BNOR — BlueNord ASA Energy · Oil & Gas E&P OSL
NOK 575.00
52W NOK 400 – NOK 650
USD NOK 575.00
1D 5D 1M 3M 6M YTD 1Y 5Y MAX
Income Statement Balance Sheet Cash Flow
Annual · All values in US Dollars (USD)
USD FY2025 FY2024 FY2023 FY2022 Revenue 1.03B 702.30M 795.10M 966.90M YoY Growth +46.7% -11.7% -17.8% — Gross Profit 319.40M 256.50M 352.50M 510.10M Gross Margin 31.0% 36.5% 44.3% 52.8% R&D — — — — SG&A 11.60M 8.40M 9.40M 15.30M EBIT 227.50M 164.20M 269.70M 429.80M EBIT Margin 22.1% 23.4% 33.9% 44.5% D&A 249.30M 135.40M 102.60M 133.50M EBITDA 493.40M 256.80M 365.00M 480.10M EBITDA Margin 47.9% 36.6% 45.9% 49.7% Net Income 111.60M (70.80M) 109.80M (8.80M) Net Margin 10.8% -10.1% 13.8% -0.9% EPS (diluted) — -$2.70 $4.20 -$0.40 Shares (dil., M) — 31 31 31
Company Brief
BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf. The company was formerly known as Norwegian Energy Company ASA and changed its name to BlueNord ASA in April 2023. BlueNord ASA was founded in 2005 and is headquartered in Oslo, Norway.
CEO Mr. Euan Shirlaw Employees 48 IPO Date 2007-11-09 Country Norway Website www.bluenord.com Margins (TTM)
Gross Margin 31.0% EBITDA Margin 47.9% EBIT Margin 22.1% Net Margin 10.8% FCF Margin 35.9%
Returns on Capital
ROIC 12.4% ROCE 7.1% ROE 14.5% ROA 3.3% Asset Turnover 0.31×
Earnings Quality
FCF / Net Income 331.1% SBC / Net Income 0.9% SBC / Revenue 0.1% Capex / D&A 0.19×
Growth (CAGR)
Metric 3yr Revenue 2.1% EPS — FCF 5.2% Dividend —
Ownership
Float 88.0% Shares Out. 25.6M Insiders % — Institutions % — Institutions (of float) — Institution holders — Insider net buy 6M —
Balance Sheet
Cash & ST Invest. $142.7M Total Debt $1.1B Net Cash / (Debt) -$926.3M Total Assets $3.4B Total Equity $768.0M Goodwill & Intang. $133.5M Tangible Book Value $634.5M NCAV (Graham) -$2.2B Tangible Book/sh $24.82 NCAV/sh -$85.55
Leverage
D/E Ratio 1.39× Net Debt / EBITDA 1.88× Interest Coverage 1.46× Current Ratio 2.32× Quick Ratio 1.93×
Capital Allocation (last FY)
Capex $47.0M Capex / Revenue 4.6% SBC $1.0M Dividends Paid $341.0M Buybacks $50.3M
Dividends
Annual DPS $19.49 Yield (fwd) 3.31% Payout Ratio 52.5% Ex-div Date 2026-03-24
Valuation vs History
P/E vs 4Y 17.8× vs 118.5× median Div yield vs 10Y 331.0%
Buyback History
FY 2025 $50.0M -3.5%
FY 2024 — +1.5%
FY 2023 — +2.1%
FY 2022 — —
Margins (TTM)
Gross Margin 31.0% EBITDA Margin 47.9% EBIT Margin 22.1% Net Margin 10.8% FCF Margin 35.9%
Returns on Capital
ROIC 12.4% ROCE 7.1% ROE 14.5% ROA 3.3% Asset Turnover 0.31×
Earnings Quality
FCF / Net Income 331.1% SBC / Net Income 0.9% SBC / Revenue 0.1% Capex / D&A 0.19×
Growth (CAGR)
Metric 3yr Revenue 2.1% EPS — FCF 5.2% Dividend —
Ownership
Float 88.0% Shares Out. 25.6M Insiders % — Institutions % — Institutions (of float) — Institution holders — Insider net buy 6M —
NOK 575.00
1D 5D 1M 3M 6M YTD 1Y 5Y MAX
Income Statement Balance Sheet Cash Flow
Annual · All values in US Dollars (USD)
USD FY2025 FY2024 FY2023 FY2022 Revenue 1.03B 702.30M 795.10M 966.90M YoY Growth +46.7% -11.7% -17.8% — Gross Profit 319.40M 256.50M 352.50M 510.10M Gross Margin 31.0% 36.5% 44.3% 52.8% R&D — — — — SG&A 11.60M 8.40M 9.40M 15.30M EBIT 227.50M 164.20M 269.70M 429.80M EBIT Margin 22.1% 23.4% 33.9% 44.5% D&A 249.30M 135.40M 102.60M 133.50M EBITDA 493.40M 256.80M 365.00M 480.10M EBITDA Margin 47.9% 36.6% 45.9% 49.7% Net Income 111.60M (70.80M) 109.80M (8.80M) Net Margin 10.8% -10.1% 13.8% -0.9% EPS (diluted) — -$2.70 $4.20 -$0.40 Shares (dil., M) — 31 31 31
Company Brief
BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf. The company was formerly known as Norwegian Energy Company ASA and changed its name to BlueNord ASA in April 2023. BlueNord ASA was founded in 2005 and is headquartered in Oslo, Norway.
CEO Mr. Euan Shirlaw Employees 48 IPO Date 2007-11-09 Country Norway Website www.bluenord.com Balance Sheet
Cash & ST Invest. $142.7M Total Debt $1.1B Net Cash / (Debt) -$926.3M Total Assets $3.4B Total Equity $768.0M Goodwill & Intang. $133.5M Tangible Book Value $634.5M NCAV (Graham) -$2.2B Tangible Book/sh $24.82 NCAV/sh -$85.55
Leverage
D/E Ratio 1.39× Net Debt / EBITDA 1.88× Interest Coverage 1.46× Current Ratio 2.32× Quick Ratio 1.93×
Capital Allocation (last FY)
Capex $47.0M Capex / Revenue 4.6% SBC $1.0M Dividends Paid $341.0M Buybacks $50.3M
Dividends
Annual DPS $19.49 Yield (fwd) 3.31% Payout Ratio 52.5% Ex-div Date 2026-03-24
Valuation vs History
P/E vs 4Y 17.8× vs 118.5× median Div yield vs 10Y 331.0%
Buyback History
FY 2025 $50.0M -3.5%
FY 2024 — +1.5%
FY 2023 — +2.1%
FY 2022 — —
Not investment advice Updated 4/17/2026
