CCAO”), who reports directly
to the Chief Executive Officer. The CCAO is responsible
for coordinating ESG strategy, the quality of ESG
disclosures, and maintaining governance structures
that meet evolving regulatory requirements.
ESG is embedded across the organisation through
clearly defined functional responsibilities. Executive
Management identifies and manages ESG-related
Governance
BlueNord is dedicated to conducting our business in a
responsible, ethical and lawful manner. We strive to be a trusted
partner for our customers, shareholders, colleagues, business
partners, and communities.
risks and opportunities within their respective areas and
is responsible for putting in place effective processes,
controls, and mitigation measures. The People &
Capability team oversees social-related matters,
including ethics training, diversity and inclusion, and
responsible workplace practices. HSE and operational
functions drive environmental performance, emissions
management, and safety outcomes.
ESG considerations are therefore integrated into
day-to-day decision-making, long-term planning, and
operational execution. Progress on material ESG topics
is monitored through established key performance
indicators (KPIs), regular management reviews, and
reporting cycles, bringing transparency for both internal
and external stakeholders.
49
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Systems and processes
BlueNord believes that strong corporate governance
is fundamental to accountability, achieving strategic
objectives, and creating long-term value for stakeholders.
The Company upholds high standards of performance
and professionalism, grounded in honesty, integrity,
and fairness. These principles guide how we operate
and how we engage with partners and contractors,
supported by a strict zero tolerance approach to bribery
and corruption. Read our Corporate Governance Policy
at www.bluenord.com.
Our governance framework encompasses clear
policies, effective systems and processes, and
well-defined responsibilities across the organisation,
ensuring accountability, regulatory compliance and
integrity in all aspects of our operations.
Our approach to business conduct is also anchored
in BlueNord’s Business Management System, which
encompasses the process descriptions, policies and
procedures that govern both our onshore activities as
operator of the Ruby Project licence and our offshore
activities on the Danish continental shelf. The system
includes the enabling and supporting functions for safe,
efficient operations and full compliance with applicable
regulatory requirements, including those set out in the
Danish Regulatory Compliance Manual.
Developed in collaboration with DNV and established
in accordance with ISO 10005 Quality Management
– Guidelines for quality plans, our current process-
based management system reflects recognised best
practises in the oil and gas industry for consistency and
recognisability for partners and authorities. The CEO
is accountable for all work and activities in BlueNord,
including the management system.
Anti-bribery and corruption
BlueNord maintains a strict zero tolerance approach to
bribery and corruption. Local management in each Group
subsidiary is responsible for fostering a strong anti-
corruption culture and that employees understand and
adhere to the Company’s expectations. Each subsidiary
must take proactive steps to prevent unethical behaviour
and to support employees in navigating situations
where integrity may be challenged. This commitment is
reinforced through Group-wide policies, and procedures,
and includes regular training designed to strengthen
awareness of anti-corruption requirements and promote
sound decision-making. Employees are equipped with
guidance on recognising risk indicators, managing
conflicts of interest, and escalating concerns appropriately.
BlueNord sets clear expectations for third-party behaviour,
requiring suppliers, contractors, and business partners to
comply with standards consistent with our Anti-Corruption
and Bribery Policy. Due diligence processes and ongoing
monitoring support these expectations.
Concerns about suspected misconduct can be raised
through several channels, including the Company’s
whistleblowing mechanism. Reports made in good faith
are handled confidentially and without risk of retaliation.
Read our Anti-Corruption and Bribery Policy
at www.bluenord.com.
>>
Cyber security
BlueNord recognises that the cyber security threats to
the energy sector are high and becoming increasingly
complex in today’s geopolitical situation, as well as
recognising the increased risk considering evolving
technologies like artificial intelligence. Maintaining
a strong focus on cyber security is a key priority
in BlueNord’s daily operations and is supported
throughout the organisation, including support from
Executive Management and our Board of Directors.
BlueNord maintains an in-house IT department and
partners with leading providers on IT operations
and cyber security, as well as partnering with leading
providers of cloud-based SaaS applications. Cyber
security remains top priority in these relationships on
a day-to-day basis.
IT and cyber security-related risk management is
incorporated in BlueNord’s enterprise risk management
processes and are continuously evaluated against
current threats to our IT systems and our users.
Maintaining an IT infrastructure resilient to cyber
security threats is a key priority to BlueNord to protect
our systems, our data and our users. As well as
securing systems on a technical level, educating
our users also remains a key priority. BlueNord
maintains a comprehensive set of policies and
training programmes to educate our users in safe
behaviour on our IT platforms.
Whistleblowing, harassment
and grievance
BlueNord’s whistleblowing procedure applies to all
officers, Directors and employees of the Company,
whether temporary or permanent, full time or part
time, and irrespective of their geographical location.
The procedure also applies to any individual or entity
performing work for, or acting on behalf of, BlueNord.
Concerns may be raised through the Company’s
designated reporting channels, and all reports
submitted in good faith are treated confidentially
and without risk of retaliation. See our procedure at
www.bluenord.com/whistleblowing.
The procedure forms part of the mandatory onboarding
requirements for all new employees. BlueNord
encourages employees, hired-in consultants and
external parties to report suspected breaches of
applicable laws, regulations or internal policies through
the available channels, including the Company’s integrity
channel. Reports made in good faith are handled
promptly, and individuals raising concerns are assured
that no adverse consequences will follow.
Employees and consultants are further encouraged
to raise any other workplace concerns and to
seek guidance where they are uncertain about
the appropriate course of action. The Company’s
Harassment Policy provides protected channels for
reporting conduct that does not meet the standards of
behaviour expected from all employees.
Where appropriate, concerns may be escalated through
the grievance process set out in the Business Management
System. Any subsequent appeal process will be conducted
in accordance with applicable local legislation.
The integrity channel, accessible via the corporate
website and intranet, is administered by Advokathuset
PricewaterhouseCoopers AS (PwC), an independent
and secure reporting mechanism. Their annual report
for 2025 confirms that no whistleblowing reports were
received through the integrity channel.
Governance continued
50
BlueNord Annual Report 2025
03
Chair of the Board’s Introduction 52
Leadership 53
Corporate Governance Report 55
Board Activities 60
Audit Committee Report 61
Remuneration Committee Report 62
Technical Committee Report 63
Nomination Committee Report 64
Directors’ Report 65
Reporting of Payments to Governments 69
Governance
Report
51
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
The BlueNord Board considers
sound corporate governance to
be fundamental to responsible
leadership, long‑term value
creation, and the Company’s
ability to operate sustainably
in a complex and evolving
business environment.”
Turning financial
strength into sustainable
value creation.
Read more on page 14–15
Confidence through
strong audit and
internal control
oversight.
Read more about our Audit Committee on page 61
Our approach Financial stewardship
52
BlueNord Annual Report 2025
Chair of the Board’s Introduction
The Board recognises the
importance of – and is
committed to – upholding
the highest standards of
corporate governance.”
Average Board attendance
94.3%
94.4% (2024)
Committee meetings
14
11 (2024)
The Board believes that good corporate governance is
the foundation for the success and sustainability of our
business. It is the basis of effective decision-making,
and drives the efficient allocation of capital in the interest
of shareholders, debt holders and other stakeholders,
including employees, contractors and the state of Denmark.
Corporate governance also guides the operation of the
Company at all levels, and its interactions, both internal
and external. Developing and adhering to a successful
corporate governance policy is, therefore, one of the
ways in which the Board supports the Executive Team in
their quest to meet their objectives.
The Company’s commitment to good corporate
governance is underpinned by its adoption of the Norwegian
Code of Practice for Corporate Governance (the ‘Corporate
Governance Code’) and its own Code of Conduct and
values. Combined, these form the framework within which
the Company’s corporate governance is carried out,
and all decisions are made. The Company is also subject
to, and complies with, the requirements of Norway’s
securities legislation.
Central tenets of the Corporate Governance Code
include, among other things, defining the Company’s
objectives and strategy, upholding the rights and equal
treatment of shareholders, and effective shareholder
communication. The composition and skills of the Board
are critical for successful delivery.
To this end the Board meets (a minimum of) five times
per year, with Board meetings based on a formal agenda.
The Board is supported by a committee structure
composed of members of the Board, with the support of
the Executive Team, where relevant, including in relation to
technical matters. Committees report to the wider Board.
The Board considers itself to be independent, in
keeping with the Corporate Governance Code. To
ensure members of the Board can execute their duties
effectively, including the provision of rigorous oversight,
the Board ensures that it has an effective composition,
with the skills and experience required. Skills include
those relating to oil and gas, finance, listings, corporate
activity, and operational excellence.
The Company provides regular updates to shareholders
and other stakeholders. This includes, via stock exchange
announcements, the provision of quarterly reports and
updated presentations. Members of the Executive Team
regularly present Company updates throughout the year.
Shareholders are encouraged to exercise their rights and
to voice their opinion by voting on important matters at
the Company’s Annual General Meeting (AGM), which is
held online to facilitate the widest possible attendance.
The ethos of the Board is to be collegiate and to support
the Executive Team in the delivery of the objectives they
are set, progress towards which is reported internally on
a monthly basis. Ultimately, the Board seeks to provide
clarity of purpose, and to help drive the ongoing and
future success of BlueNord.
Glen Ole Rødland
Chair of the Board
Strength is based on good
corporate governance
C
C
T
T
A
R A
R
53
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Board of Directors
Leadership
Board member Board member Board member
João Saraiva e Silva holds an economics degree from Nova SBE
University in Lisbon and an executive degree from Stanford University.
He is currently a partner at Pamplona Capital, a private equity-focused
asset management firm operating across Europe and North America.
He is also the non-executive chair of Pharos Energy Plc, which is
listed on the London Stock Exchange. Prior to his directorship in the
Company, he has served on the boards of several listed companies
on Euronext Oslo Børs. He has served as a member of the Board of
Directors of BlueNord since 16 September 2024.
Elisabeth Proust Van Heeswijk has over 40 years of executive-level,
international experience in the oil and gas sector, primarily with
Total. She started as a drilling engineer at ELF and rose to become
Total’s first female Vice President for Development Engineering and
Managing Director for Total’s largest affiliates in Indonesia, Nigeria,
and the UK. She currently serves on the Subsea7 Board and has
held several non-executive director roles. She holds a Master’s in
Engineering/Hydrodynamics from École Centrale de Nantes and
graduated from the French Petroleum Institute in Paris. She has served
as a member of the Board of Directors of BlueNord since 22 May 2025.
Jann Brown is an experienced board director with a background
in finance. She worked at KPMG and Deloitte for a decade before
transitioning to executive roles in the energy sector. As a non-executive
director, she has served companies in engineering, manufacturing,
and investment management. Jann holds an MA in History, is a
Chartered Accountant and Chartered Tax Adviser, and is a past
President of the Institute of Chartered Accountants of Scotland.
She has served as a member of the Board of Directors of BlueNord
since 22 May 2025.
Committee membership key
C
Chair of the Board
R
Remuneration Committee member
T
Technical Committee member
A
Audit Committee member
Glen Ole Rødland Robert J. McGuire
Elisabeth Proust Van Heeswijk
Peter Coleman
Jann BrownJoão Saraiva e Silva
Kristin Færøvik
Chair of the Board Board member Board member Board member
Glen Ole Rødland is an experienced analyst and corporate finance
professional with 13 years in a leading Scandinavian Investment
Bank. Glen holds a master’s degree in economics and finance from
Norwegian School of Economics (NHH) and University of California
(UCLA), as well as PhD studies in finance at NHH. He serves on various
boards, including as Chair of the Board for several companies. With a
background as an investment banker, he has also been an owner
and director of several listed companies over the past 18 years. He
has served as Chair of the Board of Directors of BlueNord since
14 May 2024.
Bob McGuire is the President and COO of the Business Services Group
at GDI Integrated Facilities Services, where he previously sat on the
Board of Directors. He has a 25-year global track record as an adviser,
investor and business leader, has served on numerous boards and has
extensive experience in the energy sector, having led the European
energy businesses at both Goldman Sachs and J.P.Morgan. He has a
BA from Boston College and an MBA from Harvard Business School.
He was elected as member of the Board of Directors of BlueNord at
an Extraordinary General Meeting held on 2 March 2020, and was
re-elected at the AGM of 14 May 2024 for a period of two years.
Peter Coleman is a previous director of Taconic Capital Advisors UK LL.
As a director at Taconic, Coleman focused on European credit, based
in their London office. Prior to joining Taconic, Peter was a Managing
Director on the European distressed debt team at SVP Global. Previously,
he was an Investment Director in distressed debt at Sisu Capital and prior
to this, he was a director in the corporate finance group and tax group
at PwC. Peter earned a dual LLB and BCom from Victoria University
in New Zealand in 1996. He has served as member of the Board of
Directors of BlueNord since 19 May 2021, and was re-elected at the
AGM of 22 May 2025 for a period of two years.
Kristin Færøvik holds a Master of Science (MSc) degree in Petroleum
Engineering from the Norwegian University of Science and Technology
(NTNU). She is a highly experienced energy executive, most recently
serving as Managing Director of Lundin Energy Norway. Previously, she
has held executive positions at Rosenberg WorleyParsons, Marathon
Oil and BP Norway. Kristin began her career with BP Norway with initial
positions in petroleum engineering and commercial advisory roles
for Norwegian and international assets, before moving into executive
management. She has served as a member of the Board of Directors
of BlueNord since 16 September 2024.
54
BlueNord Annual Report 2025
Euan Shirlaw
Miriam Jager Lykke
Jacqueline Lindmark Boye
Cathrine F. Torgersen
Chief Executive Officer
Euan has served as the Chief Executive Officer of
BlueNord since May 2022. He initially joined the
Company as the Chief Financial Officer in 2019 and
additionally held the role of Acting Managing Director
from November 2021. He has a background of
providing strategic advice to a wide range of oil and
gas companies on acquisition, divestment and merger
activity, as well as raising debt and equity capital. Prior to
joining BlueNord, Euan was a senior member of the oil
and gas advisory team at BMO Capital Markets, having
also focused on the energy space while working with
Credit Suisse, RBC Capital Markets and Rothschild in
London. He has an MSc in Business and Accountancy
from the University of Edinburgh.
Chief Operating Officer
Miriam joined BlueNord in 2019 and was appointed
Chief Operating Officer from the Asset Manager role
which she held from January 2022. She has nearly 30
years of experience in the upstream oil and gas industry,
and prior to BlueNord she held senior technical and
management positions within Shell and DONG Energy.
Miriam has a MSc in Civil Engineering and a PhD in
Rock Mechanics from the Technical University of
Denmark (DTU).
Chief Financial Officer
Jacqueline joined BlueNord in 2019 and was appointed
Chief Financial Officer in October 2023, after being
a member of the Executive Team since November
2022. She has over 20 years’ experience in finance
and audit within the energy industry in Australia, the UK
and Denmark. Prior to joining BlueNord, Jacqueline
has held various roles, including leadership with Shell,
AGL Energy, EY, and PwC. She holds a Bachelor
in Commerce and Bachelor in Arts from Monash
University in Australia and is a member of the Chartered
Accountants Australia and New Zealand.
Chief Corporate Affairs Officer
Cathrine joined BlueNord in 2020 and holds the
position of Chief Corporate Affairs Officer. She
previously held the role of Senior Account Director at
Hill+Knowlton, where she advised a wide range of oil
and gas and shipping companies. During her seven
years at Hill+Knowlton, she was a member of the
management team and was also leading the Financial
Communications practice. Prior to joining Hill+Knowlton,
Cathrine worked with institutional high-yield sales at
Pareto Securities Inc. in New York and Clarksons Platou
Securities. She has a BSc in Business Administration
and Finance from Bocconi University.
Executive Team
Leadership continued
55
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Shareholders
Nomination Committee
Audit Committee
Remuneration Committee
Technical Committee
General Meeting
Board of Directors
Chief Executive Officer
Executive Team
Corporate Governance Report
Governance operating model – organisational design and committee structure
For further information on the
committees’ work, see their
reports on pages 61 to 64.
Corporate Governance Report
BlueNord ASA (the Company) is strongly committed to maintaining trust and enhancing value creation for
shareholders and society over time. The Company acts in a responsible and prudent manner, with efficient decision-
making, and clear communication between Executive Management, the Board of Directors and shareholders of the
Company as represented by the AGM.
The Company’s framework for corporate governance is intended to decrease business risk, maximise value and
utilise the Company’s resources in an efficient and sustainable manner, for the benefit of shareholders, employees
and society at large. The Company seeks to comply with the Norwegian Code of Practice for Corporate Governance
(the ‘Corporate Governance Code’), which is available on the Norwegian Corporate Governance Board website,
www.nues.no.
The principal purpose of the Corporate Governance Code is to ensure: (i) that listed companies implement corporate
governance that clarifies the respective roles of shareholders, the Board of Directors and Executive Management
more comprehensively than that which is required by legislation; and (ii) effective management and control over
activities with the aim of securing the greatest possible value creation over time in the best interests of companies,
shareholders, employees, and other parties concerned.
The Company will, due to the listing of its shares on Oslo Børs, be subject to reporting requirements for corporate
governance under the Norwegian Accounting Act, section 3-3b, as well as the Oslo Børs Rule Book II section
4.4. The Board of Directors will include a report on the Company’s corporate governance in each Annual Report,
including an explanation of any deviations from the Corporate Governance Code. The corporate governance
framework of the Company is subject to annual review by the Board of Directors.
According to the Company’s own evaluation, the Company deviates from the Corporate Governance Code on the
following points:
• Item 4: The Board of Directors of the Company has been, and is expected to be, provided with authorisations to
acquire own shares and issue new shares. Not all such authorisations have separate and specific purposes for
each authorisation, as the purposes of the authorisations shall be explained in the notices to the general meetings
adopting the authorisations.
• Item 14: Due to the unpredictable nature of takeover situations the Company has decided not to implement
detailed guidelines on takeover situations. In the event a takeover were to occur, the Board of Directors will
consider the relevant recommendations in the Corporate Governance Code and whether the concrete situation
entails that the recommendations in the Corporate Governance Code can be complied with or not.
56
BlueNord Annual Report 2025
Corporate Governance Report continued
1. Corporate governance implementation and reporting
The Board of BlueNord is responsible for compliance with corporate governance standards. BlueNord is a
Norwegian public limited liability company (ASA), listed on the Oslo Stock Exchange and established under
Norwegian law.
In accordance with the Norwegian Accounting Act, section 3-3b, BlueNord includes a description of principles
for corporate governance as part of the Board of Directors’ Report in the Annual Report. The Company will seek
to comply with the Corporate Governance Code.
The Company’s strategy is to continue its value creation, to replace and maximise recovery of proven reserves
and resources, and to continue to explore new opportunities in and above the ground.
2. Business
The Company is a publicly-owned oil, gas and offshore industry company with a strategic focus on value creation
through increased recovery, enabled by a competent organisation with a long-term view on reservoir management
and the capability to invest in and leverage new technology and business areas including carbon capture, utilisation
and storage .
On an annual basis the Board defines and evaluates the Company’s objectives, strategies and risk profiles for
the Company’s business activities to ensure that the Company creates value for shareholders.
The Company integrates considerations related to its stakeholders, as well as social, environmental and
sustainability considerations, into its value creation, and shall achieve its objectives in accordance with the
Company’s Code of Conduct.
The Company’s business is defined in the following manner in the Company’s Articles of Association, section 3:
The object of the Company is direct and indirect ownership of and participation in companies and enterprises within
exploration, production and sale related to oil and gas, and other activities related thereto.
3. Equity and dividends
3.1 Equity
As of 31 December 2025 the Company’s consolidated equity was USD 753.7 million, which is equivalent to
approximately 23 percent of total assets. The Company’s equity level and financial strength shall be considered in
light of its objectives, strategy and risk profile.
3.2 Distribution policy
The Board seeks to have a disciplined approach to capital allocation. This is maintained through the Company’s
distribution policy established in February 2024. The policy balances shareholder returns with long-term value
creation. With Tyra operations starting to generate substantial free cash flow, the Company can prioritise shareholder
returns in the near-term, make measured and strategic reinvestments, and maintain a conservative capital structure.
BlueNord intends to pay distributions on a quarterly basis.
The AGM in May 2024 authorised the Board to approve the distribution of dividends based on the approved annual
accounts for 2024 and based on the approved interim account per 30 November 2025, to facilitate quarterly
dividend payments. The Company has paid a total of USD 341 million in cash dividends and USD 50 million in share
buybacks during 2025.
3.3 Share capital and issuance of shares
At the AGM held on 22 May 2025 the Board of Directors was authorised to increase the Company’s share capital
by up to NOK 1,430,474 (this represents 2,649,863 shares at a nominal value of NOK 0.5398295) valid until the AGM
in 2026, but in no event later than 30 June 2026.
Outstanding shares as of 21 April 2026 were 25,567,202, which is an decrease of 931,438 shares compared to year
end 2024. During the year 1,001,782 shares were purchased back, and 70,344 shares were issued following award
of performance and retention shares under the LTI programme. At the Extraordinary General Meeting held on
20 November 2025 the Board of Directors was authorised to reduce the share capital by deleting all of its own shares
(931,438). The share capital was further reduced by NOK 1,018,328.872059 by reducing the nominal value from NOK
0.5398295 to NOK 0.50. The reduction amount is transferred to other deposited equity.
3.4 Purchase of own shares
The Board of Directors of the Company has been authorised to acquire and dispose of own shares with a total nominal
amount up to NOK 4,291,424 (this represents 7,949,591 shares), valid until the AGM in 2026, and in any event no later
than 30 June 2026. The authorisation can be used in relation to incentive schemes for employees and/or Directors of
the Group, as consideration in connection with acquisition of businesses and/or for general corporate purposes.
As of 21 April 2026 the Company does not hold any of its own shares.
57
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Corporate Governance Report continued
4. Equal treatment of shareholders and transactions with related parties
4.1 Class of shares
The Company has one class of shares. All shares carry equal rights in the Company and the Articles of Association
do not provide for any restrictions, or rights of first refusal, on transfer of shares. Share transfers are not subject to
approval by the Board of Directors.
