Okea ASA
Kjopmannsgata 40
Phone: +47 73525222p:+47 73525222 TRONDHEIM, 7011  Norway Ticker: OKEAOKEA

OKEA delivered net profit of NOK 23 million in the first quarter of 2021

  Operating income for the first quarter amounted to NOK 524 million, EBITDA was NOK 240 million, and net profit after tax was NOK 23 million. Earnings per share amounted to NOK 0.22. OKEA's cash position increased by NOK 107 million to NOK 978 million. Interest-bearing debt amounted to NOK 2,402 million.

Production increased by 400 boepd in the quarter to 16,557 boepd due to production start from the two P1 wells at Gjøa in February and high reliability and availability at the Draugen and Gjøa fields.  Sold volumes were 15,198 boepd. The average realised price for liquids was USD 49.5 per boe and average realised gas price was USD 0.24 per scm. 

The Yme project is currently in the hook-up and commissioning phase with planned production start in the second half of 2021. Yme is expected to add production of 7,500 boepd net to OKEA at plateau, and 4,900 boepd net to OKEA on average the first production year. 

OKEA's CEO, Erik Haugane, stated "I am very pleased with the strong operational results and the positive cash flow development. The solid performance at both Draugen and Gjøa has continued in the first quarter and the petroleum market has strengthened further. The positive market development together with the additional volumes from the Yme field, is expected to generate a strong cash flow going forward. I am pleased to hand over to the new OKEA CEO Svein Liknes a company which is well positioned for profitable growth in the coming years."

There will be a webcast and audioconference starting today 10:00 CET where the first quarter results will be presented. The presentation will be held by Erik Haugane (CEO) and Birte Norheim (CFO).

The webcast can be followed at

Dial in details for the audioconference:
Norway: + 47 2195 6342
UK: +44 203 769 6819
PIN Code: 681934

Contact persons:
CEO, Erik Haugane, +47 907 21 655
CFO, Birte Norheim, +47 952 93 321
VP IR, Trond Omdal, +47 915 32 578

About OKEA
OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~16,000 boe per day. The company aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.

OKEA ASA is listed on Oslo Stock Exchange under the ticker "OKEA".

More information on,c3339106

Related Businesses
- - Customer

Copyright © 2021 by (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by, Inc. Except as expressly permitted by, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable., Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement
Contact Us: 845.230.3000
Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
Tuesday, May 11, 2021