Ocean Installer Lands Major North Sea Contract from Vår Energi
June 29, 2026
Ocean Installer has been awarded a major engineering, procurement, construction and installation (EPCI) contract by Vår Energi for the Balder Next New Wells project in the North Sea.
The project forms part of Vår Energi's hub development strategy in the Balder area, centered around the Jotun floating production, storage and offloading (FPSO) vessel.
The Balder Next New Wells project comprises a seven single-satellite well field expansion tied back to the Jotun FPSO. First oil is targeted within 2027, with project completion scheduled for 2028.
Ocean Installer will carry out all subsea umbilicals, risers and flowlines (SURF) installation activities in addition to the procurement of flexible flowlines and risers that was awarded in the fourth quarter of 2025.
The company said the award is classified as a major contract by parent company Moreld and is among the largest contracts in Ocean Installer's history. Moreld defines a major contract as having a value of more than $200 million (NOK 2 billion), excluding the previously awarded procurement scope.
The contract is the third project award under the subsea strategic partnership established between Vår Energi and Ocean Installer in June 2022.
Project execution will be carried out in cooperation with strategic partnership member OneSubsea, which is responsible for supplying the subsea production system.
"Vår Energi has been a key customer for the Moreld group for many years. This project demonstrates Vår Energi’s commitment to their hub-based development strategy in the North Sea centered around the Jotun FPSO host, and we’re happy to see that Ocean Installer will play a key role in delivering the next phase of that strategy," said Geir Austigard, Moreld CEO.
"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," added Kevin Murphy, Ocean Installer CEO.
