Moreld ASA: Ocean Installer Secures Multi-Year Contract in Brazil from Equinor

03 Jun 2026 08:00 CEST

Stavanger, Norway, June 3rd, 2026: Ocean Installer AS, a wholly owned
subsidiary of Moreld ASA, has been awarded a Significant* contract in Brazil
by Equinor for the Bacalhau Project's Well Tie In scope.

* This award marks a major milestone in the company's international growth
strategy and its entry into the world's largest subsea market.
* The Bacalhau field is in the Santos Basin in ultra deep waters of 2,100
meters.
* The award covers a 4.5-year duration, with options for extension and rigid
jumper fabrication
* Ocean Installer has recently established a Brazilian entity and onboarded
its first local employees.

The awarded scope covers installation of rigid well jumpers between flowlines
and subsea trees, flying leads installation and associated pre commissioning.
The scope covers numerous wells over a 4.5 year period, with the first
offshore campaign planned in 2027.

Located in the Santos Basin, the Bacalhau field is developed in ultra deep
water of 2,100 metres and is characterised by high reservoir pressure, making
offshore operations technically demanding. As new wells are completed, they
will be sequentially connected and brought on stream, requiring Ocean
Installer to remain adaptable during execution.

Bacalhau is Equinor's largest international offshore field and the first asset
in the Brazilian pre-salt area to be entirely developed by an international
operator.

"This award represents a step change for Moreld," said Geir Austigard, Moreld
CEO. "This is Ocean Installer's first award in Brazil. The scope involves
production critical work on a major international asset operated by Equinor,
reflecting Ocean Installer's ability to deliver safely, reliably and
consistently over time".

In parallel with the contract award, Ocean Installer has recently established
a Brazilian entity and onboarded its first local employees, laying the
foundation for a permanent and scalable local presence in the world's largest
global market for subsea projects.

"The long project duration provides a stable foundation to build our local
organisation in Brazil," said Kevin Murphy, Ocean Installer CEO. "Brazil is an
attractive market with a significant pipeline of subsea projects to be
executed, and we see strong alignment between upcoming opportunities and Ocean
Installer's core competencies."

Ocean Installer considers the Bacalhau contract a strategic entry into Brazil
and a key building block for long term growth in the region.

*Moreld defines a "Significant" contract, as between NOK 500 million to 1
billion in expected value. The firm contract value is estimated at the upper
end of this interval.

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/.
(https://moreld.com/)

About Ocean Installer
Ocean Installer is a leading marine construction company that specializes in
offshore installation services with more than 15 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, Rio de Janeiro and Dubai. For more information, please
visit www.oceaninstaller.com. (http://www.oceaninstaller.com/)

This information is information that Moreld is obliged to make public pursuant
to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact persons set out above, at
2026-06-03 08:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

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