Update on the Balder X project

19 Sep 2023 07:30 CEST

Vår Energi ASA, the Operator of Balder X (Kistos Energy (Norway) 10%), has today
provided an update on the progress of the project and a revised cost estimate.

Balder X comprises Balder Future and the Ringhorne Phase IV projects. Vår Energi
aims to extend the Balder area production beyond 2045 with the upgraded Jotun
FPSO as a host for potential new tie-ins and future discoveries.

The upgrade of the Jotun FPSO has successfully met key milestones with the
re-float and heavy lift installations completed on plan. Current focus is on
executing the remaining construction work and commissioning. Drilling and subsea
activities are progressing according to schedule and the overall project is more
than 80% complete.
To reflect a tighter supplier market, mitigate schedule risk and to improve
construction productivity the Operator’s gross capex estimate for the project
has increased by approximately NOK 4 billion (NOK 400 million net pre-tax to
Kistos Energy (Norway)AS).

The majority of the net incremental capex will be spent in 2024. The Balder X
targeted start-up is maintained in Q3 2024.

The revised estimates for Balder X will be included in Norway’s National Budget
for 2024 to be published 6 October 2023.

For further information please contact:

Richard Slape
Chief Financial Officer (Kistos Holdings plc)
Phone: +44 20 4531 2804,
Email: richard.slape@kistosplc.com

or

Olav Haugland
Chief Financial Officer (Kistos Energy (Norway) AS)
Phone: +47 915 41 809
Email: olav.haugland@kistosplc.com

More information:
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