Aker Solutions — Earnings Release 2020

Jul 13, 2020

Aker Solutions ASA: Improved Financial Results in the Second Quarter

Aker Solutions ASA: Improved Financial Results in the Second Quarter

July 13, 2020 - Aker Solutions' second quarter of 2020 developed positively

compared to expectations earlier this year when the COVID-19 pandemic started.

This has resulted in significant improvement of revenue, earnings and order

intake in the quarter, due to faster-than-expected implementation of cost-saving

measures, higher activity than first anticipated on existing projects and

several new contract awards.

In the second quarter, the company expects operating revenue of about NOK 5.4

billion and EBITDA of about NOK 230 million. Excluding special items, EBITDA is

expected to be about NOK 350 million. Special items mainly relate to

restructuring costs of about NOK 115 million as the company adjusted the

organization following lower activity levels.

The result improved as Aker Solutions made good progress on its previously

announced NOK 1 billion cost saving program. The company also experienced

increased activity in existing projects during the quarter, as the company and

operators managed to keep activity levels up, despite restrictions imposed to

manage the COVID-19 pandemic.

Sanctioning activity increased after Norwegian authorities introduced temporary

tax incentives for oil and gas companies to start new projects. Aker Solutions

won several new contracts for projects on the Norwegian Continental Shelf in

June, and the order intake is expected to be about NOK 7 billion in the quarter.

Order intake in the second quarter includes about NOK 2.5 billion for the

Breidablikk and Askeladd projects awarded by Equinor, excluding options. The

company also experienced a significantly higher than anticipated order intake

growth across several ongoing projects and frame agreements, particularly in the

Brownfield area.

ENDS

Media Contact:

Ivar Simensen, mob: +47 464 02 317, email: ivar.simensen@akersolutions.com

Investor Contact:

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

Aker Solutions helps the world meet its energy needs. We engineer the products,

systems and services required to unlock energy. Our goal is to maximize recovery

and efficiency of oil and gas assets, while using our expertise to develop the

sustainable solutions of the future. 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 subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.