Vår Energi ASA

Capital/Financing Update • Nov 9, 2022

Vår Energi ASA announces pricing of Senior Notes Offering

Vår Energi ASA announces pricing of Senior Notes Offering

Sandnes, Norway, 9 November 2022: Vår Energi ASA (OSE: VAR, the "Company") is

pleased to announce that it has priced its offering (the "Offering") of:

· USD 1 billion aggregate principal amount of 7.5% Senior Notes due 2028  (the

"2028 Notes") at a price equal to 99.218% of the aggregate principal amount

thereof; and

· USD 1 billion aggregate principal amount of 8% Senior Notes due 2032 (the

"2032 Notes" and, together with the 2028 Notes, the "Notes") at a price equal to

99.055% of the aggregate principal amount thereof.

Interest will be payable semi-annually. The Offering is expected to close on or

about November 15, 2022, subject to customary conditions precedent for similar

transactions. In connection with the Offering, the initial purchasers may engage

in stabilising transactions with a view to supporting the market price of the

Notes at a level higher than that which might otherwise prevail. Any

stabilisation action must be conducted in accordance with all applicable laws

and rules. The Company intends to use the net proceeds of the Offering for a

partial refinancing of the Company's bridge-to-bond facility maturing in

November 2023 and to pay transaction fees and expenses.

For further information, please contact:

Investor relations

Ida Marie Fjellheim, Head of Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Treasury

Rune Dreiem, VP Finance and Treasury

+47 41085958

rune.dreiem@varenergi.no

Cautionary Statements

This press release is for information purposes only and does not constitute a

prospectus or any offer to sell or the solicitation of an offer to buy any

security in the United States of America or in any other jurisdiction. This

announcement is not for public release, publication or distribution, directly or

indirectly, in or into the United States (including its territories and

possessions, any state of the United States and the District of Columbia),

except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A

under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This

announcement does not constitute or form a part of any offer of, or solicitation

to purchase or subscribe for, any securities in the United States. Any such

securities have not been, and will not be, registered under the Securities Act.

Any such securities may not be offered or sold in the United States, except that

the securities may be offered for sale in the United States to QIBs in reliance

on the exemption from registration under Rule 144A. No public offering of

securities will be made in the United States or in any other jurisdiction where

such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;

(ii) that have professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005 (the "Order"); (iii) falling within Article

49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.")

of the Order or (iv) to whom this announcement may otherwise be directed without

contravention of Section 21 of the Financial Services and Markets Act 2000 (all

such persons together being referred to as "relevant persons"). This

announcement must not be acted on or relied on by persons who are not relevant

persons. Any investment or investment activity to which this announcement

relates is available only to relevant persons and will be engaged in only with

relevant persons.

In member states of the European Economic Area ("EEA") or the United Kingdom,

this announcement is directed only at persons who are "qualified investors"

under Regulation (EU) 2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market

(MIFID II product governance) is eligible counterparties and professional

clients only (all distribution channels). No PRIIPs key information document

(KID) has been prepared as not available to retail in the EEA or the United

Kingdom.

This press release may include projections and other "forward-looking"

statements within the meaning of applicable securities laws. Any such

projections or statements reflect the current views of the Company about further

events and financial performance. No assurances can be given that such events or

performance will occur as projected and actual results may differ materially

from these projections.

Neither the content of the Company's website nor any website accessible by

hyperlinks on the Company's website is incorporated in, or forms part of, this

announcement. The distribution of this announcement into certain jurisdictions

may be restricted by law. Persons into whose possession this announcement comes

should inform themselves about and observe any such restrictions. Any failure to

comply with these restrictions may constitute a violation of the securities laws

of any such jurisdiction.

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. 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 900 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. To learn more, please visit

varenergi.no.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.