olivLaw · European equity research
BlueNord ASA BNOR.OL
Norway · Euronext Oslo Børs · ISIN NO0010379266 · Vertical: Listed companies from Norway
BlueNord ASA is an independent oil and gas producer that operates as a non-operating partner in the Danish Underground Consortium on the Danish continental shelf. Its activity matters now because the Tyra redevelopment is ramping up to plateau, and petroleum revenues reached 1,030.3 million USD in 2025.
At the close of 06 Nov 2026, BlueNord ASA (BNOR.OL) stock was 540.00 NOK (−1.10% on the day), with beta -0.05, 52-week range 400.00–633.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 29.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 550.52 – 656.58
- below the lower band · %B -0.10 · band width 17.6%
- SMA 50 / 200
- 586.90 / 539.62
- mixed trend
- MACD (12, 26, 9)
- -4.85 / 5.79
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.9% | −0.2% | −4.8 pp | — |
| 3 months | +6.9% | −5.4% | +12.3 pp | — |
| 6 months | −6.7% | +4.4% | −11.1 pp | — |
| Year to date | +21.1% | +6.5% | +14.6 pp | — |
| 1 year | +13.6% | +10.0% | +3.6 pp | −6.7% |
| 3 years | −2.2% | +48.6% | −50.7 pp | +17.6% |
| 5 years | +247.9% | +41.4% | +206.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 795.0 m | 702.3 m |
| Revenue YoY | unavailable | −11.7% |
| Net income | 109.8 m | -70.8 m |
| Net income YoY | unavailable | −164.5% |
| Diluted EPS | 4.20 | -2.70 |
| Diluted EPS YoY | unavailable | −164.3% |
| net % | 13.8% | -10.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 250.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 695.6 m USD
- Total assets
- 3.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.04x
- ROE
- -9.4%
- ROA
- -2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 795.0 m | 702.3 m | esef· 08 May 2025verified |
| Cost of revenue | 340.1 m | 310.4 m | esef· 08 May 2025verified |
| Gross profit | 454.9 m ≈ | 391.9 m ≈ | esef· 08 May 2025derived |
| Operating income | 318.8 m | 218.5 m | esef· 08 May 2025verified |
| Depreciation & amortisation | 102.6 m | 135.4 m | esef· 08 May 2025verified |
| EBITDA | 421.4 m ≈ | 353.9 m ≈ | esef· 08 May 2025derived |
| Interest expense | 98.3 m | 256.7 m | esef· 08 May 2025verified |
| Pre-tax income | 243.6 m | -12.1 m | esef· 08 May 2025verified |
| Income tax | 133.7 m | 58.7 m | esef· 08 May 2025verified |
| Net income | 109.8 m | -70.8 m | esef· 08 May 2025verified |
| Diluted EPS | 4.20 | -2.70 | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 166.7 m | 250.6 m | esef· 08 May 2025verified |
| Receivables | 88.7 m | 39.0 m | esef· 08 May 2025verified |
| Inventories | 54.7 m | 55.8 m | esef· 08 May 2025verified |
| Current assets | 381.9 m | 514.3 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 2.4 bn | 2.6 bn | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 151.6 m | 147.0 m | esef· 08 May 2025verified |
| Total assets | 3.4 bn | 3.5 bn | esef· 08 May 2025verified |
| Current liabilities | 696.4 m | 493.5 m | esef· 08 May 2025verified |
| Total liabilities | 2.6 bn | 2.8 bn | esef· 08 May 2025verified |
| Equity | 813.6 m | 695.6 m | esef· 08 May 2025verified |
| Shares outstanding at year end | 26.1 m | 26.2 m | esef· 08 May 2025derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -10.1% | 21 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BLUENORD ASA (BNOR.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 702.3 m USD in 2024; YoY growth -11.7%; net margin -10.1%; ROE -9.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -10.1%
- Interest coverage: 0.9x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for BNOR.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BlueNord ASA is an independent oil and gas producer that operates as a non-operating partner in the Danish Underground Consortium on the Danish continental shelf. Its activity matters now because the Tyra redevelopment is ramping up to plateau, and petroleum revenues reached 1,030.3 million USD in 2025 1.
SWOT
Strengths
- The company has a solid financial base, with total liquidity supported by the extended RBL facility and a hedging programme that gives visibility over funding needs 1.
- The Tyra project, now in operation with production ramping up, could significantly improve efficiency and the balance between oil and gas in the portfolio 1.
- The long-standing partnership within the Danish consortium, with stable participants, provides an established operating relationship 1.
Weaknesses
- As a non-operating partner, the company has limited control over asset management and over decisions on decline-mitigating investments 1.
- Activity is concentrated in a limited number of interconnected fields and hubs, so an incident at one location could affect a large part of the business 1.
- The company may not have the resources to cover any funding shortfall of partners in the consortium under the operating agreements 1.
Opportunities
- Organic investment projects in the consortium, once matured, could replace produced reserves and deliver strong financial returns 1.
- Rising European gas demand and restrictions on the Russian market could increase the importance of Danish fields 1.
- Greater efficiency at Tyra through digital solutions and new facilities could reduce emissions and unit costs 1.
