BlueNord Energy Denmark A/S — Regnskab

CVR 78342714

Seneste regnskabsperiode

2025 • 2025-01-01 • 2025-12-31 • entity • USD • 1015213000 • 403729000 • 299342000 • -9892000 • 4258096000 • 189460000 • 21

Regnskabshistorik

2024 • 2024-01-01 • 2024-12-31 • entity • USD • 698704000 • 301100000 • 234007000 • 10438000 • 4086556000 • 586789000 • 23
2023 • 2023-01-01 • 2023-12-31 • entity • USD • 791558000 • 384914000 • 325989000 • 111122000 • 4038705000 • 626670000 • 21
2022 • 2022-01-01 • 2022-12-31 • entity • USD • 960503000 • 544072000 • 487985000 • 103339000 • 3845393000 • 503173000 • 18
2021 • 2021-01-01 • 2021-12-31 • entity • USD • 558418000 • 197952000 • 142948000 • 17614000 • 3615614000 • 317938000 • 16
2020 • 2020-01-01 • 2020-12-31 • entity • USD • 480213000 • 122664000 • 70402000 • 65005000 • 2609698000 • 382104000 • 16
2019 • 2019-01-01 • 2019-12-31 • entity • USD • 280395000 • 65506000 • 25160000 • 364528000 • 2395323000 • 271892000 • 9
2018 • 2018-01-01 • 2018-12-31 • entity • USD • 441000 • 815000 • -15345000 • -21098000 • 16025000 • -61738000 • 1
2017 • 2017-01-01 • 2017-12-31 • entity • USD • 559000 • -43978000 • -46416000 • -55555000 • 28989000 • -172632000 • 2
2016 • 2016-01-01 • 2016-12-31 • entity • USD • 700000 • -2500000 • 71700000 • -117100000 • 3
2015 • 2015-01-01 • 2015-12-31 • entity • USD • 5000000 • -43000000 • 73000000 • -115000000 • 7
2014 • 2014-01-01 • 2014-12-31 • entity • USD • -109000000 • 122000000 • -71000000

Højdepunkter fra årsrapporten

management review • FINANCIAL HIGHLIGHTS 20252024202320222021Income Statement (USD million)Revenue 1 015.2 698.7 791.6 960.5 558.4 Profit (loss) before financial 488.0 142.9 items 299.3 234.0 326.0 Net financial items (321.0)(166.3)(145.1)(114.9)(102.7)Profit (loss) for the year (9.9)10.4 111.1 103.3 17.6 Balance sheet (USD million)Total Assets 4 258.1 4 086.6 1 038.7 3 845.4 3 615.6 Shareholders' Equity 189.5 586.8 626.7 503.2 317.9 Investments (USD million) Production licence 0.0 0.0 0.0 0.00.0Production facilities 201.5 236.3 313.1 237.7228.2Financial ratiosAverage oil price (USD/bbl) 73 74687658Average gas price (EUR/MWh) 38407610230Production of oil (mmbbl) 87777Production of gas (mmboe) 63222Operating margin29%33%41%51%26%Return on invested 7%7%10%19%7%capital Return on Equity -3%2%20%25%5%Equity ratio 4%14%16%13%9%Average number of employees 22 23 21 18 16 Average oil & gas price is calculated as total invoiced sales adjusted for settlement of hedges in place, divided by total lifted volume. The key figures are calculated as shown below:Profit (loss) before financial Operating margin items x 100Revenue Profit (loss) before financial Return on invested capital items x 100 Average invested capital* Profit (loss) for the year x 100 Return on Equity Average equity Equity, year-end x 100 Equity ratio Total liabilites, year-end *) Average invested capital is calculated as total liabilities less non interest bearing debts, and Cash in hand and at Bank Following the acquisition of Shell’s Danish upstream assets in 2019, BlueNord Energy Denmark (BlueNord) holds a 36.8 percent non-operated interest in the DUC and is the second largest oil and gas producer in Denmark. DUC is a joint venture between TotalEnergies (43.2 percent), BlueNord (36.8 percent) and Nordsøfonden (20.0 percent), and comprises four hubs (Halfdan, Tyra, Gorm and Dan) and 11 producing fields. It is operated by TotalEnergies, which has extensive offshore experience in the region and worldwide. Since the acquisition in 2019, BlueNord has built a meaningful presence in Denmark and established good relationships with its partners TotalEnergies and Nordsøfonden, as well as other stakeholders, including the Danish Energy Agency (‘DEA’). In 2025, the Company achieved production from the Halfdan, Dan and Gorm hubs with an annual average of 20.9 mboepd, supplemented by 16.4 mboepd from the Tyra Hub. The Tyra redevelopment project is, to date, the largest project carried out on the Danish continental shelf. Production started early in 2024, and the project has now moved into operation and production is ramping up to plateau. In 2025, the Company participated in the following licences/concessions: Licence Field Ownership % DK 1/90 & 7/86 Lulita 10.000 DK Sole Concession of 8 July 1962 DUC 36.800 Organisational structure BlueNord Energy Denmark A/S is a wholly owned subsidiary of BlueNord Denmark A/S. The ultimate parent company BlueNord ASA is registered in Norway and listed at the Oslo Børs. For more information about the group, please see the website www.bluenord.com. BlueNord Energy Denmark A/S is the parent company of the subsidiaries BlueNord Gas Denmark A/S, BlueNord Energy UK Ltd and CarbonCuts A/S. BlueNord Gas Denmark A/S BlueNord Gas Denmark holds a 10.0% share