Vår Energi ASA (OSE:VAR) signs Letter of Intent with OneSubsea AS for the delivery of Subsea Production Systems (SPS) to reduce project development time.

The pre-commitment will give Vår Energi the ability to shorten subsea tie-back development time by up to one year.

COO Torger Rød in Vår Energi said:

"Vår Energi has a high value early phase portfolio of more than 20 projects, with a target of developing projects from discovery to production in less than four years. Efficient measures to shorten the lead time and control the supply chain for key equipment is important to reach these goals and will support our plan to sustain production at 350-400 thousand barrels of oil equivalent per day towards 2030."

The pre-commitment agreement comprises a complete Subsea Production System*, which include a standard four-well slot template and a single well satellite structure.

The order is to be delivered prior to summer 2027, while parts necessary for drilling will be delivered in 2026. Further, the agreement involves securing materials and reduced delivery time enabling opportunities for continuous fast-track deliveries into the Vår Energy project portfolio.

Vår Energi has worked closely with its strategic subsea partners, OneSubsea, Ocean Installer and Saipem, on standardisation and shortening of lead times to transform project developments. This is expected to further reduce project development time and cost.

*Norwegian Continental Shelf (NCS) 2017+ standard.

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. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030.

Vår Energi has around 1 400 employees and equity stakes in 40 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø.