BlueNord: Update on Tyra Redevelopment Project

Reference is made to stock exchange notice published on 6 May 2024 by BlueNord ASA (“BlueNord” or the “Company”) related to the need for repair of the transformer for the IP gas compressor impacting the timing of the ramp-up to maximum technical capacity. The hook-up and commissioning work on the Tyra West and Tyra satellite fields are successfully concluded, however a technical issue has occurred with the Low Pressure (LP) compressor transformer. The operator, TotalEnergies, confirms that immediate actions have been taken to remedy the impact and initiate repairs and all the teams and external suppliers are fully mobilized.

While these remediation steps are in progress, efforts related to testing and commissioning continue with an aim to partially resume production from Tyra II during the summer of 2024. As a result of these efforts, the Harald field is expected to resume production shortly. The Harald gas production will initially support the Tyra commissioning and hence only minor additional export volumes are expected, however, intermediate solutions are still expected to be put in place and BlueNord reiterates the previously communicated timeline with plateau production from Tyra II expected in Q4 2024.