of license 1/90 & 786. The company has no employees. BlueNord Energy UK Ltd. The company currently holds no licences, however, BlueNord Energy UK Ltd. is actively seeking strategic opportunities. CarbonCuts A/S The company was acquired in January 2024. CarbonCuts was awarded the exploration licence for Project Ruby on 20 June 2024. Project Ruby was awarded an onshore licence during the year by the DEA for the storage of up to 1.5 million tonnes of CO2 per annum from 2030. Award of the licence represents a milestone for the project, offering a material emissions reduction solution without compromising energy security. BlueNord’s investment in CarbonCuts further demonstrates BlueNord’s commitment to the energy transition. This initiative supports Denmark and the EU’s ambitions for carbon storage deployment. Key operations and profit Total revenue for 2025 amounted to USD 1,015 million, an increase from USD 699 million the previous year. The revenue is related to oil and gas sales from the DUC fields. The revenue in 2025 was achieved by a production of 8.0 million barrels of oil and 781.6 million Nm3 of gas from the Company’s share in the DUC fields, compared to 6.6 million barrels of oil and 363.9 million Nm3 of gas the previous year. The increase in revenue reflects increased oil volumes (up 21 percent) and increased gas volumes (up 115 percent). Overall, commodity prices in 2025 were broadly in line with 2024. Production costs amounted to USD 611 million in 2025 compared to USD 398 million in 2024. Net financial items amounted to an expense of USD 321 million in 2025, compared to an expense of USD 166 million in 2024. Income tax amounted to an income of USD 12 million for the year, compared to an expense of USD 57 million in 2024. Net loss after tax for the year amounted to USD 10 million compared to a net profit of USD 10 million in 2024. Equity amounted to USD 189 million as of 31 December 2025 compared to USD 587 million as of 1 January 2025. The change in equity reflects the net loss after tax, value adjustments of financial instruments, tax on items under equity and dividends paid. For 2025, financial performance was below original budget but broadly in line with the updated outlook during the year. Revenue amounted to USD 1,015 million compared to outlook of approximately USD 1,332 million, primarily due to lower production volumes, partly offset by hedging effects. EBITDA followed a similar trend, reflecting lower volumes and higher operating costs on certain assets, particularly during the Tyra ramp-up. Production increased significantly compared to 2024, driven by higher gas output from Tyra, although production remained below budget as the field continued its ramp-up phase. Operating expenditure was broadly in line with budget overall, while capital expenditure was below budget due to postponed activities. Outlook for 2026 BlueNord has a stable business, underpinned by the Company’s position in the DUC and further supported by risk mitigations. The volatility in prices has been significant and Management is continuously assessing the market to mitigate commodity price volatility. In 2025, the Company entered into fixed-price swap agreements covering additional volumes of oil and gas for the period from 2025 through 2028. For 2026, the Company expects revenue in the range of USD 820–1,050 million and EBITDA in the range of USD 740–850 million. The Company monitors global as well as local political and economic conditions that may affect future results. See further detail on this issue and mitigations as outlined in the section Risks and Uncertainties. Activity to progress value adding organic DUC investment projects also continues, and we will seek to sanction projects as they are sufficiently matured. Company believes economic investments in these projects will help to replace produced reserves and provide strong financial returns benefiting the Company’s shareholders. The Company expects Tyra to materially enhance overall production and cost efficiency, with lifting cost expected to remain at USD 13 /boe at full capacity. Research and development BlueNord invests in research and development to support and further grow its E&P activities. BlueNord, alongside the DUC partners entered into a ten-year research cooperation agreement with DTU (Technological University of Denmark) in 2014. Since then, the objective has been to develop research-based innovative solutions with significant potential to improve the Danish oil and gas industry in terms of increased recovery, improve efficiency and reduce environmental footprint. Research spanned across eight work programmes, including produced water management, oil and gas assets abandonment and CCS to name a few. 2025 marked the last year