Vår Energi ASA

Board/Management Information • Jun 21, 2022

Vår Energi: Preparing for future growth with a new organisational structure and management team

Vår Energi: Preparing for future growth with a new organisational structure and management team

Sandnes, Norway, 21 June 2022: Vår Energi ASA (OSE: VAR) today announces a new

organisational structure and management team.

"Vår Energi has set a goal to become a net producer of 350,000 barrels of oil

and gas per day by the end of 2025, focusing on safe, more efficient, and

sustainable operations. We are now re-shaping the organisation into what we

believe is the right one to achieve our targets, where the new simplified

structure and strengthened management team is a key enabler", says CEO Torger

Rød.

Two new business areas will be established to provide expertise, projects, and

products across the company. Vår Energi is gathering professions to ensure

people development, governance and to prioritize competence and capacity to

realise the potential.

In the new structure, Technology, Drilling and Subsurface forms one new business

area allowing the accelerated use of new technological solutions and

digitalisation of the company. Project Development and Supply Chain Management

will be responsible for our project portfolio and for optimisation and

standardisation of Vår Energi's supply chain.

As part of the reorganization Ingrid Sølvberg and Atle Reinseth will be joining

the management team, responsible for Technology, Drilling and Subsurface and

Project Development and Supply Chain Management respectively.

Ingrid Sølvberg (b. 1970) arrives from the role as Director general in the

Norwegian Petroleum Directorate (NPD). Prior to this, she has held significant

leadership positions in NPD, Centrica and Statoil, now Equinor.

Atle Reinseth (b. 1966) comes from Equinor and the position as VP Shaping,

Improvement and Analyses in project development. His experience includes key

leadership roles in both procurement and project development in Equinor and

Acergy, now part of Subsea7.

"We very much look forward to welcoming Sølvberg and Reinseth. Their vast

experience and competence will further strengthen our organisational

capabilities", says Rød.

The current organisational structure and management team will remain in place

until the new structure is implemented, which is planned completed within the

fourth quarter this year.

"It's all about people, competence and preparing for the future. The changes we

have now announced will enable our organisation to work more easily and

efficiently, and thereby increase our overall productivity. Vår Energi, with 950

highly competent employees, is a right-sized organisation. By improving how we

work together we create an even stronger company that can seize new

opportunities", says Rød.

The organisational changes reflect a process which includes valuable input from

Vår Energi's employees and in consultation with the company's labor unions and

work force representatives. The changes are designed around the company's

strengths, including a highly competent and experienced workforce, a diversified

Norwegian Continental Shelf (NCS) portfolio and the company's growth potential.

"We are committed to delivering a better future. Vår Energi will continue to

grow and invest on the NCS, securing a stable supply of energy. Our goal is to

be the safest operator, a partner of choice and an ESG leader on the NCS, aiming

for zero injuries and net zero emissions from our operations by 2030", Rød

points out.

Vår Energi's management team from Q4 2022:

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Contact information:

Andreas Wulff, Communication Manager

Tel: +47 92616759

Email: andreas.wulff@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 delivering 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.

Our ambition is to be the safest operator on the NCS, the partner of choice, an

ESG leader and a net-zero producer (Scope 1 and 2) by 2030.

Vår Energi has more than 950 employees and equity stakes in 36 fields producing

net 246,000 boe per day in 2021. We have our headquarters outside Stavanger,

Norway, with offices in Oslo and Hammerfest.