Vår Energi ASA

Earnings Release • Jun 2, 2025

Vår Energi successfully strengthens financial flexibility through extending existing debt maturity profile and refinancing of credit facilities

Vår Energi successfully strengthens financial flexibility through extending existing debt maturity profile and refinancing of credit facilities

Sandnes, Norway, 2 June 2025: Vår Energi ASA (OSE: VAR, "the Company") has

successfully completed the refinancing of existing revolving credit facilities.

Together with the recent senior notes offering in the USD and EUR markets, the

company has optimised its debt capital structure and strengthened financial

flexibility.

The company has entered into new revolving credit facilities totaling USD 2.75

billion, split over a 3-year working capital facility and a 5-year liquidity

facility maturing in 2028 and 2030 respectively, with the option to extend for

an additional two years. The new facilities obtained more favourable rates and

provide the Company with a significant liquidity buffer, enhancing Vår Energi's

financial robustness. The facilities are backed by a supportive syndicate of 13

leading international banks, underscoring strong confidence in Vår Energi's

credit profile and strategic direction.

In addition, Vår Energi has recently issued senior notes in both EUR and USD

markets, totaling the equivalent of approximately USD 2.6 billion. Both

issuances were substantially oversubscribed, demonstrating strong investor

confidence in the Company's strategy and financial outlook. The issuances have

enabled Vår Energi to reduce the cost of debt, extend the maturity profile, and

strengthened its presence in the US and EU financial markets.

"We are very pleased with the strong reception of our bond offerings in both the

EUR and USD markets, particularly in the context of a volatile macro

environment," said Carlo Santopadre, CFO of Vår Energi. "The significant

oversubscription from respected cornerstone investors underscores the confidence

investors have in our business and growth outlook. With the refinancing of our

credit facilities, we have secured significant available liquidity, currently

well above USD 3 billion, while reducing the cost of debt and extending the

maturity of our debt portfolio. Our strengthened liquidity position is key to

our commitment of maintaining an investment grade balance sheet and will support

the Company's significant production growth this year and value creation towards

2030 and beyond."

Vår Energi's financial structure aligns with the Company's objectives of safe,

efficient, and responsible operations to deliver growth and value creation over

time, maintaining an investment grade balance sheet and preserving financial

flexibility.

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.

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