of the agreement. In 2025, this work led to two additional projects that have successfully attracted Energy Technology Development and Demonstration Programme funding and will allow the development of underwater sensors to measure dissolved methane into the sea concentration as well as methane origin. The sensors, development is addressing a technological gap and will be key for carrying out underwater methane surveys in line with the EU Methane Regulation on Methane Emissions Reduction in the Energy Sector. BlueNord is participating in these two projects as a potential end-user of these technologies. BlueNord has made a strategic investment in CarbonCuts A/S, intending to establish an onshore CO2 storage location in Denmark. Its core business is to build, own and operate permanent geological sites for CO2 storage. The target for the first storage of CO2 is 2030. CarbonCuts’ first project in the Rødby area has received local support and has attracted national and international political interest. Health, Environment and Safety The Company conducts its operations in accordance with applicable legislation and in line with principles of business integrity, safety and environmental responsibility. Activities are managed to protect people and the environment, including through participation in offshore oil and gas production and CO₂ storage initiatives. BlueNord is committed to maintaining high standards of health, safety and environmental performance (HSEQ), supported by established frameworks and compliance with Danish offshore safety regulations. Reporting of tax payments to Governments Requirements according to the Danish Financial Statements Act, section 99c, have been fulfilled. The information can be found in the Annual Report and Accounts 2025 of BlueNord ASA on page 69. The annual report can be found at: https://www.bluenord.com/annual-report-2025/ Risks and accounting uncertainties The Company faces various risks which may impact the Company and not all these risks are necessarily within the Company’s control. For this reason, the Company has established a risk management process to identify and assess how to respond to risks. That response can include acceptance, an action plan with mitigating factors to reduce the risk, transfer to third parties, or terminating the risk by ceasing certain activities. Within the BlueNord Group a single overall control framework is in place. The internal control framework supports the Management and mitigation of risk. The process is designed to manage, mitigate and communicate, rather than eliminate, the risk of failure to achieve strategic priorities. The risks and uncertainties described in this section are the material known risks and uncertainties faced by BlueNord at the time of publication. Geographical concentration and field interdependency Production of oil and gas is concentrated in a limited number of offshore fields in a limited geographical area of the Danish continental shelf. Consequently, the concentration of fields and infrastructure may result in incidents or events in one location affecting a significant part of BlueNord business. Material influencing factors:  Four producing hubs that are interconnected and utilise the same infrastructure.  The fields within one hub are interconnected and one field can depend on another to extract hydrocarbons.  All gas produced at the different hubs is processed and transported to shore via the Tyra Hub or the NOGAT pipeline.  The Gorm Hub receives liquids from all the other hubs and sends it to shore via pipeline from Gorm E. Mitigation and risk management: The Company manages this risk through participation in a diversified portfolio of fields within the DUC, continuous monitoring of operations by the operator, and established maintenance and integrity programmes. Contingency procedures are in place to reduce the potential impact of operational disruptions. Actual reserves may differ from reported reserves estimates The reported reserves and resources represent significant estimates based on several factors and assumptions made as of the reported date, all of which may vary considerably from actual results. Further, oil and gas production could also vary significantly from reported reserves and resources. Should the actual results of the Company deviate from the estimated reserves and resources, this may have a significant impact on the value of the Group’s assets and net cash flow from operations. Material influencing factors:  Assumptions on which the reserves estimates are determined include geological and engineering estimates (which have inherent uncertainties), historical production, the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs including the cost of CO. Regulation and CO22 costs are considered climate-related risks and on reserves estimates.  