Veidekke

Earnings Release • Jun 8, 2023

Veidekke: New residential project in Bjørvika

Veidekke: New residential project in Bjørvika

Oslo S Utvikling (OSU) has awarded Veidekke the commission to build the

environmentally certified residential project Vannkunsten Syd in Bjørvika in

Oslo. The contract is a design and build contract valued at NOK 476 million

excluding VAT.

Vannkunsten Syd consists of five separate buildings with a total of 91

apartments. Overall, the project is 15,500 m[2] in size, of which 12,400 m[2]

are homes with underground parking and 3,100 m[2] commercial areas. The project

will be certified in accordance with the BREEAM NOR environmental standard.

"We would like to thank OSU for their confidence in us and yet another

interesting and sustainable construction assignment. We are proud to be part of

building Bispevika, which will be an attractive and unique area at the seafront

in the centre of Oslo. We particularly appreciate that everything will be

environmentally certified, and look forward to implementing the project in good

and close cooperation with OSU and all parties involved," says director Anders

Haugen in Veidekke Bygg Oslo.

OSU is responsible for much of the development in Bjørvika, including the

Mariakvartalet residential project where Veidekke is currently starting

construction of the basement. The Vannkunsten project has been developed in two

phases, where the first nine buildings north of Bispekilen are clad with grey

Oppdal slate and were completed in 2021. Vannkunsten Syd, which Veidekke will

build, consists of five new buildings in three different sizes that will have

Otta slate rust façades. The shortest buildings will be closest to the sea, and

the buildings increase in height the closer you get to the city.

"Veidekke's offer was the best, and we feel confident that they will carry out

the project in line with our customers' expectations," says Lars Holm, CEO of

Oslo S Utvikling.

Construction is scheduled to start in September, with completion expected in the

autumn of 2025. Read more about the project

here. (https://osu.no/prosjekter/vannkunsten-syd)

For further information, please contact:

Head of department Morten Barreth of Veidekke Bygg Oslo, tel. +47 93 88 37 16,

morten.barreth@veidekke.no

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

helge.dieset@veidekke.no

Project Manager Karl Jon Sørli with OSU, tel. +47 48 16 86 04, kjs@osu.no

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Veidekke (http://www.veidekke.no)  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 39 billion, and almost half of its 8,000 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.