Threats
- Political and fiscal changes in Denmark could alter petroleum taxation and affect cash flow 1.
- Geopolitical risks, including possible acts of sabotage against infrastructure, could exceed insurance limits 1.
- Environmental regulation and CO2 costs are tending toward stricter standards, which could raise operating expenses 1.
Risks
- Geographic concentration of productionhigh
Production comes from a limited number of offshore fields, and an incident at one location could affect a significant part of the business 1.
- Reserves may differ from estimatesmedium
Reported reserves are estimates that depend on assumptions about prices and costs, and actual results could differ materially 1.
- Exposure to commodity priceshigh
Revenues, profitability and financing depend on oil and gas prices, which the company cannot control, and declines could reduce the RBL borrowing base 1.
- Danish fiscal and regulatory riskmedium
Political changes in Denmark could bring new taxes or regulations that could affect operations and results 1.
- Decommissioning costsmedium
The cost and timing of decommissioning offshore installations are uncertain, and deviations could affect results, tax position and security requirements 1.
Investment thesis
What would need to be true (bull case)
- If Tyra reaches plateau capacity and costs stay at the guided level, the company could generate substantial cash and sustain shareholder returns 1.
- The existing financing structure and hedging positions provide visibility and flexibility, which could support organic investment projects 1.
- Restrictions on the Russian market could raise the strategic value of European fields, including those in Denmark 1.
What would break the thesis
- As a non-operating partner, the company has limited control over operations, and decisions by partners or the Operator could cause delays or added costs 1.
- Asset concentration and sensitivity to energy prices could make revenues vulnerable to price declines or operational incidents 1.
- High Danish petroleum taxes and regulatory pressure could compress margins and raise compliance costs over time 1.
What to watch
- Delivery of 2026 quarterly production guidance and operational stability at TyraQ1 2027
- Development of lifting cost at full Tyra capacity2027
- Evolution of liquidity after the extended RBL facility and borrowing basenext 10-K
- Sanction decisions on organic consortium projects and Danish fiscal changes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company produces and sells oil and natural gas from offshore fields on the Danish continental shelf, focusing on existing reserves and new development projects. It participates in the Danish Underground Consortium as a non-operating partner, meaning day-to-day operations are run by the Operator while BlueNord focuses on governance and oversight 1. Total production in 2025 was 13.6 million barrels of oil equivalent 1.
Assets are concentrated in four interconnected producing hubs sharing the same infrastructure: gas is transported to shore via the Tyra hub to Nybro or the NOGAT pipeline, and liquids flow through the Gorm hub 1. This geographic concentration means an incident at one location could affect a significant part of the business 1.
Segments
Tyra field production
The Tyra redevelopment is the largest project carried out to date on the Danish continental shelf and is now in operation, with production ramping up to plateau 1. The company expects Tyra to materially enhance production and cost efficiency, with lifting cost expected at 13 USD/boe at full capacity 1.
Base assets and existing hubs
The base assets, including the Gorm hub and other interconnected fields, could continue delivering stable production with high operational efficiency, with no infill drilling planned for 2026 1. Investment focuses on maintenance, reservoir management and selective projects 1.
Market context
Oil and gas prices are set globally and the company cannot control them; most of its gas is sold at Trading Hub Europe prices, which closely follow the Dutch TTF price 1. Oil revenues are in US dollars and gas revenues in euros, and management considers currency risk low 1.
The company uses forward and fixed-price swap contracts to reduce volatility, generally covering the next one to two years, including volumes for 2025 through 2028 1. Markets have tended to adapt to geopolitical risk over the short term, but volatility remains elevated 1.
Trends
- Tyra entering productiontailwind
Higher Tyra output could rebalance the portfolio between oil and gas and could lower unit costs if operations remain stable 1.
- Energy price volatilitymixed
Swings in oil and gas prices could reduce refinancing capacity and the RBL borrowing base, although hedging arrangements can soften the impact 1.
- Danish taxation and leviesheadwind
Petroleum taxes are higher than for other businesses, and additional CO2 duties and the Solidarity Contribution could reduce cash flow, though a compensation agreement exists 1.
- Tightening environmental regulationheadwind
Environmental legislation is evolving toward stricter standards and larger fines, which could increase investment and operating costs 1.
Competitive position
The Danish offshore production landscape is dominated by a small number of operators, and BlueNord works mainly alongside TotalEnergies and the North Sea Fund within the Danish Underground Consortium 1. The supplied sources do not explicitly name other direct competitors, so the competitive analysis is limited 1.
The company's positioning depends on its ability to fund development projects and keep pace with consortium partners, as it has limited control over the management of its fields 1.
- TotalEnergies
Partner in the Danish Underground Consortium, described in the source as a strong and reliable partner within the consortium.
- North Sea Fund
Partner in the Danish Underground Consortium, named in the source alongside TotalEnergies as part of the long-standing consortium relationship.
- Danish Underground Consortium Operator
Runs day-to-day operations and collects environmental data, a role that limits the company's direct control over assets.
- Other European hydrocarbon producers
The source notes that European fields could gain importance if the Russian market is restricted, without naming specific companies.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BlueNord ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.