Pareto High Yield Daily-06/26/2026

Research evidence excerpt

Pareto High Yield Daily-06/26/2026

Pareto High Yield Daily

26 JUN 2026

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Sector Credit Research Moreld – Awarded major contract by Vår Energi

Key numbers

• Moreld’s subsidiary Ocean Installer has been awarded a major contract 6 day change Last 1D 1M 6M 12M

(>NOK 2bn) from Vår Energi for the Balder Next New Wells project OsloOMXSPIBørs Benchmark 11 906,2090,1 -0,5-0,4 %% -6,8-1,2 %% 14,45,5 %% 19,316,1 %%

• The scope is a fast-track EPCI (engineering, procurement, construction and OSX 90,7 2,9 % -14,1 % 24,8 % 54,2 %

installation) for all SURF (subsea umbilicals, risers, and flowlines) installation Oil price 73,5 -2,3 % -26,1 % 21,3 % 8,6 %

work, and covers six satellite wells tied back to the Jotun FPSO. First oil is iTraxx 5Y (generic) 248,4 0 bps -8 bps 2 bps -14 bps

targeted in 2027, with completion in 2028 NIBOR 3m 4,58 1 bps 2 bps 50 bps 21 bps

• A separate EPC for flexible flowlines and risers was awarded in Q4 2025 and NIBOR 3Y swap 4,71 -3 bps -13 bps 60 bps 89 bps

NIBOR 5Y swap 4,48 -3 bps -15 bps 39 bps 71 bps

is not included in the NOK 2bn+ value, making this one of the largest single

contract awards in Ocean Installer’s history STIBOR 3m 1,99 -2 bps 1 bps 14 bps -17 bps

STIBOR 3Y swap 2,33 -3 bps -11 bps -3 bps 32 bps

• This is the third project under the strategic partnership between Vår Energi STIBOR 5Y swap 2,45 -4 bps -12 bps -14 bps 26 bps

and Ocean Installer, set up in June 2022. The two previous projects are Balder US SOFR 3,62 1 bps 7 bps -4 bps -68 bps

Future and the ongoing Balder Phase VI US SOFR 3Y swap 3,89 -5 bps 1 bps 56 bps 48 bps

• Ocean Installer had NOK 934m in 2027 backlog as of Q1 (as noted yesterday). US SOFR 5Y swap 3,85 -4 bps -4 bps 42 bps 43 bps