OKEA ASA - Third quarter 2026 financial results
Key Highlights
- ➤Net cash rose to USD 180 million from USD 59 million
- ➤2026 production guidance narrowed to 31-32 kboepd from 29-32 kboepd
- ➤Quarterly dividends resume at NOK 2.00 per share in December 2026
- ➤2027 production guidance remains 39-43 kboepd
- ➤2027 capex guidance increased to USD 260-320 million
Expert Statements
Svein J. Liknes, CEO of OKEA ASA
“I am very pleased with the strong operational execution during the third quarter. With Garn West South now on stream and the planned maintenance campaign at Draugen successfully completed, we are well positioned to deliver 2026 production towards the high end of our guidance range. With Bestla also nearing completion and Springmus East sanctioned, OKEA is closer to an important inflection point, with investments made over recent years translating into higher production, while investment levels are declining and becoming increasingly focused on flexible, shorter-cycle opportunities. This increases our financial flexibility, and I am particularly pleased to announce that we will resume quarterly dividends, with the first dividend payment in December 2026,”
OKEA (Trondheim, 3 November 2026) - In the third quarter of 2026, OKEA ASA (OSE: OKEA) increased the cash balance to USD 476 (355) million, resulting in a net cash position of USD 180 (59) million. The company delivered strong operational performance with operating income totaling USD 332 (334) million and EBITDA totalling USD 192 (207) million. Net profit amounted to USD 29 (14) million.
Bestla is expected on stream before year-end, ahead of schedule and at a lower expected cost than previous estimates. The strengthened financial position and outlook support the resumption of quarterly dividends, with the first dividend payment of NOK 2.00 per share already in December 2026. The company also intends to maintain quarterly distributions of at least NOK 1.00 per share throughout 2027.
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