BlueNord ASA (0HTF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Bluenord's results presentation for the first quarter of 2025. Over the next 30 minutes or so, we'll walk through our performance for the quarter, share our outlook and explain why we continue to believe Bluenord is well positioned, both in today's market and over the longer term. But before we get into the slides, I'd like to start by speaking a little bit about Tyra. We have made real progress in 2025. More wells have been commissioned, more wells have come online, and reservoir performance has been consistently strong, culminating in net production from Tyre exceeding 26,000 barrels of oil equivalent per day earlier in May. However, it's also fair to say that above ground performance has not yet met expectations. Several unplanned outages impacted uptime and as a result, Tyra has not yet reached a consistently steady operational state. Ramp up to plateau has therefore taken longer than expected. So where are we today? Up until last week, production was steadily increasing and we'd reached our highest daily output from Tyra yet. Unfortunately, a short unplanned outage then temporarily shut down the facilities and we're now back in the process of ramping production back up to those prior levels as quickly as possible. And where do we go from here? First, it's important to acknowledge that some level of disruption was always expected when bringing a project of Tyra's scale fully online. That said, it's also clear, and we're fully aligned with the operator on this, that facility performance needs to improve. Miriam will shortly outline the concrete steps we're taking, but I also want to be clear. Our shared priority is to stabilize operations and unlock the full potential of the Tyra hub. That's critical because the subsurface continues to ...