EPCI contract with Vår Energi among ‘largest awards in Ocean Installer’s history’

June 29, 2026, by Nadja Skopljak

Norway’s Ocean Installer, a wholly owned subsidiary of Moreld Group, has secured a fast-track engineering, procurement, construction and installation (EPCI) contract with Vår Energi to execute all subsea umbilicals, risers, and flowlines (SURF) installation activities for the Balder Next New Wells project, in addition to the previously awarded procurement of flexible flowlines and risers.

The Balder Next New Wells project in the North Sea, for which Vår Energi and Kistos made the final investment decision (FID) earlier this month, comprises a first-phase development of seven new wells tied back to the FPSO Jotun, with first oil targeted within 2027 and project completion in 2028.

This tie-back will develop 86 million barrels of oil equivalent (boe) gross in proved plus probable reserves, an increase from around 75 million boe gross communicated earlier this year, reflecting continued improvement of the project, which is said to have strong economics, delivering high value, with a breakeven of around $30 per boe and an internal rate of return of more than 35%.

Moreld defines the value of this new award as major, having more than NOK 2000 million (around €178 million) in value, and being among the largest awards in Ocean Installer’s history. This value excludes the previously awarded procurement of flexible flowlines and risers awarded in November 2025.

The 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 cooperation with OneSubsea, responsible for the subsea production system (SPS) supply.

“This award marks another important milestone in the long-term partnership we have with Vår Energi. This project represents a natural continuation of the collaboration we established back in 2019 with the Balder Future project and the ongoing Balder Phase VI project. Together, we have successfully delivered and installed critical offshore infrastructure, and we are proud to be part of this next growth phase of the Balder area,” said Kevin Murphy, Ocean Installer CEO.

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