Magnora ASA: Receipt of USD 7.5 million payment from the legacy Shell Penguins agreement
8 February 2023: Magnora is pleased to announce receipt of the second of four payments related to our legacy contract with Shell.
The payment is USD 7.5 million earned from the milestone triggered by the Shell Penguins FPSO sailing from the yard in China in early December 2022.
The revenue was recognised in Q4 2022 and relates to the design of our legacy technology business which was sold in 2018.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
Torstein Sanness
Executive chairman
email: sanness at sf-nett.no
About Magnora ASA
Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in renewable energy development projects and companies. Magnora’s portfolio of renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora South Africa, and AGV. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.
Attachments
Subscribe to our company announcements
Keep up to date with our company announcements by subscribing.
Visit our pressroom and see more company announcements from us.
Our pressroom