OKEA ASA

Regulatory Filings • Mar 11, 2022

OKEA enters into long-term frame agreement with Aker Solutions

OKEA enters into long-term frame agreement with Aker Solutions

OKEA, together with its licence partners, have exercised option periods of 3+2+2

years to the existing frame agreement with Aker Solutions for operations and

modification services.

By exercising all the optional periods, OKEA wants to secure a solid partnership

with Aker Solutions. A long-term strategic relationship offers predictability to

ensure access to necessary resources and competence allowing for smarter and

more efficient ways of working.

Maintaining a solid project team

The agreement with Aker Solutions covers support to all own-operated facilities

on the Norwegian continental shelf (NCS). The agreement was initially

established by Shell in 2017 and assigned to OKEA during the acquisition of

Draugen and Gjøa in 2018. The scope of work comprises engineering, procurement,

construction, and installation services.

· We have worked successfully with Aker Solutions and look forward to continue

our partnership. Collaboration and early engagement are important to control

cost and deliver projects safely and efficiently. With the high level of

activities coming up, it is critical to maintain a solid and long-term project

team, said Knut Gjertsen, SVP Projects and Technology.

Activity level remains high

Under the contract, Aker Solutions will continue to work on modifications on the

Draugen oil and gas platform to process gas from Hasselmus. The project is

scheduled to be completed at the end of 2023.

Aker Solutions is also a key partner in developing the Draugen Power from Shore

project. The project is currently in the FEED phase and an investment decision

and PDO is planned for late 2022.

About us

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental

shelf (NCS) with a current target production of 18 500 - 20 000 boe per day in

2022. OKEA finds value where others divest and has an ambitious strategy built

on growth, value creation and capital discipline. OKEA is listed on the Oslo

Stock Exchange (OSE:OKEA).

More information is available at www.okea.no