Aker BP ASA (OTCQX:AKRBF) Q3 2024 Earnings Conference Call October 30, 2024 3:30 AM ET
Company Participants
Karl Hersvik – Chief Executive Officer
David Tønne – Chief Financial Officer
Kjetil Bakken – Head of Investor Relations
Conference Call Participants
Matt Smith – Bank of America
John Olaisen – ABG
Anders Rosenlund – SEB
Vidar Lyngvær – Danske Bank
Kate Somerville – JPMorgan
Victoria McCulloch – RBC
Teodor Sveen-Nilsen – Sparebank 1 Markets
Sasi Chilukuru – Morgan Stanley
Yoann Charenton – Bernstein
Matt Cooper – Barclays
Oddvar Bjørgan – Carnegie
Mark Wilson – Jefferies
Karl Hersvik
Good morning, everyone. With this intro from the successful installation and start-up of the Tyrving field, we welcome you to Aker BP’s Third Quarter in 2024. It will as usual be given by our CFO, David Tonne; and myself, followed by a Q&A session.
The Tyrving project received government approval in June last year with an original plan to commence production in Q1 2025. However, through effective planning and execution together and alongside our alliance partners, we managed to start production in early September, 5 months ahead of schedule and below budget. This is a prime example of value creation here at Aker BP.
During the quarter, our operational performance has been excellent, marked by high production efficiency and effective execution despite maintenance activities at several assets. We have consistently demonstrated strong cost discipline and we maintain our position as a global industry leader in low emissions.
I am also pleased to report that our projects are progressing well. Fabrication, installation and assembly activities are underway at multiple sites in Norway and abroad. Additionally, we have successfully drilled the first HTHP well at Fenris. As we continue to execute according to plan, the total CapEx estimate for our project portfolio remains unchanged.
We maintain a
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