BlueNord: Tyra II Production Successfully Restarted

BlueNord ASA ("BlueNord" or the "Company") is pleased to announce that the Tyra Redevelopment Project ("Tyra" or "Tyra II") in the late hours on 21 March 2024 successfully reached an important milestone with the safe restart of production.

Since the acquisition of Shell’s upstream assets in Denmark in 2019, the Tyra Redevelopment Project has been the key focus for the Company and its partners in the Danish Underground Consortium (the “DUC”), and first production from Tyra II marks a true inflection-point for BlueNord and its stakeholders.

The Tyra Redevelopment Project is, to date, the largest project carried out on Danish Continental Shelf with the fabrication and installation of eight new platform topsides. With production from Tyra, Denmark will not only be self-sufficient but also a net-exporter of natural gas to Europe. The production from the new Tyra facilities is expected to more than double BlueNord’s net production to over 50 mboepd by the end of 2024 and unlock gross reserves of more than 200 mmboe. In addition, redeveloped Tyra will significantly decrease field opex and emissions intensity, and at the same time extend its field life by 25 years, only constrained by the 2042 license expiry.

“With restart of production today, the most important Tyra Redevelopment milestone has been achieved. I would like to thank TotalEnergies and the Tyra Project team for their commitment to the project and for safely restarting the production on Tyra. Focus is now on bringing the Tyra fields and satellites Valdemar, Roar, Harald and Svend on production through one of the most advanced and efficient offshore gas installations in the world,” said Marianne Eide, Chief Operating Officer of BlueNord.

“We are delighted to announce the restart of production from Tyra, marking a significant milestone in a journey that began for us nearly five years ago when we became a partner in the DUC. The successful delivery of this project is a monumental accomplishment that is a testament to the commitment, resilience, and perseverance of all parties involved, not only at BlueNord but also at TotalEnergies and Nordsøfonden. With a ramp-up that is expected to last four months, Tyra will shortly be a key supporter of energy security in the region, transforming Denmark from a net importer to a net exporter of natural gas and supporting the European Union in a manner that compares favourably to imported LNG. For BlueNord, this moment represents the beginning of a new journey: one that will see us more than double our production and, with the benefit of significantly increased free cash flow generation, fulfil our longstanding commitment to shareholder distributions. Today we celebrate not only a major accomplishment but also the bright future that Tyra will help us deliver for all our stakeholders,” said Euan Shirlaw, Chief Executive Officer of BlueNord