Vår Energi ASA

Vår Energi pre-commits subsea systems to speed up developments

Sandnes, Norway 04 February 2025: Vår Energi ASA (OSE:VAR) signs Letter of

Intent with OneSubsea AS for the delivery of Subsea Production Systems (SPS) to

reduce project development time.

The pre-commitment will give Vår Energi the ability to shorten subsea tie-back

development time by up to one year.

COO Torger Rød in Vår Energi said:

Vår Energi has a high value early phase portfolio of more than 20 projects, with

a target of developing projects from discovery to production in less than four

years. Efficient measures to shorten the lead time and control the supply chain

for key equipment is important to reach these goals and will support our plan to

sustain production at 350-400 thousand barrels of oil equivalent per day towards

The pre-commitment agreement comprises a complete Subsea Production System*,

which include a standard four-well slot template and a single well satellite

structure.

The order is to be delivered prior to summer 2027, while parts necessary for

drilling will be delivered in 2026. Further, the agreement involves securing

materials and reduced delivery time enabling opportunities for continuous fast

-track deliveries into the Vår Energy project portfolio.

Vår Energi has worked closely with its strategic subsea partners, OneSubsea,

Ocean Installer and Saipem, on standardisation and shortening of lead times to

transform project developments. This is expected to further reduce project

development time and cost.

*Norwegian Continental Shelf (NCS) 2017+ standard.

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

Media

Liv Jannie Omdal, VP Communications

+4797667137

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the

Norwegian continental shelf (NCS). We are committed to deliver a better future

through responsible value driven growth based on over 50 years of NCS

operations, a robust and diversified asset portfolio with ongoing development

projects, and a strong exploration track record. Our ambition is to be the

safest operator on the NCS, the partner of choice, an ESG leader with a tangible

plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1 400 employees and equity stakes in 40 producing fields.

We have our headquarters outside Stavanger, Norway, with offices in Oslo,

Hammerfest and Florø.

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