BlueNord ASA (0HTF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our results presentation for the second quarter of 2025. Before we dive into the details and take you through the key highlights of what's been another busy quarter for the company, I'd like to briefly take a step back and reflect on how far we've come. Firstly, I think it's worth noting that everyone you'll hear from today has been with the company since the start of this journey in 2019. We've all been a part of shaping the business and importantly, driving it forward. And if I look back now to when we adopted the simple, clear theme of focused on delivery in 2021, I'm pleased to be able to say that is exactly what I think we've done. We've kept our base business robust with production declines averaging less than 4% per year. We've started up Tyra, witnessing production steadily increase as the ramp-up progresses. We've been consistently profitable, underpinned by a disciplined hedging programme. We've transformed our capital structure, raising over $1.7 billion of debt in the process. And perhaps most importantly for our equity investors, we've made tangible the theme of maximising shareholder returns. Firstly, just by adopting our inaugural distribution policy. and then by starting down the path of delivering back to shareholders exactly what we said we would. We've navigated some extraordinary times, from record high gas prices to becoming experts in transformers for gas compressors. And while things haven't always progressed as quickly or as smoothly as we'd hoped, through it all, we've protected the balance sheet and focused on executing what has been within our control. And in that vein, the second quarter of 2025 is a period where much of what we've spent the last six years working towards came together. We successfull...