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Update on the Tyra Redevelopment Project

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Oslo, 6 November 2020: Norwegian Energy Company ASA (“Noreco” or “the Company”) announces today the following update on the Tyra Redevelopment Project:

  • As a consequence of the ongoing COVID-19 pandemic, first production from the Tyra Redevelopment is expected in Q2 2023 instead of 2022 as previously communicated.
  • The project remains on track to be delivered within budget

Due to COVID-19, local governmental imposed restrictions at the fabrication yards have impacted the schedule of the new Tyra topsides, including through the global supply chain delivering key components for the topsides. As a direct consequence of this impact the installation of the four new topsides is rescheduled from 2021 to a 2022 installation-window.  First production from the redeveloped Tyra is then expected in Q2 2023.

 

Facts:  

  • Noreco is a North Sea E&P company and the second largest producer in Denmark with a 36.8% ownership in The Danish Underground Consortium (“DUC”).

  • The DUC is a partnership between the operator Total (43.2%), Noreco (36.8%) and Nordsøfonden (20%).
  • The Tyra Field is the largest gas condensate field in the Danish Sector of the North Sea. Its facilities process more than 90% of the gas produced in Denmark, as well as the entire gas production of the DUC.
  • Due to seabed subsidence, the Tyra field required a redevelopment, a project that was sanctioned by the DUC in 2017.
  • The Tyra Redevelopment consists of three main elements: Removal and decommissioning of the prior Tyra platforms, reuse and 13 meters extension of the current jackets at six platforms that will have new topsides and a new process platform and a new accommodation platform. The project is, to date, the largest project carried out on Danish Continental Shelf. 
  • When back in operation, Tyra is expected to reach peak production of approximately 60,000 boepd.
 

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Contacts:

David B. Cook, Chief Executive Officer
Email: ir@noreco.com

 
Cathrine Torgersen, EVP Investor Relations & Communications
Email: ct@noreco.com

About Norwegian Energy Company ASA
Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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