Jotun FPSO starts sail away to the Balder field

13 Mar 2025 07:59 CET

Sandnes, Norway, 13 March 2025: Vår Energi (OSE: VAR; the "Company") initiates
tow out of the Jotun floating production, storage and offloading vessel (FPSO)
from the Worley Rosenberg yard to the Balder field - on schedule for production
start by the end of the second quarter this year.

"As one of the fastest growing oil and gas companies globally, we are set for
transformative growth in 2025, and are on track to reach above 400 thousand
barrels of oil equivalent per day (kboepd) in the fourth quarter. Balder X is a
key element to this plan and once the Jotun FPSO comes on stream, production
from the field will be close to quadrupled, adding around 80 kboepd gross at
peak.

Balder X, with a payback time of around two years, including the sanctioned
Balder Phase V project, marks the start of a new era in the North Sea, extending
the lifetime of the first production licence PL001 on the Norwegian Continental
Shelf to 2045 and beyond, and opens a wide potential for continued value
creation", says Nick Walker, CEO in Vår Energi.

The Balder X project develops gross proved plus probable (2P) reserves of 150
million barrels of oil equivalent (mmboe). In addition, with the Jotun FPSO
installed as an area host, Vår Energi is taking necessary steps to add new
production through infill drilling, exploration and tie-back developments with
short time to market.

"We have continued to grow our resource base through successful exploration in
the area and are stepping up the pace, moving several tie-back projects forward
at speed to capitalise on the Jotun FPSO. This will sustain production longer
term and includes Balder Phase V, planned to come on stream later this year, and
Balder Phase VI expected to be sanctioned in 2025, together adding a further 45
-50 mmboe gross", Torger Rød, COO in Vår Energi explains.

Also, in the Greater Balder area several new early phase projects are being
progressed towards sanction, including Ringhorne North, Balder future phases and
the King discovery, targeting gross contingent resources of more than 70 mmboe.
While these projects are being moved forward, further exploration drilling is
planned to unlock considerable additional resources.

The Jotun FPSO also creates an opportunity to optimise the infrastructure in the
area, including taking the Balder floating production unit (FPU) to shore for
decommissioning, and the planned electrification of the Balder/Grane Area,
reducing unit production cost and carbon emissions for the company.

The tow out program for the Jotun FPSO from Worley Rosenberg yard in Stavanger
includes a number of stages: First, the FPSO vessel will perform inclination
tests at the quayside before being towed to Åmøyfjorden, near Stavanger, for
inshore sea trials and anchor installation work. After this, the vessel will be
towed to the field for installation, hook-up to the installed subsea production
systems and final commissioning. All 14 production wells are completed, and
production is planned to start by the end of the second quarter 2025, with an
expected three to four months ramp up period to peak production.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS
as partner (10%).

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. Safe and responsible operations
are at the core of our strategy. Our ambition is to be the safest operator on
the NCS, and to become carbon neutral in our net equity operational emissions by
2030.

Vår Energi has around 1400 employees and equity stakes in 40 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Media
Liv Jannie Omdal, VP Communications
+4797667137
liv.omdal@­varenergi.no (liv.omdal@%C2%ADvarenergi.no)

Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@­varenergi.no (ida.fjellheim@%C2%ADvarenergi.no)

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