The Company is a non-operated partner in the DUC and as such has less control of future decline-mitigating investments in the producing assets that have an impact on oil and gas production. Mitigation and risk management: The Company manages this risk through regular updates of reserves estimates, use of independent technical expertise, and continuous monitoring of production performance. Sensitivity analyses are applied to key assumptions to assess potential impacts on asset values and future cash flows. Ongoing investment in developments The Company makes and expects to continue to make substantial investments in its business for the development and production of oil and natural gas reserves. Such projects require substantial investments to bring into production, which come with several inherent risks. Material influencing factors:  Development projects have inherent execution risks including cost overruns and delays, in addition to the impact of commodity prices on the economics of a project.  The Company may also be unable to obtain needed capital or financing on satisfactory terms, which could lead to a decline in its oil and gas reserves. Mitigation and risk management: The Company mitigates this risk through disciplined capital allocation, close cooperation with the operator and partners, and continuous project monitoring. Investment decisions are based on established evaluation processes and economic assessments. Decommissioning estimates There are significant uncertainties and significant estimation risks relating to the cost and timing for decommissioning of offshore installations and infrastructure. Deviation from such estimates may have a material adverse effect on the Company’s operational results, tax position, cash flow and financial condition. This includes the timing of when security may need to be put in place. Material influencing factors:  Within the DUC, the partners are primarily liable to each other on a pro-rata basis and, secondarily, jointly and severally liable for all decommissioning obligations.  There is an obligation for participants to provide security for their respective share of any decommissioning liabilities ahead of actual decommissioning based on calculations as set out in the joint operating agreement.  Timing of decommissioning of a hub will depend on the economic cut off of reserves and links with the risk regarding actual reserves compared with reported estimates. A change in those estimates can impact the timing of decommissioning and will be reflected in an update in decommissioning estimates. Mitigation and risk management: The Company mitigates this risk through periodic reassessment of decommissioning estimates, alignment with operator assumptions, and use of external expertise. Financial obligations and security requirements are continuously monitored and incorporated into planning. Market risks Commodity prices The Company’s main business is to produce and sell oil and gas and, therefore, future revenues, cash flow, profitability, financing and rate of growth depend substantially on prevailing prices of oil and gas. As oil and gas are globally traded commodities, the Company has limited ability to control or predict the prices it receives. Commodity price fluctuations could reduce the Company’s ability to refinance its outstanding credit facilities and may result in a reduced borrowing base under available credit facilities, including the RBL facility. Price volatility may also lead to impairments of the Company’s assets. Material influencing factors: • While volatility and uncertainty remain in commodity markets, global supply risks have generally stabilised through 2025. Geopolitical developments continue to influence price levels; however, markets have shown an ability to adapt in the short to medium term. • Hydrocarbons produced from specific fields may be sold at a premium or discount to benchmark prices, such as Brent for oil or TTF for gas, which may vary over time. • The majority of the natural gas produced by the Company is sold at Trading Hub Europe (‘THE’) prices, which closely follow the Dutch Title Transfer Facility (‘TTF’) benchmark, with realised prices impacted by hedging and increased gas exposure following the Tyra ramp-up. The Company remains exposed to regulatory and market-driven price volatility, including potential intervention mechanisms within the European gas market. Mitigation and risk management: The Company manages commodity price risk through an active hedging programme, including fixed-price swaps and other financial instruments. This provides visibility over future cash flows and reduces exposure to short-term price volatility. Foreign currency