4.2 Pre-emption rights to subscribe
According to the Norwegian Public Limited Liability Companies Act, section 10-4, the Company’s shareholders have
pre-emption rights in share offerings against cash contribution. Such pre-emption rights may, however, be set aside,
either by the general meeting or by the Board of Directors if the general meeting has granted a Board authorisation
which allows for this. Any resolution to set aside pre-emption rights will be justified by the common interests of the
Company and the shareholders, and such justification will be publicly disclosed through a stock exchange notice
from the Company.
4.3 Trading in own shares
The Board of Directors will aim to ensure that all transactions pursuant to any share buyback programme will be
carried out either through the trading system at Oslo Børs or at prevailing prices at Oslo Børs and in accordance
with the Market Abuse Regulation (MAR). In the event of such a programme, the Board of Directors will take the
Company’s and shareholders’ interests into consideration and aim to maintain transparency and equal treatment
of all shareholders. If there is limited liquidity in the Company’s shares, the Company shall consider other ways to
ensure equal treatment of all shareholders.
4.4 Transactions with close associates
The Board of Directors aims to ensure that any non-immaterial future transactions between the Company and
shareholders, a shareholder’s parent company, members of the Board of Directors, executive personnel or close
associates of any such parties are entered into on arm’s length terms. For any such transactions that do not require
approval by a general meeting pursuant to the Norwegian Public Limited Liability Companies Act, the Board of Directors
will, on a case-by-case basis, assess whether a fairness opinion from an independent third party should be obtained.
4.5 Guidelines for Directors and Executive Management
The Board of Directors has adopted rules of procedure for the Board of Directors which, inter alia, include guidelines
for notification by members of the Board of Directors and Executive Management if they have any material direct or
indirect interest in any transaction entered into by the Company.
5. Freely negotiable shares
The shares of the Company are freely transferable. There are no restrictions on transferability of shares pursuant
to the Articles of Association.
6. General meetings
6.1 Notification
The notice for a general meeting, with reference to or attached support information on the resolutions to be
considered at the general meeting, shall as a principal rule be sent to shareholders no later than 21 days prior to the
date of the general meeting.
The Board of Directors will seek to ensure that the resolutions and supporting information are sufficiently detailed
and comprehensive to allow shareholders to form a view on all matters to be considered at the meeting. The notice
and support information, as well as a proxy voting form, will normally be made available no later than 21 days prior
to the date of the general meeting on the Company’s website, www.bluenord.com/general‑meetings.
6.2 Participation and execution
To the extent deemed appropriate or necessary by the Board of Directors, the Board of Directors will seek to arrange for
the general meeting to vote separately on each candidate nominated for election to the Company’s corporate bodies.
The Board of Directors and the Nomination Committee shall, as a general rule, be present at general meetings. The
auditor will attend the ordinary general meeting and any extraordinary general meetings to the extent required by the
agenda items or other relevant circumstances. The Board of Directors will seek to ensure that an independent Chair
of the Board is appointed by the general meeting if considered necessary based on the agenda items or other
relevant circumstances.
The Company will aim to prepare and facilitate the use of proxy forms which allow separate voting instructions to be
given for each item on the agenda and to nominate a person who will be available to vote on behalf of shareholders as
their proxy. The Board of Directors may decide that shareholders may submit their votes in writing, including by use
of electronic communication, in a period prior to the general meeting. The Board of Directors should seek to facilitate
such advance voting.
7. Nomination Committee
The Nomination Committee is provided for and governed by the Articles of Association, in addition to instructions for
the Nomination Committee. For more information relating to the Nomination Committee, please see the Nomination
Committee Report section of this report.
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BlueNord Annual Report 2025
8. Board of Directors: composition and independence
Pursuant to the Articles of Association, section 5, the Company’s Board of Directors shall consist of three to seven
members, which are the shareholders’ elected members in accordance with a decision by the AGM.
The composition of the Board of Directors should ensure that the Board can attend to the common interests of
all shareholders and meet the Company’s need for expertise, capacity and diversity. Attention should be paid to
ensuring that the Board can function effectively as a collegiate body.
The composition of the Board of Directors should ensure that it can operate independently of any special interests.
The majority of the shareholder-elected members of the Board should be independent of the Company’s executive
personnel and material business contacts. At least two of the members of the Board elected by shareholders should
be independent of the Company’s main shareholder(s), the executive personnel and material business contacts.
The Board of Directors should not include executive personnel. If the Board does include executive personnel, the
Company should provide an explanation for this and implement consequential adjustments to the organisation of the
work of the Board, including the use of Board committees to help ensure more independent preparation of matters
for discussion by the Board.
The Chair of the Board of Directors should be elected by the AGM.
The term of office for members of the Board of Directors should not be longer than two years at a time. The Board
members can be elected for a shorter term by the AGM. The Annual Report should provide information to illustrate
the expertise of the members of the Board of Directors and information on their record of attendance at Board
meetings. In addition, the Annual Report should identify which members are considered to be independent.
9. The work of the Board of Directors
9.1 Rules of procedures for the Board of Directors
The Board of Directors is responsible for the overall management of the Company and shall supervise the
Company’s business and the Company’s activities in general.
The Norwegian Public Limited Liability Companies Act regulates the duties and procedures of the Board of Directors.
In addition, the Board of Directors has adopted supplementary rules of procedures, which provide further regulation
on, inter alia, the duties of the Board of Directors and the Chief Executive Officer (CEO), the division of work between
the Board of Directors and the CEO, the annual plan for the Board of Directors, notices of Board proceedings,
administrative procedures, minutes, Board committees, transactions between the Company and the shareholders,
and matters of confidentiality.
The Board shall produce an annual plan for its work, with a particular emphasis on objectives, strategy and
implementation. The CEO shall at least once a month, by attendance or in writing, inform the Board of Directors about
the Company’s activities, position and profit trend.
The Board of Directors’ consideration of material matters in which the Chair of the Board is, or has been, personally
involved, shall be chaired by some other member of the Board. The Board of Directors shall evaluate its performance
and expertise annually and make the evaluation available to the Nomination Committee.
9.2 Audit Committee
The Company’s Audit Committee is governed by the Norwegian Public Limited Liability Companies Act and a
separate instruction adopted by the Board of Directors. To read the latest Audit Committee Report, please see the
relevant section of this report.
9.3 Remuneration Committee
The Company’s Remuneration Committee is governed by an instruction adopted by the Board of Directors. To read
the latest Remuneration Committee Report, please see the relevant section of this report.
9.4 Technical Committee
The Company’s Technical Committee is governed by an instruction adopted by the Board of Directors. To read the
latest Technical Committee Report, please see the relevant section of this report.
Corporate Governance Report continued
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
10. Risk management and internal control
Risk management and internal control are given high priority by the Board of Directors, which ensures that adequate
systems for risk management and internal control are in place. For more information about how risks are managed,
please see the risk section of this report.
11. Remuneration of the Board of Directors
The remuneration of the Board of Directors shall be decided by the AGM, and reflects the Board of Directors’
responsibilities, expertise, time commitment, and the complexity of the Company’s activities. For more detail on
the Board’s remuneration please refer to the Executive Remuneration Report 2025 at www.bluenord.com.
12. Remuneration of Executive Management
The Board of Directors has, in accordance with the Norwegian Public Limited Liability Companies Act, section
6-16a, prepared a policy for Executive Management remuneration. The policy includes the main principles applied
in determining the salary and other remuneration of executives as further set out in the regulation on policies and
reports on remuneration for Executive Management.
The Company shall annually prepare a report on remuneration to Executive Management in accordance with the
Norwegian Public Limited Liability Companies Act, section 6-16b. For more detail, please refer to the guidelines on
executive remuneration adopted by the AGM on 19 May 2022 at www.bluenord.com. These guidelines will be
reviewed and submitted for approval at the AGM in May 2026, in line with the four year review requirement, as no
significant amendments have been proposed since their adoption in 2022.
13. Information and communications
13.1 General
The Board of Directors has adopted a separate manual on disclosure of information, which sets forth the Company’s
disclosure obligations and procedures. The Board of Directors will seek to ensure that market participants receive
correct, clear, relevant, and up-to-date information in a timely manner, taking into account the requirement for equal
treatment of all participants in the securities market.
The Company will, each year, publish a financial calendar, providing an overview of the dates for major events such
as its ordinary general meeting and publication of interim reports.
13.2 Information to shareholders
The Company shall have procedures for establishing discussions with shareholders to enable the Board to develop
a balanced understanding of the circumstances and focus of shareholders. Such discussions shall be carried out in
compliance with the provisions of applicable laws and regulations.
All information distributed to the Company’s shareholders will be published on the Company’s website at the same
time as it is sent to shareholders, at the latest.
14. Takeovers
In the event that the Company becomes the subject of a takeover bid, the Board of Directors shall seek to ensure that
the Company’s shareholders are treated equally and that the Company’s activities are not unnecessarily interrupted.
The Board of Directors shall also ensure that the shareholders have sufficient information and time to assess the offer.
There are no defence mechanisms against takeover bids in the Company’s Articles of Association, nor have other
measures been implemented to specifically hinder the acquisition of shares in the Company. The Board of Directors
has not established written guiding principles for how it will act in the event of a takeover bid, as such situations are
normally characterised by concrete and one-off circumstances, which make guidelines challenging to prepare.
In the event a takeover were to occur, the Board of Directors will consider the relevant recommendations in the
Corporate Governance Code and whether the concrete situation entails that the recommendations in the Corporate
Governance Code can be complied with or not.
15. Auditor
The Board of Directors will require the Company’s auditor to annually present to the Audit Committee a review of the
Company’s internal control procedures, including identified weaknesses and proposals for improvement, as well as
the main features of the plan for the audit of the Company.
Furthermore, the Board of Directors will require the auditor to participate in meetings of the Board of Directors
that deal with the annual accounts. At least one Board meeting with the auditor shall be held each year in which no
member of Executive Management is present.
The Board of Directors’ Audit Committee shall review and monitor the independence of the Company’s auditor,
including in particular the extent to which services other than auditing provided by the auditor or the audit firm
represents a threat to the independence of the auditor.
The remuneration to the auditor for statutory audit will be approved by the ordinary general meeting. The Board of
Directors should report to the general meeting on details of fees for audit work and any fees for other specific assignment.
Corporate Governance Report continued
60
BlueNord Annual Report 2025
Name Board meeting attendance
Glen Ole Rødland (Chair of the Board)
Robert J. McGuire
Peter Coleman
Kristin Færøvik
João Saraiva e Silva
Elisabeth Proust Van Heeswijk
Jann Brown
Marianne Lie (prev. member)
Tone Kristin Omsted (prev. member)
Board Activities
During 2025, the Board held fourteen meetings, in addition to two meetings in early 2026 prior to the publication of
the fourth quarter results and this Annual Report and Accounts. The Board also adopted written resolutions during
the year, relating to strategic matters and capital structure, including the issuance of the BNOR17 bond and the full
redemption of the BNOR15 bond.
Key areas addressed during Board meetings in 2025:
• Strategy and operations
The Board devoted significant attention to strategy and operations, with a particular focus on the restart and ramp
up of the Tyra field. The Board received regular updates on production performance, operational challenges,
HSE matters and regulatory engagement, and closely monitored operator performance and authority relations.
Potential growth opportunities and strategic initiatives were also considered during the year.
• Financial management
Financial oversight included continuous monitoring of liquidity, capital structure and distribution capacity. The
Board reviewed refinancing alternatives, approved bond transactions, and reviewed and approved quarterly
financial reports, presentations and the annual budget. Dividend distributions were approved in line with the
Company’s distribution policy.
• Risk and governance
As part of its governance responsibilities, the Board conducted its annual review of principal risks, followed
regulatory matters, evaluated Executive Management performance, approved incentive programmes, and
reviewed the structure and effectiveness of Board committees. The Board received regular reports from its
committees, including on financial reporting, regulatory matters and operational performance.
The Board of Directors is responsible for
the overall management of the Company,
including setting strategic direction,
overseeing financial performance, risk
management and internal control systems.
While the day-to-day management of the
Company is delegated to the Chief Executive
Officer and Executive Management,
the Board retains ultimate decision-making
authority.
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Meeting summary
During 2025/26 the Audit Committee held five meetings.
Key areas of focus included:
• Financial performance, tax matters and compliance.
• Policy documentation and liquidity forecasts.
• Major financial transactions, including RBL refinancing, BNOR15
redemption and BNOR17 hybrid bond issuance.
• Internal control systems and materiality assessments.
• CSRD reporting developments.
• Quarterly reviews of the enterprise risk matrix.
• Financial reporting risks and distributions.
• Areas of judgment and estimation in valuations and measurements
included in the quarterly and annual reports.
The Committee regularly monitored impairment triggers and evaluated
accounting and tax implications throughout the year.
Audit Committee composition:
• Jann Brown (Chair)
• Peter Coleman
All members are independent of the Company’s Executive Management and
both committee members sit on the Board of Directors of BlueNord ASA.
Name Committee meeting attendance
Jann Brown (Chair)
Peter Coleman
Marianne Lie (former Chair)
Tone Omsted (former member)
Activities during the year
The Committee held five scheduled meetings during 2025. Two further
meetings have been held in 2026 prior to the publication of Q4 2025 results
and this Annual Report and Accounts. In addition to the members of the
Committee listed on this page, meetings of the Committee were also
attended by the Chief Financial Officer and the Head of Group Reporting.
The Company’s auditor works closely with the Audit Committee and
attended all meetings during the year.
The Committee thoroughly reviews all interim and annual reports before
they are reviewed by the Board of Directors and then published. Quarterly
discussions address identified risks and their impact on financial reporting,
along with management compliance updates.
The Audit Committee conducts quarterly reviews of tax and impairment
trigger memorandums, along with monitoring new accounting effects and
issues. Before year end closing the Committee evaluates key assumptions and
accounting principles while addressing early warning signals and critical issues.
Throughout the year the Audit Committee collaborated with Executive
Management and auditors to strengthen existing partnerships and enhance
internal controls for material financial reporting processes.
In 2025, the Audit Committee held an extended meeting to review updates
on CSRD reporting compliance, ESG reporting for RBL lenders, and the
Company’s sustainability reporting. The Head of Sustainability presented
on GHG emissions, improvements in GHG emission intensity due to Tyra
production, and discussed CO
2
future costs, free allowances, EU ETS
pricing, and the new NZIA requirements.
BlueNord has established an Audit
Committee with formally delegated duties
and responsibilities within written terms
of reference.
Role of the Audit Committee
• Support the Board’s responsibilities relating to the integrity of
financial reporting and the financial reporting process.
• Evaluate risk management of financial reporting and monitor
systems for internal control.
• Review external auditors’ independence and objectivity and review
the effectiveness and quality of the annual audit plan.
• Develop and implement policy for any engagement of external
auditors to supply non-audit services.
• Incorporate review and oversight of internal control systems for non-
financial information notably as it relates to sustainability reporting
going forward.
Jann Brown
Audit Committee Chair
Audit Committee Report
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BlueNord Annual Report 2025
Remuneration Committee Report
Remuneration Committee composition:
Currently the Committee consists of the following Board members:
• Robert J. McGuire (Chair)
• João Saraiva e Silva
These members are independent of the Company’s Executive
Management, and both Committee members sit on the Board of Directors
of BlueNord ASA (since March 2020 and September 2024, respectively).
Name Committee meeting attendance
Robert J. McGuire (Chair)
João Saraiva e Silva
2025 meeting summary
The Remuneration Committee convened for three scheduled meetings in
2025, with the CEO and Executive Vice President (EVP) People & Capability
invited to attend where relevant.
The Company’s guidelines on executive remuneration will be presented
for AGM approval in 2026, following four years without material changes.
As part of the 2025 policy review, external advisers assessed the
competitiveness, retention impact, and market alignment of the Company’s
LTI programme. Any recommended and endorsed adjustments to the
LTI programme or other remuneration elements are incorporated into the
revised guidelines for AGM approval.
The audited Executive Remuneration Report, which was prepared in line
with the Norwegian Public Limited Liability Companies Act, section 6-16b
and best practice in remuneration disclosure, was endorsed.
The Committee reviewed and recommended annual salary increases for
eligible executives in 2025.
The Committee reviewed and endorsed the 2025 KPIs for the Company’s
STI programme. In addition, it assessed and approved the programme’s
2024 KPI results and corresponding outcomes, including the bonus
payments to executives in accordance with the Company’s Executive
Remuneration Policy.
The Committee evaluated and endorsed the Executive Retention Share
Programme applicable to two executives, scheduled to vest in September
2025. Furthermore, it reviewed the annual KPI performance of the 2022 LTI
programme, which features annual vesting, and recommended the third
and final award under this programme. The Committee likewise reviewed
and approved the KPI results for the second accrual period of the 2023 LTI
programme and the first accrual period of the 2024 LTI programme, both of
which have a three-year cliff vesting structure. Grant allocations and KPIs for
the 2025 LTI programme were also reviewed and endorsed, with the grant
executed on 11 December 2025 following Board approval.
The Committee has completed a self-assessment of its mandate and work
in 2025.
Executive Remuneration Report 2025
For more information about executive remuneration please see the full report
at www.bluenord.com/reports‑and‑presentations.
The Remuneration Committee is a preparatory
and advisory committee which supports the
Board in matters of Executive Management
compensation according to the delegated
duties and responsibilities within its written
terms of reference.
Role of the Remuneration Committee
• Prepare an annual Executive Remuneration Report and, at least
annually, review and recommend any amendments to the guidelines
for executive remuneration, to be proposed by the Board for
adoption by the AGM.
• Monitor, evaluate and approve the application of the guidelines for
the remuneration provided to Executive Management.
• Request information and assistance from the Executive
Management which is deemed relevant for the Remuneration
Committee to carry out its tasks.
• Seek advice and recommendations from sources outside of the
Company if relevant and subject to appropriate confidentiality.
Robert J. McGuire
Remuneration Committee Chair
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Technical Committee Report
Technical Committee composition:
• Kristin Færøvik (Chair)
• Elisabeth Proust Van Heeswijk
All members are independent of the Company’s Executive Management and
both Committee members sit on the Board of Directors of BlueNord ASA.
Name Committee meeting attendance
Kristin Færøvik (Chair)
Elisabeth Proust Van Heeswijk
Meeting summary
Throughout 2025, the Technical Committee maintained comprehensive
oversight of the DUC asset base by systematically reviewing operational
performance, safety trends, and emerging risks across all hubs. The
Committee examined monthly safety results, and ensured that corrective
actions, root cause analysis follow-up, and mitigation plans presented by
the Operator were robust and aligned with long-term safety objectives.
Production performance and operational efficiency received continuous
scrutiny; the Committee evaluated hub-by-hub production against
guidance, assessed the impact of planned and unplanned shortfalls,
and reviewed operator analyses on efficiency declines at Dan, Gorm and
Halfdan, reinforcing the need for focus on reliability. A major emphasis of
the Committee’s work was the Tyra restart and ramp-up, where members
analysed commissioning progress, well-readiness, compressor reliability,
process and control system performance, liquid-handling bottlenecks, and
outcomes of the Tyra vulnerability study. The Committee further reviewed
quarterly updates on reserves, including Sproule ERCE’s 2024 year end
evaluation particularly around project maturity, cut-off years, and technical
forecast assumptions. In parallel, regular updates on development planning,
rig strategy, regulatory pathways, and licence-extension considerations
provided the Committee with a full-year strategic view of both near-term
priorities and long-range field life implications.
Activities during the year
The Committee’s activities during 2025 centred on structured technical
governance, active challenge of Operator plans, and the continuous
alignment of operational, subsurface and development priorities. Across
the year, the Committee reviewed detailed safety trends, environmental
performance assessments to ensure the right actions were initiated to
improve performance. Production-related activities included assessment of
operational efficiency variance, analysis of constraints such as compressor
performance, liquid-handling, gas-lift valve integrity, and pigging effects,
and review of Operator improvement plans. On Tyra, the Committee
spent substantial time evaluating process and control-system reliability,
chemical-related process instability, satellite-well constraints, and the
scope and outcomes of the October rectification shutdown; members also
provided directional guidance on upcoming 2026 technical shutdowns
and reliability restoration programmes. Subsurface and reserves-focused
activities included reviewing Sproule ERCE’s reserves, production forecast
methodologies, well-performance analyses, and depletion-related insights
across hubs. The Committee also assessed key development options -
including Tyra North, Halfdan North, Valdemar Bo South, rig tender strategy,
and oil-export system decisions - and reviewed regulatory updates such and
licence-extension pathways. Across these workstreams, the Committee
acted as the central technical assurance body, challenging assumptions,
guiding prioritisation, and ensuring decisions supported long-term portfolio
resilience and value creation.
BlueNord has established a Technical
Committee with formally delegated duties and
responsibilities within written terms of reference.
Role of the Technical Committee
• Act as a preparatory and advisory body to the Board, overseeing
operational and technical aspects of the Company’s activities.
• Monitors, reviews, and validates operational and technical
disclosures to ensure transparency, consistency, and compliance
with applicable laws and regulations, including before quarterly and
annual reporting.
• Evaluates and endorses the appointment and work of the
independent reserves auditor, including reviewing reserve estimates
and differences compared to the Operator.
• Reviews material operational issues, assesses operational and technical
risks in new projects, and reports significant findings to the Board.
• Provides recommendations on investment decisions and
operational agreements requiring Board approval, including those
arising from joint operating agreements.
• Oversees HSE compliance, and ensures alignment with
the Company’s energy transition, sustainability efforts, and
environmental aspects of M&A due diligence.
Kristin Færøvik
Technical Committee Chair
Nomination Committee Report
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BlueNord Annual Report 2025
According to the Articles of Association,
section 6, the Nomination Committee shall
consist of three members. The term of office
shall be two years unless the AGM determines
that the term shall be shorter.
Nomination Committee prepares a motion for the
AGM relating to:
• Election of members of the Board of Directors and the Chair
of the Board of Directors.
• Election of members of the Nomination Committee and the Chair
of the Committee.
• The remuneration of the Directors and the members of the
Nomination Committee.
