Norwegian investment and royalties company Hermana Holding evaluated approximately twenty potential investments during the third quarter of 2025, several of which remain relevant, according to its latest financial report.
The company reported minimal operating revenue and reduced operating expenses for the quarter, while confirming it is approaching the receival of a significant milestone payment related to the Shell Penguins FPSO.
For the third quarter, Hermana had operating revenue of NOK0.3 million ($30,000) and operating expenses of NOK1.4 million, compared to NOK0 revenue and NOK2.3 million expenses in the third quarter of 2024.
As of September 30, 2025, cash and cash equivalents stood at NOK60.3 million, up from NOK18.8 million a year prior. The company has no debt and total assets amount to NOK112.1 million.
The company’s main income continues to derive from royalty design rights related to two FPSOs. While no FPSO-related payments were recorded in the third quarter, Hermana was informed on October 21 that the Shell Penguins FPSO had produced its first four million barrels of oil and oil equivalents.
This production milestone triggers a payment of $4.3 million (NOK45 million) to Hermana via Magnora, which is expected to be received in the fourth quarter of 2025.
Regarding its other royalty stream, related to the Western Isles FPSO, Hermana anticipates more clarity in the short term regarding plans for the vessel's deployment on the Buchan Field or alternative fields. Hermana is entitled to $0.50 per barrel of oil equivalents produced and offloaded from this vessel for its lifetime.