VAR’s Q2 financials were weaker than expected. However, the update was overall positive, primarily due to the extension of dividend guidance through year-end 2026 and encouraging commentary on project execution and cost deflation. The extended dividend commitment suggests that VAR now considers both Balder X and Castberg as substantially de-risked. Our prior downgrade reflected several concerns: i) a rich valuation versus peers, particularly under lower oil price scenarios given the company’s fi ....
