Vår Energi successfully strengthens financial flexibility through extending existing debt maturity profile and refinancing of credit facilities

02 Jun 2025 07:00 CEST

Sandnes, Norway, 2 June 2025: Vår Energi ASA (OSE: VAR, "the Company") has
successfully completed the refinancing of existing revolving credit facilities.
Together with the recent senior notes offering in the USD and EUR markets, the
company has optimised its debt capital structure and strengthened financial
flexibility.

The company has entered into new revolving credit facilities totaling USD 2.75
billion, split over a 3-year working capital facility and a 5-year liquidity
facility maturing in 2028 and 2030 respectively, with the option to extend for
an additional two years. The new facilities obtained more favourable rates and
provide the Company with a significant liquidity buffer, enhancing Vår Energi's
financial robustness. The facilities are backed by a supportive syndicate of 13
leading international banks, underscoring strong confidence in Vår Energi's
credit profile and strategic direction.

In addition, Vår Energi has recently issued senior notes in both EUR and USD
markets, totaling the equivalent of approximately USD 2.6 billion. Both
issuances were substantially oversubscribed, demonstrating strong investor
confidence in the Company's strategy and financial outlook. The issuances have
enabled Vår Energi to reduce the cost of debt, extend the maturity profile, and
strengthened its presence in the US and EU financial markets.

"We are very pleased with the strong reception of our bond offerings in both the
EUR and USD markets, particularly in the context of a volatile macro
environment," said Carlo Santopadre, CFO of Vår Energi. "The significant
oversubscription from respected cornerstone investors underscores the confidence
investors have in our business and growth outlook. With the refinancing of our
credit facilities, we have secured significant available liquidity, currently
well above USD 3 billion, while reducing the cost of debt and extending the
maturity of our debt portfolio. Our strengthened liquidity position is key to
our commitment of maintaining an investment grade balance sheet and will support
the Company's significant production growth this year and value creation towards
2030 and beyond."

Vår Energi's financial structure aligns with the Company's objectives of safe,
efficient, and responsible operations to deliver growth and value creation over
time, maintaining an investment grade balance sheet and preserving financial
flexibility.

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 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Treasury

Rune Dreiem, VP Finance and Treasury

+47 41085958

rune.dreiem@­varenergi.no

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