Moreld AS

Earnings Release • Dec 18, 2025

Moreld ASA: Ocean Installer received letter of award for sizeable EPCI contract at the Mikkel field from Equinor

Moreld ASA: Ocean Installer received letter of award for sizeable EPCI contract at the Mikkel field from Equinor

Stavanger, 18 December 2025: Ocean Installer AS ("Ocean Installer"), a wholly

owned subsidiary of Moreld ASA ("Moreld"), received letter of award for a

sizeable* contract for brownfield work for Equinor:

* EPCI (Engineering, Procurement, Construction and Installation) project with

offshore operations set for 2027.

* Scope of work includes detail design of rock foundation carpets, spool

fabrication ,installation of FCU (Flow Condition Unit) and spools.

* The new spools will be fabricated using surplus material from previous

projects, reducing costs and environmental footprint and accelerating lead

time.

* A life extension project for the Mikkel field with the FCU enabling

production at a lower minimum flow rate.

This EPCI (Engineering, Procurement, Construction and Installation) project

includes detail design work, fabrication and installation of rigid spools, and

installation of the FCU (Flow Condition Unit) at the Mikkel field -- an

existing tie-back connected to the Åsgård subsea compression system in the

Norwegian sea.

The FCU's functionality is to dampen and accumulate the liquid surges

transported together with the gas flow stream, dosing liquid back into the gas

flow stream in a more stable rate, according to the liquid handling capacity

of the Åsgard subsea compression station

-- It is rewarding to see our continued success securing brownfield projects

like this, which we have been awarded multiple of in the recent years. We

expect these types of projects to become increasingly important in the North

Sea going forward given our clients focus on enhancing production using

existing facilities says Kevin Murphy, Ocean Installer CEO.

*Moreld defines a sizeable contract, as between NOK 100 million and NOK 500

million in expected value.

For more information, please contact:

CEO Geir Austigard

Telephone: +47 992 47 500

Email: Geir.austigard@moreld.com

CFO Trond Rosnes

Telephone: +47 404 14 494

Email: Trond.rosnes@moreld.com

About Moreld

Moreld is an industrial multi-disciplinary engineering group offering

full-scope services across the offshore energy and marine industries including

subsea installations. The group comprises Moreld Apply, Ocean Installer and

Global Maritime. Moreld is a major player on the Norwegian continental shelf

with an international footprint. The Group is located in 19 countries, giving

access to all major offshore markets, and has over 2,800 employees and

contractors. For more information, please visit https://moreld.com/.

About Ocean Installer

Ocean Installer is a leading marine construction company that specializes in

offshore installation services with more than 14 years of experience

delivering large and complex subsea projects worldwide. The company was

founded in 2011 and joined the Moreld group in 2024. Ocean Installer is

headquartered in Stavanger, with regional offices in key locations including

Oslo, Aberdeen, and Dubai. For more information, please visit

www.oceaninstaller.com