Veidekke

Earnings Release • Jun 19, 2025

Veidekke: NOK 1.3 billion commission for Statnett in Western Norway

Veidekke: NOK 1.3 billion commission for Statnett in Western Norway

Statnett SF has commissioned Veidekke to build three new substations in Vestland

county. This commission is a design and build contract worth almost NOK 1.3

billion, excluding VAT.

"We are very pleased to have won the competition for this important commission.

Building critical infrastructure is something we really appreciate doing, and

here we will use the expertise of our employees in Bergen, Sogn og Fjordane,

Møre og Romsdal and Veidekke Prefab. We are grateful for the confidence shown in

us and are looking forward to a close and good partnership with Statnett over

the next years," says EVP Hans Olav Sørlie with Veidekke Bygg.

Veidekke will perform foundation, construction and concrete work for the three

substations in Øygarden, Vik and Modalen municipalities, respectively. This

includes everything from access roads, rock work and shafts for transformers to

the construction of various technical buildings and facilities below and above

ground.

The background for the project is the green shift and electrification to achieve

Norway's climate targets.  Statnett wants to build new plants to replace older

power lines and substations on the section between Sogndal and Sauda via

Kollsnes. The plants will be built for 420kV and allow for increased capacity

and flow in the grid. Statnett is carrying out the procurement on behalf of

itself and the other clients BKK and Eviny Fornybar.

Planned construction start is in October in Øygarden, before proceeding to Vik

and then Modalen. The actual construction work will be completed in 2028, before

a period of installation and trial operations ends with final handover in the

autumn of 2030.

Read more about the project here (https://www.statnett.no/vare-prosjekter/region

-vest/sogndal-sauda/). The contract is included in Veidekke's order book for Q2

For further information, please contact:

Thor Småbrekke, district manager with Veidekke Bygg Bergen, tel. +47 93 43 06

60, thor.smaabrekke@veidekke.no (are.westbye@veidekke.no)

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

helge.dieset@veidekke.no

Project Director Kenneth Teigenes with Statnett, tel. +47 45 02 27 27,

kenneth.teigenes@statnett.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. Its annual

turnover is approximately NOK 41 billion, and 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.