• Any amendments to the Nomination Committee’s mandate
and charter.
Richard Sjøqvist
Nomination Committee Chair
Role of the Nomination Committee
The Chair of the Nomination Committee is responsible for overseeing the
Committee’s work and convening its meetings; however,
any member may request that a meeting be held.
The Nomination Committee conducts regular reviews of the Board’s
structure and composition, including the breadth of knowledge, skills,
experience, and diversity represented. The Committee ensures that the
Board’s composition continues to reflect the Company’s needs and gives due
consideration to succession planning for Board members. It also maintains a
formal and transparent process for the appointment of new Directors.
The Committee engages with shareholders, the Board of Directors, and
the Company’s Executive Management. All BlueNord shareholders may
propose candidates. When evaluating proposed candidates, the Committee
assesses their experience, competence and capacity.
The remuneration of Board members is reviewed on an annual basis.
The Committee’s proposal to the AGM is made available at www.bluenord.
com/general‑meetings.
Activities during the period
In accordance with the Articles of Association, section 5, the Nomination
Committee notes that the Board of Directors shall consist of three to seven
shareholder elected members, each elected for a two-year term unless
the general meeting resolves otherwise.
Nomination Committee composition:
• Richard Sjøqvist (Chair)
• Kristian Utkilen
• Annette Malm Justad
Name Committee meeting attendance
Richard Sjøqvist (Chair)
Kristian Utkilen
Annette Malm Justad
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Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Directors’ Report
The Tyra II field start-up
will lead to a step change
in BlueNord’s future
performance.”
Glen Ole Rødland
Chair of the Board
BlueNord ASA (BlueNord ‘the Company’) is a
Norwegian company listed on the Oslo Børs
(Oslo Stock Exchange). The Company was
established in 2005 and has a strategic focus
on value creation through increased recovery
of hydrocarbons, enabled by a competent
organisation with a long-term view on reservoir
management and the capability to invest in and
leverage new technology.
Following the acquisition of Shell’s Danish
upstream assets in 2019, BlueNord ASA holds a
36.8 percent non-operated interest in the DUC
and is the second largest oil and gas producer
in Denmark. The DUC is a joint venture between
TotalEnergies (43.2 percent), BlueNord (36.8
percent) and Nordsøfonden (20.0 percent), and
comprises four hubs (Halfdan, Tyra, Gorm, and
Dan) and eleven producing fields. It is operated
by TotalEnergies, which has extensive offshore
experience in the region and worldwide.
Since the acquisition in 2019, BlueNord has built a
meaningful presence in Denmark and established
good relationships with its partners TotalEnergies
and Nordsøfonden, as well as other stakeholders
including the DEA.
Production assets and field developments
In 2025, the Company delivered a step change in
operational and financial performance driven by
the continued ramp-up of the Tyra hub and stable
production from the Dan, Halfdan and Gorm hubs.
Average production increased materially through
the year as Tyra progressed towards steady-state
operations, with the highest quarterly production
of 42.4 mboepd achieved in the fourth quarter of
2025. The Company delivered a total production
of 37.3 mboepd, of which 16.4 mboepd from Tyra
hub and 20.9 mboepd from Dan, Halfdan and
Gorm hubs.
While the ramp-up at Tyra took longer than initially
expected, operational performance improved
steadily during the year. Production growth was
supported by strong reservoir performance, well
optimisation activities and continued operational
reliability across the base assets. Together, these
factors underpinned a significant increase in cash
flow generation and profitability in 2025.
The annual revision of reserves, performed by
an independent organisation (Sproule ERCE)
in accordance with SPE PRMS 2018 standards,
resulted in total 2P reserves at year end 2025 of
172.4 mmboe.
Capital structure
The Company continued to actively manage
and optimise its capital structure during 2025,
supporting strong cash generation, shareholder
distributions and long-term financial flexibility.
A summary of the facilities in place and activities
for the year ended 31 December 2025 is
outlined below.
Reserve based lending facility
The BlueNord RBL facility is a senior secured,
first lien RBL with a tenor of 5.5 years, and a total
facility amount of USD 1.4 billion, comprising a
cash tranche of up to USD 1.15 billion and a letter
of credit tranche of up to USD 250.0 million.
At the end of 2025, USD 800.0 million was drawn
under the RBL facility, with an additional USD
200.0 million letter of credit outstanding. Interest
is charged on debt drawings based on the
secured overnight financing rate (SOFR) and
a margin of 4.0 percent per annum.
Subsequent to year end, on 25 February 2026,
the Company successfully completed an
extension of this facility, moving the final maturity
from December 2029 to December 2031. Under
the amended terms, the facility will commence
amortisation from December 2028 and carries a
margin of SOFR plus 400 basis points.
The extended facility also includes an accordion
option of up to USD 400 million, which may be
utilised to support potential future commercial
opportunities. The extension enhances the
Company’s liquidity position, reduces refinancing
risk and aligns the debt maturity profile with the
expected cash flow and investment cycle of the
Company’s assets.
Hybrid capital (BNOR17)
In the third quarter of 2025, BlueNord issued USD
300 million of hybrid capital (BNOR17). The hybrid
bond has no fixed maturity and carries cumulative
preference dividends in accordance with the
terms of the instrument. In accordance with IAS
32, the hybrid bond is classified as equity in the
consolidated financial statements.
During 2025, cumulative preference dividends
were accrued in line with the instrument’s terms.
The hybrid bond does not include any conversion
features and has strengthened the Company’s
equity position and balance sheet resilience.
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BlueNord Annual Report 2025
Directors’ Report continued
Convertible bond (BNOR15) – fully redeemed
The USD 233.1 million convertible bond (BNOR15) issued in 2020 was fully redeemed and extinguished in 2025,
following the exercise of the Company’s call option. The bond was redeemed in cash, and all associated liabilities,
including the embedded derivative, were derecognised during the year. As a result, the Company has no outstanding
convertible bonds at year end 2025.
Senior unsecured note (BNOR16)
The Company’s senior unsecured bond BNOR16 remained outstanding throughout 2025. BNOR16 has a principal
amount of USD 300 million, a maturity of five years and carries a fixed coupon of 9.5 percent, payable semi-annually.
The bond represents a key component of the Company’s long-term funding structure and supports financial
flexibility alongside the RBL facility.
Group financial results for 2025
The consolidated financial statements of BlueNord have been prepared in accordance with IFRS and interpretations
from the IFRS interpretation committee (IFRIC), as endorsed by the EU.
See the Financial Review, on pages 14 to15.
Risk mitigation
The Company actively seeks to reduce the risk it is exposed to regarding fluctuating commodity prices through the
establishment of hedging arrangements.
Currently all the Company’s commodity price hedging arrangements are executed solely in the market using a
combination of swaps, collars and put options. At the time of this report, the Company had purchased the following:
Oil Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27
Days 90 90 92 92 90 90
Volumes (bbl) 1,560,000 2,040,000 2,070,000 2,070,000 1,320,000 1,320,000
Price (USD/bbl) 75.3 82.3 77.0 75.4 73.5 73.4
Equiv. daily production
(mbpd) 17.3 22.7 22.5 22.5 14.7 14.7
Oil Q3-27 Q4-27 Q1-28 Q2-28 Q3-28 Q4-28
Days 92 92 91 90 92 92
Volumes (bbl) 1,230,000 1,230,000 1,050,000 1,050,000 510,000 510,000
Price (USD/bbl) 72.5 72.4 72.6 72.6 73.5 73.3
Equiv. daily production
(mbpd) 13.4 13.4 11.5 11.7 5.5 5.5
Gas Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27
Days 90 90 92 92 90 90
Volumes (MWh) 1,955,000 2,625,000 3,255,000 3,285,000 2,385,000 1,976,250
Price (EUR/MWh) 40.2 40.1 38.3 39.6 38.3 31.1
Equiv. daily production
(mboepd) 12.7 17.1 20.7 20.9 15.5 12.9
Gas Q3-27 Q4-27 Q1-28 Q2-28 Q3-28 Q4-28
Days 92 92 91 90 92 92
Volumes (MWh) 1,976,250 1,935,000 1,935,000 510,000 510,000
Price (EUR/MWh) 31.0 31.6 31.4 26.3 26.2
Equiv. daily (mboepd) 12.6 12.3 12.4 3.3 3.2 –
Hedged prices are stated against the 13 April 2026 forward curve. In addition, the Company has entered into
European Union Allowance (EUA) forward contracts with scheduled deliveries between 2026 and 2029,
partially locking in its future carbon compliance costs and reducing exposure to EU carbon market price volatility.
See the section on financial risk management and financial risk factors on page 79 and note 2 in the consolidated
financial statements.
Principal risks and uncertainties
The Company is required to give a description of the principal risks and uncertainties which it faces. These principal
risks and uncertainties are included as part of the risk report and can be found on page 17.
Climate change‑related risks
The climate change-related risks are described in more detail in the sustainability statements on page 24, and the
financial impact of climate change on BlueNord’s activities, are summarised in the TCFD section of the Sustainability
Statements on page 34.
Going concern assumption
Pursuant to the Norwegian Accounting Act section 3-3a, the BlueNord Board confirms that the requirements of the
going concern assumption are met and that the annual accounts have been prepared on that basis.
Our financial integrity, and our working capital and cash position, are considered satisfactory in relation to the planned
activity level for the next 12 months.
Health, environment and safety
BlueNord prioritises the execution of company activities with adherence to principles of business integrity, as
well as respect for individuals and the environment. In 2025, through its ownership stake in the DUC - operated by
Total Energies - BlueNord participated in oil and gas production, which resulted in emissions to both sea and air.
67
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Directors’ Report continued
Additionally, BlueNord’s wholly owned subsidiary, CarbonCuts A/S, engages in CO
2
storage via operatorship of
the Ruby Project. Exploration and related follow-up activities may also generate environmental emissions.
BlueNord affirms that all business operations will be conducted in strict accordance with applicable national
legislation in each country of operation. The Company is dedicated to responsible practices that safeguard people
and the environment. Health, safety, environment, and quality, alongside safe business practices, constitute
fundamental aspects of BlueNord’s operations and overall performance. For further information, please refer
to the Sustainability statements on page 24.
Personnel resources and working environment
At the end of 2025, the Group employed fifty-four staff (2024: forty four), equivalent to 49.66 FTEs (2024: 40.95),
including four interns. The average employee age was 48 years, with an average tenure of 3.4 years, and women
represented 41 percent of the workforce. The Group maintained a stable organisation with a 12-month retention rate
of 84.8 percent and an attrition rate of 4 percent. Growth of 25 percent in 2025 was primarily driven by new hires
at the BlueNord subsidiary CarbonCuts and their continued development activities in the Ruby Project.
There have been no changes to the BlueNord Group’s Executive Team during 2025.
At the end of 2025, the Company’s Board of Directors comprised seven members, all elected by shareholders. The
Board had a gender composition of three women and four men, representing over 40 percent female representation.
The Board did not include any employee representatives.
BlueNord is an equal opportunity employer, committed to fostering diversity and inclusion in the workplace. We
welcome and embrace a variety of skillsets and perspectives, and we value differences between people of different
cultural backgrounds, ethnicity, age, gender, gender identification, gender expression, sexual orientation, functional
ability, religion, and philosophies of life. These principles apply to all employment practices at BlueNord, including
recruitment, hiring, compensation and benefits, promotion, training and development, and leave of absence.
Management compensation is described in the Executive Remuneration Report. Sick leave in the Group was 2.66
percent in 2025.
For more information, see the Our people and values section of the Sustainability Statementson pages 43 to 47.
Research and development
BlueNord invests in research and development to support and further grow its E&P and energy transition activities.
Corporate governance
The Board aims to uphold high corporate governance standards and align with the Norwegian Code of Practice.
BlueNord’s approach emphasises equal treatment of shareholders, as seen in general assembly decisions.
For details on the Board’s composition and yearly activities, refer to the Board Activities on pages 60 to 64 of this
report’s corporate governance section.
AGM
The AGM held on 22 May 2025, Jann Brown and Elisabeth Proust were elected to the board, and Peter Coleman was
re-elected. All agenda items passed. An extraordinary meeting on 20 November approved the interim balance sheet,
extraordinary dividend, and share capital reduction.
For more information about corporate governance and corporate social responsibility, see the relevant sections of
this report. Also, see www.bluenord.com/corporate‑governance and www.bluenord.com/csr.
Directors’ and officers’ liability insurance
The Company has acquired and maintains a Directors’ and officers’ insurance policy to cover the personal liability
for financial losses that Directors and officers of the Company, and the Directors and officers of the Company’s
subsidiaries, may incur in their capacities as such. The policy is placed with a reputable international carrier on
market terms.
Ownership
There are no restrictions on the transfer of shares in BlueNord ASA. The Company currently has approximately
8,700 shareholders and 30.89 percent of the shares are held by residents of Norway.
BlueNord ASA
In 2025, the parent company operated as a holding entity, with its principal expenses consisting of shareholder-
related costs, consultancy fees, legal fees, and payroll. The annual net result was driven primarily by dividends
received and interest income from Group companies, partially offset by expenses associated with the
extinguishment of bond loans and bond loan interest expenses.
For more information about financial risk and market conditions, and a statement regarding going concern, please
see the relevant sections above. These comments are also valid for the parent company.
Parent company financial results for 2025
In 2025, personnel expenses totalled USD 4.3 million, down from USD 8.4 million in 2024. The drop mainly stems from
restructuring costs incurred in 2024 due to reorganisation and higher social security taxes triggered by Directors
exercising share options. BlueNord’s previous Share Option Programme ended in August 2024, and the Company
now has no options outstanding.
Other operating expenses amounted to USD 11.9 million, up from USD 5.3 million in 2024. This growth was mainly
due to service charges from Group companies, which were recorded as reduced revenue in the previous year.
The net operating result for 2025 reflected a loss of USD 8.5 million, an improvement over the USD 10.3 million loss
reported for 2024.
68
BlueNord Annual Report 2025
Net financial items resulted in USD 784.6 million income in 2025, up from USD 38.9 million expense in 2024,
mainly due to Group dividends received and interest income from Group companies, partially offset by expenses
associated with the extinguishment of bond loans and bond loan interest expenses.
The Company’s net result for the year amounted to a profit of USD 776.0 million (2024: loss USD 49.2 million).
Allocations
The result for the year for BlueNord ASA in 2025 was a profit of USD 776.0 million.
The Board proposes the following allocations:
• proposed dividend: USD 115 million;
• distributed dividend: USD 391 million;
• allocated to other equity: USD 270 million; and
• total appropriation: USD 776.0 million.
Outlook
BlueNord enters 2026 with a significantly strengthened operational and financial platform. The focus for the coming
year will be on further enhancing operational stability at Tyra, completing remaining reliability upgrades and bringing
the final wells on stream, supporting increasing and more stable production through the year.
The base assets are expected to continue delivering stable production with high operational efficiency. No infill drilling
is planned for 2026, with capital expenditure focused on maintenance activities, reservoir management and selective
value-accretive projects.
Price volatility has been considerable, prompting management to regularly evaluate the market in order to manage
fluctuations in commodity prices. In 2025, the Company entered into fixed-price swap agreements covering
additional volumes of oil and gas for the period from 2025 through 2028.
The Company monitors global as well as local political and economic conditions that may affect future results. The
Company has not identified any negative impact on the Company’s assets or income. See further detail on this issue
and mitigations as outlined in the Principal Risks and Uncertainties section on page 17.
The Company expects Tyra to materially enhance overall production and cost efficiency, with lifting cost expected
to remain at USD 13 /boe at full capacity. BlueNord is well positioned to continue delivering strong cash generation
and meaningful shareholder returns, supported by disciplined capital allocation and a robust balance sheet.
BlueNord ASA has a total liquidity of USD 493 million at the end of 2025 with cash on balance sheet of USD 142.7 million
and undrawn RBL facility capacity of USD 350.0 million, which reflects the extension of the RBL facility completed
in February 2026. The Company has a solid basis for executing the strategy and the ambition to continue to deliver
material shareholder returns and significant value creation.
Activity to progress value additive organic DUC investment projects also continues, and we will seek to sanction
projects as they are sufficiently matured. BlueNord ASA believes economic investments in these projects will help to
replace produced reserves and provide strong financial returns benefitting the Company’s shareholders.
The Company expects the following production in 2026:
Guidance 2026 Unit Base Tyra Total
Q1 mboepd 20.0-21.0 22.0-24.0 42.0-45.0
Q2 mboepd 18.0-20.0 21.0-26.0 39.0-46.0
Q3 mboepd 17.0-19.0 25.0-30.0 42.0-49.0
Q4 mboepd 18.0-20.0 24.0-29.0 42.0-49.0
The following sections of the BlueNord ASA Annual Report constitute part of the Directors’ Report.
Annual Report chapter reference Content Page reference
Strategic Report Financial Review 14-15
Strategic Report Sustainability Statements 24-49
Strategic Report Principal Risks and Uncertainties 17-23
Governance Report Corporate Governance Report 55-59
Appendix 4 Norwegian Transparency Act Statement 153-154
Oslo
21 April 2026
Glen Ole Rødland Robert J. McGuire Peter Coleman Kristin Færøvik
Chair of the Board Board member Board member Board member
João Saraiva e Silva Elisabeth Proust Van Heeswijk Jann Brown Euan Shirlaw
Board member Board member Board member Chief Executive Officer
Directors’ Report continued
69
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
This report is prepared in accordance with the Norwegian Accounting Act, section 3-3d, and the Securities Trading
Act section 5-5a. It states that companies engaged in activities within the extractive industries shall annually prepare
and publish a report containing information about their payments to governments at country and project level.
The Ministry of Finance has issued a regulation (F20.12.2013 nr. 1682) stipulating that the reporting obligation only
applies to reporting entities above a certain size and to payments above certain threshold amounts. In addition, this
regulation stipulates that the report shall include other information than payments to governments, and it provides
more detailed rules applicable to definitions, publication and Group reporting.
The management of BlueNord ASA has applied judgement in the interpretation of the wording in the regulation
with regard to the specific types of payments to be included in this report, and at what level they should be reported.
Where payments are required to be reported on a project-by-project basis, they are reported on a field-by-field basis.
Only gross amounts on operated licences are to be reported, as all payments within the licence performed by non-
operators will normally be cash calls transferred to the Operator and are as such not payments to the government.
All activities of BlueNord ASA within the extractive industries are located on the Danish continental shelf and all are
performed as non-operator. All the reported payments below are to the Danish government.
Income tax
Income tax is calculated and paid on a corporate level and is therefore reported for the whole Company rather than
licence-by-licence.
In 2025 BlueNord has received USD 12.8 million in a tax refund related to the 25 percent chapter two hydrocarbon
taxes pertaining to 2024 earnings, In addition the Company has paid USD 1.3 million pertaining to prior years as well
as USD 32.3 million as a first instalment on account tax for income year 2025.
Reporting of Payments to Governments
Other information required to be reported
In accordance with regulation F20.12.2013 nr. 1682 BlueNord ASA is also required to report on investments, operating
income, production volumes, and purchases of goods and services. All reported information is relating to BlueNord
ASA activities within the extractive industries on the Danish continental shelf.
• Total net investments amounted to USD 44.7 million, as specified in the cash flow analysis in the financial statements.
• Sales income (petroleum revenues) in 2025 amounted to USD 1,030.3 million, as specified in the financial statements.
• Total production in 2025 was 13.6 million barrels of oil equivalent.
For further information about purchases of goods and services please refer to the income statement and
related notes.
70
BlueNord Annual Report 2025
Financial
Statements
04
Consolidated Statements 72
Consolidated Statement of Comprehensive Income 72
Consolidated Statement of Financial Position 73
Consolidated Statement of Changes in Equity 74
Consolidated Statement of Cash Flows 75
Notes 76
Statutory Accounts 125
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Notes 129
Independent Auditor’s Report 141
Statement of Compliance 144
Alternative Performance Measures 145
Supplementary Oil and Gas Information (Unaudited) 147
71
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
In 2025, BlueNord converted strong
operational delivery into sustainable
cash flow, supporting capital returns
and long‑term financial resilience.”
Total revenue
$1,030m
2024: $702m
EBITDA
$530m
2024: $354m
Total liquidity
1
$493m
2024: $521m
1 Figure reflects the extended RBL facility that closed on 25 February 2026.
72
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Consolidated Statement of Comprehensive Income
USD million | Note | 2025 | 2024 |
Revenue | 5 | ||
Other income | 5 | ||
Total income | |||
Production expenses | 6 | ( | ( |
Exploration and evaluation expenses | 7 | ( | ( |
Personnel expenses | 8 | ( | ( |
Other operating expenses | 9 | ( | ( |
Total operating expenses | ( | ( | |
Operating result before depreciation, amortisation and impairment (EBITDA) | |||
Depreciation/amortisation/impairment | 11, 10 | ( | ( |
Net operating result (EBIT) | |||
Financial income | 13 | ||
Financial expenses | 13 | ( | ( |
Net financial items | ( | ( | |
Result before tax (EBT) | ( | ||
Income tax benefit/(expense) | 14 | ( | |
Net result for the year 1 | ( | ||
| Other comprehensive income: | |||
| Items that are or may be subsequently reclassified to profit or loss: | |||
Realised cash flow hedge revenue | 19 | ( | |
Realised cash flow hedge financial items | 19 | ( | |
Related tax – realised cash flow hedge | 14, 19 | ||
Changes in fair value cash flow hedges revenue | 19 | ( | |
Changes in fair value cash flow hedges financial items | 19 | ||
Related tax – changes in fair value cash flow hedge | 14, 19 | ( | |
Currency translation adjustment | ( | ||
Total other comprehensive income/(loss) for the year | ( | ||
Total comprehensive income/(loss) for the year 1 | ( | ||
Basic earnings/(loss) (USD per share) | 15 | ( | |
Diluted earnings/(loss) (USD per share) | 15 | ( |
1 Preference dividends on hybrid capital. An amount of USD 17 million has been allocated to hybrid capital holders for the year, representing cumulative preference dividends accrued in accordance with the
instrument’s terms. These dividends are cumulative but not discretionary and are not recognised as a liability under IAS 32. For earnings per share purposes, the current period’s cumulative preference dividends
have been deducted from profit attributable to ordinary shareholders in accordance with IAS 33.14(b). See note 15 Earnings per share for details.
