Moreld ASA: Ocean Installer awarded significant contract from Vår Energi

30 Jun 2025 08:45 CEST

Stavanger, 30 June 2025: Ocean Installer AS ("Ocean Installer"), a wholly
owned subsidiary of Moreld ASA ("Moreld"), has been awarded a significant*
contract for the Balder Phase VI development under the company's Strategic
Partnership with Vår Energi:

* The project is a subsea tieback to the Jotun FPSO, which started production
this week
* Part of Vår Energi's Balder area hub development strategy
* First oil from Balder Phase VI expected within 2026
* Ocean Installer will execute SURF activities including the fabrication and
installation of flexible flowlines and umbilicals

Ocean Installer has been awarded a fast track EPCI (engineering, procurement,
construction and installation) contract by Vår Energi for the Balder Phase VI
project for the further development of the Balder area. This project is part
of Vår Energi's hub development strategy in the Balder area of the North Sea,
which is centred around the newly installed Jotun FPSO. The project is
scheduled to deliver first oil within 2026, reinforcing both companies shared
commitment to efficient development of subsea tie-backs on the Norwegian
Continental Shelf (NCS).

Vår Energi is a key customer for Ocean Installer and the wider Moreld group.
It's exciting to see that Ocean Installer signs a new contract in the same
week that the Jotun FPSO starts producing first oil from the Balder Future
project, in which Ocean Installer has played a key role, said Geir Austigard,
Moreld CEO.

This contract is called off under the strategic partnership contract entered
into with Vår Energi in June 2022. It is also a continuation of a multi-year
collaboration between Vår Energi and Ocean Installer in the Balder area, where
Ocean Installer has been engaged since 2019. In this period, Ocean Installer
has been responsible for fabrication and installation of the SURF equipment
around the Jotun FPSO.

We are happy that Vår Energi continues to place their trust in us. Subsea
tiebacks have been the core of our business for 14 years, and as the NCS
transitions to more marginal fields, our expertise is valuable in enabling
faster and more cost-efficient developments. Working together with Vår Energi
to utilise existing infrastructure and previous experience has significantly
shortened the overall project timeline, something both companies can be proud
of, said Kevin Murphy, Ocean Installer CEO.

*Moreld defines a significant contract, as between NOK 500 million and NOK
1000 million in expected value.

For more information, please contact:

CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com

CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com

About Moreld

Moreld is an industrial multi-disciplinary engineering group offering
full-scope services across the offshore energy and marine industries including
subsea installations. The group comprises Moreld Apply, Ocean Installer and
Global Maritime. Moreld is a major player on the Norwegian continental shelf
with an international footprint. The Group is located in 19 countries, giving
access to all major offshore markets, and has over 2,800 employees and
contractors. For more information, please visit https://moreld.com/.

About Ocean Installer

Ocean Installer is a leading marine construction company that specializes in
offshore installation services with more than 14 years of experience
delivering large and complex subsea projects worldwide. The company was
founded in 2011 and joined the Moreld group in 2024. Ocean Installer is
headquartered in Stavanger, with regional offices in key locations including
Oslo, Aberdeen, and Dubai. For more information, please visit
www.oceaninstaller.com (http://www.oceaninstaller.com/)

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650325_Press Release OI Vår Energi Balder Phase VI (final).pdf