Moreld AS — M&A Activity 2025

Jun 30, 2025

Moreld ASA: Ocean Installer awarded significant contract from Vår Energi

Moreld ASA: Ocean Installer awarded significant contract from Vår Energi

Stavanger, 30 June 2025: Ocean Installer AS ("Ocean Installer"), a wholly

owned subsidiary of Moreld ASA ("Moreld"), has been awarded a significant*

contract for the Balder Phase VI development under the company's Strategic

Partnership with Vår Energi:

* The project is a subsea tieback to the Jotun FPSO, which started production

this week

* Part of Vår Energi's Balder area hub development strategy

* First oil from Balder Phase VI expected within 2026

* Ocean Installer will execute SURF activities including the fabrication and

installation of flexible flowlines and umbilicals

Ocean Installer has been awarded a fast track EPCI (engineering, procurement,

construction and installation) contract by Vår Energi for the Balder Phase VI

project for the further development of the Balder area. This project is part

of Vår Energi's hub development strategy in the Balder area of the North Sea,

which is centred around the newly installed Jotun FPSO. The project is

scheduled to deliver first oil within 2026, reinforcing both companies shared

commitment to efficient development of subsea tie-backs on the Norwegian

Continental Shelf (NCS).

Vår Energi is a key customer for Ocean Installer and the wider Moreld group.

It's exciting to see that Ocean Installer signs a new contract in the same

week that the Jotun FPSO starts producing first oil from the Balder Future

project, in which Ocean Installer has played a key role, said Geir Austigard,

Moreld CEO.

This contract is called off under the strategic partnership contract entered

into with Vår Energi in June 2022. It is also a continuation of a multi-year

collaboration between Vår Energi and Ocean Installer in the Balder area, where

Ocean Installer has been engaged since 2019. In this period, Ocean Installer

has been responsible for fabrication and installation of the SURF equipment

around the Jotun FPSO.

We are happy that Vår Energi continues to place their trust in us. Subsea

tiebacks have been the core of our business for 14 years, and as the NCS

transitions to more marginal fields, our expertise is valuable in enabling

faster and more cost-efficient developments. Working together with Vår Energi

to utilise existing infrastructure and previous experience has significantly

shortened the overall project timeline, something both companies can be proud

of, said Kevin Murphy, Ocean Installer CEO.

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

1000 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 (http://www.oceaninstaller.com/)