Vår Energi enters into Collaboration Agreement with TechnipFMC

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

Vår Energi has entered into the collaboration agreement on behalf of thelicenceowners in the Gjøa Nord, Cerisa and Ofelia discoveries and covers integratedexecution 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,whichis one of Vår Energi's core areas. Currently we are maturing the three oil andgas discoveries for a planned subsea development that will be tied back to theGjøa platform. Through the agreement with TechnipFMC, the goal is to achievefaster and more competitive development."

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

Rød added:"Through this agreement, we will leverage TechnipFMC's extensive experienceandexpertise on the Norwegian continental shelf and in the Gjøa area inparticular.We look forward to continuing the collaboration. Together, we will optimizethedevelopment solution and ensure efficient project execution in order tomaximizevalue creation."

The collaboration agreement is for five years with the possibility ofextension.

Partners in the PL153 Gjøa /Gjøa Nord licence are Vår Energi (operator and30%),Petoro (30%), Harbour Energy Norge AS (28%), and OKEA ASA (12%).

Partners in the PL 929 Ofelia licence are Vår Energi (operator and 40%),HarbourEnergy 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 relationsIda Marie Fjellheim, VP Investor Relations+47 905 09 291ida.fjellheim@varenergi.no

MediaLiv Jannie Omdal, VP Communications+47 97667137liv.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 theNorwegian continental shelf (NCS). We are committed to deliver a better futurethrough responsible value driven growth based on over 50 years of NCSoperations, a robust and diversified asset portfolio with ongoing developmentprojects, and a strong exploration track record.

Safe and responsible operations are at the core of our strategy. Our ambitionisto be the safest operator on the NCS, and to become carbon neutral in our netequity 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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