Overview of the Balder Next New Wells Project

Ocean Installer, a preferred contractor for Norwegian operator Vaar Energi, has secured one of the largest contracts in its 15-year history for the Balder Next New Wells project. The project has reached a final investment decision and involves drilling seven new wells that will be tied back to the Jotun floating production, storage, and offloading (FPSO) vessel. Production start-up is expected in the fourth quarter of 2027.

Contract Value and Scope

The contract is valued at over Nkr2 billion (approximately US$202 million), excluding a previously awarded procurement contract for flexible flowlines and risers granted in 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 and Execution

Contract execution will be carried out in close cooperation with OneSubsea, another of Vaar Energi's preferred partners, which is responsible for supplying the subsea production system. Ocean Installer's CEO, Kevin Murphy, noted that this project is a natural continuation of the collaboration established with Vaar Energi in 2019 on the Balder Future project and the ongoing Balder Phase VI project, highlighting a successful track record of delivering and installing critical offshore infrastructure.