Slide 1: Focused on Delivery: Fourth Quarter 2023
We S BlueNord2/> Focused on Delivery Fourth Quarter 2023 20 February 2024
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 OFFER TO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY. THE COMPANY D
Slide 3: Today's BlueNord Presenters
Today’s BlueNord Presenters S> «€ X < Euan Shirlaw Marianne Eide Jacqueline Lindmark Boye Cathrine Torgersen Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights We have a Solid Track Record of Delivery: * Strong Production Levels = Progress on Tyra = Robust Financial Results ned Strong Operational Performance = Q4-23 production of 24.9mboe/d, in upper range of annual guidance = Mitigation of natural decline and delivery at or
Slide 5: Strategically Important Assets
Strategically Important Assets We hold a36.8% non- operated working interest inthe DUC, whichis a key contributor to EU energy security with direct export routes to Europe DUC Ownership @TotalEnergies @BlueNord @Nordsefonden Net 2P and Near-Term 2C” (mmboe) ™2P Reserves: @2C Resources (Near-Term) 22
Slide 6: Clear Strategic Priorities
Clear Strategic Priorities = Strong 2023 Production in upper end of yearly guidance Wecontinue to deliver Delivering = Active Management with activities to continue to 2025+ significant progress Operationall . . ; against our strategic pi ly Attractive Short-Cycle Investments being pursued prioritie
Slide 7: Disciplined Approach to Capital Allocation
Disciplined Framework prioritises near-term distributions while Approach to securing long-term contribution of BlueNord’s portfolio Capital Allocation - rn Organic Growth: * High-return, quick payback investments WROM Near-term shareholder Short Cycle = Maximise contribution from base assets Infill
Slide 8: Robust Cash Generation
Robust Cash Generation Distribution policy built upon Substantial Free Cashflow Generation” with Tyra Onstream This enables the prioritization of near-term equity returns, measured re-investment and for aconservative balance sheet to be maintained through cycle Cashflow generation supports all stake
Slide 9: Commitment to Maximising Near-Term Distributions
Commitment to Maximising Near- Term Distributions With expected operational delivery, our Distribution Policy will see 50% to 70% of net operational cashflow distributed to shareholders for 2024-26 Vv, ; Wie Shareholder returns policy focused on 2024 to 2026 2024-2026: Distribution policy of 50-70%
Slide 10: Delivering BlueNord's Commitment to Distributions
Delivering BlueNord’s Commitment to Distributions To deliver our distribution policy, we intend to reset our capital structure in 2024 Based onthe current timetable, and subject to the completion of Tyraaccording to plan, first distribution expected to be made by BlueNord in Q3-24 V, Me BlueNord int
Slide 11: We Are Delivering Operationally
We Are Delivering Operationally
Slide 12: Excellent 2023 Production Performance
Excellent 2023 Production Performance Strong production performance in 2023 with net production of 24.9mboe/d Result at the upper end of production guidance given at the beginning of the year Production performance achieved without the start-up of new wells V, Me Production performance driven by act
Slide 13: Material Near-Term Production Growth
Material Near-Term Production Growth BlueNord daily production expected to more than double during 2024, with an exit rate of over 50mboe/d Driven by Tyra, with low base decline in 2024 due to: Benefit from WROM on Dan and WROM on Halfdan HBA-27B on stream Skjold gas acceleration Continued focus on
Slide 14: Two Rigs Working: Short-cycle infill well programme underway
Two Rigs Working Short-cycle infill well programme underway Tal Parallel with Infill Operator continually optimising Shelf Drilling Winner well sequence Drilling and Well Rig currently being used for critical P2A on Dan Optimisation First Halfdan infill well expected onstream Apr-24 FID taken on Har
Slide 15: We Are Delivering Tyra
We Are Delivering Tyra
Slide 16: Tyra Overview: Strategically important gas field
