Statkraft Energi AS has announced its intention to enter into a contract with AF
Gruppen for the rehabilitation of the Bjølsegrøvatn dam. The agreement is an
execution contract and has an estimated value of NOK 400 million excluding VAT.
The award is subject to final investment approval by Statkraft.

Bjølsegrøvatn is part of the Bjølvo regulated watercourse and is located in the
municipality of Kvam in Vestland county. The scope of work includes replacing
the existing main dam and auxiliary dam at the Bjølsegrøvatn reservoir with a
new concrete dam on the downstream side. The project also includes construction
of an access road and a tunnel to the dam site.

Construction is scheduled to commence in spring 2026, with planned completion in
2029.

"AF Gruppen has extensive experience in hydropower development, and the project
is well suited to our capacity and expertise in concrete and tunnelling works.
We are pleased to receive renewed trust from Statkraft and look forward to the
continued cooperation," says Geir Flåta, EVP at AF Gruppen.

For further information: 
EVP Civil Engineering and Property: Geir Flåta, tel. +47 994 01 510
CEO: Amund Tøftum, tel.+47 920 26 712