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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Aker ASA:áCognite and Aramco sign joint venture agreement

12/21/2020 | 03:01am EDT
Cognite AS ("Cognite"), a global industrial software company and majority-owned
subsidiary of Aker ASA ("Aker"), today announced it has signed a joint venture
("JV") agreement with Saudi Aramco Development Company, a subsidiary of The
Saudi Arabian Oil Company, as part of the two companies' strategic partnership
on industrial digitalization and sustainability initiatives.

The JV is one of the initiatives in the previously signed Memorandum of
Understanding (MoU) and will establish a new company to focus on digitalization
across industries in the Kingdom of Saudi Arabia and in the region. Aramco and
Cognite intend to have the JV established and running by 2021 following all
required regulatory clearances and will hold 51 per cent and 49 per cent
ownership, respectively.

"We are pleased to see the partnership concretize in ways that will allow Aramco
and Cognite to take new steps to work together towards sustainable energy
innovation and digital transformation of industries," said Øyvind Eriksen,
President and CEO of Aker ASA and Chairman of Cognite's Board of Directors.  The
JV will use Cognite's flagship data platform, Cognite Data Fusion, as its core
technology. Cognite is already supporting Aramco's Digital Transformation
Program by deploying CDF on Aramco's industrial assets in the Kingdom. CDF will
provide Aramco with instant access to live and historical contextualized data
across both operational technology (OT) and IT systems, and enable the company's
Digital Transformation Program to scale. Cognite's initial focus has been to
help Aramco advance analytics and AI projects coupled with digital twin
solutions.

"We are committed to making our strategic partnership with the world's largest
integrated oil and gas company a resounding success. We believe Aramco's deep
operational expertise, combined with Cognite's track record of developing and
deploying industrial software for digital frontrunners, will be a powerful
catalyst for the commercial success of the joint venture and the advancement of
digital transformation across heavy-asset industries," said Eriksen.

The completion of the agreement is subject to customary closing conditions,
including required antitrust filings.

END

For more information, please contact:

Atle Kigen, Head of Corporate Communications, Aker ASA
Tel: +47 90784878
Email: atle.kigen@akerasa.com

Christina Chappell Glenn, Head of Investor Relations, Aker ASA
Tel: +47 90532774
Email: christina.glenn@akerasa.com
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
AKER ASA 0.98% 671 Real-time Quote.19.82%
SAUDI ARABIAN OIL COMPANY 0.14% 34.95 End-of-day quote.-0.14%
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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 360 B 360 B
Net income 2021 367 B 97 905 M 97 905 M
Net Debt 2021 245 B 65 224 M 65 224 M
P/E ratio 2021 19,0x
Yield 2021 4,04%
Capitalization 6 986 B 1 862 B 1 863 B
EV / Sales 2021 5,35x
EV / Sales 2022 4,91x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 34,95 SAR
Average target price 35,21 SAR
Spread / Average Target 0,75%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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