Sandnes, Norway, 23 June 2025: Vår Energi ASA (OSE:VAR) has awarded a
maintenance and modification (M&M) contract to Aibel AS. The contract covers
deliveries and services related to the Goliat and Gjøa fields.

On behalf of the partners in the Goliat and Gjøa licences, Vår Energi has
awarded Aibel AS a five-year maintenance and modification (M&M) contract.
Contract value is estimated to be around NOK 1.2 billion.

Increased cost levels and lower productivity on the Norwegian continental shelf
are common industry challenges, and Vår Energi has therefore been particularly
focused on competitiveness throughout the tender process. In particular, the
company has focused on operational efficiency, improvement plans, synergies,
local content, and competence in early-phase projects. The collaboration with
Aibel AS, which stood out among many competent suppliers, will contribute with
significant competence enhancement and improvement of the companies' joint work
processes, which in turn will increase value creation.

Vår Energi COO Torger Rød, said:

This contract ensures local deliveries that create activity, ripple effects, and
employment in Hammerfest and Florø, where the two fields have their supply and
logistics bases. In addition to technical deliveries, Aibel AS will provide
engineering support and project management, hence becoming an integrated and
important part of our teams at Goliat in the north and at Gjøa in the west

Goliat in the Barents Sea and Gjøa in the North Sea are two of the company's
core areas, both with significant future resource potential.

Rød added:

A good and close collaboration with suppliers of maintenance and modification
services is of great importance to Vår Energi. Through this contract, we will
benefit from Aibel AS' solid competence and experience working on the Norwegian
continental shelf. By having the same supplier for the Gjøa and Goliat
installations, we expect to extract significant synergies on the deliveries.

The contract duration is set to 5 years, with options for 3 x 2 years.

Contacts

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

Media
Liv Jannie Omdal
VP Communications
+47 976 67 137
liv.omdal@varenergi.no

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.