Successful delivery and installation of new Tyra jackets

OSLO, Norway, Sept. 28, 2020 /PRNewswire/ -- Norwegian Energy Company ASA («Noreco» or "the Company") is pleased to announce the successful installation of two new jackets at Tyra. The milestone moves the Tyra Redevelopment project into a new phase. The next milestones are for the new modules currently being fabricated to be delivered from the yards and transported to the Danish Continental Shelf for installation.

Taking first delivery from the yards

Today, the two jackets were confirmed safely installed on Tyra according to plan after completing fabrication in the yard, Dragados Offshore S.A, in Spain. The jackets form the foundation for the new Tyra process and accommodation platforms and are the first new jacket structures delivered and installed for the Tyra redevelopment project. The past year has mainly involved the safeguarding of the wells and wellhead jackets, and the decommissioning and removal of the old Tyra modules this summer. 

The delivery and installation of the two new jackets is an important step towards having a state-of-the-art production and export facility ensuring efficient production and enhanced safety for decades to come.  Looking ahead, the remainder of the project will focus on yard fabrication and offshore installations to rebuild the new Tyra. The wellhead and riser modules are currently being built in Singapore, the accommodation module in Italy and the process module in Indonesia.    

Reducing emissions 

The redeveloped Tyra hub will be a sophisticated production and export center that will secure gas supply for many years ahead.  Additionally, the redevelopment will reduce emissions for the future of natural gas production on the Danish Continental Shelf. With the use of new technology and modernized working processes Tyra's operating efficiency is expected to increase, and at the same time reduce CO2 intensity by 30%. This is a key facet of Noreco and DUC's emissions-reducing activities, which also includes optimization of fuel usage, reduction of flaring, simplification of existing infrastructure and optimization of supply chain. 

"The delivery and installation of these jackets is an important achievement for the project and a true testament to our ability to consistently deliver in-line with expectations, in both a safe and predictable manner. The milestone marks a clear shift for the Tyra Redevelopment project, moving our focus onto completing the new modules. Each milestone moves us toward a state-of-the-art facility in the North Sea. The Tyra Redevelopment will not only improve safety and increase Noreco's production as well as operational efficiency, but also at the same time lower CO2 emissions and unit costs," said David B. Cook, Chief Executive Officer for Noreco.    

Facts:

• Noreco is a North Sea E&P company and the second largest producer in Denmark with a 36.8% ownership in The Danish Underground Consortium ("DUC").
• The DUC is a partnership between the operator Total (43.2%), Noreco (36.8%) and Nordsøfonden (20%).
• The Tyra Field is the largest gas condensate field in the Danish Sector of the North Sea. Its facilities process more than 90% of the gas produced in Denmark, as well as the entire gas production of the DUC.
• Due to seabed subsidence, the Tyra field required a redevelopment, and in September 2019 production was temporarily shut in.  
• The Tyra Redevelopment consists of three main elements: Removal and decommissioning of the prior Tyra platforms, reuse and 13 meters extension of the current jackets at six platforms that will have new topsides and a totally new process platform and a new accommodation platform. The project is, to date, the largest project carried out on Danish Continental Shelf. 
• When back in operation, Tyra will reach peak production of approximately 60,000 boepd.

Contact:

Cathrine Torgersen
EVP Investor Relations & Communications
Phone: +47 915 28 501
Email: ct@noreco.com

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