4.2.2025 16:26:35 CET | Magnora ASA | Additional regulated information required
to be disclosed under the laws of a member state
On 4 February 2025, Shell UK Ltd. announced the restart of production at the
Penguins field in the UK North Sea with a modern floating, production, storage
and offloading (FPSO) facility using Magnora's legacy design. This "first oil"
milestone triggers a USD 4.3125 million payment to Magnora.
While the "first oil" milestone has a positive impact on Magnora's accounts, it
has no cash flow effect. The eventual recipient of funds will be Hermana Holding
ASA. With the sale of the legacy business in 2018, Magnora no longer has any
employees or activities within its legacy business. Following the demerger of
Hermana Holding ASA in the spring of 2024, the right to legacy royalty and
license revenue streams were transferred to Hermana. Magnora ASA holds 30
percent of the shares in Hermana which trades on the main list of the Oslo Stock
Exchange).
The remaining milestone from the Shell Penguins deal is triggered when Shell
reaches a production target of 4m barrels of oil. This event will trigger
another USD 4.3125 million payment. For details on the milestone agreements,
please refer to the press release issued 15.01.2018 by Sevan Marine ASA and
06.12.2022 by Magnora ASA.
CONTACTS
* Erik Sneve, CEO, email: es at magnoraasa.com
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and
battery storage projects. Magnora has operations in Europe and Africa through
the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,
Emernor GmbH, Magnora Italy Srl, Magnora Solar PV UK, Magnora South Africa, and
AGV. Magnora also has earn-out revenues related to the former portfolio
companies Helios Nordic Energy and Evolar, and a financial ownership in Hermana
Holding. Magnora is listed on the main list of the Oslo Stock Exchange under the
ticker MGN.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18408648/5580/Download%20announce
ment%20as%20PDF.pdf