Veidekke

Earnings Release • Jun 24, 2022

Veidekke: Signed contract with Fornebubanen valued at more than NOK 1 billion

Veidekke: Signed contract with Fornebubanen valued at more than NOK 1 billion

Today Veidekke has signed a contract with Fornebubanen to build a tunnel on the

2.35 km section from Lysaker in Bærum to Vækerø in Oslo. The contract has an

overall value of NOK 1,145 million, excluding VAT.

"At Veidekke we take pride in building projects that provide such indisputable

added value to society. This is sustainable urban development, and we have a

client who has proven to be open to good input both in terms of execution and

the environment. We appreciate the confidence shown in us and look forward to

finally starting the work," says director Neal Nordahl of Veidekke Anlegg.

Veidekke will drive the tunnel from Lysaker to Vækerø, including escape routes

and station halls for Lysaker and Vækerø stations. The tunnel work will be

carried out via a lateral section (side tunnel) at Lilleaker. The shaft work is

considered to be complicated, and the contract includes challenging geology and

a crossing underneath the Lysaker river, with critical injection work. Work will

take place close to the country's busiest railway section, which will be fully

operative during the entire construction period.

"We are of course pleased that all the necessary decisions are in place so that

we could sign the tunnel contract with Veidekke today. They have submitted a

solid and worked-through offer and are have an experienced and competent team.

Together we will establish safe and good project execution, so that the tunnel

section can be delivered within the framework of the Fornebubanen project," says

project manager Andreas Finstad of Fornebubanen.

Tunnel driving from Lysaker is planned to start in September, while the

construction work at Vækerø is scheduled to start in October 2023. Preparations

at Lysaker will start immediately and work is planned for completion in May

The contract is included in Veidekke's order backlog for the second quarter.

More about Fornebubanen here. (https://www.oslo.kommune.no/slik-bygger-vi

-oslo/fornebubanen/#gref)

For further information, please contact:

Project director Dan R. Granerud of Veidekke Anlegg, tel. +47 97 05 82 46,

dan.granerud@veidekke.no

Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33 22,

helge.dieset@veidekke.no

Communications Manager Line Fredriksen with Fornebubanen, tel. +47 91 36 25 54,

line.fredriksen@fob.oslo.kommune.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. Annual turnover is approx. NOK 38 billion, and

around 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.