Energy Daily-06/18/2026

Research evidence excerpt

Energy Daily-06/18/2026

Energy Daily

18 JUN 2026

Today’s highlights: MORLD: Vår Energi FID to trigger award to Ocean Installer; 18-May 16-Jun

TGS: Announces Pelotas Sul in JV with SLB; Vantris: Exits PN17 status on CommodityBrent Crude (bbl)prices Last 6 days Last $price78.7 -1-0.3day% -1-15.4week% -1 -25.5month% 1M 112.1high 1M 79.0low

second consecutive profitable quarter; Offshore Wind: U.S. Department of the WTIDutch(bbl)TTF Gas $/MMBtu$ 14.275.8 -1.7-0.3 %% -15.8-14.0 %% -16.9-24.7 %% 105.417.6 14.276.1

Interior terminates USD 765m of offshore wind leases. Also Covered; Rigs UKHenryNatHubGasNat Gas $/MMBtu$/MMBtu13.23.2 -0.73.0 %% -17.81.9 %% -19.712.1 %% 17.03.3 13.32.9

UK electricity (1M) £/MWh 95.1 0.0 % -8.4 % -7.4 % 106.0 95.1

MORLD – Vår Energi FID to trigger award to Ocean Installer CO2Brentpriceand Nat. gas in USD/boe Equivalent** last EUR/t3Y 79.9 CO2-0.2price% last 3Y 4.9 % 5.6 % 80.6 74.9

USD/boe EUR/t

100 135• Vår Energi has taken FID on the Balder Next New Wells project in Norway

• Ocean Installer is the incumbent supplier in the area (under non exclusive FW 105 9080

60 agreement) and is working on the wider Balder Next project (awarded scope 9075 70

last year). This FID is expected to trigger award additional installation 60 5040

30 workscope (PASe NOK 1bn+) with offshore execution in 2027 4530

• We believe an award here is widely expected. Nevertheless positive to derisk 15 2010

estimates in our view. With the company trading at >20% FCF yield, Jun-230 Jun-24 Jun-25 Jun-26 Jun-230 Jun-24 Jun-25 Jun-26

expectations are arguably low Dutch TTF Brent CO2 Price

Last Total return Short Cons. NTM

E&P 6 days Last price -1 day -1 week YTD interest P/E