Vår Energi ASA

Regulatory Filings • Jun 23, 2025

Vår Energi awards contract to Aibel AS

Vår Energi awards contract to Aibel AS

Sandnes, Norway, 23 June 2025: Vår Energi ASA (OSE:VAR) has awarded a

maintenance and modification (M&M) contract to Aibel AS. The contract covers

deliveries and services related to the Goliat and Gjøa fields.

On behalf of the partners in the Goliat and Gjøa licences, Vår Energi has

awarded Aibel AS a five-year maintenance and modification (M&M) contract.

Contract value is estimated to be around NOK 1.2 billion.

Increased cost levels and lower productivity on the Norwegian continental shelf

are common industry challenges, and Vår Energi has therefore been particularly

focused on competitiveness throughout the tender process. In particular, the

company has focused on operational efficiency, improvement plans, synergies,

local content, and competence in early-phase projects. The collaboration with

Aibel AS, which stood out among many competent suppliers, will contribute with

significant competence enhancement and improvement of the companies' joint work

processes, which in turn will increase value creation.

Vår Energi COO Torger Rød, said:

This contract ensures local deliveries that create activity, ripple effects, and

employment in Hammerfest and Florø, where the two fields have their supply and

logistics bases. In addition to technical deliveries, Aibel AS will provide

engineering support and project management, hence becoming an integrated and

important part of our teams at Goliat in the north and at Gjøa in the west

Goliat in the Barents Sea and Gjøa in the North Sea are two of the company's

core areas, both with significant future resource potential.

Rød added:

A good and close collaboration with suppliers of maintenance and modification

services is of great importance to Vår Energi. Through this contract, we will

benefit from Aibel AS' solid competence and experience working on the Norwegian

continental shelf. By having the same supplier for the Gjøa and Goliat

installations, we expect to extract significant synergies on the deliveries.

The contract duration is set to 5 years, with options for 3 x 2 years.

Contacts

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

ida.fjellheim@varenergi.no

Media

Liv Jannie Omdal

VP Communications

+47 976 67 137

liv.omdal@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.