Slide 1: Delivering Growth, Delivering Returns
We S BlueNord7,> Delivering Growth, Delivering Returns Fourth Quarter 2024 a & alll 12 February 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL’) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY’). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFERTO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY. THE COMPANY DO
Slide 3: Today's BlueNord Presenters
Today’s BlueNord Presenters S € G 4 <> Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: Q4-24 Highlights: Strong Performance
Q4-24 Highlights: Strong Performance Track Record of Delivery: « Strong Operations = Near-term Tyra Plateau * Robust Financial Results = Reset Capital Base Proposed) distribution for 2024 of $215mm = 70% of Op. Cashflow?) RBL Completion Test expected to be met end Feb / early Mar fn Strong Operation
Slide 5: BlueNord Outlook
BlueNord Outlook Guidance for 2025 2025 Production Guidance of 45-51mboe/d Committed to distribution policy — 50-70% of Operating Cashflow” BlueNord Production Guidance for 2025 (Net toBlueNord) mboe/d, net to BlueNord 42 37 Base 20-22 Tyra 17-20 Qt-25 Distribution Policy for 2024 to 2026 % of Net O
Slide 6: BlueNord's Value Proposition
BlueNord’s Value Proposition Clear and simple focus on leveraging the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure BlueNord Wi
Slide 7: Robust Base Production | Halfdan, Dan & Gorm
Robust Base Production | Halfdan, Dan & Gorm
Slide 8: Robust Base Production
Robust Base Production Excellent 2024 performance with annual average decline since 2021 of < 4% Driven by high activity levels and strong operational efficiency Average annual decline of< 4% since 2021 Performance in 2024 supported by operational efficiency of 91% Active asset management to enhance
Slide 9: Transformational Growth | Tyra
Transformational Growth | Tyra
Slide 10: Tyra II Onstream and Ramping-Up
Tyra Il Onstream Restarted Nov-24 with production ramp-up underway and Ramping-Up Hub currently producing > 50% of maximum potential Strategically important gas Production of c. 19mboe/d net to BlueNord on 7** Feb 2025 hub in the Danish North Sea . . Plateau production expected in Feb-25 At plateau,
Slide 11: Tyra II Outlook for Production
Tyra Il Outlook Outlook for Tyra Il Production Rates (100% Basis) for Production Se Oil Equivalent Tyra iT] currently producing (mmsct/d) (mbbvd) (mboe/d) c.19mboe/d net to BlueNord ro 0 -7 Ramp-up continuing, with plateau expected in Feb * Potential for liquids plateau Current Maximum Current Maxim
Slide 12: Tyra II HEMJ Well: Exploration Success
Tyra Il HEMJ Well HEMv-1X discovery in Oct-24 and onstream Dec-24 Exploration SUCCESS Discovery significantly exceeds pre-drill expectations BlueNord estimates gross reserves of 33mmboe (vs. 21mmboe pre-drill) Pending further data and HEMJ expected to be included in ERCE Reserves Report for YE 2024
Slide 13: Positive Long-Term Outlook
Positive Long-Term Outlook
Slide 14: Denmark: Stable and Supportive
Denmark | Stable > BlueNord operations consistent with Danish and EU and Supportive Energy Security and Energy Transition objectives "Tyra will enable Denmark to become self-sufficient and a net exporter of natural gas "Tyra volumes will displace LNG imports which carry a > 3x emissions intensity Si
Slide 15: Strong European Gas Market Sentiment & Outlook
Strong European TTF at 2 yr high with strong seasonal outlook Gas Market Sentiment & Outlook EU storage levels below 50% <5 yr average Strategic rationale to Strong TTF Price Development During Last 12 Months continue investments supporting future gas output oo @ MWh Danish natural gas: Il TTF Day A
Slide 16: Accretive Projects for Investment
. . Accretive Projects Robust plan to add more tha (60mmboe Of resources for Investment Focus on maximising use of existing infrastructure Three projects planned via unmanned platforms BlueNord's illustrative activity plan reflects the objective of the partnership to Maximise DUC I 2P Reserves I 2P
Slide 17: Stable Outlook for Production
Stable Outlook Attractive Organic Portfolio Supporting a Robust for Production Production Profile Beyond 2030) 60 mboe/d, net toBlueNord Long-term potential exists to mitigate decline and ae _ maintain plateau production $0 so eororeces m--___-- = io levels after Tyraonstream — = Decisions to invest
Slide 18: Strong Financial Performance
Strong Financial Performance
Slide 19: Revenue and Opex per boe
Direct Field Opex Transportation Environmental cost Production G&A Oil Revenue 3 Gas Revenue 1 1 1 1 Revenue per boe Opex per boe 1) Opex comprises direct costs attributable to lifting and transportation to market of BlueNord’s oil and gas production 2) Realised prices based on lifted volumes, Opex/
Slide 20: Production expenses and opex
1) Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of BlueNord’s oil and gas production.
Slide 21: Capital expenditure
1) Includes exploration and evaluation
Slide 22: Positive Free Cashflow and Robust Liquidity
Cashflow Positive free cashflow » Robust Liquidity Q4-2024 _ 270 521 Operating cashflow of $146m us 50 Capital investment primarily cuescapoveaes Tyra Redevelopment, drilling Pea o HEMJ and capitalisation of ae, WROM for full year 2024 23 Significant available liquidity asi maintained n 63 200 9 Ope
Slide 23: Hedge Portfolio
Hedge Portfolio: Q4-2024 Active this quarter placing gas hedges for 2025-27 when prices were more attractive ~42% of 2025 oil production hedged ~39% of 2025 gas production hedged Commodity price hedging provides cashflow visibility Oil Price Hedging Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1
Slide 24: Debt and liquidity
▪ ▪ ▪ ▪ ▪ ▪ ▪ Undrawn Drawn Debt Drawn 1) Net interest bearing debt as per debt covenant excludes convertible bonds and includes issued letters of credit, totalling $1,039m
Slide 25: Commitment to Maximising Near-Term Distributions
Commitment to Maximising Near- Term Distributions Proposed") distribution of $215mm for 2024 = 70% of Op. Cashflow?) Timing of distribution subject to RBL Tyra Completion Test = Requires average gas export of 191mmscf/d over 30-day period Test expected to be met end Feb / early Mar v We BlueNord cas
Slide 26: Closing Reflections
Closing Reflections
Slide 27: Transformational Performance Step-Change in 2025
Transformational Net Production | mboe/d Commodity Mix | % gas >50 c.25% 25 Performance step-change for | K 100% J | | K-10» J BlueNord in 2025: 2024 2025 2024 2025 i tC) = Production 4s > 100% Lifting Cost | USD/boe Emissions Intensity | Kg CO,/boe * Gas weighting of -45% <13 27 " Lifting cost c. 5
Slide 28: Appendix
Appendix
Slide 29: BlueNord At-a-Glance
BlueNord At-a-Glance We. > KN 1d Reinstatement infil DUC Ownership mTotalEnergies @BlueNord @Nordsefonden Substantial Reserves Base” (mmboe) m2P Reserves: vo @2C Resources (Near-Term) 220 mmboe 182 Near-Term Production Growth (mboe/d) >55.0 25.0 A 2024 2025 @ Oilpipetineto Fredericia @ Gaspipetine t