Veidekke

Earnings Release • Jul 4, 2022

Veidekke: New project for OBOS at Ulven

Veidekke: New project for OBOS at Ulven

Veidekke has signed a contract with OBOS to build yet another stage of the major

residential project at Ulven in eastern Oslo. The contract includes building 180

apartments, a parking facility, guest parking and a kindergarten with six units.

The contract is a design and build contract valued at NOK 523 million excluding

VAT.

Ulvenkroken is the third project to be built by Veidekke at Ulven. The finished

project will have beautiful parks and market squares in the immediate vicinity,

underground parking and car-free sections of street on both sides. The location

is central in what will be the new Ulven, with only a short walking distance

from the shopping centre and metro station at Økern.

"We are pleased with the confidence placed in us and are appreciative of yet

another contract here at Ulven. For Ulvenkroken, together with OBOS and our

partners in Team Veidekke, we have further developed our efficient collaborative

model in order to build attractive homes that most people can afford," says EVP

Hans Olav Sørlie with Veidekke Bygg.

"The contract with Veidekke ensures progress in the development of Ulven and

Hovinbyen. These are demanding times for housing producers with the current

market situation and commodity prices. With a tight housing market in the Oslo

region, it is important for OBOS to maintain the start-up of new projects to

ensure members access to new housing. Veidekke delivers efficient projects,

which is crucial when we build around 2,000 homes on Ulven in the next few

years," says Arne Baumann, Executive Vice President for Housing Development at

OBOS.

Construction work starts in August with completion scheduled for before

Christmas in 2024. Find more information about the project at www.obos.no/ulven

The contract is included in Veidekke's order backlog for the second quarter.

Team Veidekke DA comprises Veidekke Bygg Oslo, Bravida Norge, LPO Arkitekter,

Multiconsult, Dr techn. Olav Olsen and Landskaperiet.

For further information, please contact:

Head of Department Kaare Gilhus at Veidekke Bygg, tel. +47 45 03 01 97,

kaare.gilhus@veidekke.no

Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33 22,

helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking

all types of building and civil engineering assignments, the group also

maintains roads and produces asphalt and aggregates. Veidekke emphasises

stakeholder involvement and local experience. Annual turnover is approx. NOK 38

billion, and around half of its 7,800 employees own shares in the company.

Veidekke is listed on the Oslo Stock Exchange and has posted a profit every year

since its inception in 1936.