Aker Solutions — Earnings Release 2022

May 3, 2022

Aker Solutions ASA: First-Quarter Results 2022

Aker Solutions ASA: First-Quarter Results 2022

May 3, 2022 - Aker Solutions' revenue and margins increased in the first quarter

of 2022. The company delivered another quarter of solid performance and

continued to demonstrate that it remains on track with its transformation and

growth targets. Projects globally continued to progress well, tendering activity

continues to be very high, and the market outlook remains positive.

1Q 2022 Financial Highlights

(excluding special items)

· Revenue NOK 8.3 billion

· EBITDA NOK 583 million

· EBITDA margin 7.0 percent

· Earnings per share NOK 0.39

· Net cash position NOK 3.3 billion

· Order intake NOK 7.0 billion (0.9x book-to-bill)

· Order backlog NOK 48.0 billion

"Our first-quarter results demonstrate that we continue on track with our

strategy and targets, and I am pleased with our performance in the quarter. As

we look ahead to the rest of 2022, we are on the path to deliver full-year

revenue growth of more than 20 percent, with increased earnings," said Kjetel

Digre, chief executive officer of Aker Solutions.

"The market outlook overall remains positive, despite uncertainties and supply

chain constraints brought on by the recent and unfortunate geopolitical events.

Aker Solutions is well positioned to capitalize on both near-term recovery and

for the longer-term structural change in the energy markets," said Digre.

Key Developments

Revenue in the first quarter increased to NOK 8.3 billion from NOK 6.5 billion a

year earlier. EBITDA excl. special items increased to NOK 583 million compared

with NOK 427 million a year before.

During the quarter, Aker Solutions announced the acquisition of Rainpower, a

leading hydropower technology company, to further strengthen its renewables

offering. The company also successfully completed the previously announced

acquisition of the Norwegian engineering company Unitech Power Systems, as well

as a smaller acquisition of EPE Eigedom, which relates to acquisition of land at

Aker Solutions' existing decommissioning yard at Stord, on the west coast of

Norway.

Aker Solutions ended the first quarter with a net cash position of NOK 3.3

billion, excluding IFRS 16 lease liabilities, and the company's financial

position is solid. On April 7, 2022, the Annual General Meeting approved a

dividend of NOK 0.20 per share for the fiscal year 2021.

Outlook

The outlook remains positive for Aker Solutions and the company expects

increased project sanctioning moving forward in regions and segments where it

has a strong position, supporting its long-term growth targets.

The company continues to see a favorable oil and gas price backdrop, but also a

dynamic operating environment. Global oil and gas supply is expected to remain

constrained in the coming years and energy security to remain a priority. This

should support continued high commodity prices. It is projected to lead to

multiple years of spending growth from the company's customers across areas

where Aker Solutions is relevant, both within oil and gas and renewables. Aker

Solutions will also continue to monitor the supply chain situation proactively,

given the current dynamic macro environment.

Overall, Aker Solutions is well positioned to capitalize on both near-term

cyclical recovery and for the longer-term structural change in the energy

markets. Based on the secured backlog and current market activity, 2022 revenue

continues to be seen up by more than 20 percent from 2021. The underlying EBITDA

margin, at this early stage of the year, continues to be seen up from 2021. The

high ongoing FEED work and tendering activity supports the potential for record

-high order intake in 2022-23 for Aker Solutions.

ENDS

Media Contact:

Torbjørn Andersen, mob: +47 928 85 542, email:

torbjorn.andersen@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 Daniel Ingebricson, Senior

Specialist, Communications, Aker Solutions, on May 3, 2022 at 07:00 CEST.