Vår Energi pre-commits subsea systems to speed up developments

04 Feb 2025 08:00 CET

Sandnes, Norway 04 February 2025: Vår Energi ASA (OSE:VAR) signs Letter of
Intent with OneSubsea AS for the delivery of Subsea Production Systems (SPS) to
reduce project development time.

The pre-commitment will give Vår Energi the ability to shorten subsea tie-back
development time by up to one year.

COO Torger Rød in Vår Energi said:

Vår Energi has a high value early phase portfolio of more than 20 projects, with
a target of developing projects from discovery to production in less than four
years. Efficient measures to shorten the lead time and control the supply chain
for key equipment is important to reach these goals and will support our plan to
sustain production at 350-400 thousand barrels of oil equivalent per day towards
2030.

The pre-commitment agreement comprises a complete Subsea Production System*,
which include a standard four-well slot template and a single well satellite
structure.

The order is to be delivered prior to summer 2027, while parts necessary for
drilling will be delivered in 2026. Further, the agreement involves securing
materials and reduced delivery time enabling opportunities for continuous fast
-track deliveries into the Vår Energy project portfolio.

Vår Energi has worked closely with its strategic subsea partners, OneSubsea,
Ocean Installer and Saipem, on standardisation and shortening of lead times to
transform project developments. This is expected to further reduce project
development time and cost.

*Norwegian Continental Shelf (NCS) 2017+ standard.

Investor relations

Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@varenergi.no

Media

Liv Jannie Omdal, VP Communications
+4797667137
liv.omdal@varenergi.no

About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). We are committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record. Our ambition is to be the
safest operator on the NCS, the partner of choice, an ESG leader with a tangible
plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1 400 employees and equity stakes in 40 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø.

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