73
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Consolidated Statement of Financial Position
As at 31 December
USD million | Note | 2025 | 2024 |
| Non-current assets | |||
Intangible assets | 10 | ||
Deferred tax assets | 14 | ||
Property, plant and equipment | 11 | ||
Right of use asset | |||
Restricted bank deposits | 18, 19 | ||
Derivative instruments | 19 | ||
Total non-current assets | |||
| Current assets | |||
Derivative instruments | 19 | ||
Tax receivables | 14 | ||
Trade receivables and other current assets | 16, 19 | ||
Inventories | 17 | ||
Restricted cash and bank deposits | 18, 19 | ||
Cash and cash equivalents | 18 | ||
Total current assets | |||
Total assets |
Oslo
21 April 2026
Glen Ole Rødland Robert J. McGuire Peter Coleman Kristin Færøvik João Saraiva e Silva Elisabeth Proust Van Heeswijk Jann Brown Euan Shirlaw
Chair of the Board Board member Board member Board member Board member Board member Board member Chief Executive Officer
| Equity | |||
Share capital | 20 | ||
Other equity | 23 | ||
Total equity | |||
| Non-current liabilities | |||
Asset retirement obligations | 22 | ||
Bond loan | 19, 24 | ||
Reserve-based lending facility | 19, 24 | ||
Derivative instruments | 19 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
| Current liabilities | |||
Convertible bond loan | 19, 24 | ||
Asset retirement obligations | 22 | ||
Tax payable | 14 | ||
Derivative instruments | 19 | ||
Trade payables and other current liabilities | 25, 19 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
74
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Consolidated Statement of Changes in Equity
| Share | Currency | Cash flow | ||||||
| Share | premium | Treasury | Hybrid | translation | hedge | Other | Total | |
| All figures in USD million | capital | fund | share reserve | capital | fund | reserve | equity | equity |
At 01.01.2024 | ( | |||||||
Net result for the period | ( | ( | ||||||
| Other comprehensive income | ||||||||
Realised cash flow hedge revenue | ||||||||
Realised cash flow hedge financial items | ( | ( | ||||||
Related tax – realised cash flow hedge | ||||||||
Changes in fair value cash flow hedge revenue | ( | ( | ||||||
Changes in fair value cash flow hedge financial items | ||||||||
Related tax – changes in fair value cash flow hedge | ||||||||
Currency translation adjustments | ( | ( | ||||||
Total other comprehensive income | ( | ( | ( | |||||
Issue of shares | ||||||||
Sale of shares | ||||||||
Share-based incentive programme | ||||||||
Total transactions with owners for the period | ||||||||
At 31.12.2024 | ( | ( | ( | |||||
At 01.01.2025 | ( | ( | ( | |||||
Net result for the period 1 | ||||||||
| Other comprehensive income | ||||||||
Realised cash flow hedge revenue | ( | ( | ||||||
Related tax – realised cash flow hedge | ||||||||
Changes in fair value cash flow hedge revenue | ||||||||
Related tax – changes in fair value cash flow hedge | ( | ( | ||||||
Currency translation adjustments | ||||||||
Total other comprehensive income | ||||||||
Hybrid bond issue | ||||||||
Dividend paid | ( | ( | ||||||
Share buyback | ( | ( | ( | |||||
Cancellation of treasury shares | ( | |||||||
Reduction of nominal value | ( | |||||||
Share-based incentive programme | ( | ( | ||||||
Total transactions with owners for the period | ( | ( | ( | ( | ||||
At 31.12.2025 | ( |
1 Preference dividends on hybrid capital. An amount of USD 17 million has been allocated to hybrid capital holders for the year, representing cumulative preference dividends accrued in accordance with the
instrument’s terms. These dividends are cumulative but not discretionary and are not recognised as a liability under IAS 32. For earnings per share purposes, the current period’s cumulative preference dividends
have been deducted from profit attributable to ordinary shareholders in accordance with IAS 33.14(b). See note 15 Earnings per share for details.
75
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Consolidated Statement of Cash Flows
For the year ended 31 December
USD million | Note | 2025 | 2024 |
| Cash flows from operating activities | |||
Net result for the year | ( | ||
| Adjustments for: | |||
Income tax (benefit)/expense | 14 | ( | |
Net financial items | 13 | ||
Depreciation/impairment | 11, 10 | ||
Share-based payments expenses | |||
Interest received 1 | 13 | ||
Other financial items paid | ( | ( | |
| Changes in: | |||
Trade receivable | 16 | ( | |
Trade payables | 25 | ( | ( |
Inventories and spare parts | 17 | ( | ( |
Prepayments | 16 | ( | |
Over/(under)-lift | 16, 25 | ( | |
Other current balance sheet items 2 | |||
Cash flow from operating activities before tax | |||
Tax pa id | ( | ( | |
Net cash flow from operating activities | |||
| Cash flows from investing activities | |||
Acquisition of subsidiary, net of cash acquired | |||
Investment in oil and gas assets | 11 | ( | ( |
Investment in other assets | 11 | ( | |
Payments for decommissioning of oil and gas fields | 22 | ( | ( |
Changes in restricted cash accounts | |||
Net cash flow from/(used in) investing activities | ( | ||
| Cash flows from financing activities | |||
Net proceeds from hybrid capital issue | |||
Dividend paid | 23 | ( | |
Share buyback | ( | ||
Sale of shares | 24 | ||
Issue of shares | 24 | ||
Drawdown long-term liability | 24 | ||
Repayment long-term liability | 24 | ( | ( |
Interests and fees external loan | 24 | ( | ( |
Lease payments | ( | ( | |
Net cash flow from/(used in) financing activities | ( | ||
Net change in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | |||
Cash and cash equivalents at end of the year |
1 Excluding interest received from cash call security account as these interests are added to the cash call security account, hence not available cash.
2 Mainly currency adjustments on balance sheet items.
76
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes
77
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
1 Summary of material accounting policies continued
| Country of | Ordinary | Ordinary | ||
| incorporation | shares | shares | ||
| and place of | Nature of | directly held | held by the | |
| Name | business | business | by parent (%) | Group (%) |
BlueNord Denmark A/S | Denmark | Intermediate holding company | 100% | |
BlueNord Energy Denmark A/S | Denmark | Exploration and production activity | 100% | |
BlueNord Gas Denmark A/S | Denmark | Exploration and production activity | 100% | |
CarbonCuts A/S | Denmark | Carbon capture and storage | 100% | |
BlueNord Energy 8/06 Denmark B.V | Netherlands | Exploration and production activity | 100% | |
BlueNord Pipeline Denmark Aps | Denmark | Infrastructure oil and gas | 100% | |
BlueNord Energy UK Ltd | Great Britain | Exploration activity | 100% | |
BlueNord UK Ltd | Great Britain | Exploration activity | 100% | 100% |
Altinex AS | Norway | Intermediate holding company | 100% | 100% |
BlueNord AS | Norway | Dormant company | 100% | 100% |
Notes continued
78
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
1 Summary of material accounting policies continued
Notes continued
79
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | NOK | DKK | EUR |
Financial assets | 0 | 44 | 7 |
Financial liabilities | (0) | 5 | (2) |
Effect net result/equity | 1 | 39 | 9 |
Notes continued
80
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
2 Financial risk management continued
USD million | Equity | OCI | Net result |
Net book value at 31.12.2025 | 38 | 37 | 1 |
Commodity price +10% | (30) | (29) | (1) |
Commodity price -10% | 30 | 29 | 1 |
Notes continued
81
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
2 Financial risk management continued
2.3 Fair value estimation
The Group has certain financial instruments carried at fair value. The different fair value hierarchy levels have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities
The fair value of financial instruments traded in active markets is based on quoted market prices at the statement of financial position date. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3. Specified valuation techniques used to value financial instruments include:
• quoted market prices or dealer quotes for similar instruments;
• the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and
• the fair value of forward foreign exchange contracts is determined using forward exchange rates at the statement of financial position date, with the resulting value discounted
back to present value.
Level 3: Inputs for other assets or liabilities that are not based on observable market data
See note 19 Financial instruments for fair value hierarchy and further information.
Notes continued
82
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
83
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
3 Critical accounting estimates and judgements continued
2026 | 2027 | 2028 | 2029 | 2030 | 2031 | |
Brent price, real terms ($/bbl) | 65.0 | 65.0 | 65.0 | 65.0 | 65.0 | 65.0 |
Gas price, real terms (EUR/MWh) | 30.0 | 30.0 | 28.0 | 28.0 | 28.0 | 28.0 |
EU ETS price, nominal (EUR/t) | 73.3 | 74.5 | 80.0 | 80.0 | 80.0 | 80.0 |
Danish carbon duty, nominal (DKK/t) | 155.0 | 233.0 | 316.0 | 390.0 | 465.0 | 474.0 |
USD:DKK | 6.35 | 6.35 | 6.35 | 6.35 | 6.35 | 6.35 |
EUR:DKK | 7.46 | 7.46 | 7.46 | 7.46 | 7.46 | 7.46 |
USD:EUR | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
Notes continued
84
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
3 Critical accounting estimates and judgements continued
Notes continued
85
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
4 Climate risk management continued
Notes continued
86
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
4 Climate risk management continued
Mitigation actions
• Proactive engagement with the Government and regulatory bodies ensuring compliance with new climate requirements.
• Continuous assessment on emission reduction initiatives and other potential renewable projects within the DUC partnership.
• Perform internal sensitivity analysis and scenario testing, taking into account climate risk factors, at a Company and project level.
• Include climate risk considerations within investment decisions and working closely within the DUC partnership to align the DUC operations with evolving policies.
• Diversifying the Company’s portfolio by investing in CCS projects through its wholly-owned subsidiary CarbonCuts.
• Strengthening ESG disclosures to maintain investor confidence and access to sustainable financing.
Physical risk
Acute physical risk
Denmark’s sometimes unfavourable weather conditions could disrupt onshore and offshore operations, impact infrastructure integrity, and cause supply chain logistics and
production downtime. Longer-term shifts in climate patterns like changing frequency of chronic heat waves or cold waves, sea level rise, and increased water stress could impact
operations in Denmark and in the value chain.
Mitigating actions
• Active engagement and monitoring of HSE related topics within the DUC operations.
• Integrating sustainability consideration within project planning.
Financial impact and reporting considerations
These climate-related risks may have financial implications across the Company’s asset valuation, operational costs and other financial obligations. The Company integrates
climate risk into its financial reporting and performs climate risk assessments on the below financial reporting elements:
• Production expenses on environmental liabilities (note 6 Production expenses): Carbon costs are accounted for under production expenses. Changes in carbon regulations
are continuously monitored to ensure for compliance. In 2025, the Company exercised its option to self-purchase carbon allowances and entered into forward contracts
covering a portion of its 2025-2027 emissions obligations. The Operator continues to manage the surrendering of allowances on behalf of BlueNord as part of the DUC joint
venture partnership.
• Impairments (note 12 Impairments): Climate factors are among the triggers considered during impairment testing. This includes consideration of the carbon price volatility and
impact from potential introduction of new carbon regulations that could lead to higher incurred operational expenses.
• Financial income and expense (note 13 Financial income and expenses): Following the 2026 refinancing, the link to ESG performance affecting debt pricing was removed
from the Company’s RBL facility terms. Other climate-related risks are integrated into interest rate sensitivity analysis for the Company’s debt obligations such as a potential
increase in financing costs for oil and gas financing as the industry shifts towards stricter green targets. While this does not apply in the short-term due to the fixed rates on
existing debt, it offers insights into potential increased interest exposure over the longer term.
• Asset retirement obligations (note 22 Asset retirement obligations): Climate factors may influence costs estimates and regulatory developments affecting decommissioning
obligations. The impact on provisioning has been disclosed related to the impact of a five-year acceleration of cessation of production of the fields within the DUC hubs, due to
low economics driven by higher climate-related costs.
• Reserves estimates (note 3 Critical accounting estimates and the Supplementary Oil and Gas Information section): Denmark’s commitment to achieving carbon neutrality
by 2050 may have an impact on reserves estimates, driven by earlier cessation of production. For context, the DUC licence expires in 2042, and Denmark has committed to
stopping oil and gas production by 2050 under the NSA. This suggests a reduced risk of early production shutdown when seen in the light of the various possible scenarios
for oil and gas demand in the future as the energy transition takes place and offers greater flexibility to adjust to evolving market conditions or shifts in global energy demand.
Given this, further climate risk sensitivity analysis is not considered necessary by the Company in this case. As stated earlier in note 3.2 (b), changes in commodity prices,
CO
2
costs and other cost estimates can also alter reserve estimates and, consequently, the economic cut-off, which may impact the timing of decommissioning and removal
activities, and as such future changes to proven and probable oil and gas reserves can significantly affect depreciation, the life of the field, impairment of licence-related
assets, and operating results.
Notes continued
87
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | 2025 | 2024 |
Sale of oil | 552.6 | 507.3 |
Sale of gas and NGL | 462.6 | 191.4 |
Tariff income | 15.1 | 3.6 |
Total revenue | 1,030.3 | 702.3 |
Other income | 9.0 | – |
Total income | 1,039.3 | 702.3 |
Production of oil (mmbbl) | 8.0 | 6.6 |
Over/(under)-lift (mmbbl) | (0.5) | 0.2 |
Sales of oil (mmbbl) | 7.6 | 6.8 |
Production of gas (mmboe) | 5.6 | 2.6 |
Purchase of gas (mmboe) | 0.8 | 0.0 |
Sales of gas (mmboe) | 6.3 | 2.6 |
Effective oil price USD/bbl | 72.8 | 74.4 |
Effective gas price USD/boe | 73.0 | 74.2 |
Effective gas price EUR/MWh | 37.8 | 40.4 |
Notes continued
88
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
5 Income continued
Revenue per customer | 2025 | 2024 |
Shell Trading International | 41.6% | 69.4% |
Ørsted Salg & Service AS | 34.8% | 18.6% |
BP Oil International | 9.9% | 9.1% |
Shell Energy Europe Limited | 7.0% | 3.4% |
Natixis | 1.3% | 0.0% |
Macquarie Bank Europe | 0.9% | 2.4% |
Deutsche Bank | 0.9% | 0.3% |
Other 1 | 0.9% | 0.0% |
Goldman Sachs International | 0.8% | 0.0% |
DNB Bank ASA | 0.6% | 0.0% |
Wells Fargo Bank | 0.6% | 0.0% |
ING Bank N.V. | 0.5% | (3.4%) |
ICBC Standard Bank Plc | 0.1% | 0.0% |
Crossbridge Energy A/S | 0.0% | 0.0% |
Danske Olieberedskapslagre – FDO | 0.0% | 0.0% |
SEB Skandinaviska Enskilda Banken AB | 0.0% | 0.0% |
BNP Paribas | 0.0% | 0.2% |
Total revenue | 100.0% | 100.0% |
1 Tariff income from TotalEnergies EP Danmark A/S.
Notes continued
89
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | 2025 | 2024 |
Direct field opex | (260.9) | (200.4) |
Tariff and transportation expenses | (85.2) | (46.3) |
Environmental costs 1 | (17.9) | (12.6) |
Production general and administrative | (6.2) | (14.7) |
Field operating cost | (370.2) | (274.1) |
Total produced volumes (mmboe) | 13.6 | 9.1 |
Field operating cost (USD/boe) | (27.2) | (30.0) |
| Adjustments for: | ||
Gas purchases and fees | (75.0) | – |
Penalties | (19.1) | – |
Concept studies | 0.2 | (1.2) |
Change in inventory position | 8.7 | (1.3) |
Change in (over)/under-lift of oil and NGL | 12.4 | (8.9) |
Insurance and other | (22.3) | (22.6) |
Stock scrap | 3.7 | (2.4) |
Production expenses | (461.7) | (310.4) |
USD million | 2025 | 2024 |
Acquisition of seismic data, drilling, analysis and general geological and geophysical costs | (14.9) | (5.8) |
Other exploration and evaluation expenses | – | (0.1) |
Total exploration and evaluation expenses | (14.9) | (5.9) |
Notes continued
90
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | Note | 2025 | 2024 |
Salaries | (12.4) | (13.0) | |
Social security tax | (1.3) | (4.0) | |
Pension costs | 21 | (0.8) | (0.7) |
Costs relating to share-based payments | (1.0) | (1.6) | |
Other personnel expenses | (0.7) | (0.4) | |
Total personnel expenses | (16.1) | (19.7) | |
Average FTEs | 47.9 | 40.2 | |
Average number of employees | 52.7 | 43.3 |
Notes continued
91
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
8 Personnel expenses continued
USD thousand | 2025 | 2024 |
Short-term employee benefits | 3,893 | 3,992 |
Post-employment benefits | 140 | 122 |
Share-based payments | 232 | 830 |
Total remuneration to key management | 4,265 | 4,945 |
USD million | 2025 | 2024 |
Consultant fees | (11.6) | (8.4) |
Other operating expenses | (5.3) | (4.0) |
Total other operating expenses | (16.9) | (12.4) |
Notes continued
92
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
| Capitalised | ||||
| exploration | ||||
| USD million | expenditures | Licence | Goodwill | Tota l |
Book value at 31.12.2024 | 1.9 | 143.0 | 2.1 | 147.0 |
Acquisition costs at 31.12.2024 | 1.9 | 186.0 | 2.1 | 190.0 |
Currency translation adjustment | – | – | 0.1 | 0.1 |
Acquisition costs at 31.12.2025 | 1.9 | 186.0 | 2.2 | 190.1 |
Accumulated depreciation, amortisation and write-down at 31.12.2024 | – | (43.0) | – | (43.0) |
Depreciation/write-down/amortisation | – | (9.5) | (2.2) | (11.7) |
Accumulated depreciation, amortisation and write-downs at 31.12.2025 | – | (52.5) | (2.2) | (54.7) |
Book value at 31.12.2025 | 1.9 | 133.5 | – | 135.5 |
| Capitalised | ||||
| exploration | ||||
| USD million | expenditures | Licence | Goodwill | Tota l |
Book value at 31.12.2023 | 1.9 | 149.7 | – | 151.6 |
Acquisition costs at 31.12.2023 | 1.9 | 186.0 | – | 187.9 |
Additions | – | – | 2.2 | 2.2 |
Reclassified to operating expenses | – | – | (0.1) | (0.1) |
Acquisition costs at 31.12.2024 | 1.9 | 186.0 | 2.1 | 190.0 |
Accumulated depreciation and write-downs at 31.12.2023 | – | (36.3) | – | (36.3) |
Depreciation/amortisation | – | (6.7) | – | (6.7) |
Accumulated depreciation and write-downs at 31.12.2024 | – | (43.0) | – | (43.0) |
Book value at 31.12.2024 | 1.9 | 143.0 | 2.1 | 147.0 |
Notes continued
93
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
| Assets under | Production | Other | ||
| USD million | construction | facilities | assets | Tota l |
Book value at 31.12.2024 | 52.6 | 2,519.1 | 1.3 | 2,573.0 |
Acquisition costs at 31.12.2024 | 52.6 | 3,135.0 | 3.1 | 3,190.7 |
Reclassification from assets under construction to production facilities 1 | (29.8) | 29.8 | – | – |
Additions | 25.5 | 17.0 | 2.2 | 44.7 |
Revaluation of abandonment assets | – | 170.1 | – | 170.1 |
Disposals | – | – | (0.0) | (0.0) |
Currency translation adjustment | – | 0.2 | 0.2 | 0.4 |
Acquisition costs at 31.12.2025 | 48.3 | 3,352.1 | 5.5 | 3,405.9 |
Depreciation and write-downs at 31.12.2024 | – | (615.9) | (1.9) | (617.7) |
Depreciation | – | (220.8) | (0.2) | (221.0) |
Depreciation of capitalised borrowing cost | – | (16.3) | – | (16.3) |
Reversed write-down | – | 0.2 | – | 0.2 |
Disposals | – | – | 0.0 | 0.0 |
Currency translation adjustment | – | (0.1) | (0.0) | (0.1) |
Depreciation and write-downs at 31.12.2025 | – | (852.8) | (2.1) | (854.9) |
Book value at 31.12.2025 | 48.3 | 2,499.2 | 3.4 | 2,550.9 |
Notes continued
94
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
11 Property, plant and equipment continued
| Assets under | Production | Other | ||
| USD million | construction | facilities | assets | Tota l |
Book value at 31.12.2023 | 1,422.8 | 1,003.7 | 1.4 | 2,427.9 |
Acquisition costs at 31.12.2023 | 1,422.8 | 1,491.5 | 3.1 | 2,917.4 |
Reclassification from assets under construction to production facilities 1 | (1,401.5) | 1,401.5 | – | – |
Additions | 31.3 | 185.5 | 0.1 | 216.9 |
Acquisition of subsidiary | – | – | 0.0 | 0.0 |
Sale of assets | – | 19.4 | (0.0) | 19.4 |
Revaluation abandonment asset | – | 37.1 | – | 37.1 |
Disposal | – | – | (0.0) | (0.0) |
Currency translation adjustment | – | (0.1) | (0.1) | (0.2) |
Acquisition costs at 31.12.2024 | 52.6 | 3,135.0 | 3.1 | 3,190.7 |
Accumulated depreciation and write-downs at 31.12.2023 | – | (487.9) | (1.7) | (489.5) |
Depreciation | – | (127.0) | (0.2) | (127.2) |
Depreciation of capitalised borrowing cost | – | (1.1) | – | (1.1) |
Sale of asset, reversal depreciation | – | – | 0.0 | 0.0 |
Acquisition of subsidiary | – | – | (0.0) | (0.0) |
Disposals | – | – | 0.0 | 0.0 |
Currency translation adjustment | – | 0.0 | 0.0 | 0.1 |
Accumulated depreciation and write-downs at 31.12.2024 | – | (615.9) | (1.9) | (617.7) |
Book value at 31.12.2024 | 52.6 | 2,519.1 | 1.3 | 2,573.0 |
Notes continued
95
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
96
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
12 Impairments continued
Impairment reviews
See note 3.2 (d) for the accounting estimates/assumptions related to impairment of non-financial assets.
