Onss Commissioned

DELAYED +6mo (May 2026): OKEA Q1 2026 quarterly report (published 29 April 2026) refines the onshore-facility guidance previously taken from the Q3 2025 report. Q1 2026 states: 'The construction work for the onshore facility was completed and all large high-voltage components have arrived at site. Equipment installation and commissioning has commenced and is expected completed in 2026.' This is a precision regression from the prior 'mid 2026' target to a looser 'completed in 2026' window: civils are done but equipment installation and commissioning have only just begun in Q1 2026. Energisation of the Skardmyra/Straum onshore facility is therefore more honestly encoded as year-end 2026 year-precision rather than Q2 2026. Overall project completion remains 2028 per OKEA guidance. DELAYED +-3mo (Apr 2026): The onshore facilities for the Draugen/Njord power‑from‑shore project connect to the Norwegian grid at Tensio’s transformer station at Straum in Åfjord. Earlier material referenced completion of these onshore works in 2025, and our projection had the onshore substation commissioned in September 2026. More recent disclosures refine the timeline: OKEA’s Q3 2025 quarterly report states that "Onshore facilities are progressing according to plan for completion mid 2026" for the Power from Shore project, while Q4 2024 and Q2/Q3 2025 materials show offshore construction continuing into 2027 and overall project completion in 2028. There is no evidence that the Straum onshore works are delayed beyond mid‑2026. To align with the operator’s current guidance and keep the milestone slightly conservative within that window, the onshore substation commissioned date is adjusted modestly earlier, to end of Q2 2026, instead of September 2026. --- For the Draugen electrification (power-from-shore) project, OKEA states that the onshore facilities connecting Draugen and Njord to the Norwegian power grid at Tensio’s transformer station at Straum in Åfjord municipality will be completed and put into operation in August or September 2026, enabling electrification of the Njord asset via Draugen. Statnett has assessed this grid connection as operationally sound without requiring grid reinforcement, and offshore activities and cable installation from shore to Draugen are progressing toward this commissioning milestone.