Oslo, 6 November 2020: Norwegian Energy Company ASA (“Noreco” or “the Company”) announces today the following update on the Tyra Redevelopment Project:
- As a consequence of the ongoing COVID-19 pandemic, first production from the Tyra Redevelopment is expected in Q2 2023 instead of 2022 as previously communicated.
- The project remains on track to be delivered within budget
Due to COVID-19, local governmental imposed restrictions at the fabrication yards have impacted the schedule of the new Tyra topsides, including through the global supply chain delivering key components for the topsides. As a direct consequence of this impact the installation of the four new topsides is rescheduled from 2021 to a 2022 installation-window. First production from the redeveloped Tyra is then expected in Q2 2023.
David B. Cook, Chief Executive Officer
Cathrine Torgersen, EVP Investor Relations & Communications