DNO DNO ASA Class A

DNO Removes, Discards North Sea Platform

DNO Removes, Discards North Sea Platform

Oslo, 5 June 2023 – DNO ASA, the Norwegian oil and gas operator, today reported that the wellhead platform production facilities have been removed from the Schooner field offshore UK, the last major offshore operation under DNO’s multi-year North Sea decommissioning program.

The heavy lift was conducted using the Heerema Marine Contractors’ Thialf semi-submersible crane vessel. The 1,200-tonne platform deck was lifted aboard the vessel on 17 May, while the jacket was removed on 23 May after the piles had been cut three meters below the seabed. The deck and jacket have since been transported to the Hoondert Yard in the Netherlands for dismantlement and recycling.

“We have conducted these operations in a safe, cost-efficient and environmentally responsible manner, coordinating five tier-one contractors and displaying our capabilities as a full life-cycle offshore operator,” said DNO’s Chief Operating Officer Chris Spencer.   

In 2019, DNO assumed operatorship and working interest in the Schooner and Ketch fields in the UK and the Oselvar subsea field in Norway, three end-of-life fields whose decommissioning had been deferred by the previous operator. DNO completed plugging and abandonment (P&A) of the nine Ketch wells and the three Oselvar wells in 2021, followed by the 12 Schooner wells in 2022. The Ketch and Oselvar production facilities were removed and dismantled last year. It is expected that about 95 percent of the removed materials will be recycled.

For further information, please contact:

Media: 

Investors: 

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.



EN
05/06/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on DNO ASA Class A

Steffen Evjen
  • Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

Steffen Evjen
  • Steffen Evjen

Weekly news, topics & discussion

This week, Equinor reported Q1 results in line with expectations. However, we continue to see valuation downside due to Empire Wind risks and a likely sharp YOY drop in 2026e buybacks. OKEA also reported in-line Q1 results. In other news, Equinor announced it agreed to sell its 60% Peregrino stake at a solid price, although we believe the proceeds would have to support near-term shareholder returns to drive a positive share price reaction.

Steffen Evjen
  • Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

ABGSC Energy Research ... (+6)
  • ABGSC Energy Research
  • Daniel Vårdal Haugland
  • John Olaisen
  • Njål Kleiven
  • Oliver Dunvold
  • Stian Wibstad
Steffen Evjen
  • Steffen Evjen

Weekly news, topics & discussion

This week, Vår Energi reported Q1 results very much in line with expectations. The company also reaffirmed its 2025 guidance and maintained its dividend. Also, OKEA reported a solid Q1, with production and prices slightly above our estimates. While a technical goodwill impairment reduces its dividend basket for 2025, we view this as non-material, as we do not expect any dividends before 2027. Meanwhile, we are 5% below consensus on Q1e EBIT ahead of Equinor’s Q1 results on 30 April (07:00 CET), ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch