Veidekke has today signed a contract with the Norwegian Public Roads
Administration to upgrade the Hammersborg and Vaterland tunnels on Ring 1 in
Oslo. The project is a design and build collaboration contract and is worth NOK
2.1 billion excluding VAT.

"This is a project that suits Veidekke very well with extensive groundwork and
challenging construction work. We have conducted a successful interaction phase
together with the Norwegian Public Roads Administration of almost a year, which
gives us a very good basis for the project implementation. We are grateful for
their trust and look forward to getting started on the construction work," says
Øivind Larsen, Executive Vice President at Veidekke Infrastructure.

The Vaterland Tunnel (370 m) will be upgraded and the Hammersborg Tunnel (380 m)
will also be rebuilt, extended, reinforced and lowered in the terrain as a
result of security requirements for the new government buildings. Both tunnels
date from 1989, and extensive maintenance is needed, with repair of concrete
structures and the roadway. General infrastructure such as lighting, cables,
pipes, wires, signage etc. must also be replaced in both tunnels.

This is an important milestone in the project. The project has completed an
interaction phase with Veidekke over the past ten months in which the basis for
the actual project implementation has been laid. After a good planning process,
we will now reach the actual implementation of the construction works. We
continue the good cooperation," says Road Director Ingrid Dahl Hovland.

Construction work will start soon, with completion scheduled for the summer of
2027. The contract is included in Veidekke's order book for Q2 2024. Read more
about the project at
vegvesen.no/ring (https://www.vegvesen.no/vegprosjekter/prosjekt/tunneleroslo/ha
m
mersborgtunnelen/).

For further information, please contact:
Neal Nordahl, Director of Veidekke Anlegg, tel. +47 90 92 44 64, ,
neal.nordahl@veidekke.no
Ane Vestre, Project Director of Veidekke Anlegg, tel. +47 92 40 61 05, ane
-kari.vestre@veidekke.no
Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33 22,
helge.dieset@veidekke.no

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Veidekke (http://www.veidekke.no) is one of Scandinavia's largest contractors.
In addition to undertaking all types of building and civil engineering
assignments, the group also maintains roads and produces asphalt and aggregates.
Veidekke emphasises stakeholder involvement and local experience. Annual
turnover is approx. NOK 43 billion, and almost half of its 8,000 employees own
shares in the company. Veidekke is listed on the Oslo Stock Exchange and has
posted a profit every year since its inception in 1936.