Norwegian operator Vaar Energi has secured its near-term offshore drilling rig needs by exercising first contract options for two semi-submersible drilling units, the COSL Pioneer and COSL Prospector. These large harsh-environment rigs are well-suited for operations in Norway. The contracts include options to continue using both rigs potentially into 2029 and 2030, supporting the company's field development and exploration plans.

Operational and Strategic Context

This rig extension coincides with significant project activity. The company sanctioned 10 new offshore projects in 2025, including Balder Next, and participated in bringing nine projects on stream this year. This has contributed to substantial production growth, from an average of 280,000 barrels of oil equivalent per day in 2024 to around 430,000 boepd currently. Vaar Energi's ambition is to sustain production between 350,000 and 400,000 boepd towards 2030 and beyond.

Future Development Pipeline

The company's operational focus is on three core areas: Balder, Gjoa, and Goliat. Beyond the 10 projects sanctioned this year, it holds a portfolio of additional early-phase projects. A key development targeted for sanction in 2026 is the Ofelia-Cerisa-Gjoa Nord project. Company leadership emphasized that the 10 sanctioned projects, exceeding an initial target of eight, demonstrate a rapid pace of delivery. These projects are characterized as low-risk with high returns and short pay-back times, strengthening the outlook for delivering long-term value and positioning the company as de-risked and in a strong position following a year of transformational growth.