22 October 2025: The investment and royalty company releases its financial report for the third quarter of 2025.
Highlights of the quarter and outlook:
• During the quarter, Hermana Holding ASA (“Hermana”) evaluated approximately 20 potential investments, of which several are still relevant. Investment research and evaluation is performed in line with the company’s communicated opportunity-driven and patient approach to capital allocation. Hermana maintains continuous contact with banks, investors, owners of growth companies, and others regarding attractive opportunities.
• Hermana’s main income is still from royalty design rights related to two FPSOs (floating production, storage and offloading vessels). The timing of payments received is conditional on milestones and production. While a NOK 45 million payment related to the Shell Penguins FPSO was received in the second quarter of 2025, no FPSO-related payments were recorded in the third quarter.
• In the quarter Hermana had operating revenue of NOK 0.3 million (NOK 0 in Q3 2024) and operating expenses of NOK 1.4 million (NOK 2.3 million in Q3 2024). As of 30 September 2025, cash and cash equivalents was NOK 60.3 million (NOK 18.8 million in Q3 2024). Hermana has no debt and has total assets of NOK 112.1 million (NOK 117.4 million as of Q3 2024).
• On 21 October, Hermana was informed that the Shell Penguins FPSO had produced its first 4 million barrels of oil and oil equivalents, triggering a payment of USD 4.3 million via Magnora ASA to Hermana. The payment is expected received in the fourth quarter of 2025.
• The FPSO design royalty rights related to the Western Isles vessel represent an expected larger and longer-term revenue, as Hermana is entitled to USD 0.50 per barrel of oil equivalents produced and offloaded from the vessel for its lifetime. The FPSO has a design life of 30-50 years. We anticipate in the short term more clarity around plans for deployment the vessel on the Buchan Field and/or deployment on alternative fields or areas.
The Q3 report is attached, and it is also found on www.hermanaholding.com.
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.