The Group has determined that it has two CGUs: one for the DUC assets and one for CarbonCuts.
The Group believes that the market capitalisation is primarily attributable to the DUC assets. No impairment triggers were identified in 2025, and therefore, no impairment tests
were required to be done on the DUC CGU.
Should the market capitalisation materially decrease below the carrying amount of equity, this could indicate potential impairment trigger of the DUC CGU. If not positive a value in
use calculation will be calculated and compared to the carrying value of the CGU to determine if there is an impairment of the DUC CGU.
Although no impairment test was required due to the absence of triggers, the Group is reassured by the market capitalisation, which continues to show significant headroom as of
31 December, 2025 and 2024. The market capitalisation was USD 1,131.3 million and USD 1,532.5 million on 31 December, 2025 and 2024, respectively, based on the exchange rates
for the US dollar and Norwegian kroner at those times. The carrying amount of equity was USD 753.7 million and USD 695.6 million on 31 December, 2025 and 2024, respectively.
USD million | 2025 | 2024 |
Total interest income | 9.7 | 15.8 |
Change in fair value of embedded derivatives 1 | 39.6 | – |
Change in fair value of financial instruments | 8.6 | – |
Change in fair value of foreign exchange contracts | – | 0.7 |
Foreign exchange gains | 16.7 | 9.5 |
Other financial income | 0.0 | – |
Total other financial income | 65.0 | 10.2 |
Notes continued
97
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
13 Financial income and expenses continued
USD million | 2025 | 2024 |
Interest expenses from current liabilities | (16.1) | (0.5) |
Interest expense from bond loans | (48.0) | (56.2) |
Interest expense from bank debt 2 | (92.2) | (76.8) |
Total interest expenses | (156.3) | (133.5) |
Change in fair value of embedded derivatives | – | (32.1) |
Change in fair value of interest swap reserve-based facility, ineffective part | – | (0.1) |
Change in fair value of amortised cost reserve-based facility 3 | – | (5.6) |
Utilisation of derivatives, ineffective part | – | (0.7) |
Accretion expense related to asset retirement obligations | (53.0) | (54.3) |
Extinguishment of bond loans 1 | (37.9) | (22.3) |
Foreign exchange losses | (17.5) | (5.5) |
Other financial expenses | (2.6) | (2.6) |
Total other financial expenses | (111.0) | (123.2) |
Net financial items | (192.6) | (230.6) |
Notes continued
98
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
| Income tax in profit/loss (Danish corporate income tax and hydrocarbon tax) | ||
USD million | 2025 | 2024 |
Current tax | (84.6) | (5.4) |
Current tax, prior year | (10.9) | 68.1 |
Current tax | (95.4) | 62.7 |
Deferred tax | 62.4 | (53.2) |
Deferred tax, prior year | 56.9 | (68.1) |
Deferred tax | 119.2 | (121.4) |
Tax (expense)/income | 23.8 | (58.7) |
Notes continued
99
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
14 Tax continued
| Tax (expense)/income related to OCI | ||
USD million | 2025 | 2024 |
Cash flow hedges | (111.9) | 67. 2 |
Tax (expense)/income related to OCI | (111.9) | 67.2 |
| Reconciliation of nominal to actual tax rate | Hydrocarbon tax 64% | Corporate tax 22% | |||
| USD million | 2025 | 2025 | Total | ||
Result before tax | 90.1 | (2.3) | 87.8 | ||
Expected tax on profit before tax | 57.7 | 64% | (0.5) | 22% | 57.2 |
| Tax effect of: | |||||
Prior year adjustment | (46.2) | (51%) | 0.2 | (9%) | (46.0) |
Adjustment of ABEX tax asset | 10.6 | 12% | – | 0% | 10.6 |
Currency changes to tax losses carried forward in DKK 1 | (56.7) | (63%) | – | 0% | (56.7) |
Investment uplift on capex projects 2 | (35.1) | (39%) | – | 0% | (35.1) |
Permanent differences 3 | 10.0 | 11% | (8.2) | 359% | 1.8 |
Interest limitation | 34.9 | 39% | – | 0% | 34.9 |
No recognition of tax assets in Norway and UK | – | 0% | 9.6 | (419%) | 9.6 |
Tax income in profit/loss | (24.9) | (28%) | 1.1 | (47%) | (23.8) |
Notes continued
100
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
14 Tax continued
| Reconciliation of nominal to actual tax rate, | Hydrocarbon tax 64% | Corporate tax 22% | |||
| USD million | 2024 | 2024 | Total | ||
Result before tax | 67.6 | (79.6) | (12.1) | ||
Expected tax on profit before tax | 43.2 | 64% | (17. 5) | 22% | 25.7 |
| Tax effect of: | |||||
Prior year adjustment | 0.5 | 1% | (0.4) | 1% | 0.1 |
Currency changes to tax losses carried forward in DKK 1 | 53.0 | 78% | – | 0% | 53.0 |
Investment uplift on capex projects 2 | (51.3) | (76%) | – | 0% | (51.3) |
Permanent differences 3 | – | 0% | 7.1 | (9%) | 7.1 |
Interest limitation | 11.5 | 11% | – | 0% | 11.5 |
No recognition of tax assets in Norway and UK | – | 0% | 12.7 | (16%) | 12.7 |
Tax expense in profit/loss | 56.9 | 84% | 1.8 | (2%) | 58.7 |
Hydrocarbon tax 64% | Corporate tax 22% | ||||
| USD million | 2025 | 2025 | Total | ||
OCI before tax | 174.8 | 5.2 | 180.0 | ||
Expected tax on OCI before tax | (111.9) | 64% | (1.1) | 22% | (113.0) |
| Tax effect of: | |||||
Non-taxable currency translation adjustment | – | 1.1 | 1.1 | ||
Tax in OCI | (111.9) | 64% | – | 22% | (111.9) |
Hydrocarbon tax 64% | Corporate tax 22% | ||||
| USD million | 2024 | 2024 | Total | ||
OCI before tax | (98.1) | (23.4) | (121.5) | ||
Expected tax on OCI before tax | 62.8 | 64% | 5.2 | 22% | 67.9 |
| Tax effect of: | |||||
Non-taxable currency translation adjustment | – | (0.7) | (0.7) | ||
Tax in OCI | 62.8 | 64% | 4.5 | 22% | 67.2 |
| Current income tax receivables/(payables) | |||||
USD million | 2025 | 2024 | |||
Corporate tax 22% (Denmark) | 0.2 | (0.8) | |||
Hydrocarbon tax (Denmark) | (50.9) | 11.5 | |||
Hydrocarbon tax for prior years (Denmark) | (21.1) | (8.6) | |||
Tax (payables)/receivables | (71.8) | 2.2 |
Notes continued
101
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
14 Tax continued
| Effect | Effect | |||
| Deferred tax and deferred tax asset | recognised in | recognised in | ||
USD million | 31.12.2024 | profit/loss | OCI | 31.12.2025 |
Property, plant and equipment | 1,061.2 | (69.1) | – | 992.0 |
Intangible assets, licences | 14.7 | 4.3 | – | 18.9 |
Inventories and receivables | 32.5 | (8.8) | – | 23.7 |
Asset retirement obligation | (671.1) | (134.0) | – | (805.1) |
Other assets and liabilities | (5.6) | (1.3) | – | (6.9) |
Tax loss carryforward, Chapter 2 tax (25%) | (31.3) | 31.1 | – | (0.2) |
Tax loss carryforward, Chapter 3a tax (52%) | (560.2) | 59.3 | 111.9 | (389.0) |
Deferred tax asset, net | (159.8) | (118.5) | 111.9 | (166.4) |
| Effect | Effect | |||
| Deferred tax and deferred tax asset | recognised in | recognised in | ||
USD million | 31.12.2023 | profit/loss | OCI | 31.12.2024 |
Property, plant and equipment | 812.9 | 248.3 | – | 1,061.2 |
Intangible assets, licences | 29.4 | (14.8) | – | 14.7 |
Inventories and receivables | 33.8 | (1.3) | – | 32.5 |
Asset retirement obligation | (623.9) | (47.1) | – | (671.1) |
Other assets and liabilities | (2.9) | (2.7) | – | (5.6) |
Tax loss carryforward, Chapter 2 tax (25%) | (0.1) | (31.2) | – | (31.3) |
Tax loss carryforward, Chapter 3a tax (52%) | (467.7) | (29.8) | (62.8) | (560.2) |
Deferred tax asset, net | (218.5) | 121.4 | (62.8) | (159.8) |
Notes continued
102
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
14 Tax continued
| Tax losses carried forward, Denmark | ||
DKK million | 2025 | 2024 |
Corporate tax (22%) | – | – |
Chapter 2 Hydrocarbon tax (25%) | – | 890.7 |
Chapter 3a Hydrocarbon tax (52%) | 4,336.3 | 7,488.1 |
| Tax losses carried forward, Norway | ||
USD million / GBP million (as stated) | 2025 | 2024 |
Corporate tax Norway (22%) | 1,348.5 | 1,208.3 |
| Tax losses carried forward, UK. In million GBP/USD | ||
USD million / GBP million (as stated) | 2025 | 2024 1 |
Trade losses, UK (hydrocarbon s330(2)), USD | 77.9 | 78.0 |
Trade losses, UK (hydrocarbon), USD | 100.8 | 100.1 |
Pre-trading revenue expenditure, UK (hydrocarbon), GBP | 1.4 | 1.3 |
Pre-trading capital expenditure, UK (hydrocarbon), GBP | 40.2 | 40.2 |
Notes continued
103
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
USD million | 2025 | 2024 |
Net result for the year | 111.6 | (70.8) |
Preference dividends on hybrid capital | (17.0) | – |
Profit/(loss) attributable to ordinary shareholders of the parent | 94.6 | (70.8) |
Adjustment for amortisation convertible bond loans | – | 31.3 |
Adjustment for fair value embedded derivatives | – | 32.1 |
Profit/(loss) attributable to ordinary shareholders of the parent - diluted basis | 94.6 | (7.3) |
Number of shares outstanding at the beginning of the year | 26,498,640 | 26,105,328 |
Share buyback | (1,001,782) | – |
Treasury shares awarded | 70,344 | – |
Issue of new share | – | 292,791 |
Sale of treasury shares | – | 100,521 |
Number of shares outstanding at the end of the year | 25,567,202 | 26,498,640 |
Weighted average number of shares (basic) | 26,096,159 | 26,318,827 |
Adjustment for convertible bond loan 1 | – | 4,803,885 |
Weighted average number of shares (diluted) | 26,096,159 | 31,122,712 |
Basic earnings per share (in USD) | 3.6 | (2.7) |
Diluted earnings per share (in USD) | 3.6 | (2.7) |
104
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | 2025 | 2024 |
| Current assets | ||
Trade receivables | 60.9 | 27.9 |
Under-lift of oil and NGL | 6.1 | – |
Prepayments | 19.1 | 9.5 |
Other receivables | 21.2 | 1.6 |
Total trade receivables and other current receivables | 107.3 | 39.0 |
| Not past | Past due | ||||||
USD million | Total | due | > 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days |
Trade receivables | 60.9 | 60.9 | – | – | – | – | – |
Tota l | 60.9 | 60.9 | – | – | – | – | – |
| Not past | Past due | ||||||
USD million | Total | due | > 30 days | 30-60 days | 61-90 days | 91-120 days | > 120 days |
Trade receivables | 27.9 | 27.9 | – | – | – | – | – |
Tota l | 27.9 | 27.9 | – | – | – | – | – |
Notes continued
105
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
USD million | 2025 | 2024 |
Product inventory, oil | 22.3 | 13.7 |
Other stock (spares and consumables) 1 | 45.5 | 42.1 |
Total inventories | 67.8 | 55.8 |
USD million | 2025 | 2024 |
| Non-current assets | ||
Restricted bank deposits pledged as security for abandonment obligation related to Nini/Cecilie | 69.7 | 61.5 |
Total non-current restricted bank deposits | 69.7 | 61.5 |
| Current assets | ||
Unrestricted cash and cash equivalents | 142.7 | 250.6 |
Restricted bank deposits pledged as security for cash call obligations towards TotalEnergies 1 | – | 157.2 |
Restricted bank deposits 2 | 0.1 | 0.1 |
Total current cash and cash equivalents | 142.8 | 407.9 |
Total bank deposits | 212.5 | 469.4 |
106
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
107
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
19 Financial instruments continued
USD million | Level 1 | Level 2 | Level 3 | Total |
| Assets | ||||
| Financial Assets at fair value through profit or loss | ||||
– Derivative instruments price hedge | – | 3.8 | – | 3.8 |
– Derivative instruments EUA | – | 4.8 | – | 4.8 |
| Hedging instruments at fair value | ||||
– Derivative instruments price hedge | – | 103.7 | – | 103.7 |
Total assets | – | 112.3 | – | 112.3 |
| Liabilities | ||||
| Hedging instruments at fair value | ||||
– Derivative instruments price hedge | – | 2.0 | – | 2.0 |
Total liabilities | – | 2.0 | – | 2.0 |
USD million | Level 1 | Level 2 | Level 3 | Tota l |
| Assets | ||||
| Hedging instruments at fair value | ||||
– Derivative instruments price hedge | – | 14.2 | – | 14.2 |
Total assets | – | 14.2 | – | 14.2 |
| Liabilities | ||||
| Financial Liabilities at fair value through profit or loss | ||||
– Embedded derivatives convertible bond BNOR15 | – | – | 85.1 | 85.1 |
| Hedging instruments at fair value | ||||
– Derivative instruments price hedge | – | 87.4 | – | 87.4 |
Total liabilities | – | 87.4 | 85.1 | 172.5 |
Notes continued
108
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
19 Financial instruments continued
| Financial | Assets at fair | Hedging | ||
| assets at | value through | instruments | ||
| USD million | amortised cost | profit or loss | at fair value | Total |
| Assets | ||||
Derivative instruments EUA | – | 4.8 | – | 4.8 |
Derivative instruments price hedge | – | 3.8 | 103.7 | 107.5 |
Trade receivables and other current assets | 107.3 | – | – | 107.3 |
Restricted bank deposits | 69.8 | – | – | 69.8 |
Cash and cash equivalents | 142.7 | – | – | 142.7 |
Tota l | 319.8 | 8.6 | 103.7 | 432.1 |
| Financial | Liabilities at fair | Hedging | ||
| liabilities at | value through | instruments | ||
| USD million | amortised cost | profit or loss | at fair value | Total |
| Liabilities | ||||
Derivative instruments price hedge | – | – | 2.0 | 2.0 |
Subordinated hybrid bond loan | 1.0 | – | – | 1.0 |
Senior unsecured bond loan | 305.5 | – | – | 305.5 |
Reserve-based lending facility | 763.5 | – | – | 763.5 |
Trade payables and other current liabilities | 92.7 | – | – | 92.7 |
Tota l | 1,162.6 | – | 2.0 | 1,164.6 |
| Financial | Assets at fair | Hedging | ||
| assets at | value through | instruments | ||
| USD million | amortised cost | profit or loss | at fair value | Tota l |
| Assets | ||||
Derivative instruments price hedge | – | – | 14.2 | 14.2 |
Trade receivables and other current assets | 39.0 | – | – | 39.0 |
Restricted bank deposits | 218.8 | – | – | 218.8 |
Cash and cash equivalents | 250.6 | – | – | 250.6 |
Tota l | 508.4 | – | 14.2 | 522.6 |
Notes continued
109
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
19 Financial instruments continued
| Financial | Liabilities at fair | Hedging | ||
| liabilities at | value through | instruments | ||
| USD million | amortised cost | profit or loss | at fair value | Tota l |
| Liabilities | ||||
Derivative instruments price hedge | – | – | 87.4 | 87.4 |
Embedded derivatives convertible bond BNOR15 | – | 85.1 | – | 85.1 |
Convertible bond loans | 233.1 | – | – | 233.1 |
Senior unsecured bond loan | 303.5 | – | – | 303.5 |
Reserve-based lending facility | 834.3 | – | – | 834.3 |
Trade payables and other current liabilities | 99.4 | – | – | 99.4 |
Tota l | 1,470.4 | 85.1 | 87.4 | 1,642.9 |
| Less than | Over | ||||
| USD million | 1 year | 1-2 years | 2-5 years | 5 years | Total |
| Non-derivative financial liabilities: | |||||
BNOR17 | – | – | – | 300.0 | 300.0 |
BNOR16 | 28.5 | 28.5 | 357.0 | – | 414.0 |
Reserve-based lending facility | 77.1 | 217.0 | 732.2 | – | 1,026.3 |
Trade creditors and other liabilities | 92.7 | – | – | – | 92.7 |
| Derivative financial liabilities: | |||||
Derivatives | 1.9 | 0.1 | – | – | 2.0 |
Total as at 31.12.2025 | 200.2 | 245.6 | 1,089.2 | 300.0 | 1,835.0 |
| Less than | Over | ||||
| USD million | 1 year | 1-2 years | 2-5 years | 5 years | Total |
| Non-derivative financial liabilities: | |||||
BNOR15 1 | – | – | – | – | – |
BNOR16 | 28.5 | 28.5 | 385.5 | – | 442.5 |
Reserve-based lending facility | 83.8 | 86.2 | 1,036.3 | – | 1,206.3 |
Trade creditors and other liabilities | 99.4 | – | – | – | 99.4 |
| Derivative financial liabilities: | |||||
Derivatives | 64.4 | 22.0 | 1.0 | – | 87.4 |
Total as at 31.12.2024 | 276.1 | 136.7 | 1,422.9 | – | 1,835.6 |
Notes continued
110
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
19 Financial instruments continued
| Total amount | Carrying | Fair | |
| USD million | outstanding 1 | amount | value |
| Financial assets | |||
Derivative instruments EUA | 4.8 | 4.8 | |
Derivative instruments price hedge | 107.5 | 107.5 | |
Trade receivables and other current assets | 107.3 | 107.3 | |
Restricted bank deposits | 69.8 | 69.8 | |
Cash and cash equivalents | 142.7 | 142.7 | |
Tota l | 432.1 | 432.1 | |
| Financial liabilities | |||
Derivative instruments price hedge | 2.0 | 2.0 | |
Subordinated hybrid bond loan 2 | 1.0 | 1.0 | |
Senior unsecured bond loan | 300.0 | 305.5 | 300.0 |
Reserve-based lending facility | 800.0 | 763.5 | 800.0 |
Trade payables and other current liabilities | 92.7 | 92.7 | |
Tota l | 1,100.0 | 1,164.6 | 1,195.7 |
Notes continued
111
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
19 Financial instruments continued
| Maturity | |||||||
| Less than | 1 to 3 | 3 to 6 | 6 to 9 | 9 to 12 | More than | ||
| As at 31.12.2025 | 1 month | months | months | months | months | 12 months | Total |
| Commodity forward sales contracts oil: | |||||||
Notional quantity (mbbl) | – | 525.0 | 525.0 | 225.0 | 225.0 | 420.0 | 1,920.0 |
Notional amount (USD million) | – | 39.1 | 39.1 | 16.0 | 16.0 | 26.2 | 136.4 |
Average hedged sales price (USD/bbl) | – | 74.5 | 74.5 | 71.1 | 71.1 | 62.5 | 71.1 |
| Commodity forward sales contracts gas: | |||||||
Notional quantity (mMWh) | – | 1,065.0 | 915.0 | 915.0 | 585.0 | 2,445.0 | 5,925.0 |
Notional amount (EUR million) | – | 38.7 | 28.9 | 28.9 | 20.1 | 74.2 | 190.8 |
Average hedged sales price (EUR/MWh) | – | 36.4 | 31.6 | 31.6 | 34.4 | 30.3 | 32.2 |
| Commodity zero cost collar contracts oil: | |||||||
Notional quantity (mbbl) | – | 615.0 | 615.0 | 825.0 | 825.0 | 2,430.0 | 5.310.0 |
Average hedged price – floor (USD/bbl) | – | 65.1 | 65.1 | 64.5 | 64.5 | 77.7 | 70.7 |
Average hedged price – ceiling (USD/bbl) | – | 76.2 | 76.2 | 74.6 | 74.6 | 90.5 | 82.3 |
| Commodity zero cost collar contracts gas: | |||||||
Notional quantity (mMWh) | – | 840.0 | 690.0 | 690.0 | 825.0 | 1,245.0 | 4,290.0 |
Average hedged price – floor (EUR/MWh) | – | 40.3 | 33.0 | 33.0 | 31.6 | 30.0 | 33.3 |
Average hedged price – ceiling (EUR/MWh) | – | 56.1 | 45.0 | 45.0 | 45.6 | 42.1 | 46.4 |
Notes continued
112
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
| No. of shares | Share capital | |
| (number) | (USD million) | |
Number of shares and share capital at 01.01.2024 | 26,205,849 | 1.7 |
Issue of shares | 292,791 | 0.0 |
Number of shares and share capital at 31.12.2024 | 26,498,640 | 1.7 |
Cancellation of own shares | (931,438) | (0.0) |
Reduction of nominal value | – | (0.1) |
Number of shares and share capital at 31.12.2025 | 25,567,202 | 1.6 |
| Treasury share | ||
| No. of shares | reserve | |
| (number) | (USD million) | |
Number of treasury shares and treasury share reserve as of 01.01.2024 | (100,521) | (0.1) |
Sale of treasury shares | 100,521 | 0.1 |
Number of treasury shares and treasury share reserve at 31.12.2024 | – | – |
Share buyback | (1,001,782) | (0.1) |
Treasury shares awarded | 70,344 | 0.0 |
Cancellation of own shares | 931,438 | 0.0 |
Number of treasury shares and treasury share reserve at 31.12.2025 | – | – |
Notes continued
113
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
20 Share capital continued
Shareholder* | Shareholding | Ownership share | Voting share |
The Bank of New York Mellon SA/NV | 4,365,500 | 17.1 % | 17.1 % |
Goldman Sachs International | 2,290,758 | 9.0 % | 9.0 % |
State Street Bank and Trust Comp | 1,783,575 | 7.0 % | 7.0 % |
Sober AS | 1,168,944 | 4.6 % | 4.6 % |
JPMorgan Chase Bank, N.A., London | 1,000,971 | 3.9 % | 3.9 % |
J.P. Morgan SE | 981,897 | 3.8 % | 3.8 % |
Citibank, N.A. | 784,364 | 3.1 % | 3.1 % |
The Northern Trust Comp, London Br | 734,932 | 2.9 % | 2.9 % |
Caceis Bank | 679,738 | 2.7 % | 2.7 % |
The Bank of New York Mellon | 655,739 | 2.6 % | 2.6 % |
Euroclear Bank S.A./N.V. | 510,208 | 2.0 % | 2.0 % |
UBS Switzerland AG | 424,914 | 1.7 % | 1.7 % |
Clearstream Banking S.A. | 363,006 | 1.4 % | 1.4 % |
UBS AG | 342,744 | 1.3 % | 1.3 % |
Nordnet Bank AB | 338,325 | 1.3 % | 1.3 % |
Alto Holding AS | 320,000 | 1.3 % | 1.3 % |
HSBC Bank Plc | 307, 246 | 1.2 % | 1.2 % |
Finsnes Invest AS | 301,234 | 1.2 % | 1.2 % |
Hanasand | 292,412 | 1.1 % | 1.1 % |
Sbakkejord AS | 266,190 | 1.0 % | 1.0 % |
Tota l | 17,912,697 | 70.1 % | 70.1 % |
Other owners (ownership <1.0%) | 7,654, 505 | 29.9 % | 29.9 % |
Total number of shares at 10 April 2026 | 25,567,202 | 100.0 % | 100.0 % |
Notes continued
114
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
