BlueNord ASA (0HTF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, welcome and thank you for joining us as we walk through Bluenord's Q3 performance. So I'm really pleased to say that this was another quarter of progress, especially at Tyra. We've seen higher volumes and much greater stability. Also, operational cash flow has nearly doubled from the previous quarter, and that's allowed us to propose a significantly higher Q3 distribution of $89 million. So that snapshot is encouraging, but a single quarter doesn't tell the whole story. Today we want everyone, whether this is your first quarterly presentation or your 25th, to leave with a clear sense of what makes Blue Nord Blue Nord. Where we've come from, where we are now, and most importantly, where we're going. So here's how we'll do that. I'll start with the foundation that underpins our performance and returns. Then Miriam will take you through the operational delivery across the DUC portfolio. Not only Tyra's ramp up, but also the contribution from Dan, Halfdan and Gorm. Catherine will look at the opportunity ahead, the discovered barrels not yet in production and the work underway with the operator to bring them on stream. Jacqueline will walk you through how that operational performance feeds into our financials and translates into a growing distribution profile. And finally, I'll come back to talk about our priorities going forward, how we continue to strengthen the business and deliver long-term value. So for admin, please feel free to submit questions as we go through. And let's start by turning to the first page. So Blue Nord holds a 36.8% non-operated working interest in the Danish Underground Consortium. Together with our partners, the Danish state-owned North Sea Fund and Total Energies, a world-class operator with deep North Sea expertise, we're exposed...