Veidekke

Earnings Release • Apr 19, 2024

Veidekke: Rehabilitating Nyhellervatn dam for Hafslund

Veidekke: Rehabilitating Nyhellervatn dam for Hafslund

Hafslund Eco Vannkraft has engaged Veidekke's subsidiary Tore Løkke AS as the

main contractor for the rehabilitation of the Nyhellervatn dam in Aurland

municipality. The project has high environmental ambitions, and the assignment

is valued at approximately NOK 200 million excl. VAT.

Nyhellervatn is located at 1,400 metres above sea level in Nordfjella in Aurland

municipality on the border between Vestland and Buskerud counties. A 650-metre

-long enrockment dam with a maximum height of 84 metres dams up the Nyheller

reservoir, which is the intake reservoir for the Aurland 3 pump power plant. In

order to meet applicable regulatory requirements, the dam must now be reinforced

with around 400,000 m[3] of rock material.

"We really appreciate the commission. The construction and rehabilitation of dam

facilities and hydropower plants is one of our core businesses and an area in

which we have long and broad experience. At the same time, we greatly appreciate

Hafslund's high environmental ambitions and that we together will find new

solutions for sustainable production high up in the mountains," says Tore

Crister Løkke, CEO of Tore Løkke AS.

The development of electrical construction machinery now makes it possible to

carry out much of the heavy work on enrockment dams electrically. The aim is to

increase this share, and the project has incentives to adopt new electrical

construction machinery that become available during the construction period.

Where there are no good emission-free and electrical solutions available,

renewable biofuels will be used.

Hafslund wants to work to ensure that the development of renewable energy takes

place with as many renewable and emission-free solutions as possible. We

therefore have a goal of reducing our own greenhouse gas emissions by 90 per

cent and emissions from the value chain by 50 per cent by 2030. This project is

an important step towards this goal," says Kristin Lian, CEO of Hafslund Eco

Vannkraft.

Construction start is planned for May and will be carried out over three seasons

with completion in 2026. The commission is included in Veidekke's order book for

the second  quarter.

For further information, please contact:

General Manager Tore Crister Løkke of Tore Løkke AS, tel. +47 41 42 04 62,

tore.crister@lokke.no (tore.christer@lokke.no)

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

helge.dieset@veidekke.no

Communications Manager Per Storm-Mathisen with Hafslund, tel. +47 98 25 54 06,

per.storm-mathisen@hafslundeco.no

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

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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 43 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.