Okea ASA
OSE:OKEA
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Okea ASA
Okea AS engages in the development and production of oil and gas. The company is headquartered in Trondheim, Sor-Trondelag. The company went IPO on 2019-06-18. The firm has an asset portfolio including the Draugen field, which is operated by OKEA, as well as non-operated positions. Furthermore, OKEA has activities in projects under development, including the Hasselmus gas discovery and Draugen power from shore, as well as discoveries being evaluated for development and exploration licences with planned and possible wells. As an operator on the NCS, OKEA carries out various activities related to production of hydrocarbons from existing assets, as well as development of new oil and gas fields. These activities take place at multiple locations both offshore and onshore.
Okea AS engages in the development and production of oil and gas. The company is headquartered in Trondheim, Sor-Trondelag. The company went IPO on 2019-06-18. The firm has an asset portfolio including the Draugen field, which is operated by OKEA, as well as non-operated positions. Furthermore, OKEA has activities in projects under development, including the Hasselmus gas discovery and Draugen power from shore, as well as discoveries being evaluated for development and exploration licences with planned and possible wells. As an operator on the NCS, OKEA carries out various activities related to production of hydrocarbons from existing assets, as well as development of new oil and gas fields. These activities take place at multiple locations both offshore and onshore.
Production Steady: Production held at 31,700 barrels of oil equivalent per day, matching last quarter, despite maintenance downtime.
Revenue & EBITDA Up: Revenue and EBITDA increased quarter-over-quarter, supported by strong operational performance and higher realized liquids prices.
Significant Impairments: Pretax impairments totaled $151 million, mainly on Statfjord and Draugen, driving a net loss of $37 million.
2025 Production Guidance Raised: 2025 output guidance increased to 32,000–33,000 barrels per day (from 30,000–32,000); 2026 guidance unchanged.
CapEx Guidance Unchanged: CapEx for 2024 and 2025 kept at previous $350–380 million and $300–360 million ranges.
Strong Cash Position: Total liquidity at $480 million, including $377 million in cash, with no debt maturing before 2028.
Exploration Success: Talisker discovery near Brage expected to deliver first oil in 2027 with low breakeven costs.
Dividend on Hold: No dividend planned currently due to heavy investment cycle; board will revisit post major project completions.
