en.Wedoany.com Reported - Norwegian offshore engineering company Ocean Installer (a wholly owned subsidiary of the Moreld Group) has been awarded an engineering, procurement, construction, and installation (EPCI) contract by Vår Energi for the Balder Next New Wells project. The contract covers all subsea umbilical, riser, and flowline (SURF) installation activities, in addition to the previously awarded procurement of flexible flowlines and risers.

The Balder Next New Wells project, located in the North Sea, reached its final investment decision (FID) earlier this month, jointly advanced by Vår Energi and Kistos. The first phase of the project will develop seven new wells, tied back to the FPSO Jotun, targeting first oil within 2027, with the entire project completed by 2028. This tie-back will develop a total of 86 million barrels of oil equivalent (boe) in proven plus probable reserves, up from the approximately 75 million boe reported earlier this year, reflecting continuous project improvements. The project is said to be economically robust, with a breakeven point of around USD 30 per barrel of oil equivalent and an internal rate of return exceeding 35%.

Moreld has classified the value of this new contract as significant, exceeding NOK 2 billion (approximately EUR 178 million), making it one of the largest awards in Ocean Installer's history. This value excludes the procurement of flexible flowlines and risers previously awarded in November 2025.

This contract is the third awarded under the strategic partnership established between Vår Energi and Ocean Installer in June 2022. Project execution will be carried out in close collaboration with OneSubsea, which is responsible for supplying the subsea production system (SPS).

Kevin Murphy, CEO of Ocean Installer, stated: "This award marks another significant milestone in our long-term partnership with Vår Energi. This project is a natural continuation of the collaboration we established in 2019 with the Balder Future project and the ongoing Balder Phase VI project. Together, we have successfully delivered and installed critical subsea infrastructure, and we are proud to be part of the next growth phase in the Balder area."

Vår Energi is the operator of the Balder field (90%), with Kistos Energy Norway as its partner (10%).