DNO Hikes Dividends on Back of Transformative Acquisition, Posts Strong Second Quarter Results
Oslo, 21 August 2025, DNO ASA, the Norwegian oil and gas operator, today reported strong second quarter results with revenue up 37 percent to USD 258 million from the prior quarter and operating profit up 206 percent to USD 86 million, even with the contribution from the transformative USD 1.6 billion acquisition of Sval Energi Group AS in Norway recorded only as from 1 June 2025.
Net production during the quarter increased 10 percent to 92,600 barrels of oil equivalent per day (boepd), of which 56,100 boepd from the Kurdistan region of Iraq, 33,300 boepd from the North Sea and 3,200 boepd from West Africa. With the addition of the Sval Energi assets, projected second half 2025 North Sea production is 80,000-85,000 boepd.
While months-long repairs are pending and security concerns remain following drone strikes on DNO operated fields in Kurdistan, DNO has ramped up gross production on a test basis to 55,000 boepd, about evenly split between the Tawke and Peshkabir fields.
"With strong production and cash generation across the portfolio, we will continue our pivot to delivering increased cash value to our shareholders with stepped up dividends while streamlining and trimming expenditure across the Company," said Executive Chairman Bijan Mossavar-Rahmani. "We are also focused like a laser on lowering the level and cost of debt," he added.
Post Sval acquisition, DNO has production from over 30 North Sea fields. Its most recent development, Maria Revit, was put on production in May 2025 and will contribute some 4,000 boepd net to DNO at peak. Elsewhere in Norway, the Company has six ongoing tieback developments scheduled to come onstream between 2025 and 2029, which together will contribute some 25,000 boepd net to DNO at the end of that period. Combined, the six developments represent nearly 50 million barrels of oil equivalent (MMboe) in proven and probable reserves net to DNO.
Another three tieback projects are moving toward 2025-26 final investment decisions. More than a dozen other discoveries, including DNO-operated Kjøttkake, Norma and ...
