Oslo, 4 May 2026: BlueNord ASA ("BlueNord" or the "Company") has today announced
its financial results for the first quarter of 2026, delivering another quarter
of strong operational and financial performance.  As a result, BlueNord is
proposing a cash dividend of USD 100 million for Q1 2026, representing 70
percent of net cash flow from operating activities for the period.

Highlights:

  · Net hydrocarbon production of 43.1 mboepd (42.2 mboepd in Q4 2025)
  · Revenues of USD 318 million (USD 270 million in Q4 2025)
  · EBITDA of USD 201 million (USD 186 million in Q4 2025)
  · Net operating cash flow of USD 141 million (USD 165 million in Q4 2025)
  · Proposed cash dividend for the quarter of USD 100 million
  · 2025 Annual Statement of Reserves and Resources with 2P Reserves of 172.4
Mmboe and Near-Term 2C Resources of 22.6 Mmboe
  · Successful refinancing of RBL, extending maturity to 31 December 2031 with
no amortisation until end 2028
  · Strong liquidity position of USD 460 million at quarter end
  · Successful execution of March walk-to-work campaign at Tyra, with c. 80% of
well stock onstream, materially increasing available well potential
  · Contemplated refinancing of BNOR16, with fixed income investor meetings to
be held this week

Operational
BlueNord delivered total net production of 43.1 mboepd in the first quarter of
2026, within the quarterly guidance range of 42.0-45.0 mboepd. The performance
reflects continued improvement at the Tyra hub with its highest quarterly
contribution of 22.9 mboepd since restart, alongside stable contribution from
the base assets. At Tyra the successful execution of the walk-to-work campaign
took place in March, resulting in approximately 80% of the total well stock now
on stream, and materially increasing available well potential. The base assets
(Dan, Gorm and Halfdan hubs) averaged 20.1 mboepd, in line with expectations.
During the quarter the Company announced that the Danish government had invited
the Danish Underground Consortium partners to explore an extension of the
existing production licence beyond its current 2042 expiry, within the framework
of the 2020 North Sea Agreement. An extension would support European energy
security and strengthen the long-term production horizon of the asset base.


Financials
Revenue for the quarter was USD 318 million, supported by higher production and
a strong contribution from Tyra. EBITDA increased to USD 201 million, with
Operating cash flow of USD141 million, During the quarter, the Company
successfully completed a refinancing of its USD 1.4 billion reserve-based
lending facility ("RBL") maturing on 31 December 2031 with amortisations
commencing on 31 December 2028. The Company has also put in place hedging that
provides full downside protection on expected production while maintaining
meaningful exposure to higher oil and gas prices. Reflecting the continued
strong performance in Q1, the Company is proposing a cash dividend for the first
quarter of USD 100 million, at the top end of the distribution policy range of
50-70% of operating cash flow.


Consistent with BlueNord's focus on actively managing its capital structure,
BlueNord intends to consider a potential refinancing of BNOR16, a USD 300
million senior unsecured bond, with fixed income investor meetings to be held
this week.

"The first quarter of 2026 represents a further step forward for BlueNord,
delivering the highest quarterly production in the Company's history. This
reflects strengthening performance at Tyra and the consistency of our base
assets. We expect Tyra production to increase further through the second half of
the year, and improved stability and fewer unplanned temporary shutdowns provide
positive momentum as we enter the second quarter.

The current environment of heightened geopolitical uncertainty, including the
ongoing Iran conflict, underlines the strategic importance of reliable European
energy supply. Danish oil and gas production continues to play a critical role
in supporting regional energy security, providing stable, lower-emission and
domestically sourced volumes that reduce reliance on imported alternatives.

Alongside this, we remain focused on actively managing our capital structure to
ensure it enables us to maintain a conservative balance sheet while delivering
on our shareholder returns commitment. The contemplated refinancing of BNOR16
announced today reflects our desire to ensure the strength of our underlying
business is reflected in our capital structure.  As production increases and
operational performance strengthens, our priority remains clear: maximising
distributions while maintaining a conservative capital structure," said Euan
Shirlaw, Chief Executive Officer of BlueNord.

The report and investor presentation may be downloaded from the Company's
website www.bluenord.com or www.newsweb.no.

The Company will host a webcast today at 10:00 CEST. To join
webcast: https://qcnl.tv/p/fHfLhKLBNHM3q4UBs-0_Hw

Contact:
Cathrine F. Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Cathrine Torgersen, Chief Corporate Affairs
Officer, BlueNord ASA, at the date and time as set out above.

***

About BlueNord ASA:
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company has a 36.8 percent interest in
the Danish Underground Consortium (DUC) that is responsible for oil and gas
production in the Danish North Sea. BlueNord is listed on the Oslo Stock
Exchange and trades under the ticker "BNOR". For further information, please
visit: www.bluenord.com.