Tyra Overview > Strategically important gas field in the Danish North Sea = Once onstream, redeveloped Tyra will produce to 2042 (concession expiry) BlueNord post-Tyra ramp-up: Production Increase Gas Weighting Lifting Cost!) Lower Emissions Intensity "Tyra ona 100% Basis = 2P Reserves ~200mmboe = P
Slide 17: Final Stages of Tyra Redevelopment Project
Final Stages of Tyra Redevelopment Project Allkey process equipment required for first gas export fully tested and ready for operation Completion of emergency and safety systems and obtaining necessary approvals on critical path to first gas / Wg Ane Satellite fields and wells re- instatement Harald
Slide 18: Final Stages of Tyra Redevelopment Project
Final Stages of Tyra Redevelopment Project Significant work scope on completion of facilities executed late ‘23 / early ‘24 Operator now expects Tyra start-up in March 2024, with a four-month ramp-up to maximum technical capacity We Start-up of Tyra and doubling of net production in sight Significan
Slide 19: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 20: Balancing Energy Security and the Energy Transition
Balancing Energy Security and the Energy Transition Ontrack to deliver significant gas volumes to Denmark and Europe with upcoming Tyra ll start-up Active participation in CCS in Denmark with CarbonCuts’ submission of onshore CO2 storage license V, Me Providing energy for Europe Today, Tomorrow and
Slide 21: BlueNord's Long-Term Plan
BlueNord’s Long- Robust plan, maximising use of existing infrastructure, Term Plan to add more than 6(Ommboe of resources for BlueNord Strong economic profile given low capex and opex, with gas volumes prioritised Illustrative activity plan” reflects the objective of the partnership to Maximise Thre
Slide 22: Long-Term Plan: Plateau Production
Long-Term Plan Plateau Production Long-term potential exists to mitigate decline and maintain plateau production levels after Tyraon stream Decisions to invest further will need to support long-term cashflow generation potential Profile includes 2P reserves (Sanctioned and Justified-for- Development
Slide 23: We Are Delivering Financially
We Are Delivering Financially
Slide 24: Revenue and Opex per boe
Oil Revenue Direct Field Opex Gas Revenue Transportation Production G&A 3 2 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/boe based on produc
Slide 25: Production expenses
1) Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of 25 BlueNord’s oil and gas production.
Slide 26: Financial results
1) Includes exploration and evaluation 26
Slide 27: Cashflow, Cashflow Reconciliation and Liquidity
Cashflow: Cashflow Reconciliation Liquidity Full Year 2023 som «sor 480 (230) Operating cashflow of $480m for the full year and Q4$104m ee 150 Sv andinfillwell Taxes paid associated mainly with 2022 results Capital investments primarily (288 (8) Tyra Redevelopment ($217m) Fully-funded for the Tyra ‘
Slide 28: Robust Capital Structure
Robust Capital Robust Capital Structure (USDmillion) Structure 228 1,253 (167) Stable balance sheet and no 1087 principal maturities pre-Tyra 15 4025 - start-up RBL refinancing and removal of 850 a BNORI4 distribution restrictions infocus prior to first distribution RBL BNOR14 Total BNORI5 Total Cas
Slide 29: Hedge Portfolio
Hedge Portfolio: Q4-2023 Gas hedging for 2024 continues to remainabove current market spot and forward prices ~50% of 2024 oil production hedged ~35% of 2024 gas production hedged Commodity price hedging to provide cashflow visibility Oil Price Hedging Q1-24 Q2-24 Q3-24 Q424 Q1-25 Q225 Q325 Q4-25 Q1
Slide 30: Closing Reflections
Closing Reflections
Slide 31: Closing Reflections
Closing Reflections * Strong 2023 Productionin upper end of yearly guidance Wecontinue to deliver Delivering = Active Management with activities to continue to 2025+ significant progress Operationall . . ; against our strategic pi ly Attractive Short-Cycle Investments being pursued priorities 2024 w
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