Vår Energi ASA

Capital/Financing Update • May 15, 2025

Vår Energi ASA announces pricing of the USD Senior Notes Offering

Vår Energi ASA announces pricing of the USD Senior Notes Offering

Sandnes, Norway, 15[5h] of May 2025: Vår Energi ASA (OSE: VAR, the "Company") is

pleased to announce that on 14[th] of May 2025 it priced an offering (the

"Offering") of:

· USD 750 million of 5.875% Senior Notes due 2030 (the "2030 Notes"). The 2030

Notes mature on 22[nd] of May 2030 and carry an annual fixed coupon of 5.875%.

The issue price of the 2030 Notes was 99.812, equivalent to a yield of 5.919%;

and

· USD 750 million of 6.500% Senior Notes due 2035 (the "2035 Notes"). The 2035

Notes mature on 22[nd] of May 2035 and carry an annual fixed coupon of 6.500%.

The issue price of the 2035 Notes was 99.406, equivalent to a yield of 6.582%.

Interest will be paid semi-annually and the Offering is expected to settle on

22[nd] of May 2025 subject to customary conditions precedent for similar

transactions.

The Company intends to use net proceeds of the Offering for a repayment of the

Company's credit facilities and for general corporate purposes.

Contact:

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Treasury

Rune Dreiem, VP Finance and Treasury

+47 41085958

rune.dreiem@varenergi.no

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 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.

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

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

Cautionary Statements

This press release is for information purposes only and does not constitute a

prospectus or any offer to sell or the solicitation of an offer to buy any

security in the United States of America or in any other jurisdiction. This

announcement is not for public release, publication or distribution, directly or

indirectly, in or into the United States (including its territories and

possessions, any state of the United States and the District of Columbia),

except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A

under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This

announcement does not constitute or form a part of any offer of, or solicitation

to purchase or subscribe for, any securities in the United States. Any such

securities have not been, and will not be, registered under the Securities Act.

Any such securities may not be offered or sold in the United States, except that

the securities may be offered for sale in the United States to QIBs in reliance

on the exemption from registration under Rule 144A. No public offering of

securities will be made in the United States or in any other jurisdiction where

such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;

(ii) that have professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005 (the "Order"); (iii) falling within Article

49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.")

of the Order or (iv) to whom this announcement may otherwise be directed without

contravention of Section 21 of the Financial Services and Markets Act 2000 (all

such persons together being referred to as "relevant persons"). This

announcement must not be acted on or relied on by persons who are not relevant

persons. Any investment or investment activity to which this announcement

relates is available only to relevant persons and will be engaged in only with

relevant persons.

In member states of the European Economic Area ("EEA") or the United Kingdom,

this announcement is directed only at persons who are "qualified investors"

under Regulation (EU) 2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market

(MIFID II product governance) is eligible counterparties and professional

clients only (all distribution channels). No PRIIPs key information document

(KID) has been prepared as not available to retail in the EEA or the United

Kingdom.

This press release may include projections and other "forward-looking"

statements within the meaning of applicable securities laws. Any such

projections or statements reflect the current views of the Company about further

events and financial performance. No assurances can be given that such events or

performance will occur as projected and actual results may differ materially

from these projections.

Neither the content of the Company's website nor any website accessible by

hyperlinks on the Company's website is incorporated in, or forms part of, this

announcement. The distribution of this announcement into certain jurisdictions

may be restricted by law. Persons into whose possession this announcement comes

should inform themselves about and observe any such restrictions. Any failure to

comply with these restrictions may constitute a violation of the securities laws

of any such jurisdiction.