System Testing

DELAYED +1yr (Apr 2026): Developer previously indicated system testing and commissioning for the Draugen/Njord power‑from‑shore project around 2025, and our projection had this milestone in September 2026. However, OKEA’s ESG and financial disclosures have since moved overall project completion/start‑up from Q1 2027 to 2028. The Q3 2024 quarterly report explicitly states that expected completion of the Draugen Power from Shore project has been pushed back from 2027 to 2028, and subsequent Q2/Q3 2025 reports and the 2025 integrated report repeat that project completion is expected in 2028. The 2025 Annual Statement of Reserves further states that expected start‑up for power‑from‑shore on Draugen is 2028. Given this two‑year slip on earlier milestones and that offshore construction is described as ongoing into 2027, a system‑wide testing and commissioning phase in late 2027 is more realistic than the current September 2026 date. Adjusting system_testing to late Q3 2027, ahead of the 2028 start‑up, and noting that this is more conservative than the developer’s high‑level 2028 completion guidance. DELAYED +2yr (Apr 2026): Developer/NKT earlier indicated system testing and commissioning in 2025, but OKEA’s later disclosures show cable installation finished only in late 2024 and onshore facilities at Tensio’s Straum substation to be energised around Aug–Sep 2026 when Njord is electrified (Q3‑2025 call, Q4‑2025 report). Testing will follow onshore energisation, so move system_testing to Sep 2026; the original 2025 target is no longer realistic. --- NKT will carry out system testing and commissioning of the high-voltage AC offshore power cable systems for the Draugen and Njord electrification project, with commissioning planned for 2025. The turnkey scope covers design, manufacture and installation from NKT’s Karlskrona plant of 123/145 kV HVAC cable systems, including a dynamic section for the floating Njord platform, enabling the platforms to receive power from shore and thereby support full electrification and CO₂ emissions reductions on the Norwegian continental shelf.