Beerenberg has signed a six-year service contract with ConocoPhillips Skandinavia AS. The contract has two options of up to three years each. The contract covers Insulation, Scaffolding and Surface Protection services (ISO) at North Sea fields operated by ConocoPhillips Skandinavia AS.

The commencement is planned for Second Quarter 2024. The contract is defined as a large contract (3). A sizeable contract is defined to be between NOK 50 million and NOK 100 million.

A substantial contract is between NOK 100 million and NOK 200 million. A large contract is over NOK 200 million. The contract value will be determined by future call-offs for ISO work over the next six years.

The value is therefore uncertain and currently estimated to be in the range between NOK 200 and NOK 300 million annually. The range does not represent a minimum nor maximum amount but serves to illustrate currently estimated range.