Var Energi ASA (VAR.OL): More Room for Returns

研报英文原文证据摘录

Var Energi ASA (VAR.OL): More Room for Returns

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18 Jun 2026 06:49:43 ET │ 11 pages

Var Energi ASA (VAR.OL)

More Room for Returns

CITI’S TAKE

The sale of 20% of Goliat and 25% of Fenja was well flagged, with market

Buy expectations already pointing to proceeds above $300m, following

Price (18 Jun 26 10:29) NKr42.92 February CMD comments that Var was looking to reduce high working

interests and share future capital commitments. Var has landed up to Target price NKr48.00

$350m, and is redeploying part of that into Pandion’s portfolio and the Expected share price return 11.8%

DNO swap, leaving up to c.$223m of net cash. In hindsight, the timing Expected dividend yield 11.2%

looks well judged. the disposal process was launched before the peace Expected total return 23.0%

deal and the subsequent macro unwind, allowing it to monetise part of Market Cap NKr107,146M

Goliat and Fenja while the commodity backdrop was highly supportive.

US$11,139M Disposal proceeds do not mechanically enter the 25-30% post-tax CFFO

payout formula, but the net cash inflow and lower future funding

requirement give Var more room to sustain base dividend while funding

the project programme, with scope for an extraordinary distribution at Tianhong Bi, CFAAC

year-end. +44-020-7986-4098

tianhong.bi@citi.com

What changes today is the shape of the portfolio. The divestments were largely Alastair R Syme

known. The more interesting development is where Var has chosen to re-invest. As +44-20-7986-4030

we highlighted post-Equinor CMD, Norway is entering another tieback cycle, with alastair.syme@citi.com

more emphasis on NPV and ownership harmonisation around existing hubs. Var’s

deal follows the same pattern. Nova, Ofelia and Sierra Solberg add depth around Kate O’Sullivan