Vår Energi ASA

Regulatory Filings • Mar 13, 2025

Jotun FPSO starts sail away to the Balder field

Jotun FPSO starts sail away to the Balder field

Sandnes, Norway, 13 March 2025: Vår Energi (OSE: VAR; the "Company") initiates

tow out of the Jotun floating production, storage and offloading vessel (FPSO)

from the Worley Rosenberg yard to the Balder field - on schedule for production

start by the end of the second quarter this year.

"As one of the fastest growing oil and gas companies globally, we are set for

transformative growth in 2025, and are on track to reach above 400 thousand

barrels of oil equivalent per day (kboepd) in the fourth quarter. Balder X is a

key element to this plan and once the Jotun FPSO comes on stream, production

from the field will be close to quadrupled, adding around 80 kboepd gross at

peak.

Balder X, with a payback time of around two years, including the sanctioned

Balder Phase V project, marks the start of a new era in the North Sea, extending

the lifetime of the first production licence PL001 on the Norwegian Continental

Shelf to 2045 and beyond, and opens a wide potential for continued value

creation", says Nick Walker, CEO in Vår Energi.

The Balder X project develops gross proved plus probable (2P) reserves of 150

million barrels of oil equivalent (mmboe). In addition, with the Jotun FPSO

installed as an area host, Vår Energi is taking necessary steps to add new

production through infill drilling, exploration and tie-back developments with

short time to market.

"We have continued to grow our resource base through successful exploration in

the area and are stepping up the pace, moving several tie-back projects forward

at speed to capitalise on the Jotun FPSO. This will sustain production longer

term and includes Balder Phase V, planned to come on stream later this year, and

Balder Phase VI expected to be sanctioned in 2025, together adding a further 45

-50 mmboe gross", Torger Rød, COO in Vår Energi explains.

Also, in the Greater Balder area several new early phase projects are being

progressed towards sanction, including Ringhorne North, Balder future phases and

the King discovery, targeting gross contingent resources of more than 70 mmboe.

While these projects are being moved forward, further exploration drilling is

planned to unlock considerable additional resources.

The Jotun FPSO also creates an opportunity to optimise the infrastructure in the

area, including taking the Balder floating production unit (FPU) to shore for

decommissioning, and the planned electrification of the Balder/Grane Area,

reducing unit production cost and carbon emissions for the company.

The tow out program for the Jotun FPSO from Worley Rosenberg yard in Stavanger

includes a number of stages: First, the FPSO vessel will perform inclination

tests at the quayside before being towed to Åmøyfjorden, near Stavanger, for

inshore sea trials and anchor installation work. After this, the vessel will be

towed to the field for installation, hook-up to the installed subsea production

systems and final commissioning. All 14 production wells are completed, and

production is planned to start by the end of the second quarter 2025, with an

expected three to four months ramp up period to peak production.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS

as partner (10%).

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. Safe and responsible operations

are at the core of our strategy. Our ambition is to be the safest operator on

the NCS, and to become carbon neutral in our net equity operational emissions by

Vår Energi has around 1400 employees and equity stakes in 40 producing fields.

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

Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Media

Liv Jannie Omdal, VP Communications

+4797667137

liv.omdal@­varenergi.no (liv.omdal@%C2%ADvarenergi.no)

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

ida.fjellheim@­varenergi.no (ida.fjellheim@%C2%ADvarenergi.no)