Strategic Partnership with Semco Maritime and Participation in Mini-Round of Licencing in Danish Gas Field

OSLO, Norway, April 12, 2023 /PRNewswire/ -- Norwegian Energy Company ASA, to be renamed BlueNord ASA ("BlueNord" or the "Company"), is pleased to announce it has entered into a strategic partnership with Semco Maritime A/S ("Semco Maritime"). In addition, BlueNord has submitted a licence application for acreage containing the gas discovery Elly-Luke in the Danish part of the North Sea, and as such will participate in the Danish Ministry of Climate, Energy and Utilities' upcoming mini-round of licencing.

The strategic partnership agreement with Semco Maritime will allow the two companies to jointly identify, explore and investigate opportunities in the oil and gas space. For BlueNord this is a tangible and important step in the ongoing trajectory towards long term maximisation of the value from the existing assets and evaluating any new opportunities.

BlueNord is also proud to announce the submission of a license application in the Elly-Luke area of the Danish North Sea, and its participation in a so-called mini-round. This application aligns with BlueNord's approach of considering opportunities to maximize shareholder value as part of its robust capital allocation process. If BlueNord is successful in its application, the Company expects to carry out a preliminary technical review of Elly-Luke prior to any longer-term commitment, which is currently believed to have the potential to provide approximately 5 billion cubic meters of natural gas to Denmark and Europe while producing safely, efficiently, and with low emissions. This important contribution to energy security would help lower energy prices for consumers, while also recognising that energy produced within the EU is a reliable alternative to imported energy sources like LNG and coal that have significantly higher climate footprints. The license application is the Company's first tangible step taken outside of its ownership in the Danish Underground Consortium (the "DUC") and will together with other planned initiatives ensure that BlueNord can maintain a long-term robust dividend policy once the Tyra Redevelopment is completed by the end of 2023 and create value for all stakeholders.

"Today's announcement demonstrates our strong commitment to maintaining and strengthening our position in Denmark, with the goal of maximizing value for all stakeholders. Together with Semco Maritime's operational expertise, we have established a structure that enables us to pursue opportunities in Denmark in a way that aligns with our current capabilities," says Euan Shirlaw, Chief Executive Officer of BlueNord

 "The resources in the Danish North Sea have benefitted the country, both economically and strategically, for more than 50 years and will continue to do so until 2050. Our license application to assess the potential for developing the Elly-Luke discovery looks to build upon this with our own expertise to provide the energy that Denmark and Europe needs, for as long as it is needed.  This will be delivered in a manner that is consistent with our objective of maximising distributions to shareholders, however, Elly-Luke provides additional attractive optionality for value creation.  If successful in the application process, BlueNord expects the license to be awarded in late 2023, with an initial study period of limited financial commitment through 2024," he concludes.

Contact:
Cathrine F. Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

About Semco Maritime

Semco Maritime is an international engineering and contracting business enabling a safe and sustainable energy transition with assignments across the value chain of the global energy sector. The company pursues its Sustainable Growth strategy by helping customers seize opportunities in the green transition and ensure responsible fossil fuel extraction. Since 1980, we have applied our specialist competencies as a platform for the work carried out at all stages of offshore and onshore assignments – from preliminary analyses over design, procurement and manufacturing to installation, commissioning and subsequent service as well as rental of manpower and supply of bespoke components, systems and solutions. Semco Maritime has 1,900 dedicated people securing our customers cost-effective project management and operations. www.semcomaritime.com