Noreco Announces Sail Away of Tyra topsides

Source: 1/10/2022, Location: Europe

Norwegian Energy Company ASA has announced a successful delivery from yard and sail away of the three Tyra West wellhead and riser topsides. The topsides were fabricated at Sembcorp Marine Ltd in Singapore and will be transported by HTV (Heavy Transport Vessel) BIGROLL BEAUFORT. The transportation of the topsides will take a planned pit stop at the Tyra site in the Netherlands to accommodate for an optimal installation window in the North Sea, expected in April.

In addition, Noreco completed the scheduled semi-annual borrowing base redetermination under the Company's Reserve Based Lending Facility (the "Facility" or the "RBL"), with the borrowing base remaining above the Facility's maximum cash drawing capacity of USD 1.0 billion. As of 31 December 2021, Noreco has drawn USD 900 million with USD 100 million available undrawn cash drawing capacity under the Facility.

In line with the Company’s hedging policy, and as a result of the positive commodity price environment in Q4 2021, Noreco has entered into fixed-price swap contracts for additional oil and gas volumes from 2022 to 2024. The Company has hedged c. 415,000 MWh (c. 245,000 boe) of gas in summer 2022 at an average price of c. EUR 50/MWh and c. 720,000 bbl of oil in 2023 and 2024 at prices from $65 to $71/bbl.

Further, Noreco is pleased to announce that Cathrine Torgersen has been appointed the Company’s Head of ESG, through her new role as EVP Investor Relations & ESG. This reflects the importance that Noreco places on being both an active participant in the Energy Transition and doing so in a meaningful, but measured manner.

“The sail away of the topsides is an important Tyra Redevelopment milestone for us and it further progresses the project towards first gas in the middle of next year. Despite COVID-19 challenges, Sembcorp Marine has demonstrated strong and resilient performance by delivering the new topsides for Tyra – last year for Tyra East and today for Tyra West. With a timely sail away from the yard in Singapore, we are excited to welcome the new modules at the Tyra field later this year after a safe voyage. The remaining two 2022 deliveries from the yards in Rosetti and Batam will complete what will be a state-of-the-art facility in the North Sea,” said Euan Shirlaw, Acting Managing Director & CFO in Noreco

“We continue to focus on maintaining a strong capital structure to secure delivery of the Tyra project, with the recent successful redetermination outcome and additions to our hedging programme demonstrating this. By hedging, we seek to maximise pre-Tyra cashflow visibility with an approach that is also mindful of the prevailing market conditions. While this will continue, we do expect to increase our spot market exposure as Tyra first gas approaches in Q2 next year and beyond,” he adds.

“Cathrine has been actively involved in our sustainability activities to date, and her appointment as the Company’s Head of ESG will help ensure the sustainability-focused activities we develop are right for Noreco and for our shareholders. Our participation in the Tyra Redevelopment Project was an early demonstration of our commitment to the Energy Transition, by ensuring essential gas supply is available, and we intend to continue to progress in line with this theme where it makes sense for us to do so,” he concludes.

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