21 Post‑employment benefits
USD million | 2025 | 2024 |
Balance at 01.01. | 1,122.1 | 1,049.0 |
Provisions and change of estimates made during the year | 178.3 | 34.5 |
Accretion expense | 53.0 | 54.2 |
Incurred cost removal | (4.5) | (15.5) |
Currency translation adjustment | 0.3 | (0.1) |
Total provision for asset retirement obligations at 31.12. | 1,349.3 | 1,122.1 |
| Breakdown of short-term and long-term asset retirement obligations | ||
Short-term | 5.3 | 11.4 |
Long-term | 1,344.0 | 1,110.6 |
Total provision for asset retirement obligations at 31.12. | 1,349.3 | 1,122.1 |
Notes continued
115
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
22 Asset retirement obligations continued
USD million | Undiscounted | Discounted |
2026-2029 | 46.2 | 42.3 |
2030-2034 | 510.5 | 379.6 |
2035-2039 | 63.7 | 43.1 |
2040+ 1 | 1,649.4 | 810.1 |
At 31.12.2025 2 | 2,269.8 | 1,275.2 |
Notes continued
116
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
22 Asset retirement obligations continued
| Sensitivity | Asset retirement | Change in |
| USD million | obligation | provision |
Abandonment cost estimate | 1,275.2 | |
Abandonment cost estimate increase +40% | 1,785.2 | 40.0% |
Abandonment cost estimate increase +10% | 1,402.7 | 10.0% |
Abandonment cost estimate decrease -10% | 1,147.6 | (10.0%) |
Abandonment cost estimate decrease -30% | 892.6 | (30.0%) |
Discount rate +1.0% | 1,122.4 | (12.0%) |
Discount rate -1.0% | 1,454.1 | 14.0% |
Inflation rate +1.0% | 1,449.2 | 14.0% |
Inflation rate -1.0% | 1,123.6 | (12.0%) |
Cessation of production (by hubs) accelerated by 5 years | 1,395.2 | 9.0% |
117
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
23 Hybrid capital continued
Maturity | 2085 |
Type | Subordinated |
Financial classification | Equity (99.7%) |
Notional amount | USD 300 million |
Issued | 10.07.2025 |
Maturing | 10.07.2085 |
Quoting in | Oslo |
First redemption at par | 10.01.2030 |
Coupon | 12% fixed rate |
Coupon step-up from 10.01.2030 | 17% fixed rate |
Deferral of interest payment | Optional |
USD million | Equity | Debt | Total |
Book value at 31.12.2024 | – | – | – |
Profit allocated to hybrid owners | 17.0 | – | 17.0 |
Addition | 299.1 | 0.9 | 300.0 |
Fees | (13.3) | – | (13.3) |
Accretion | – | 0.0 | 0.0 |
Book value at 31.12.2024 | 302.8 | 1.0 | 303.8 |
118
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
24 Borrowings continued
31.12.2025 | 31.12.2024 | |||
| Principal | Book | Principal | Book | |
| USD million | amount | value | amount | value |
BNOR16 senior unsecured bond 1 | 300.0 | 305.5 | 300.0 | 303.5 |
Total non-current bonds | 300.0 | 305.5 | 300.0 | 303.5 |
Reserve-based lending facility 2 | 800.0 | 763.5 | 880.0 | 834.3 |
Total non-current debt | 800.0 | 763.5 | 880.0 | 834.3 |
BNOR15 convertible bond 3 | – | – | 247.1 | 233.1 |
Total current debt | – | – | 247.1 | 233.1 |
Total borrowings | 1,100.0 | 1,068.9 | 1,427.1 | 1,370.9 |
119
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
24 Borrowings continued
Cash flows | Non-cash changes | ||||||
| Derecognition | |||||||
| Movements in interest-bearing liabilities | Receipts/ | Interest and | Conversion to | embedded | |||
USD million | 31.12.2024 | payments | financing cost | shares | derivative | Amortisation | 31.12.2025 |
BNOR16 senior unsecured bond | 303.5 | – | (28.5) | – | – | 30.5 | 305.5 |
Reserve-based lending facility | 834.3 | (80.0) | (85.9) | – | – | 95.0 | 763.5 |
Total movement in non-current interest- bearing liabilities | 1,137.9 | (80.0) | (114.4) | – | – | 125.5 | 1,068.9 |
BNOR15 convertible bond | 233.1 | (331.4) | (2.6) | 37.9 | 45.5 | 17.5 | – |
| Total movement in current interest-bearing | |||||||
liabilities | 233.1 | (331.4) | (2.6) | 37.9 | 45.5 | 17.5 | – |
Total movement in interest-bearing liabilities | 1,370.9 | (411.4) | (117.0) | 37.9 | 45.5 | 143.0 | 1,068.9 |
Cash flows | Non-cash changes | ||||||
| Move between | |||||||
| Movements in interest-bearing liabilities | Receipts/ | Interest and | Conversion to | long term and | |||
USD million | 31.12.2023 | payments | financing cost | shares | short term | Amortisation | 31.12.2024 |
BNOR15 convertible bond | 201.7 | – | – | – | (233.1) | 31.3 | – |
BNOR16 senior unsecured bond | – | 300.0 | (11.5) | – | – | 15.1 | 303.5 |
BNOR14 senior unsecured bond | 169.1 | (175.0) | (25.4) | 22.3 | – | 9.0 | – |
Reserve-based lending facility 1 | 695.8 | 30.0 | (96.8) | – | 125.0 | 80.4 | 834.3 |
Total movement in non-current interest- bearing liabilities | 1,066.6 | 155.0 | (133.7) | 22.3 | (108.1) | 135.8 | 1 ,137.9 |
Reserve-based lending facility | 125.0 | – | – | – | (125.0) | – | – |
BNOR15 convertible bond | – | – | – | – | 233.1 | – | 233.1 |
| Total movement in current interest-bearing | |||||||
liabilities | 125.0 | – | – | – | 108.1 | – | 233.1 |
Total movement in interest-bearing liabilities | 1,191.6 | 155.0 | (133.7) | 22.3 | – | 135.8 | 1,370.9 |
120
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
24 Borrowings continued
Notes continued
121
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
24 Borrowings continued
| Reserve-based | |||
Year | BNOR16 | lending facility | Total |
2025 | – | – | – |
2026 | – | – | – |
2027 | – | 143.0 | 143.0 |
2028 | – | 328.5 | 328.5 |
2029 | 300.0 | 328.5 | 628.5 |
Tota l | 300.0 | 800.0 | 1,100.0 |
| Reserve-based | |||
Year | BNOR16 1 | lending facility 2 | Total |
Interest rate | 9.5% | SOFR | |
2026 | 28.5 | 77.1 | 105.6 |
2027 | 28.5 | 74.0 | 102.5 |
2028 | 28.5 | 51.8 | 80.3 |
2029 | 28.5 | 23.3 | 51.8 |
Tota l | 114.0 | 226.3 | 340.3 |
USD million | 2025 | 2024 |
BlueNord ASA shares in Altinex AS | 399.2 | 398.5 |
Altinex AS shares in BlueNord Energy 8/06 Denmark B.V and other companies | 614.7 | 614.7 |
Loans from parent company to subsidiaries | 810.9 | 348.6 |
Total net book value | 1,824.7 | 1,361.8 |
Notes continued
122
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
USD million | 2025 | 2024 |
Trade payable | 14.8 | 4.4 |
Liabilities to the Operator | 19.9 | 31.1 |
Over-lift of oil and NGL | – | 6.3 |
Accrued interest | 0.5 | 3.4 |
Salary accruals | 3.1 | 2.3 |
Public duties payable | 18.7 | 33.7 |
Other current liabilities | 35.7 | 18.2 |
Total trade payables and other current liabilities | 92.7 | 99.4 |
USD million | 2025 | 2024 |
USD | 33.7 | 51.7 |
DKK | 38.5 | 29.8 |
EUR | 17.4 | 16.0 |
NOK | 1.6 | 1.2 |
GBP | 1.5 | 0.7 |
Tota l | 92.7 | 99.4 |
Notes continued
123
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
26 Guarantees continued
On 31 December 2012, BlueNord issued a parent company guarantee on behalf of its subsidiary Noreco Norway AS. BlueNord guarantees that, if any amounts become payable
by Noreco Norway AS to the Norwegian Secretary of State under the terms of the licences and the company does not repay those amounts on first demand, BlueNord shall
pay to the Norwegian Secretary of State on demand an amount equal to all such amounts. Noreco Norway AS was liquidated in 2018, however as per 31 December 2025, the
guarantee has not been withdrawn.
Licence | Field | Country | Ownership share |
DUC | DUC | Denmark | 36.8 % |
1/90 | Lulita Part | Denmark | 20.0 % |
7/86 | Lulita Part | Denmark | 20.0 % |
8/06B | Denmark | 36.8 % |
Notes continued
124
BlueNord Annual Report 2025
Consolidated Statement of
Comprehensive Income
72
Consolidated Statement of Financial Position 73
Consolidated Statement of Change in Equity 74
Consolidated Statement of Cash Flows 75
Note 1: Summary of material accounting policies 76
Note 2: Financial risk management 79
Note 3: Critical accounting estimates
and judgements
82
Note 4: Climate risk management 84
Note 5: Income 87
Note 6: Production expenses 89
Note 7: Exploration and evaluation expenses 89
Note 8: Personnel expenses 90
Note 9: Other operating expenses 91
Note 10: Goodwill and intangible assets 92
Note 11: Property, plant and equipment 93
Note 12: Impairments 95
Note 13: Financial income and expenses 96
Note 14: Tax 98
Note 15: Earnings per share 103
Note 16: Trade receivables and other
current assets
104
Note 17: Inventories 105
Note 18: Restricted bank deposits, cash
and cash equivalents
105
Note 19: Financial instruments 106
Note 20: Share capital 112
Note 21: Post-employment benefits 114
Note 22: Asset retirement obligations 114
Note 23: Hybrid capital 116
Note 24: Borrowings 117
Note 25: Trade payables and other payables 122
Note 26: Guarantees 122
Note 27: Investment in jointly owned assets 123
Note 28: Contingencies and commitments 123
Note 29: Related party transactions 124
Note 30: Subsequent events 124
Contents for
Consolidated Statements
Notes continued
125
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
USD million Note 2025 2024
Total revenues 2, 13 7.7 3.4
Personnel expenses 9, 13 (4.3) (8.4)
Other operating expenses 12, 13 (11.9) (5.3)
Total operating expenses (16.2) (13.7)
Operating result before depreciation, amortisation and impairment (EBITDA) (8.5) (10.2)
Depreciation, amortisation and impairment (0.0) (0.0)
Net operating result (EBIT) (8.5) (10.3)
Dividend received 840.0 –
Interests received from Group companies 44.2 36.3
Interest income 2.7 3.4
Foreign exchange gains 4.3 0.3
Total financial income 891.3 40.0
Extinguishment of bond loans 5 (75.5) (22.3)
Amortised cost from bond loans (40.9) (44.5)
Decrease/(increase) in foreign exchange losses 13.3 (10.9)
Impairment of financial assets 10 (3.4) (1.3)
Total financial expenses (106.7) (79.0)
Net financial items 784.6 (38.9)
Result before tax (EBT) 776.0 (49.2)
Tax 11 – –
Net result for the year 776.0 (49.2)
Appropriation:
Dividend proposed 115.0 –
Dividend distributed 391.0 –
Retained earnings 270.0 (49.2)
Total appropriation 776.0 (49.2)
Income Statement for BlueNord ASA
(Parent company) for the year ended 31 December
126
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
USD million Note 2025 2024
ASSETS
Non-current assets
Financial non-current assets
Investment in subsidiaries 3 399.2 398.5
Loans to Group companies 10 810.9 348.6
Restricted bank deposits 4 69.7 61.5
Machinery and equipment 0.1 0.1
Total non-current assets 1,279.8 808.7
Current assets
Other current receivables 1.7 1.8
Total current receivables 1.7 1.8
Financial current assets
Restricted bank deposits 0.1 0.1
Cash and cash equivalents 45.2 89.8
Total financial current assets 45.3 89.9
Total current assets 47.0 91.7
Total assets 1,326.7 900.4
Balance Sheet for BlueNord ASA
(Parent company) for the year ended 31 December
127
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
Balance Sheet for BlueNord ASA continued
(Parent company) for the year ended 31 December
USD million Note 2025 2024
EQUITY AND LIABILITIES
Equity
Paid-in equity
Share capital 1.6 1.7
Share premium fund 446.2 787.2
Hybrid capital 4 285.8 –
Treasury share reserve – –
Total paid-in equity 733.5 788.9
Retained earnings
Other equity 284.0 (442.0)
Total retained earnings 284.0 (442.0)
Total equity 7 1,017.5 346.9
Non-current liabilities
Bond loan 5 305.5 303.5
Other non-current liabilities 1.0 0.0
Total non-current liabilities 306.4 303.5
Current liabilities
Convertible bond loans 5 – 248.0
Trade payables 1.6 0.8
Other current liabilities 1.2 1.1
Total current liabilities 2.8 249.9
Total liabilities 309.2 553.4
Total equity and liabilities 1,326.7 900.4
Oslo
21 April 2026
Glen Ole Rødland
Chair of the Board
Robert J. McGuire
Board member
Elisabeth Proust
Van Heeswijk
Board member
Peter Coleman
Board member
Kristin Færøvik
Board member
Euan Shirlaw
Chief Executive Officer
João Saraiva e Silva
Board member
128
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
USD million Note 2025 2024
Net result for the period 776.0 (49.2)
Adjustments for:
Depreciation/impairment 10 0.0 0.0
Share-based payments expenses 0.3 (0.1)
Net financial cost (784.6) 38.9
Interest received 2.4 2.3
Other financial items paid (0.0) (0.0)
Changes in:
Other receivables 0.9 (1.0)
Trade payables 0.9 (15.7)
Prepayments (0.8) (0.5)
Other current balance sheet items 1.6 (0.0)
Net cash flow used in operations (3.2) (25.3)
Cash flows from investing activities
Loans to Group companies 426.6 21.8
Investment in furniture, equipment and machinery (0.0) (0.1)
Net cash flow from investing activities 426.6 21.7
Cash flows from financing activities
Drawdown long-term liability 5 – 300.0
Repayment long-term liability 5 (331.4) (192.5)
Interest and financing costs (31.4) (20.2)
Sale of shares 7 – 1.5
Issue of shares 7 – 4.2
Net proceeds from hybrid capital issue 4 285.8 –
Dividend paid (341.0) –
Share buyback (50.0) –
Net cash flow from/(used in) financing activities (468.0) 93.0
Net change in cash and cash equivalents (44.6) 89.4
Cash and cash equivalents at the beginning of the period 89.8 0.3
Cash and cash equivalents at end of the year 45.2 89.8
Cash Flow Statement for BlueNord ASA
(Parent company) for the year ended 31 December
129
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
1 Accounting principles
BlueNord ASA is a public limited liability company registered in Norway, with headquarters in Oslo (Nedre Vollgate 3, 0158 Oslo).
The annual accounts for BlueNord ASA (‘BlueNord’ or, the ‘Company’) have been prepared in compliance with the Norwegian Accounting Act and NGAAP as of 31 December 2025.
The Company is listed on the Oslo Stock Exchange under the ticker ‘BNOR’. The financial statements for 2025 were approved by the Board of Directors on 21 April 2026 and will
be presented for approval at the AGM on 19 May 2026.
Going concern
The Board of Directors confirm that the financial statements have been prepared under the presumption of going concern, and that this is the basis for the preparation of these
financial statements. The financial solidity and the Company’s working capital and cash position are considered satisfactory in regards of the planned activity level for the next
12 months.
Basis of preparation
The financial statements are prepared on the historical cost basis. The subtotals and totals in some of the tables may not equal the sum of the amounts shown due to rounding.
The accounting principles are based on NGAAP as developed through the Norwegian Accounting Act and applicable Norwegian Accounting Standards issued by the
Norwegian Accounting Standards Board.
Use of estimates
The preparation of financial statements in compliance with the Norwegian Accounting Act requires the use of estimates. The application of the Company’s accounting principles
also requires management to apply judgement. Areas, which to a great extent contain such judgements, a high degree of complexity, or in which assumptions and estimates are
significant for the financial statements, are described in the notes.
Classification of balance sheet items
Assets intended for long-term ownership or use have been classified as fixed assets. Receivables are classified as current assets if they are to be repaid within one year after the
transaction date. Similar criteria apply to liabilities. The first year’s instalment on non-current liabilities and non-current receivables are classified as current liabilities and assets. For
interest-bearing debt where the Company is required to comply with financial covenants, the loans are classified as current liabilities if, as of the balance sheet date, the Company does
not have an unconditional right to defer settlement for at least 12 months due to covenant breaches that give the creditor the right to demand repayment. If a waiver is agreed with the
creditor prior to approval of the financial statements, the classification follows the original payment schedule.
Notes
130
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
1 Accounting principles continued
Asset impairments
Impairment tests are carried out if there is indication that the carrying amount of an asset exceeds the estimated recoverable amount. The test is performed on the lowest level
of non-current assets at which independent cash flows can be identified. If the carrying amount is higher than both the fair value less cost to sell and recoverable amount (net
present value of future use/ownership), the asset is written down to the highest of fair value less cost of disposal and the recoverable amount. Previous impairment charges are
reversed in later periods if the conditions causing the write-down are no longer present.
Foreign currencies
The functional currency and the presentation currency of the Company is US dollars (USD).
Assets and liabilities in foreign currencies are valued at the exchange rate on the balance sheet date. Exchange gains and losses relating to sales and purchases in foreign
currencies are recognised as other financial income and other financial expenses.
Other liabilities
Liabilities, with the exception of certain liability provisions, are recognised in the balance sheet at nominal amount.
Provisions and contingent liabilities
Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation,
and the amount can be reliably estimated. Contingent liabilities are not recognised in the balance sheet but are disclosed in the notes where an outflow of resources is possible
but not probable, or where the amount cannot be reliably estimated.
Cash flow statement
The cash flow statement has been prepared according to the indirect method. Cash and cash equivalents include cash, bank deposits, and other current investments which
immediately and with minimal exchange risk can be converted into known cash amounts, with due date less than three months from purchase date.
Other material accounting policies are disclosed in the relevant notes to the financial statements.
2 Revenue
Accounting policy – Revenue recognition
Income from sale of services is recognised at fair value of the consideration, net after deduction of VAT. Services is recognised in proportion to the work performed.
USD million 2025 2024
Management fee subsidiaries 7.7 3.4
Total revenue 7.7 3.4
Notes continued
131
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
Notes continued
3 Investments in subsidiaries
Accounting policy – Investments in subsidiaries
For investments in subsidiaries, the cost method is applied. The cost price is increased when funds are added through capital increases or when Group contributions are made
to subsidiaries. Dividends received are initially taken as income. Dividends exceeding the portion of retained profit after the acquisition are reflected as a reduction to book value.
Dividend/Group contribution from subsidiaries are reflected in the same year as the subsidiary makes a provision for the amount.
Subsidiaries
USD million Location
Ownership/
voting right
Equity at
31.12.2025
Net
result
Book
value
Altinex AS Oslo 100% 128.7 178.2 399.2
BlueNord UK Ltd Great Britain 100% (2.2) (0.4) –
BlueNord AS Oslo 100% 0.0 (0.0) –
Book value at 31.12.25 399.2
The impairment test at 31 December 2025 justifies the overall value of Altinex AS and its subsidiaries.
4 Restricted bank deposits
USD million 2025 2024
Restricted bank deposits pledged as security for abandonment obligation related to Nini/Cecilie
1
69.7 61.5
Other restricted bank deposits
2
0.1 0.1
Total restricted bank deposits 69.8 61.6
1 In connection to the asset retirement obligation of USD 69.7 million (DKK 442.9 million) in the Group company BlueNord Energy Denmark A/S.
2 Tax withholding account.
5 Hybrid capital
In July 2025 the Company successfully issued a new USD 300 million subordinated callable hybrid bond with maturity in July 2085. The hybrid bond carries a fixed interest rate
of 12.0 percent per annum, payable semi-annually. The BNOR17 will have the first call at 100 percent of its nominal value and a coupon step-up of 5 percentage points after 4.5
years, resulting in a new fixed interest rate of 17 percent. BlueNord has the right to defer coupon payments indefinitely, even after principal repayment, but must pay any deferred
coupons before declaring ordinary dividends.
