Hermana Holding Q3 2025: Evaluating investment opportunities and approaching receival of another USD 4.3 million milestone payment

22 Oct 2025 07:00 CEST

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.

More information:
Access the news on Oslo Bors NewsWeb site

657629_Hermana Holding ASA Q3 2025 Report.pdf