Vår Energi ASA

Regulatory Filings • Jul 8, 2025

Vår Energi enters into Collaboration Agreement with TechnipFMC

Vår Energi enters into Collaboration Agreement with TechnipFMC

Sandnes, Norway, 8 July, 2025: Vår Energi ASA (OSE:VAR) has entered into a

collaboration agreement with TechnipFMC Norge AS for delivery of subsea projects

utilizing its integrated commercial model for engineering, procurement,

construction, and installation. The agreement pertains to future subsea

developments in the Gjøa area in the North Sea.

Vår Energi has entered into the collaboration agreement on behalf of the licence

owners in the Gjøa Nord, Cerisa and Ofelia discoveries and covers integrated

execution of both SPS (Subsea Production Systems) and SURF (Subsea Umbilicals,

Risers, and Flowlines) work scopes.

COO of Vår Energi, Torger Rød, said:

"We have high expectations for further development around the Gjøa field, which

is one of Vår Energi's core areas. Currently we are maturing the three oil and

gas discoveries for a planned subsea development that will be tied back to the

Gjøa platform. Through the agreement with TechnipFMC, the goal is to achieve

faster and more competitive development."

The Gjøa Nord, Cerisa and Ofelia discoveries are estimated to contain up to a

total of 110 million barrels of oil equivalent gross. If the licence partners

decide to proceed, the plan is to coordinate the three developments. This will

realize synergies in procurement, engineering, drilling, installation and

project follow-up. An investment decision is planned in 2026.

Rød added:

"Through this agreement, we will leverage TechnipFMC's extensive experience and

expertise on the Norwegian continental shelf and in the Gjøa area in particular.

We look forward to continuing the collaboration. Together, we will optimize the

development solution and ensure efficient project execution in order to maximize

value creation."

The collaboration agreement is for five years with the possibility of extension.

Partners in the PL153 Gjøa /Gjøa Nord licence are Vår Energi (operator and 30%),

Petoro (30%), Harbour Energy Norge AS (28%), and OKEA ASA (12%).

Partners in the PL 929 Ofelia licence are Vår Energi (operator and 40%), Harbour

Energy Norge AS (20%), Pandion Energy (20%), DNO (10%), and AkerBP (10%).

Partners in the PL636 Duva/Cerisa licence are Vår Energi (operator and 30%),

ORLEN (30%), INPEX Idemitsu (30%), and Sval Energi (10%)

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

ida.fjellheim@varenergi.no

Media

Liv Jannie Omdal, VP Communications

+47 97667137

liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

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.