Veidekke

Earnings Release • Nov 21, 2022

Veidekke: Building more homes at Jarlsø in Tønsberg

Veidekke: Building more homes at Jarlsø in Tønsberg

Veidekke has signed yet another agreement with Jarlsø Eiendom - this time to

build 33 apartments and associated underground parking as part of the Jarlsø

Fjordpark project in the municipality of Tønsberg. The contract is a design and

build contract valued at NOK 112 million excluding VAT.

"We are very grateful for the commission and for the fresh vote of confidence

from Jarlsø Eiendom. The fjordpark, situated in the middle of the island of

Jarlsø, will be the third project we have worked on together in recent years.

Good architecture and quality combined with the unique location have helped make

the island an attractive residential area for many," says Lars N. Hjertås,

District Manager at Veidekke Bygg Vestfold og Telemark.

Jarlsø Eiendom has been working to develop the residential area on the island of

Jarlsø not far from Tønsberg for a number of years. Thanks to the immediate

proximity of the fjord, residents can benefit from the archipelago and sea in

their own back yard. Following the construction of the bridge that saw the

island become accessible to the public, work began in 2007, and to date some 318

apartments have been completed. The Fjordparken project comprises 33 apartments

ranging from 53m2 to 160m2 in area, as well as underground car parking, communal

roof terraces, spa facilities and a fitness room.

"We are delighted to be continuing the development of Jarlsø in partnership with

Veidekke. We are well aware of what matters to our customers, and we are pleased

to have been able to offer that in this project which has been very well

received by the market," says Stian Røed of Jarlsø Eiendom.

The key to realising the project in a period of rising construction costs has

been the excellent cooperation between Jarlsø Eiendom, KB arkitekter and

Veidekke. Together, they have found solutions that combine to accommodate the

needs of apartment buyers, ensure the design remains appealing, and that there

is a good construction process in place.

Construction work has already started and handover is due by the end of 2024.

More information on the project is available at https://jarlsoe.no/

For further information, please contact:

District Manager Lars N. Hjertås, tel. +47 92 29 71 92,

lars.hjertaas@veidekke.no

Communications Manager Helge Dieset, +47 90 55 33 22, helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction companies. The company

undertakes all types of construction and civil engineering contracts, maintains

roads, and produces asphalt and aggregates. Veidekke emphasises stakeholder

involvement and local experience. Its annual turnover is approximately NOK 38

billion, and half of its 7,800 employees own shares in the company. Veidekke is

listed on the Oslo Stock Exchange and has posted a profit every year since its

inception in 1936.