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    AKSO   NO0010716582

AKER SOLUTIONS ASA

(AKSO)
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Aker : Wins Two Platform FEED Contracts for NOA and Fr°y

09/15/2021 | 01:31am EDT
September 15, 2021 - Aker Solutions has been awarded two front-end engineering
and design (FEED) contracts from Aker BP for the NOA Fulla field development on
the Norwegian Continental Shelf. This include the FEED for the NOA processing,
drilling and quarters platform (PdQ) and for the normally unmanned Frøy wellhead
platform (NUI), both operated by Aker BP. The FEED contracts make Aker Solutions
well positioned for further contracts if the field development moves into the
execution phase in 2022. They could potentially represent a value of more than
NOK 10 billion for Aker Solutions, subject to final investment decision.

The FEED contracts are awarded to Aker Solutions as part of the Fixed Facilities
Alliance between Aker BP, Aker Solutions and Siemens Energy. The scope of the
FEED for the NOA PdQ is expected to include a topside weighing about 22-24,000
metric-tons and a jacket substructure weighing about 15,000 metric-tons. The
scope of the FEED for the Frøy NUI includes a topside weighing about 2,000
metric-tons and a jacket substructure with operational weight of about 4,500
metric-tons.

The Frøy NUI will be a close copy of the Hod B wellhead platform delivered by
Aker Solutions in July 2021. It will be the third wellhead platform project
delivered by the Fixed Facilities Alliance established in the spring of 2017.

The award follows the successful completion of the front-end concept and study
phase, and the work starts immediately with planned completion at the end of the
third quarter of 2022. The FEED work will be led by Aker Solutions' offices in
Fornebu, Norway, with a share of the engineering executed from Mumbai, India.

"We are looking forward to working together with Aker BP and our alliance
partners on this significant field development, and to mature the project
towards final investment decision. This major project is likely to have
significant positive effects on employment in our operations in Norway and shows
the importance of our strong front-end capabilities," said Sturla Magnus,
executive vice president and head of Aker Solutions' topside and facilities
business.

About the Field
The NOAKA area is located between Oseberg and Alvheim in the Norwegian North
Sea. The area holds several oil and gas discoveries with gross recoverable
resources estimated at more than 500 million barrels of oil equivalents, with
further exploration and appraisal potential. Aker BP and Equinor will jointly
develop and operate NOAKA, with LOTOS Exploration and Production Norge AS as
license partner. Aker BP is operator of NOA Fulla. Equinor of Krafla.

The ambition is to develop the NOAKA area with a minimal carbon footprint and
the facilities will be powered from shore. Digital solutions will be used
extensively to ensure high efficiency and low emissions.

ENDS

Media Contact:
Odd Naustdal, mob: +47 905 76 079, email: odd.naustdal@akersolutions.com

Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com

Aker Solutions delivers integrated solutions, products and services to the
global energy industry. We enable low-carbon oil and gas production and develop
renewable solutions to meet future energy needs. By combining innovative digital
solutions and predictable project execution we accelerate the transition to
sustainable energy production. Aker Solutions employs approximately 15,000
people in more than 20 countries.

Visit akersolutions.com and connect with us on
Facebook (https://www.facebook.com/AkerSolutions/),
Instagram (https://instagram.com/akersolutions/),
LinkedIn (https://www.linkedin.com/company/aker-solutions),
Twitter (https://twitter.com/akersolutions) and
YouTube (https://www.youtube.com/akersolutions).

This press release may include forward-looking information or statements and is
subject to our disclaimer, see https://akersolutions.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Lars Kulsrud, Senior Manager,
Communications, Aker Solutions, on September 15, 2021 at 07:30 CEST.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Net income 2021 353 M 41,9 M 41,9 M
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Yield 2021 0,07%
Capitalization 12 217 M 1 452 M 1 450 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,49x
Nbr of Employees 14 789
Free-Float 44,9%
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