We initiate coverage on Vår Energi with a Buy-rating and a TP of NOK 55. Vår has a robust and diversified portfolio which solely comprises NCS- assets operated by tier-1 companies. With ~38% natural gas in its current production mix exported to mainland Europe/UK, coupled with a shareholder-friendly distribution framework (stable ~10% dividend yield going forward), we argue Vår offers ideal exposure to the current stretched hydrocarbon markets.