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Noreco News

01 Sep 2022

PHOTO: Tyra II Process Module Sails Away from Batam

Credit: Tyra2

Oil and gas company Noreco on Thursday announced the sailaway of the new Tyra II process module (the "TEG"), 10.15am local time, from Batam, Indonesia and bound for the TotalEnergies-operated Tyra gas field redevelopment project in the Danish North Sea.The process module was fabricated at the McDermott yard in Batam by McDermott and TotalEnergies, and the heavy transport vessel GPO Emerald will sail the 17,000 metric tons unit to the Tyra field in the Danish North Sea, a voyage of 8,700 miles taking approximately one month.

31 Aug 2021

PHOTO: Heerema's Sleipnir Installs First Tyra Topsides

Credit: Noreco

Heerema Marine Contractors' giant semi-submersible crane vessel Sleipnir has lifted and installed the first new topside for TotalEnergies' Tyra redevelopment in the Danish North Sea.Noreco, TotalEnergies' partner in the project, shared the photos of the installation via social media on Tuesday."The world’s largest semi-submersible crane vessel Sleipnir, with an incredible precision, has now lifted off the first new Tyra topside and installed it on the jacket. This is an important step towards what will be a state-of-the-art facility in the North Sea…

26 Jul 2021

Photo: Sembcorp Marine Delivers Offshore Facilities for TotalEnergies' Tyra Field

Credit: Sembcorp Marine

Singapore's offshore platform constructor Sembcorp Marine has completed the fabrication of two wellhead topsides, one riser topside, and two bridges for deployment at TotalEnergies’ Tyra field redevelopment in the Danish North Sea.The topsides and bridges sailed away from Sembcorp Marine Admiralty Yard Sunday. They will replace Tyra’s aging facilities to support further production. According to photos shared by Sembcorp Marine, the facilities are being shipped by the Bigroll Beaufort vessel…

13 Oct 2015

Noreco CEO Quits

Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA. Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the Company. Whilst Mr. Sundt’s role as CEO for the Noreco group will cease with effect from this announcement, Mr. Sundt will continue to fill the role as general manager for the Norwegian operations until the end of 2015. Mr. Sundt’s departure has been agreed with the Board and Mr. Sundt will receive severance payment in accordance with his contract. The Board of Noreco ASA will continue to lead the strategic initiatives and with Tommy Sundt stepping down, the Board will actively engage in the day-to-day management of the group of companies.

13 Aug 2015

CFO Slettebø Quits Noreco

Odd Arne Slettebø, CFO of Noreco since November 2014, has handed in his resignation and his employment will cease on 31 October. Since Mr. Slettebø joined Noreco in 2012 he has played a central role within accounting, compliance and the restructuring processes during the past years. Noreco wishes to express its gratitude for his hard work for the company, and wishes him all the best in his future endeavours.

02 Jul 2015

Noreco Ink Deal with Denmark Partners

Norwegian Energy Company ASA announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields (the “Licences”). According to provisions in the respective joint operating agreements, Noreco has forfeited and transferred its participating interests in the Licences to the Partners on a pro-rata basis. In addition, the settlement for claims on defaulted cash calls and capping of the abandonment liability includes a cash consideration of NOK 60 million, and an 18.2 per cent working interest in the Lulita field.

23 Mar 2015

Update on Noreco's Danish Licences

As previously reported, Norwegian Energy Company ASA’s (Noreco) Danish subsidiary was in January prevented from making payments for its share of production costs at the Nini field, and it was consequently in breach of the licence agreement. As this situation was not remedied as of 21 March 2015, the other partners may now claim Noreco’s 30 per cent interest in the licence without any consideration. As part of the negotiations to agree on an overall restructuring proposal for Noreco, a committee of bondholders stated that their consent would require that the costs and cash flows related to Noreco’s operations in Denmark must be improved.

02 Mar 2015

Cheap Oil Threatens Debt Squeeze for Smaller North Sea Producers

Photo: EnQuest

Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves, following last year's oil price sell off. Unlike the oil majors, which can slash headcount and delay projects, smaller firms tend to be reliant on few fields, and those that are mid-project have little choice but to continue with their capital expenditure. "Where companies have committed to projects when the oil price was $100-plus and their capital budget was set in advance…

19 Jan 2015

Noreco, North Energy Agree Asset Transfer on PL484

Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North). The transfer is subject to government approval. Further, the companies have agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future. The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled, and Noreco will consequently continue owning 20 per cent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.

15 Dec 2014

Erik Henriksen Quits Noreco's Chairmanship

Chairman of the Board Erik Henriksen has given notice of resignation from his position on the Board of Norwegian Energy Company ASA. The notice will be considered by the Board in due course in accordance with applicable regulations. The Board will then also consider whether to call for an extraordinary general meeting and, in case, the timing thereof to appoint replacement director(s). This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

01 Dec 2014

NORECO's Revenue Dips in 3Q 2014

Norwegian Energy Company’s (Noreco) production in the third quarter of 2014 was basically unchanged from the previous quarter, significant impairments took down Noreco net results after tax to minus NOK 1 101 million. Revenues in the third quarter 2014 were NOK 296 million, down from NOK 318 million in the previous quarter. Exploration and evaluation expenses amounted to NOK 629 million, primarily due to a write-off of the Huntington Fulmar (Maxwell) discovery in the UK, and the operating result before depreciation and write-downs (EBITDA) was negative by NOK 556 million, compared with negative NOK 29 million in the previous quarter.

24 Nov 2014

Odd Arne Slettebø new CFO of “Noreco”

Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of Noreco. “I am very pleased to announce that Odd Arne Slettebø will be my successor as CFO. He is highly skilled and knows the Company very well, which will secure continuity in the team,” says Tommy Sundt, CEO of Noreco. Slettebø is a state authorised public accountant and holds a master degree in Accounting and Auditing from Norwegian School of Economics and Business administration (NHH), in addition to a Bachelor degree in Business administration from Bergen University College.

14 Oct 2014

Lundin Petroleum Hits More Oil, Shares Surge

Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes that more oil could be found in the remote region. Lundin Petroleum's find in the Alta prospect contains between 125 and 400 million barrels of oil equivalent, including 85 to 310 million barrels of oil, near Statoil's Snoehvit field and Lundin's own Gohta find, the firm said in a statement on Tuesday. The discovery raises hopes that more oil could be found in a region where only a handful of oil fields have been discovered after several decades, and none have started production.

21 Jul 2014

Lundin Petroleum Finds Arctic Oil

Swedish oil firm Lundin Petroleum has confirmed the size of a significant oil discovery in the Arctic, the company said on Monday after completing a second well. The Gohta discovery in the Norwegian section of the Barents Sea is now estimated to contain between 111 and 232 million barrels Of oil equivalent (boe), compared with 105-235 million boe seen in October last year. Lundin Petroleum's partners in the production license, called PL492, are Norway's Det norske and Noreco. (By Gwladys Fouche)