Aker Solutions — Capital/Financing Update 2023

Feb 7, 2023

Aker Solutions signs Draugen electrification contract

Aker Solutions signs Draugen electrification contract

February 7, 2023 - Following the Letter of Intent announced on December 15,

2022, Aker Solutions confirms it has now signed the contract for the Draugen

project with OKEA. The contract is of substantial[1] value.

Reference is made to the stock exchange announcement on December 15,

2022 (https://www.akersolutions.com/news/news-archive/2022/aker-solutions-signs

-loi-with-okea-for-the-draugen-electrification-project/), regarding the LOI with

OKEA for the Draugen Electrification project.

OKEA has selected Aker Solutions as the main contractor for Engineering,

Procurement, Construction, and Installation (EPCI). The project will involve

major modifications of the existing platform to enable power from shore. As a

result of this, the emissions from Draugen are estimated to be reduced by as

much as 200,000 tons of CO2 per year.

"Replacing the current power generation from gas turbines at the offshore

platform and instead electrifying these from shore will enable production of oil

and gas from Draugen with significant reductions in CO2 emissions. Lifetime

-extension of these platforms are of crucial importance for the increasing need

for energy and energy security in Europe," said Paal Eikeseth, executive vice

president and head of Aker Solutions' Electrification, Maintenance and

Modifications (EMM) business.

Lifetime-extension of this important field can result in 20 years of production

and value creation.

"Being awarded this important electrification contract is a true testament of

our strong track-record and leading solutions for decarbonizing oil and gas

production. Reduction of climate footprint is very high on the agenda for our

customers and the strong competence across our organization is a true enabler of

our customer's success in this area," said Eikeseth.

The project has started up and are scheduled to be completed in 2026. The

project is managed from Aker Solutions' offices in Trondheim in Mid Norway.

Several Aker Solutions offices will be engaged in the engineering phase, and the

construction will be executed at the company's yard in Egersund.

"Aker Solutions in Mid Norway has unique competence in technical disciplines and

project execution that will be utilized for the electrification of these

assets," added Eikeseth.

Aker Solutions will recognize an order intake of around NOK 2.5 billion in the

first quarter of 2023 in the EMM segment.

[1]Aker Solutions defines a substantial contract as between NOK 2.5 billion and

NOK 4.0 billion.

ENDS

Media Contact:

Ruth Lycke, mob: +47 906 65 931, email: ruth.lycke@akersolutions.com

Investor Contact:

Preben Ørbeck, mob: +47 470 10 611, email:

preben.orbeck@akersolutions.com (Preben Ørbeck, mob: +47 470 10 611, email:

preben.orbeck@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.

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This press release may include forward-looking information or statements and is

subject to our disclaimer, see https://akersolutions.com