exposure The Company is exposed to market fluctuations in foreign exchange rates. Significant movements in exchange rates between euros, Danish kroner and US dollars may materially affect reported results. Material influencing factors: • Revenues are denominated in US dollars for oil and in euros for gas, while operational costs, taxes and investments are primarily denominated in US dollars, euros and Danish kroner. Following the ramp-up of Tyra and an increased share of gas production, a larger portion of revenue is euro-denominated, resulting in a more balanced currency exposure between revenues and costs. • The Company’s financing is primarily denominated in US dollars. Cyber security A compromised network or infrastructure would seriously impair the Company’s ability to maintain regular operations, including the ability to continue reporting, and to meet regulatory and financial obligations, if required information were not available. Material influencing factors:  As in 2024, ongoing global tensions continue to raise IT security risks around cybercrime and similar threats.  Protection and monitoring of critical infrastructure continues to be a high priority in the Danish energy sector. Mitigation and risk management: The Company manages cyber security risk through established IT security frameworks, monitoring of critical systems and alignment with industry practices in the Danish energy sector. Financial liabilities Available funding to meet the Company’s financial liabilities The Company has several debt instruments which expose it to interest rate risk and obligations to meet certain covenants. The Company’s material hedging programme provides significant visibility over its ability to meet these requirements. However, if the Company is unable to, then actions to rectify this position may be required. There can be no assurance that such actions will be available, or sufficient, to allow BlueNord to ultimately fulfil its obligations. The availability of funding and the nature and diversity of lenders being used can pose third party liquidity risk. Material influencing factors:  Exposure to floating interest rates through the Company’s USD 1.4 billion RBL.  Exposure to fixed interest rates through a USD 300 million senior unsecured note.  Under these financing instrumen… • entity
subsequent events • Subsequent to year-end, the Company amended its reserve-based lending (RBL) facility, extending the contractual maturity to December 2031 and deferring the commencement of amortisation to December 2028. The amendment did not change the committed amount of the facility or the applicable interest margin. There are no other events with significant accounting impacts that have occurred between the end of the reporting period and the date of this report. • entity
subsequent events • 23Subsequent events Subsequent to year-end, the Company amended its reserve-based lending (RBL) facility, extending the contractual maturity to December 2031 and deferring the commencement of amortisation to December 2028. The amendment did not change the committed amount of the facility or the applicable interest margin.There are no other events with significant accounting impacts that have occurred between the end of the reporting period and the date of this report. • entity
contingent liabilities • 19Contingent liabilitiesThe Company has received a claim regarding the level of Ørsted pipeline tariffs charged since 2013. As the relevant authority (Forsyningstilsynet) is currently reassessing their view, BlueNord believes that there is no basis for this claim prior to a new ruling setting the appropriate level of these tariffs. Given the outcome of this and any consequent liability is not yet known, the Company has not recognised a provision for this claim. During the normal course of its business, the Company may be involved in disputes, including tax disputes. The Company has not made accruals for possible liabilities related to litigation and claims based on Management's best judgment. The aggregate risk from this is not considered material. BlueNord has unlimited liability for damage in relation to its participation in the DUC. The Company has insured its pro rata liability in line with standard market practice. The Company is jointly taxed with Noreco Olie- og Gasudvinding Danmark B.V. Danish Branch, BlueNord Gas Denmark A/S, BlueNord Pipeline Denmark ApS and BlueNord Denmark A/S. As a group company, the Company is indefinitely and jointly and severally liable with other group companies for Danish corporate and withholding taxes on dividends, interest and royalties within the joint taxation. Any subsequent corrections of joint tax income and withholding tax, etc. could result in liability for the Company. • entity