Varel Oil and Gas Inc. – FIRST DAY OF TRADING OF THE BONDS

04 Apr 2025 07:00 CEST

Houston, United States: Reference is made to the announcement by Euronext Oslo
Børs on 3 April 2025 regarding the application for listing by Varel Oil and Gas
Inc. ("Varel" or the "Company") of senior secured USD 72,000,000 bonds with ISIN
NO0013182121 (the "Bonds") on Euronext Oslo Børs. On 3 April 2025, Euronext Oslo
Børs approved the listing application.

The Bonds will commence trading on Euronext Oslo Børs today, 4 April 2025.

The prospectus related to the listing of the Bonds is available on
https://www.varel.com/FinancialReportsandPresentations

About Varel:

Varel is a manufacturer of consumable drilling, cementing, and completion
products for the oil and gas industry. Varel offers solutions that enable
customers to drill, complete, and produce wells efficiently, safely, and in a
cost-effective manner. Headquartered in Houston, USA, Varel operates over 1.1
million square feet of low-cost manufacturing facilities strategically located
in Mexico, India, and Saudi Arabia to serve key markets globally with fast
response times. Varel's offered products includes both (i) a diverse product
portfolio of highly engineered comprehensive drilling, cement and equipment
packages across the wellbore construction, including well drilling, well
installation and well completions, containing a full suite of components needed
for a newbuild or reactivated drilling rig, and (ii) individual or grouped
components of specific products that facilitate customers in maintaining and
upgrading their existing fleet.

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