Sentia ASA said its subsidiary HENT AS has been awarded a design-and-build contract for Phase 2 of the OSL1 data centre at Økern in Oslo, extending work on the facility after completion of Phase 1. The contract is valued at about NOK 320 million (excluding VAT) and is expected to support Sentia’s order pipeline through the 2027 completion timeline.
The company said construction is set to start immediately, with completion planned for 2027. The scope includes structural and civil works and the installation of essential building services systems, covering an area of roughly 12,000 square meters. Mechanical, electrical and plumbing installations tied specifically to data centre operations are excluded from the contract.
Key takeaways
- Price move: Sentia shares were up 1.82% to NOK 78.40 on the Oslo Stock Exchange following the announcement.
- Catalyst: A design-and-build award for Phase 2 of the OSL1 data centre at Økern, worth approximately NOK 320 million (excluding VAT).
- Execution timeline: Work begins immediately, with project completion targeted for 2027.
- Scope clarity: The contract covers structural and civil works plus essential building services; data-centre MEP scope is excluded.
- Implication: The award indicates continued demand for data-centre construction capacity and reinforces Sentia’s involvement in the OSL1 development.
What drove the move
The share reaction appears tied to the company’s operational update rather than broader macro news. By winning Phase 2 of the OSL1 project, Sentia—through HENT—has converted an initial development into a follow-on contract, which can improve visibility on future revenue and workload.
Sentia said HENT delivered Phase 1 of the OSL1 data centre in April 2026. Phase 2 is described as the remaining development of the facility, meaning the award is part of a phased construction plan rather than a new, standalone project. For investors, continuity can reduce execution uncertainty compared with starting a completely fresh build from scratch.
Contract details and project scope
According to Sentia, the NOK 320 million design-and-build contract covers structural and civil works and essential building services installations for an area of about 12,000 square meters. The company also specified that mechanical, electrical and plumbing installations related to data centre operations are excluded from the contract.
This carve-out matters for how the project’s economics may be interpreted. Investors typically focus on the portion of the build that sits within the contractor’s defined scope, since it can affect margin structure and the likelihood of additional work being awarded separately as the data-centre systems are integrated.
Sentia said construction will start immediately, with completion planned during 2027. The fixed completion target provides another data point for assessing potential contribution timing to future results.
Market reaction and what investors may watch
Sentia shares were trading 1.82% higher at NOK 78.40 after the announcement, suggesting the contract award was viewed positively. In data-centre construction, order wins can also influence sentiment because demand for hyperscale and enterprise capacity has supported investment across the sector in recent years.
While the deal size is clear, investors are likely to watch how the excluded data-centre MEP scope affects the overall project value chain. Sentia’s role in Phase 2 is defined, but follow-on contracting or subcontracting arrangements for data-centre operational systems may shape the broader economic impact on the group.
Investors may also look for any updates on project milestones, cost assumptions, and the integration of building services work with the remaining systems packages that fall outside HENT’s contractual responsibilities.
Bigger picture for Sentia
The company framed the award as a continuation of its partnership with Skygard on the OSL1 project. For Sentia, winning Phase 2 after delivering Phase 1 can reinforce its track record on large construction programmes and support its position in Nordic infrastructure and building services markets.
More broadly, continued contracting activity in data centres aligns with a sector-wide theme: new builds and phased expansions aimed at increasing compute and connectivity capacity. For construction firms, the sector’s demand can translate into longer contract backlogs—though the pace of order conversion and the allocation of specialized electrical and mechanical work can still influence profitability and risk.
Going forward, investors will likely focus on further progress updates for OSL1 and on whether Sentia secures additional contract awards during 2026 and 2027. The next catalysts to watch include company reporting on order intake and segment performance, as well as any broader market-moving releases on construction activity, interest-rate expectations, and funding conditions that can affect new development decisions.
