HERMANA HOLDING ASA
Sector unknown·HERMA · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Oil
Raw materials and inputs
DriverPositive impact: strengthens
“At year-end 2024 the FPSO is at yard for equipment upgrade and maintenance, in preparation for redeployment at the Buchan Horst field operated by NEO Energy and two partners. Production start is according to analyst reports and media articles expected in 2027 or 2028, though uncertain as such projects are complex. Total recoverable volumes on the field are estimated at 79 mmboe (millions of barrels of oil equivalent) as a mid-case, with 124 mmboe as a high case.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The Western Isles license agreement is expected to generate revenue for Hermana for two more decades.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“I consider the outlook as positive with the relatively predictable revenue streams from the current business as a platform. The group has an asset-light business model with low operating costs, estimated at NOK 7.5-10 million per year, and flexibility to bring this down considerably if revenues are delayed and new business activity remains low. The settlement of the receivables from Magnora concerning the milestone payments related to the Shell Penguins FPSO, the cash assets, and the licensing revenues from the Western Isles FPSO allow for patient target search.”
Annual report 2024A · The company itself
Market
“Current business As a result of the restructuring and sale of assets in 2018, Hermana has the right to use the technology under an agreement for the Western Isles FPSO. An FPSO receives fluids from a subsea reservoir through risers, separates the fluids into crude oil, natural gas, water and impurities, stores the products and then offloads the products onto shuttle tankers to go to market or for further refining onshore. The FPSO is cylindrical with a hull diameter of 70 meters, a storage capacity of 400,000 bbls (barrels), oil production capacity of 44,000 bopd (barrels of oil per day). For the Western Isles FPSO, the licence agreement entitles Hermana to USD 0.50 per barrel produced over the lifetime of the FPSO, irrespective of operating location and field.”
Annual report 2024A · The company itself
Market
“The FPSO has been operational since 2017. The associated license income for 2023 was NOK 10.3 million.”
Annual report 2024A · The company itself
Market
“Each of the two milestones triggers a payment of USD 4.3 million, in total USD 8.6 million. The payments are considered very likely and are fully accounted for as a NOK 97.9 million receivable (from Magnora) in Hermana’s balance sheet.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Natural gas
Raw materials and inputs
Market
“An FPSO receives fluids from a subsea reservoir through risers, separates the fluids into crude oil, natural gas, water and impurities, stores the products and then offloads the products onto shuttle tankers to go to market or for further refining onshore.”
Annual report 2024A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“The decline may be related to UK government announcements, after the election in July 2024, of changes in the tax regime and resulting deferred expected production start for the Western Isles FPSO, as well as higher interest rates and possibly other factors.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“The decline may be related to UK government announcements, after the election in July 2024, of changes in the tax regime and resulting deferred expected production start for the Western Isles FPSO, as well as higher interest rates and possibly other factors.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Nordics
Geography
Geography
“Hermana’s growth focus is on the Nordic region. The company will only grow where the expected return on capital is favourable.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0 bn NOK |
| Revenue growth vs. the year before, same method | -62.1 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.13 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.