Dear collagues.

From a Head Energy perspective, H1 2022 has been great. We have acquired two new subsidiaries, increased our staff at all our locations, and succeeded in sales and commercial activities throughout the group.

First, a warm welcome to our two new units, Head Energy BrannCon and Head Energy DanGrid. Both are well-established, high-performing, professional teams, working with fire-engineering & safety, and electrical engineering towards wind power and power plants, respectively. Both teams strengthen our positioning within growing industries and gives us more bandwidth and opportunities. In Denmark, we have also made an adjustment in our corporate structure that we believe will be beneficial in the years to come.

We have secured important frame agreements with both Aibel and Lyse recently. These frame agreements will have immediate positive effect on our revenue, but maybe more important are the long-term opportunities they present. Lyse is the number one driver in developing and maintaining critical infrastructure in South-Western Norway, while Aibel is arguably the frontrunner within offshore wind substation projects. For Head Energy it is extremely important to be well positioned as a preferred supplier to both.

Our engineering-unit has grown continuously over the last years. In January, they had an important breakthrough when they were awarded contract for realization of a new system for removal of mercury and sulfur at Equinor’s facility at Tjeldbergodden. As a direct consequence of the increased amount of work for both Equinor and Wintershall Dea, we had to relocate the engineering department to new offices this spring to facilitate further growth. Feedback from our clients is very positive, and we expect the positive development to continue in H2.

Our subsea & technology unit has been through a strategic commercial development process which is about to be rewarded with several new contracts. Hopefully we can reveal more over the summer, and we are certain that they are well positioned to further grow their business.

We are continuously growing our brand within civil construction & infrastructure and has made large steps so far in 2022. Especially in Rogaland, but also in Bergen. Our services now include area planning, design, fire engineering & safety, land & property legal advisory services, and project administration. We attract skilled and reputed professionals and handle increasingly complex projects. We are profitable and forward minded and very proud of our civil teams.

Consulting services is still the largest business area for Head Energy Group. Our brilliant consultants play key roles in demanding projects for the largest actors within oil & gas, renewable energy, civil construction & infrastructure, IT, aquaculture, and industry. We are very proud that so many highly competent professionals have joined Head Energy. A special shout-out to our newest departments – Head Energy Consulting’s Oslo unit, Head Energy IT Consulting, and Head Energy Sweden. All three were launched in 2021 and are already ahead of schedule in terms of revenue and profitability. Great work!

This spring, Head Energy Group passed 700 employees. The order book is at record levels and our prognoses estimates a total revenue of more than 900 million NOK in 2022. These are fantastic numbers and substantial growth. It is the sum of the great work all of you do everyday and the professional and dedicated mindset you bring into the projects and in building strong teams and client relations.

But we also recognize that with this growth comes a certain responsibility. A company like Head Energy should also have an ambition to promote projects within social development, diversity & inclusion, public health, and education. We are now working on a concept around this that we look forward to present later this year.

Although it has been a great year for Head Energy so far, we cannot close our eyes for what is going on around us. The war in Ukraine and a tense global security situation, and spiraling costs affects all of us. This is obviously something we consider in our risk-assessments for Head Energy, but it is also important to be aware of our employees and how they may be affected. It is challenging to experience constant uncertainty and worries. If you need to talk to someone, do not hesitate. Your nearest leader in Head Energy will assist you if you have any questions or need pointing in the right direction.

Remember to have a safety-first mindset this summer and take care of yourself and the people around you. Thank you for your brilliant work so far in 2022. Enjoy a well-deserved holiday.

Best regards.