Hermana Holding ASA (Hermana) has been informed of that the Shell Penguins FPSO has produced its first 4 million barrels of oil and oil equivalents. This triggers the second and last milestone payment related to the licence contract for this FPSO. The payment of USD 4.3 million to Hermana is to be received via Magnora ASA and expected in the current quarter, then settling the last part of the demerger receivable from 2024.
Further information will be given when the payment has been received.
In addition to the contract regarding Shell Penguins, Hermana has a licence contract regarding the Western Isles vessel, where Hermana is entitled to USD 0.50 per barrel produced and offloaded for the lifetime of the vessel, which has a design life of 30-50 years. While currently at yard awaiting redeployment, the Western Isles royalty rights represent an expected large and long-term revenue for Hermana.
About Hermana Holding
Hermana Holding ASA is an investment and royalty company, listed on the main list of the Oslo Stock Exchange since 2024. The company has revenues from FPSO design rights previously owned by Sevan Marine ASA and later Magnora ASA. Hermana has a pragmatic and opportunity-driven approach to the allocation of the current funds and the royalty revenues.