Vår Energi enters into Collaboration Agreement with TechnipFMC

08 Jul 2025 09:00 CEST

Sandnes, Norway, 8 July, 2025: Vår Energi ASA (OSE:VAR) has entered into a
collaboration agreement with TechnipFMC Norge AS for delivery of subsea projects
utilizing its integrated commercial model for engineering, procurement,
construction, and installation. The agreement pertains to future subsea
developments in the Gjøa area in the North Sea.

Vår Energi has entered into the collaboration agreement on behalf of the licence
owners in the Gjøa Nord, Cerisa and Ofelia discoveries and covers integrated
execution of both SPS (Subsea Production Systems) and SURF (Subsea Umbilicals,
Risers, and Flowlines) work scopes.

COO of Vår Energi, Torger Rød, said:

"We have high expectations for further development around the Gjøa field, which
is one of Vår Energi's core areas. Currently we are maturing the three oil and
gas discoveries for a planned subsea development that will be tied back to the
Gjøa platform. Through the agreement with TechnipFMC, the goal is to achieve
faster and more competitive development."

The Gjøa Nord, Cerisa and Ofelia discoveries are estimated to contain up to a
total of 110 million barrels of oil equivalent gross. If the licence partners
decide to proceed, the plan is to coordinate the three developments. This will
realize synergies in procurement, engineering, drilling, installation and
project follow-up. An investment decision is planned in 2026.

Rød added:
"Through this agreement, we will leverage TechnipFMC's extensive experience and
expertise on the Norwegian continental shelf and in the Gjøa area in particular.
We look forward to continuing the collaboration. Together, we will optimize the
development solution and ensure efficient project execution in order to maximize
value creation."

The collaboration agreement is for five years with the possibility of extension.

Partners in the PL153 Gjøa /Gjøa Nord licence are Vår Energi (operator and 30%),
Petoro (30%), Harbour Energy Norge AS (28%), and OKEA ASA (12%).

Partners in the PL 929 Ofelia licence are Vår Energi (operator and 40%), Harbour
Energy Norge AS (20%), Pandion Energy (20%), DNO (10%), and AkerBP (10%).

Partners in the PL636 Duva/Cerisa licence are Vår Energi (operator and 30%),
ORLEN (30%), INPEX Idemitsu (30%), and Sval Energi (10%)

Contact

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

Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no?? (liv.omdal@varenergi.no%E2%80%AF%E2%80%AF)

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.

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