AF Offshore Decom, a company within AF Gruppen, has signed a contract with
Ithaca Energy for the engineering, receipt, cleaning, dismantling, and recycling
of a floating storage unit (FSU) from the UK sector of the North Sea. The vessel
has a total weight of approximately 24,000 metric tons and will be received at
AF Environmental Base Vats (AFEBV) in 2026.  Contract value is in the range of
NOK 350-400 million excluding VAT.

"We are very pleased to have been awarded a second major contract by Ithaca
Energy following the award of the FPF-1 asset in December 2025. As a result of
the awards, AFEBV will receive close to 50,000 tons of floating production and
storage facilities from Ithaca Energy in 2026. The two units will, after initial
preparations, be loaded onto our yard in a combined float over and load in
operation, consistent with earlier similar projects at AFEBV. The units will be
cleaned, dismantled and thereafter the steel will be repurposed, upcycled and
recycled creating several circular material solutions for the agriculture,
construction and civil industries in the Nordic region. We thank Ithaca Energy
for their recognition and look forward to delivering a unique and truly
sustainable decommissioning solution for these large floating assets," says Lars
Myhre Hjelmeset, EVP Offshore at AF Gruppen.

For further information: 
EVP Offshore AF Gruppen, Lars Myhre Hjelmeset, tel. +47 970 39 084