Overview of the Balder Next New Wells Project

The Norwegian operator Vaar Energi has reached a final investment decision for the Balder Next New Wells project, which involves drilling seven new wells that will be tied back to the Jotun floating production, storage, and offloading (FPSO) vessel. The project is expected to begin operations in the fourth quarter of 2027.

Ocean Installer's Major Contract Award

Ocean Installer, a preferred contractor for Vaar Energi, has been awarded one of the largest contracts in its 15-year history for this project. The contract is valued at over Nkr2 billion (approximately US$202 million), excluding the previously awarded procurement of flexible flowlines and risers from the fourth quarter of 2025. The workscope encompasses all subsea umbilicals, risers, and flowlines (SURF) installation activities, along with the procurement of flexible flowlines and risers.

Collaboration with OneSubsea

The contract execution will be carried out in close cooperation with OneSubsea, another of Vaar's preferred partners, which is responsible for supplying the subsea production system. This collaboration builds on a long-standing relationship established in 2019 with the Balder Future project and the ongoing Balder Phase VI project, where Ocean Installer and Vaar Energi have successfully delivered and installed critical offshore infrastructure.