OKEA ASA

Today, we are reporting our results for Q2 2024   ◾ Operating income of NOK 2,584 (3,474) million ◾ EBITDA of NOK 1,617 (2,159) million ◾ Cash and cash equivalents of NOK 3,182 (2,130) million    “I am very pleased that the strong performance, particularly from our operated assets, is continuing. We delivered the PDO for the Bestla development project to the Ministry of Energy in April, a project that will be developed as a tie-back to the Brage field and is estimated to hold 24 million barrels of oil equivalent in recoverable reserves. The Bestla development aligns well with our strategy to create additional value in areas close to existing infrastructure by identifying cost-effective solutions that enable extraction of further volumes“, stated OKEA CEO Svein Jakob Liknes.     Join us for a presentation of the results today through a webcast and audio conference starting at 10:00 CET. Svein Jakob Liknes (CEO) and Birte Norheim (CFO) will give the presentation.   The webcast can be followed at www.okea.no or OKEA Wecast Q2 2024 https://lnkd.in/d6fSR2AQ

Q2 2024 trading update We will publish our results from Q2 2024 on Wednesday, 17 July, at 06:00 (CEST). A short update for the quarter: 🔹 Operating income of NOK 2,584 (3,474) million 🔹 Net production of boepd 38,357 (42,107) 🔹 Net sold volume of boepd 33,294 (46,583) Join us for a presentation of our Q2 2024 results on Wednesday, 17 July, starting 10:00 CEST (OKEA Webcast Q2 2024 (royalcast.com)). The presentation will be held by Svein Jakob Liknes (CEO) and Birte Norheim (CFO).

❓ Why do we invest in our company culture? ➡ Because it is good for business. 400 employees and contractors met in Bergen in May and June for business updates and social activities. Topics included company strategy, our planning process, how we work together, and what it takes to achieve our goals. "The success of OKEA is a direct result of the contributions of all our employees. This is not just a social event, it's an investment in our people that directly drives positive results for our business," says CEO Svein Jakob Liknes. Our culture is built on our core values: ⭐ Open ⭐ Engaged ⭐ Responsible ⭐ Ambitious "A strong company culture involves a clear set of values, open communication, mutual respect, and shared goals. We all have a responsibility to contribute to the culture we want, and these events remind us of our shared responsibilities," adds Bente Nordeide, VP People & Organisation. Thanks to all our OKEA colleagues for your engagement and enthusiasm! #Companyculture #Operationalexcellence

Bestla Development Project First cut of steel at Aker Solutions Egersund. Exciting to hit the button together with OSS and ASE to start the first cut of steel for the subsea template. Thanks to Aker Solution for hosting this significant event together with Onesubsea. OKEA ASA OneSubsea Aker Solutions

The energy transition is far from simple. 🚀 We need a sustainable but also secure and affordable energy supply. ❓ But HOW? The BRU21 research and innovation program creates value for the offshore energy industry, leveraging the Norwegian University of Science and Technology (NTNU)'s expertise in digital and petroleum domains alongside insights and data from our industrial partners.   Last week, our colleague, VP Parter-operated assets and Quality management, Thomas Lerdahl, attended the 3rd BRU21 conference, where they discussed the following challenges: ◾ The complexity of new energy systems ◾ Environmental uncertainties ◾ Market volatility Here, digital and automation technologies play a central role.   ❓ What is the benefit for OKEA? One of our key initiatives already in motion is the "Power from shore" project at Draugen, and we are exploring opportunities for offshore wind integration. To succeed in these ventures, we must evaluate increasingly complex business cases. Collaboration with academic institutions such as NTNU is critical. ➡ Our objective is clear: can we execute these projects with reasonable certainty and profitability?   Stay tuned for more updates on this exciting collaboration! #Operationalexcellence

THANK YOU Energistafetten! 🏃♂️🏃♀️ Together with 7600 runners, we participated with our two teams, Mid-life Runners and Late-life Runners (get it?), in the annual Energistafetten (Energy relay race) in Stavanger, organised by Bedriftsidretten Rogaland. With an impressive 770 teams at the starting line, double the previous year's, it was a day filled with energy, enthusiasm, and pure joy! OK, so we didn't exactly set any records....BUT:   ✔ We focused on teamwork ✔ We were serious about having a good time ✔ We celebrated as if we had completed a marathon (!) In other words, the running was fun, but the best part was spending time with great industry colleagues. Congratulations to all participants, and thank you, Erik Egedahl and Bedriftsidretten, for an unforgettable day!

📣 Calling all seasoned reservoir engineers with a passion for project management.   Why don't you join our team as a Lead Reservoir Engineer/Project Manager?   We are looking for someone with a strong technical background in reservoir engineering and dynamic modelling to lead our subsurface teams and drive project management in early-phase projects.   Our project activity is centred around existing hubs, and with our growing portfolio, you'll not only have the opportunity to contribute but also to shape the future of our projects from the ground up — a chance to leave your mark. Key Responsibilities: ✔ Lead and manage subsurface teams ✔Deliver project management in early phase development ✔Utilise your expertise in reservoir engineering and dynamic modelling   Join us and be part of a company that aspires to be a leading mid- to late-life operator on the Norwegian continental shelf. #Operationalexcellence

Hard facts, no bullshit💥 ❓ How can our industry attract young professionals? ❓ How do we facilitate future workplaces, skills, and needs? ❓ How do we collaborate to achieve our common climate goals? ❓ What does the future energy system look like? Those were some of the questions discussed at NPF Bergen’s seminar. Our colleague, SVP Subsurface, Ida Ianssen Lundh talked about OKEA’s efforts to attract and nurture young talent, to build a collaborative culture and what we do to maintain an efficient and effective production. Thanks for interesting discussions, Cecilie Sælen, Christian Haug Eide and Natalia Antonia Golis #Operationalexcellence

Gratulerer med dagen🇳🇴 On May 17th we celebrated the Norwegian Constitution Day, a day filled with tradition for Norwegians everywhere. At Brage and Draugen, the day was celebrated in stunning weather! And what do you need to make it a complete celebration? 🥁 Parades 🎺 Music 🇳🇴 Flags 🪢 Home made costumes 🌭 Hot dogs Gratulerer med dagen to all of our colleagues, suppliers, friends and families! Happy Constitution Day! #Operationalexcellence

📣 Are you ready to be part of something different? OKEA is expanding and growing, and we're looking for talented individuals to join us on our exciting journey. These are some of the things that get us excited and that we hope can get you excited: ✔ Bestla, a 6.3 billion NOK project aimed to unlock estimated reserves of 24 mmboe oil and gas. ✔ The Draugen life extension. Production was originally planned to cease around 2013. Now it has been extended until 2040! ✔ Brage has tripled its production since we took over as operator in 2022. ✔ Drilling challenging extended-reach wells and currently planning a 10 km well. 👉 However, it's not just about the projects but the culture we're building. A value-based culture where we say what we do and do what we say—that's how we aim high together. 👉 We believe OKEA is a fantastic place to work for those who want to make a difference in our industry. So, if you're looking to spend your time contributing to ambitious projects and be part of a fun team, then look here 👉 https://lnkd.in/dgqX8xE #Operationalexcellence