Noreco announces first quarter 2020 results
Oslo, 20 May 2020: Norwegian Energy Company ASA (“Noreco” or “the Company”) today announced its result for the first quarter of 2020. The first quarterly results demonstrated a Company resilience, both financial and operational. Noreco’s financial performance was unaffected by recent volatility with an adjusted EBITDA of USD 105 million and a robust liquidity position with cash and cash equivalents of USD 273 million at the end of the first quarter. Net hydrocarbon production was 31.9 mboepd and in line with Company guiding. Highlights: • Net production of 31.9 thousand