132
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
5 Hybrid capital continued
Due to the long maturity and the right to defer coupon payments, the hybrid bond is classified as a compound financial instrument, with the equity component representing nearly
the entire value. The liability component is calculated as the present value of the maturity payment in 2085, and because the debt component is immaterial, fees are allocated
entirely to equity. Coupon payments, when made, will be recognised as a deduction from equity, similar to ordinary dividends, with the related income tax effect recognised as
a reduction of income tax expense in profit or loss. The unwind of the discounting effect of the liability component will be expensed as interest (accretion).
This instrument allowed BlueNord to refinance the convertible bond, while preserving our financial flexibility and removing the equity dilution associated with BNOR15’s
mandatory conversion.
Maturity 2085
Type Subordinated
Financial classification Equity (99.7%)
Notional amount USD 300 million
Issued 10.07.2025
Maturing 10.07.2085
Quoting in Oslo
First redemption at par 10.01.2030
Coupon 12% fixed rate
Coupon step-up from 10.01.2030 17% fixed rate
Deferral of interest payment Optional
USD million Equity Debt Total
Book value at 31.12.2024 – – –
Profit allocated to hybrid owners 17.0 – 17.0
Addition 299.1 0.9 300.0
Fees (13.3) – (13.3)
Accretion – 0.0 0.0
Book value at 31.12.2025 302.8 1.0 303.8
6 Borrowings
Accounting policy – Interest-bearing bond loans, convertible bond loans and other debt to financialinstitutions
Interest-bearing bond loans, convertible bond loans and borrowings are initially recognised at fair value, net of transaction costs incurred, and the conversion option is not
separated. Subsequently, loans and borrowings are measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or
cancellation of liabilities are recognised either in interest income and other financial items or in interest and other finance expenses within net financial items. Financial liabilities
are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date, or if they are held for the purpose of being traded.
Notes continued
133
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
6 Borrowings continued
6.1 Summary of borrowings
USD million 2025 2024
Non-current debt
BNOR16 senior unsecured bond 305.5 303.5
Total non-current bonds 305.5 303.5
Current debt
BNOR15 convertible bond – 248.0
Total current debt – 248.0
Total borrowings 305.5 551.5
Details on borrowings outstanding on 31 December 2025
BNOR16
The Company issued a senior unsecured bond of USD 300 million on 2 July 2024, with a maturity in July 2029. The bond carries an interest rate of 9.5 percent per annum, payable
semi-annually. The BNOR16 bond has been used to redeem the BNOR14 bond and for other general corporate purposes.
BNOR15
The Company issued a convertible bond of USD 207.6 million in December 2022, with a five-year tenor and a mandatory conversion to equity or cash settlement after three
years (31 December 2025). BNOR15 is made up of a transfer from BNOR13 of USD 151.4 million plus additional compensation bonds of USD 56.2 million. The bondholders were
granted a right to convert the bond into new shares in the Company by way of set-off against the claim on the Company. The bond carries an interest rate of 8 percent per annum
on a payment-in-kind basis, with an alternative option for the Company to pay cash interest at 6 percent per annum, payable semi-annually. Conversion price of USD 51.4307 per
share. In June 2025, the Company entered a repurchase agreement with the BNOR15 bondholders where the Company irrevocably undertook to repurchase BNOR15. Hence,
the convertible bond is extinguished, along with the associated embedded derivative. The bond was fully redeemed on 1 August 2025.
6.2 Covenants
Reserve-based lending facility
The RBL facility constitutes senior debt of the Company and is secured on a first priority basis against certain of the Company’s subsidiaries and their assets. The RBL facility
agreement contains a financial covenant that the ratio of net debt to EBITDAX (earnings before interest, tax, depreciation, amortisation, and exploration) shall be less than 3.0:1.0.
Each test is carried out on the audited full year financial statements of BlueNord ASA. BlueNord must also demonstrate minimum liquidity on a look-forward basis of USD 50
million. This requirement applied through the completion of the Tyra redevelopment project and the subsequent 12-month period and remains satisfied at 31 December 2025.
The agreement also includes special covenants which, among other, restrict the Company from taking on additional secured debt, provide parameters for minimum and
maximum hedging requirements and restrict declaration of dividends or other distributions. BlueNord is in compliance with these covenants at 31 December 2025.
Notes continued
134
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
6 Borrowings continued
BNOR16
The USD 300 million unsecured bond contains a financial covenant that the ratio of net debt to EBITDAX (earnings before interest, tax, depreciation, amortisation, and
exploration) shall be less than 3.0:1.0. There is also a minimum liquidity covenant requirement of USD 50 million unrestricted cash, bank deposits and cash equivalents. BlueNord
has been in compliance with all covenant requirements during 2025 and 2024 and at 31 December 2025.
6.3 Payment structure
Payment structure (USD million) at 31 December 2025
Year BNOR16 Total
2029 300.0 300.0
Tota l 300.0 300.0
Interest payments (USD million) at 31 December 2025
Year BNOR16 Total
Interest rate 9.5%
2026 28.5 28.5
2027 28.5 28.5
2028 28.5 28.5
2029 28.5 28.5
Tota l 114.0 114.0
6.4 Pledged assets
Pledged assets relate to the carrying value of the pledged shares under the RBL facility entered into by the wholly-owned subsidiary Altinex AS. See note 24 in the consolidated
financial statements. No changes occurred in 2025.
7 Guarantees
Overview of issued guarantees at 31 December 2025
The parent company of the Group, BlueNord ASA, has issued a parent company guarantee to the Danish Ministry of Climate, Energy and Utilities on behalf of its subsidiaries
BlueNord Energy Denmark A/S, BlueNord Gas Denmark A/S and CarbonCuts A/S.
The Company has provided a parent company guarantee to the Danish Ministry of Climate, Energy and Utilities related to the Group’s activities on the Danish continental shelf,
including BlueNord’s participation in the Tyra West Pipeline and the Lulita licence. The Company has also provided a parent company guarantee towards the lenders in relation to
the Company’s USD 1.4 billion RBL facility and customary obligations/guarantees under joint operating agreements. BlueNord has also provided a parent company guarantee to
Shell Energy Europe Limited in relation to its subsidiary BlueNord Energy Denmark A/S’s obligations under a gas offtake and transportation agreement capped at EUR 30 mill.
Notes continued
135
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
7 Guarantees continued
Furthermore, the Company has provided a parent company guarantee to Total EP Danmark A/S for its obligations under the joint operating agreement together with a guarantee
from Shell. BlueNord has provided standby letters of credit of USD 200 million, issued under the letter of credit tranche of the USD 1.4 billion RBL facility for the benefit of Shell and
Total E&P in connection with these guarantees.
In relation to BlueNord’s historic operations in the UK North Sea, the Company has issued a parent company guarantee on behalf of its subsidiaries BlueNord UK Ltd and
BlueNord Energy UK Ltd.
On 31 December 2012, BlueNord issued a parent company guarantee on behalf of its then subsidiary Noreco Norway AS. BlueNord guarantees that, if any amounts become
payable by Noreco Norway AS to the Norwegian Secretary of State under the terms of the licences and the company does not repay those amounts on first demand, BlueNord
shall pay to the Norwegian Secretary of State on demand an amount equal to all such amounts. Noreco Norway AS was liquidated in 2018, however as per 31 December 2025,
the guarantee has not been withdrawn.
8 Shareholders’ equity
Changes in equity
USD million
Share
capital
Share
premium
Treasury
reserve
Hybrid
capital
Other
equity Total
Equity at 31 December 2024 1.7 787. 2 – – (442.0) 346.9
Net result for the period – – – 17.0 759.0 776.0
Hybrid bond issue – – – 285.8 – 285.8
Dividend paid – (341.0) – – – (341.0)
Share buyback – – (0.1) – (50.2) (50.3)
Cancellation of treasury shares (0.0) – 0.0 – – –
Reduction of nominal value (0.1) – – – 0.1 –
Share-based incentive programme – – 0.0 – 0.0 0.0
Equity at 31 December 2025 1.6 446.2 – 302.8 267.0 1,017.5
9 Share capital and shareholder information
2025 2024
Ordinary shares 25,567,202 26,498,640
Treasury shares – –
Total shares 25,567,202 26,498,640
Par value in NOK 0.5 0.5
There is only one single class of shares in the Company and all shares have equal rights.
Notes continued
136
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
9 Share capital and shareholder information continued
Changes in number of shares and share capital:
No. of shares
(number)
Share capital
(USD million)
Number of shares and share capital at 01.01.2024 26,205,849 1.7
Issue of shares 292,791 0.0
Share capital at 31.12.2024 26,498,640 1.7
Cancellation of own shares (931,438) (0.0)
Reduction of nominal value – (0.1)
Share capital at 31.12.2025 25,567,202 1.6
No. of shares
(number)
Treasury share
reserves
(USD million)
Treasury shares as of 01.01.2024 (100,521) (0.1)
Sale of treasury shares 100,521 0.1
Treasury shares at 31.12.2024 – –
Share buyback (1,001,782) (0.1)
Treasury shares awarded 70,344 0.0
Cancellation of own shares 931,438 0.0
Treasury shares at 31.12.2025 – –
1 In USD million.
Changes in 2025
As part of the dividend distribution in July 2025, the Company completed a USD 50 million share buyback. The buyback was carried out through a reverse book-building process,
with the application period closing on 16 July 2025. Following the offer, BlueNord ASA resolved to repurchase 1,001,782 shares at NOK 505 per share. Settlement was completed
on 30 July 2025, after which the Company held 1,001,782 treasury shares.
In August and September 2025, the Company awarded 70,344 of its own shares in relation to the third award of the performance shares and a one-off retention share grant under
the LTI programme.
On 20 November 2025, the Company held an Extraordinary General Meeting and reduced its share capital by NOK 501,817.709821 from NOK 14,304,747.58188 to NOK
13,801,929.872059. At the time of the reduction, the Company held 931,438 own shares, each with a nominal value of NOK 0.5398295. The reduction amount was used to cancel
all these shares.
The share capital was further reduced by NOK 1,018,328.872059, from NOK 13,801,929.872059 to NOK 12,783,601, through a reduction of the nominal value per share from NOK
0.5398295 to NOK 0.50. The reduction amount was transferred to a fund and recognised as other paid-in equity.
Notes continued
137
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
9 Share capital and shareholder information continued
Overview of shareholders at 10 April 2026:
Shareholder* Shareholding Ownership share Voting share
The Bank of New York Mellon SA/NV 4,365,500 17.1 % 17.1 %
Goldman Sachs International 2,290,758 9.0 % 9.0 %
State Street Bank and Trust Comp 1,783,575 7.0 % 7.0 %
Sober AS 1,168,944 4.6 % 4.6 %
JPMorgan Chase Bank, N.A., London 1,000,971 3.9 % 3.9 %
J.P. Morgan SE 981,897 3.8 % 3.8 %
Citibank, N.A. 784,364 3.1 % 3.1 %
The Northern Trust Comp, London Br 734,932 2.9 % 2.9 %
Caceis Bank 679,738 2.7 % 2.7 %
The Bank of New York Mellon 655,739 2.6 % 2.6 %
Euroclear Bank S.A./N.V. 510,208 2.0 % 2.0 %
UBS Switzerland AG 424,914 1.7 % 1.7 %
Clearstream Banking S.A. 363,006 1.4 % 1.4 %
UBS AG 342,744 1.3 % 1.3 %
Nordnet Bank AB 338,325 1.3 % 1.3 %
Alto Holding AS 320,000 1.3 % 1.3 %
HSBC Bank Plc 307, 246 1.2 % 1.2 %
Finsnes Invest AS 301,234 1.2 % 1.2 %
Hanasand 292,412 1.1 % 1.1 %
Sbakkejord AS 266,190 1.0 % 1.0 %
Tota l 17,912,697 70.1 % 70.1 %
Other owners (ownership <1.0%) 7,654, 505 29.9 % 29.9 %
Total number of shares at 10 April 2026 25,567,202 100.0 % 100.0 %
* Nominee holder.
Notes continued
138
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
10 Payroll expenses and remuneration
USD million 2025 2024
Salaries (incl. Directors’ fees) (2.9) (4.7)
Social security tax (0.5) (3.4)
Pension costs
1
(0.1) (0.2)
Costs relating to share-based payments (0.3) 0.1
Other personnel expenses (0.4) (0.2)
Total personnel expenses (4.3) (8.4)
Average number of employees 7.1 7. 8
1 Norwegian companies are obliged to provide an occupational pension in accordance with the Norwegian Mandatory Occupational Pension Act. BlueNord ASA meets the Norwegian requirements for mandatory
occupational pension (‘obligatorisk tjenestepensjon’).
Salaries decreased in 2025 compared to 2024, mainly due to restructuring costs incurred in the prior year. The reduction in social security tax also reflects the previous year’s
restructuring costs as well as the exercise of Directors’ share options in that year. Salaries and social security tax for 2025 includes dividend cash compensation related to the LTI
programme and the one-off award of retention shares. The Company’s previous Share Option Programme expired in August 2024, and BlueNord no longer has any outstanding
options. Share-based payments expenses for 2024 were further affected by adjustments resulting from employee departures.
For further information on remuneration to key management personnel and Board of Directors, please see note 8 in the consolidated financial statements.
11 Write‑down of financial assets
USD million 2025 2024
Net impairment loans to subsidiaries (3.4) (1.3)
Net impairment of financial assets (3.4) (1.3)
Write-down of loans to subsidiaries in 2025 and in 2024 consists of impairment of loans in BlueNord Energy UK Ltd and BlueNord UK Ltd. The intercompany loans to the UK
investment are impaired to zero.
12 Tax
Accounting policy – Taxes
The tax in the income statement includes payable taxes for the period, refundable tax and changes in deferred tax. Deferred tax is calculated at relevant tax rates on the basis
of the temporary differences which exist between accounting and tax values, and any carry forward losses for tax purposes at the year end. Tax enhancing or tax reducing
temporary differences, which are reversed or may be reversed in the same period, have been offset. Deferred tax and tax benefits which may be shown in the balance sheet are
presented net. Net deferred tax assets are not recognised due to uncertainty about future taxable profits.
Tax reduction on Group contributions given and tax on Group contribution received, recorded as a reduction of cost price or taken directly to equity, are recorded directly against
tax in the balance sheet (offset against payable taxes if the Group contribution has affected payable taxes, and offset against deferred taxes if the Group contribution has affected
deferred taxes).
Deferred tax is reflected at nominal value.
Notes continued
139
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
12 Tax continued
Reconciliation of nominal to actual tax rate:
USD million 2025 2024
Result before tax 776.0 (49.2)
Corporation income tax of income/(loss) before tax (22%) 170.7 (10.8)
Calculated tax expense 170.7 (10.8)
Permanent differences (165.9) 4.7
Changes in deferred tax assets – not recognised (4.8) 6.1
Income tax expense – –
Deferred tax liability and deferred tax assets:
USD million 2025 2024
Net operating loss deductible 246.9 142.8
Interest limitation carried forward 44.8 44.8
Fixed assets 0.1 0.0
Current assets 3.2 (64.9)
Liabilities (29.0) 21.0
Tax base for deferred tax asset 266.0 143.8
Net deferred tax asset (22%) (58.5) (31.6)
Unrecognised deferred tax asset 58.5 31.6
13 Other operating expenses and audit fees
USD million 2025 2024
Lease expenses (0.2) (0.2)
IT expenses (1.5) (1.5)
Travel expenses (0.2) (0.2)
General and administrative costs (0.1) (0.2)
Consultant fees (3.6) (2.7)
Other cost from subsidiaries (5.8) –
Other operating expenses (0.6) (0.6)
Total other operating expenses (11.9) (5.3)
Expensed audit fee:
USD thousand, excl. VAT 2025 2024
Auditor’s fees (293.5) (312.5)
Other services (67.0) (86.7)
Total audit fees (360.5) (399.2)
Notes continued
140
BlueNord Annual Report 2025
Income Statement 125
Balance Sheet 126
Cash Flow Statement 128
Note 1: Accounting principles 129
Note 2: Revenue 130
Note 3: Investments in subsidiaries 131
Note 4: Restricted bank deposits 131
Note 5: Hybrid capital 131
Note 6: Borrowings 132
Note 7: Guarantees 134
Note 8: Shareholders equity 135
Note 9: Share capital and shareholder information 135
Note 10: Payroll expenses and remuneration 138
Note 11: Write-down of financial assets 138
Note 12: Tax 138
Note 13: Other operating expenses and audit fees 139
Note 14: Related party transitions 140
Contents for
Statutory Accounts
14 Related party transactions
Transactions with related parties
USD million 2025 2024
a) Allocation of cost to Group companies, Management fee 7.7 3.4
b) Allocation of cost from Group companies, Management fee (5.8) –
c) Allocation of cost to Group companies, IT expenses 1.4 0.8
d) Purchases of services – –
e) Sale of assets – –
Interest income and interest expenses to Group companies are presented separately in the income statement.
Services are charged between Group companies at an hourly rate which corresponds to similar rates between independent parties. Allocation of IT and management fees to
Group companies amounts to an income of USD 9.1 million and management fees from Group companies amounts to an expense of USD 5.8 million for 2025.
Balances with Group companies
Carrying value of balances with Group companies are stated on the face of the balance sheet and are all related to 100 percent controlled subsidiaries.
BlueNord did not have any other transactions with any other related parties during 2025. Please see the Executive Remuneration Report 2025 for Directors’ fees paid to Board
members and remuneration to Executive Management.
Notes continued
141
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
To the General Meeting of BlueNord ASA
Opinion
We have audited the financial statements of BlueNord ASA, which comprise:
• the financial statements of the parent company BlueNord ASA (the Company), which comprise the balance sheet
as at 31 December 2025, the income statement and cash flow statement for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and
• the consolidated financial statements of BlueNord ASA and its subsidiaries (the Group), which comprise
the consolidated statement of financial position as at 31 December 2025, the consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows
for the year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December
2025, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian
Accounting Act and accounting standards and practices generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group as at
31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with
IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are independent of the Company and the Group as required by relevant laws and regulations in
Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IEASBA Code) as applicable to audits of financial
statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of BlueNord ASA for 18 years from the election by the general meeting of the shareholders
on 25 April 2008 for the accounting year 2008.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Assets retirement obligations
Refer to note 3.2 Critical accounting estimates (section d) and assumptions and note 22 Assets retirement obligations.
The key audit matter How the matter was addressed in our audit
As at 31 December 2025, the Group has
non-current asset retirement obligations of
USD 1,344.0 million and current asset retirement
obligations of USD 5.3 million.
The determination of the asset retirement
obligations (“ARO”) involves judgement related
to the estimation of future costs, the discount rate
applied, the economic cut-off date for fields and
the related timing of the expected costs.
Significant auditor judgment is required when
evaluating the asset retirement obligations
and to determine whether there is sufficient
evidence available to support the estimates
and judgments made.
Our audit procedures in this area included:
• Assessed management’s process to determine the
present value of the estimated future decommissioning
and removal expenditures required by local conditions and
requirements.
• We critically assessed and challenged the link between
the economic cut-off date for fields for consistency to the
reserves estimate, for which a third-party assessment has
been obtained.
• We assessed and challenged managements expected
future costs estimates by comparing these to reports
from the operator company and evaluating the historical
accuracy of the cost estimates.
• Assessed, with assistance from our valuation specialists,
the discount and inflation rate applied with reference to
industry practice along with market and Company data.
• We assessed the mathematical and methodological
integrity of management’s valuation model.
We also evaluated the adequacy and appropriateness of the
disclosures in the financial statements.
Independent Auditors’ Report
Report on the Audit of the Financial Statements
142
BlueNord Annual Report 2025
Initial recognition of hybrid bond
Refer to Note 3 Critical accounting estimates and judgements, Note 19 Financial Instruments and Note 23 Hybrid capital.
The key audit matter How the matter was addressed in our audit
The Group issued a USD 300 million subordinated
hybrid bond (BNOR17) in 2025.
Accounting for the hybrid bond is considered to be
a risk area due to the complex contractual terms,
including a long legal maturity, multiple issuer
redemption options and coupon step-up features.
Furthermore, the applicable accounting guidance
requires significant judgement in the classification
and measurement of the instrument.
The key accounting assessments and judgement
applied by management relate to:
• Determining whether the hybrid bond should be
classified as a financial liability, equity instrument
or a compound financial instrument;
• Assessing whether the issuer call options,
including ordinary calls at par and contingent
calls prior to the first call date, are embedded
derivatives closely related to the host liability,
and therefore whether or not they are required
to be separated from the host contract;
• Determining the effective interest rate of the host
liability and the appropriate measurement of the
instrument at amortised cost.
Our audit procedures in this area included:
• Inspected the hybrid bond agreement and related
documents to understand the key contractual terms,
including maturity, coupon structure and issuer
redemption rights;
• Discussed the contractual terms with management
and assessed management’s classification of the
instrument in accordance with IAS 32 and IFRS 9,
including the identification and assessment of
embedded derivative features;
• Evaluated management’s assessment of whether issuer
call options and other contingent features are closely
related to the host liability;
• Assessed management’s determination of the effective
interest rate and the measurement of the bond at amortised
cost, including consideration of coupon step-up features
and assumptions regarding early redemption;
• Assessed the adequacy and appropriateness of the related
disclosures in the financial statements.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other information comprises
information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other
information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report
and the other information accompanying the financial statements. The purpose is to consider if there is material
inconsistency between the Board of Directors’ report and the other information accompanying the financial
statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’
report and the other information accompanying the financial statements otherwise appears to be materially misstated.
We are required to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors’ report applies correspondingly to the statement on Corporate Governance, and
to the report on payments to governments.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and fair view
in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in
Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view
in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal
control as management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial
statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will
cease operations. The consolidated financial statements of the Group use the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to
do so.
Independent Auditors’ Report continued
143
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error.
