OSLO,
Norway, April 12, 2023 /PRNewswire/ -- Norwegian
Energy Company ASA, to be renamed BlueNord ASA ("BlueNord" or the
"Company"), is pleased to announce it has entered into a strategic
partnership with Semco Maritime A/S ("Semco Maritime"). In
addition, BlueNord has submitted a licence application for acreage
containing the gas discovery Elly-Luke in the Danish part of the
North Sea, and as such will participate in the Danish Ministry of
Climate, Energy and Utilities' upcoming mini-round of
licencing.
The strategic partnership agreement with Semco Maritime will
allow the two companies to jointly identify, explore and
investigate opportunities in the oil and gas space. For BlueNord
this is a tangible and important step in the ongoing trajectory
towards long term maximisation of the value from the existing
assets and evaluating any new opportunities.
BlueNord is also proud to announce the submission of a license
application in the Elly-Luke area of the Danish North Sea, and its
participation in a so-called mini-round. This application aligns
with BlueNord's approach of considering opportunities to maximize
shareholder value as part of its robust capital allocation process.
If BlueNord is successful in its application, the Company expects
to carry out a preliminary technical review of Elly-Luke prior to
any longer-term commitment, which is currently believed to have the
potential to provide approximately 5 billion cubic meters of
natural gas to Denmark and
Europe while producing safely,
efficiently, and with low emissions. This important contribution to
energy security would help lower energy prices for consumers, while
also recognising that energy produced within the EU is a reliable
alternative to imported energy sources like LNG and coal that have
significantly higher climate footprints. The license application is
the Company's first tangible step taken outside of its ownership in
the Danish Underground Consortium (the "DUC") and will together
with other planned initiatives ensure that BlueNord can maintain a
long-term robust dividend policy once the Tyra Redevelopment is
completed by the end of 2023 and create value for all
stakeholders.
"Today's announcement demonstrates our strong commitment to
maintaining and strengthening our position in Denmark, with the goal of maximizing value for
all stakeholders. Together with Semco Maritime's operational
expertise, we have established a structure that enables us to
pursue opportunities in Denmark in
a way that aligns with our current capabilities," says
Euan Shirlaw, Chief Executive
Officer of BlueNord
"The resources in the Danish North Sea have benefitted
the country, both economically and strategically, for more than 50
years and will continue to do so until 2050. Our license
application to assess the potential for developing the Elly-Luke
discovery looks to build upon this with our own expertise to
provide the energy that Denmark
and Europe needs, for as long as
it is needed. This will be delivered in a manner that is
consistent with our objective of maximising distributions to
shareholders, however, Elly-Luke provides additional attractive
optionality for value creation. If successful in the
application process, BlueNord expects the license to be awarded in
late 2023, with an initial study period of limited financial
commitment through 2024," he concludes.
Contact:
Cathrine F. Torgersen, EVP Investor
Relations & ESG
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
About Semco Maritime
Semco Maritime is an international engineering and contracting
business enabling a safe and sustainable energy transition with
assignments across the value chain of the global energy sector. The
company pursues its Sustainable Growth strategy by helping
customers seize opportunities in the green transition and ensure
responsible fossil fuel extraction. Since 1980, we have applied our
specialist competencies as a platform for the work carried out at
all stages of offshore and onshore assignments – from preliminary
analyses over design, procurement and manufacturing to
installation, commissioning and subsequent service as well as
rental of manpower and supply of bespoke components, systems and
solutions. Semco Maritime has 1,900 dedicated people securing our
customers cost-effective project management and operations.
www.semcomaritime.com
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