Kistos PLC (GB:KIST) has released an update.
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Kistos PLC has announced that despite the delay in the Balder X project’s production start to the second quarter of 2025, the company’s financial position remains protected due to a $45 million Hybrid Bond structured to mitigate such delays. The delay has led to a revised CAPEX increase of approximately $40 million net to Kistos pre-tax, but the company expects the non-payment of the full bond to offset this increase significantly. Balder X is set to extend production in the Balder Area beyond 2045, with significant reserves and peak output anticipated, coupled with future growth opportunities through the Jotun FPSO.
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