We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s and the Group’s internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause
the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves a
true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated financial statements. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of BlueNord ASA, we have performed an assurance engagement
to obtain reasonable assurance about whether the financial statements included in the annual report, with the file
(5967007LIEEXZXGE3C16-2025-12-31-1-en), have been prepared, in all material respects, in compliance with the
requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format
(ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes
requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated
financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in
compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This
responsibility comprises an adequate process and such internal control as management determines is necessary.
Independent Auditors’ Report continued
144
BlueNord Annual Report 2025
Statement of Compliance
Board and management confirmation
Today, the Board of Directors and the Chief Executive Officer reviewed and approved the Board of Directors’ Report
and the BlueNord ASA consolidated and separate annual financial statements as of 31 December 2025.
To the best of our knowledge, we confirm that:
• the BlueNord ASA consolidated annual financial statements for 2025 have been prepared in accordance with
IFRS Accounting Standards as adopted by the EU, and additional Norwegian disclosure requirements in the
Norwegian Accounting Act;
• the financial statements for BlueNord ASA have been prepared in accordance with the Norwegian Accounting
Act and Norwegian Accounting Standards;
• that the Board of Directors’ Report for the Group and the parent company is in accordance with the requirements
in the Norwegian Accounting Act and Norwegian Accounting Standard no. 16;
• that the information presented in the financial statements gives a true and fair view of the Company’s and the
Group’s assets, liabilities, financial position, and results for the period viewed in their entirety; and
• that the Board of Directors’ Report gives a true and fair view of the development, performance, financial position,
and principle risks and uncertainties of the Company and the Group.
Oslo
21 April 2026
Glen Ole Rødland Robert J. McGuire Peter Coleman Kristin Færøvik
Chair of the Board Board member Board member Board member
João Saraiva e Silva Elisabeth Proust Van Heeswijk Jann Brown Euan Shirlaw
Board member Board member Board member Chief Executive Officer
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects,
the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct
our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance
engagements other than audits or reviews of historical financial information”. The standard requires us to plan and
perform procedures to obtain reasonable assurance about whether the financial statements included in the annual
report have been prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for
preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging
of the consolidated financial statements and assess management’s use of judgement. Our procedures include
reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe
that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 21 April 2026
KPMG AS
Roland Fredriksen
State Authorised Public Accountant
(This document is signed electronically)
Independent Auditors’ Report continued
145
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
BlueNord chooses to disclose Alternative Performance Measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. This information is provided as a useful supplemental
information to investors, security analysts and other stakeholders to provide an enhanced insight into the financial development of BlueNord’s business operations and to improve comparability between periods.
EBITDA is earnings before interest, taxes, depreciation, depletion, amortisation, and impairments. EBITDA assists in comparing performance on a consistent basis without regard to depreciation and amortisation, which can vary
significantly depending on accounting methods or non-operating factors, and provides a more complete and comprehensive analysis of our operating performance relative to other companies.
Adjusted EBITDA is EBITDA modified to exclude non-recurring events and transactions not directly related to the operational results for the period. This includes, but is not limited to, restructuring costs, fair value adjustments related to the
Share-Options programme, and non-payment insurance costs associated with the DUC acquisition.
USD million 2025 2024
EBITDA 529.7 353.9
Extraordinary gas penalties
1
26.9 7.9
Non-payment insurance 6.1 6.0
Share-Option Programme
2
1.4 2.5
Restructuring cost
3
1.6 1.8
Adjusted EBITDA 565.8 372.0
1 Upstream and downstream gas penalties related to the Tyra start-up.
2 2025 – dividend cash compensation and social security taxes related to retention shares. 2024 – social security taxes related to the Share-Option Programme being exercised.
3 Restructuring cost related to reorganisation.
Cash flow from operating activities before tax is defined as net cash flow from operating activities excluding tax payments.
USD million 2025 2024
Cash flow from operating activities before tax 437.3 383.3
Tax (paid)/received (20.8) (74.8)
Net cash flow from operating activities 416.5 308.5
Alternative Performance Measures
146
BlueNord Annual Report 2025
Interest-bearing debt is defined as the book value of the current and non-current interest-bearing debt.
USD million 31.12.2025 31.12.2024
Convertible bond loans – (233.1)
Senior unsecured bond loan (305.5) (303.5)
Reserve-based lending facility (763.5) (834.3)
Interest-bearing debt (1,068.9) (1,370.9)
Net interest-bearing debt is defined by BlueNord as cash and cash equivalents reduced by current and non-current interest-bearing debt. The RBL facility and bond loans are included in the calculation with the total amount outstanding
and not the amortised cost including transaction cost. Net interest-bearing debt as per debt covenant is defined by BlueNord as net interest-bearing debt adjusted for convertible bond loans and letters of credit issued.
USD million 31.12.2025 31.12.2024
Cash and cash equivalents 142.7 250.6
Convertible bond loans – (247.1)
Senior unsecured bond loan (300.0) (300.0)
Reserve-based lending facility (800.0) (880.0)
Net interest-bearing debt (957.3) (1,176.5)
Adjustment for convertible bond loans – 247.1
Include issued letters of credit (200.0) (100.0)
Net interest-bearing debt as per debt covenant (1,157.3) (1,029.4)
Alternative Performance Measures continued
147
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
In March 2026, the Group reported its Annual Statement of Reserves and Resources Year End 2025, which provides a comprehensive overview of BlueNord’s hydrocarbon reserves and contingent resources as of 31 December 2025.
This report is reported separately from the Annual Report 2025.
As in previous years the reserves evaluator Sproule ERCE has carried out an independent evaluation of the hydrocarbon reserves and certain contingent resources held by BlueNord Energy Denmark A/S in the sole concession area,
offshore Denmark. Sproule ERCE has carried out this work in accordance with the June 2018 SPE PRMS as the standard for classification and reporting.
In line with the Annual Statement of Reserves and Resources, the reported reserves include remaining volumes expected to be recovered based on reasonable assumptions about future technical, economic, fiscal, and financial conditions
based on year end 2025 data.
The calculations of recoverable volumes are associated with significant uncertainties. The 2P estimate represents a best estimate of reserves. The reported contingent resources (near-term 2C) are potentially recoverable volumes from
known accumulations for which development plans are being matured or further evaluation is under way with a view to development in the near term. This does not include the full portfolio of BlueNord’s 2C resources.
Total 2P reserves and near‑term 2C resources as of 31 December 2025
Field Hub Status
Liquids
(mmbbl)
Gas
(mmboe)
Oil equivalent
(mmboe)
Interest
(%)
BlueNord’s share
of oil equivalent
(mmboe)
Dan Dan On Production 49.4 5.6 55.0 36.8 % 20.2
Kraka Dan On Production 7.9 0.2 8.1 36.8 % 3.0
Gorm Gorm On Production 9.7 0.4 10.1 36.8 % 3.7
Skjold Gorm On Production 14.8 0.7 15.5 36.8 % 5.7
Rolf Gorm On Production 1.2 0.0 1.2 36.8 % 0.5
Halfdan (incl. Halfdan North East) Halfdan On Production 61.2 30.7 91.9 36.8 % 33.8
Tyra Tyra On Production 30.0 78.7 108.7 36.8 % 40.0
Valdemar Tyra On Production 34.3 17.6 51.9 36.8 % 19.1
Roar Tyra On Production 6.0 13.0 19.0 36.8 % 7.0
Harald (incl. HEMJ) Tyra On Production 9.5 28.6 38.1 36.8 % 14.0
Lulita Tyra On Production 1.8 1.1 2.9 28.4 % 0.8
Halfdan Infill (Ekofisk) Halfdan Justified for Development 5.4 4.8 10.1 36.8 % 3.7
Tyra SE Extension Tyra Justified for Development 11.7 0.4 12.2 36.8 % 4.5
Valdemar UC Infill Tyra Justified for Development 3.1 3.1 6.1 36.8 % 2.3
Tyra North (Ph 1) Tyra Justified for Development 17.1 21.2 38.3 36.8 % 14.1
Total 2P reserves 263.1 206.1 469.3 172.4
Halfdan Tor NE Infill 1.4 1.0 2.4 36.8 % 0.9
Tyra SE Tor Infill 2.9 0.6 3.5 36.8 % 1.3
Tyra North (Ph 2) 3.4 10.5 14.0 36.8 % 5.1
Valdemar Bo South 18.5 10.0 28.5 36.8 % 10.5
Svend Re-development 11.4 1.7 13.1 36.8 % 4.8
Total 2C resources 37.7 23.7 61.4 22.6
Total 2P reserves and near-term 2C resources 300.8 229.8 530.6 195.0
Supplementary Oil and Gas Information (Unaudited)
148
BlueNord Annual Report 2025
05
Appendix 1. UN Sustainable Development Goals 150
Appendix 2. Environment – Climate 151
Appendix 3. Environment – Nature 152
Appendix 4. BlueNord | Transparency Act Report 153
Information about BlueNord 155
Appendices
149
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
150
BlueNord Annual Report 2025
Appendix 1. UN Sustainable Development Goals
UN Sustainable Development Goals
The UN SDGs provide a global framework for addressing environmental and social challenges. BlueNord considers the SDGs to be a valuable reference
point for our sustainability reporting, and for identifying areas where the Company can contribute further through our activities and partnerships. Examples of
relevant initiatives are presented here.
Sustainability impact area SDGs 2025 focus
People BlueNord promotes the welfare and rights of employees,
communities and other stakeholders.
• Ensure safe operations along with the DUC Operator.
• Respect human and labour rights.
• Deliver continuous professional development for
our employees.
Climate BlueNord identifies and invests in initiatives that
reduce emissions and ensure secure access to locally
produced energy.
• Reduce GHG emissions with the DUC Operator.
• Improve energy efficiency of the DUC operations.
• Invest in carbon storage to contribute to Denmark’s CCS
goals and net- zero target.
Environment BlueNord identifies and invests in initiatives that reduce
environmental impact and promote sustainability.
• Support the DUC’s ambition to locally recycle obsolete
infrastructure.
• Reduce the DUC operations’ atmospheric emissions by
40 percent in 2030 compared to 2015.
• Minimise chemicals and hydrocarbons from produced water
discharged to the sea in strict adherence with discharge
permits and environmental regulations.
Responsible and ethical business BlueNord’s Board of Directors and Executive
Management are expected to demonstrate integrity,
honesty and accountability in their decision-making.
• Promote Board diversity and independence.
• Maintain transparency in market communication and
disclosures.
• Comply with local legislations, reporting requirements,
and standards.
Partnerships BlueNord collaborates with DUC partners, governmental
bodies, civil society, businesses, academia, and
non-governmental organisations to address challenges.
• Engage with local communities.
• Engage with DUC partners and the Operator to encourage
adoption of best practice and advocate for alignment with
Danish and EU regulations.
151
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Appendix 2. Environment – Climate
Performance status 2025: Atmospheric emissions
Topic Description
CO
2
emissions Main CO
2
source is the fuel gas for production including flaring and other
fuels contribution.
Fuel consumption Fuel is consumed primarily by single cycle gas turbines powering generators, gas
compressors and pumps. Diesel generators are used when power cannot be
generated with fuel gas. This is typically the case on drilling rigs, during production
shutdown, or on platforms without processing capacities and without power
supply from adjacent platforms.
Flaring Flaring of natural gas occurs on all hubs when required to allow safe operation
during production upsets and non-routine operation.
Venting Venting of gas from production facilities is done to ensure safe operation. Venting
is primarily relevant for systems operating at atmospheric pressure, but it also
occurs during facilities maintenance.
Topic Description
NOx and SOx emissions The operation of gas turbine drives and diesel engines offshore causes emissions
of nitrogen oxides and sulphur oxides.
CH
4
CH
4
and non-methane volatile organic compounds (NMVOC) come directly from
our gas. They can originate from unburned parts of our fuel gas or flare gas (they
do not burn at 100 percent efficiency) or from process vents or tiny leaks that are
below threshold limits of our safety detection systems.
NMVOC CH
4
and NMVOC come directly from our gas. They can originate from unburned
parts of our fuel gas or flare gas (they do not burn at 100 percent efficiency) or
from process vents or minor leaks that are below threshold limits of our safety
detection systems.
GHG emissions Greenhouse gases that are released to the atmosphere as a result of operations.
GHGs are gases that trap heat in the atmosphere and are responsible for
global warming. The following gases are considered GHGs: carbon dioxide
(CO
2
), methane (CH
4
), nitrous oxide (N
2
O), perfluorocarbons (PFCs), sulphur
hexafluoride (SF
6
), hydrofluorocarbons (HCFs), chlorofluorocarbons (CFCs),
and nitrogen trifluoride (NF
3
).
GHG intensity GHG intensity corresponds to total GHG emissions in CO
2
equivalent over total
production expressed in barrel of oil equivalent.
ETS reporting perimeter DUC offshore fixed installations are subject to the EU Emissions Trading System.
The emissions included in the system are currently limited to CO
2
, which is emitted
as a result of fuel combustion (gas and diesel) and flaring.
152
BlueNord Annual Report 2025
Performance status 2025: Discharge to sea
Topic Description
Discharge to sea Water is produced from the fields together with hydrocarbons. For the fields
Dan and Halfdan the produced water is discharged to the sea after separation
and cleaning. In the fields Gorm and Skjold, part of the produced formation water
is reinjected.
The water produced is partly formation water and partly injected sea water. In
2025, 25.3 percent of the produced water was reinjected. Oil is discharged to sea
as part of the produced water and the efficiency of oil/water separation is a key
factor for the oil in water concentration. The increase in oil discharge to the sea
from 2024 to 2025 is linked to higher produced water discharge and higher oil
concentration in water. The level of discharge was within the legal limit.
Spills Spills from closed systems and from handling of various liquids are reported in
accordance with environmental regulation. In 2025, seventeen oil and diesel spills
and twenty chemical spills were reported, compared with fourteen oil and diesel
spills and twenty-three chemical spills in 2024. Ongoing efforts are made
to minimise the number and level of spills that occur.
Topic Description
Chemical usage Chemicals are used for various purposes in the oil and gas industry. They are used
to drill, complete, stimulate, and operate wells. Some of the chemicals help protect
the production equipment and pipelines from corrosion, scaling, souring, and so on.
Each chemical is categorised with a colour according to OSPAR, representing
how harmful the chemicals are to the environment.
Chemical discharge Some chemicals will be discharged to sea with the discharged produced water
after separation or unintentionally through spills. The discharge of chemicals is
highly regulated through discharge permits, and operators must follow regulations
and best practice to minimise the environmental impact.
Appendix 3. Environment – Nature
153
Strategic Report Sustainability Statements Governance Report Financial Statements Appendices
Appendix 4. BlueNord | Transparency Act Report
Account of the due diligence assessment
BlueNord ASA (BlueNord) is committed to respecting fundamental human and labour rights, both in operations and
in relations with business partners. At BlueNord we comply with all applicable laws and regulations, including the
Norwegian Transparency Act, which entered into force on 1 July 2022. The Act’s intention is to promote companies’
respect for fundamental human rights and decent working conditions.
We recognise that our activities can cause, contribute, or be linked to negative human rights and other social impacts.
BlueNord operates in a low-risk environment regarding human rights abuse, as all our operations are in Denmark.
Furthermore, most of our vendors are based in Denmark or other low-risk countries. However, we are aware of
potential human and labour rights risks that may occur in our operations or further up or down our supply chain.
In cases where BlueNord operations might have caused or contributed to adverse human rights impact, we will
provide or cooperate in providing appropriate remediation to affected stakeholders.
Organisation
BlueNord is a material independent E&P company with a ‘see to it’ duty, meaning an obligation to ensure that the
Operator carries out its work in accordance with the regulatory requirements while reducing risks and environmental
impact to a minimum.
Executive Management is responsible for overall risk management with the Chief Corporate Affairs Officer
responsible for the work carried out regarding the Transparency Act. This work is included in BlueNord’s ESG
activities. In 2020 an ESG Committee was established to support BlueNord’s commitment to ESG and to evolve
its contribution in the energy transition. In 2024 the ESG Committee was incorporated into the Audit Committee.
Guidelines and routines
BlueNord has developed guidelines to prevent violations of human rights, indecent working conditions, damage
to the environment, and involvement with corruption. The relevant guidelines are described in the Corporate
Social Responsibility Guidelines, including the Code of Conduct, as well as the HSE Policy, approved by the
Board of Directors.
In October 2022 BlueNord conducted an overall due diligence assessment in accordance with the requirements of
the Transparency Act, based on a methodology including ISO Standard 31000 for managing risks. The due diligence
is an ongoing risk management process to identify, assess, prevent, and mitigate human rights risks across our entire
value chain. This process applies to BlueNord’s operation, including subsidiaries, where BlueNord has operational
control, associated activities within the value chain, and relevant stakeholders, such as employees, suppliers and
subcontractors. The Company is committed to performing an annual review of our due diligence assessments on
these topics, to monitor and manage actual and potential adverse impacts on human rights and working conditions.
Findings as of 2025
BlueNord has performed an overall strategic risk assessment, including risks associated with its Operator. BlueNord
only holds interest in the DUC, which is operated by TotalEnergies.
In the risk assessment BlueNord focused on the following five categories and related activities in our business value
chain: exploration, appraisal, development, production, and abandonment. Business partners who provide BlueNord
with goods and services that are not a direct part of the value chain were also part of the assessment. These non-
negligible expenditures are related to acquisition of seismic data, IT and digitalisation services, office services,
such as cleaning and canteen services, and professional services, such as insurance, accounting, legal and other
commercial or technical advisers, and hire of in-house technical specialists.
No negative consequences were discovered during the recent due diligence assessment, given that BlueNord has
limited activity in the various categories and operates within robust sector regulations. When prioritising risks while
identifying uncertainties, BlueNord highlighted yard activities, input factors used in construction, and dismantling and
managing steel and waste disposal when brought to shore, as the most severe risks that may occur.
Measures
Measures and have been identified to manage the severe risks that may occur. BlueNord approves all contractors
proposed by the Operator with a contract value above DKK 100 million. If the contractor is based outside the EEA
or the UK, the Operator shall demonstrate the contractor adheres to human rights and working conditions prior to
such approval. In addition, BlueNord shall visit the relevant yards when applicable. For the time being, BlueNord is
not involved in any activities highlighted during the due diligence assessment. In the case of new activities or projects
within one of these categories there will be a need to assess risks of human rights and decent working conditions.
Results
BlueNord is constantly working to strengthen our work on human rights and decent working conditions. We aim to
review and revise our Corporate Social Responsibility Guidelines in accordance with OECD guidelines and clarify our
expectations to business partners. Furthermore, these measures will help us to establish governance documents,
routines and instructions related to due diligence processes and our supply chain, to ensure that we apply the highest
standards of professional and ethical conduct to our business affairs. In addition, in 2025 TotalEnergies provided a
letter of comfort related to their compliance programme.
The Operator did not enter any major contracts (above DKK 100 million) with contractors outside the EEA or UK
in 2025.
154
BlueNord Annual Report 2025
Appendix 4. BlueNord | Transparency Act Report continued
Requirement Page reference
A general description of the enterprise’s structure and area of operations. 2 – 3
Guidelines and procedures for handling actual and potential adverse impacts on
fundamental human rights and decent working conditions. 43 – 47
Information regarding actual adverse impacts and significant risks of adverse
impacts that the enterprise has identified through its due diligence. 16 – 23
Information regarding measures the enterprise has implemented or plans to
implement to cease actual adverse impacts or mitigate significant risks of adverse
impacts, and the results or expected results of these measures. 16 – 23
Oslo
21 April 2026
Glen Ole Rødland
Chair of the Board
Robert J. McGuire
Board member
Peter Coleman
Board member
Kristin Færøvik
Board member
João Saraiva e Silva
Board member
Jann Brown
Board member
Elisabeth Proust Van Heeswijk
Board member
Information about BlueNord
ESEF information:
Name of reporting entity or other means of identification BlueNord ASA
Explanation of change in name of reporting entity or other means
of identification from end of preceding reporting period N/A
Domicile of entity Norway
Legal form of entity ASA
Country of incorporation Norway, UK, Denmark
Address of entity's registered office Nedre Vollgate 3, 0158 Oslo, Norway
Principal place of business Oslo
Description of nature of entity's operations and principal activities Oil and gas
Name of parent entity BlueNord ASA
Name of ultimate parent of group BlueNord ASA
Head Office BlueNord
Headquarters Nedre Vollgate 3, 0158 Oslo, Norway
Telephone +47 22 33 60 00
Internet www.bluenord.com
Organisation number NO 987 989 297 MVA
Financial calendar 2025
22 May Annual General Meeting
14 May Q1 2025 Report
10 July Q2 2025 Report
29 October Q3 2025 Report
Board of Directors
Glen Ole Rødland Chair of the Board
Robert J. McGuire
Peter Coleman
Kristin Færøvik
João Saraiva e Silva
Jann Brown
Elisabeth Proust Van Heeswijk
Management
Euan Shirlaw Chief Executive Officer
Jacqueline Lindmark Boye Chief Financial Officer
Miriam Jager Lykke Chief Operating Officer
Cathrine F. Torgersen Chief Corporate Affairs Officer
Investor Relations
Telephone +47 22 33 60 00
E-mail investorrela[email protected]
Annual Reports
Annual Reports for BlueNord are available on www.bluenord.com.
Quarterly publications
Quarterly Reports and supplementary information for investors and analysts
are available on www.bluenord.com. The publications can be ordered by
e-mailing investorrela[email protected].
News releases
In order to receive news releases from BlueNord, please register
on www.bluenord.com or e-mail investorrela[email protected].
BlueNord ASA
Organisation number: NO 987 989 297 MVA
LEI Code: 5967007LIEEXZXGE3C16
Photographs provided courtesy of TotalEnergies, Helena Lopes, Marc Roussel, and Tom Jersø.
Oslo
Nedre Vollgate 3
0158 Oslo
Norway
London
20 Balderton Street
London, W1K 6TL
United Kingdom
Copenhagen
Vibenhuset, Lyngbyvej 2
2100 Copenhagen Ø
Denmark
www.bluenord.com
BlueNord Annual Report and Accounts 2025