Noreco delivers three Tyra West wellhead and riser topsides
Norwegian Energy Company ASA has announced a successful delivery from yard and sail away of the three Tyra West wellhead and riser topsides, according to the company's release.
The topsides were fabricated at Sembcorp Marine Ltd in Singapore and will be transported by HTV (Heavy Transport Vessel) BIGROLL BEAUFORT. The transportation of the topsides will take a planned pit stop at the Tyra site in the Netherlands to accommodate for an optimal installation window in the North Sea, expected in April.
In addition, Noreco completed the scheduled semi-annual borrowing base redetermination under the Company's Reserve Based Lending Facility, with the borrowing base remaining above the Facility's maximum cash drawing capacity of USD 1.0 billion. As of 31 December 2021, Noreco has drawn USD 900 million with USD 100 million available undrawn cash drawing capacity under the Facility.
In line with the Company’s hedging policy, and as a result of the positive commodity price environment in Q4 2021, Noreco has entered into fixed-price swap contracts for additional oil and gas volumes from 2022 to 2024. The Company has hedged c. 415,000 MWh (c. 245,000 boe) of gas in summer 2022 at an average price of c. EUR 50/MWh and c. 720,000 bbl of oil in 2023 and 2024 at prices from $65 to $71/bbl.
Further, Noreco announced that Cathrine Torgersen has been appointed the Company’s Head of ESG, through her new role as EVP Investor Relations & ESG. This reflects the importance that Noreco places on being both an active participant in the Energy Transition and doing so in a meaningful, but measured manner.
