Hermana receives $4.3m payment from Shell Penguins FPSO

Hermana Holding ASA is set to receive a $4.3 million milestone payment from the Shell Penguins FPSO, triggered by the FPSO's production of 4 million barrels of oil and oil equivalents. This marks the second and final milestone related to its license contract, with funds expected in the current quarter via Magnora ASA, which will settle the remaining demerger receivable from 2024.

Hermana also holds a license agreement for the Western Isles vessel, entitling the company to $0.50 per barrel produced and offloaded for its 30-50 year design life, with these royalty rights anticipated to generate substantial and long-term revenue.

Hermana Holding ASA, listed on the Oslo Stock Exchange since 2024, operates as an investment and royalty company, with revenues stemming from FPSO design rights originally held by Sevan Marine ASA and subsequently Magnora ASA.