Aker Solutions — Environmental & Social Information 2021

Apr 29, 2021

Aker Solutions Wins FEED Contract for e-Fuel Plant in Norway

Aker Solutions Wins FEED Contract for e-Fuel Plant in Norway

April 29, 2021 - Aker Solutions has signed a contract with Nordic Blue Crude

(NBC) for front-end engineering and design (FEED) of a new e-Fuel facility at

Herøya in Porsgrunn, Norway. The e-Fuel plant is planned to produce CO2-neutral

fuel by using green hydrogen and furnace gas from an existing factory.

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The FEED work starts immediately and is planned to be completed in the third

quarter of 2021. It will involve about 50 employees from Aker Solutions,

primarily at the company's headquarters in Fornebu, Norway. Based on the FEED

results, NBC aims to sanction start of detailed engineering, procurement,

construction and installation (EPCI) within the second half of 2021.

"Aker Solutions has been working with NBC on this concept for more than two

years. The FEED contract brings the project a big step forward towards

realization. The project also supports our strategy to grow the company's

business related to renewables and low-carbon oil and gas projects. Based on

delivery of solid front-end engineering, we aim to be in a good position for

future work," said Kenneth Simonsen, interim executive vice president and head

of the renewables business in Aker Solutions.

Aker Solutions is already a leading supplier to oil and gas companies globally

and will continue to maintain this market position. In parallel, the company

will rapidly grow activities for sustainable energy production. The ambition is

to generate one-third of its revenue from renewable energy projects and low

-carbon solutions by 2025, and two-thirds by 2030.

e-Fuels production use electrical power in the process. The blue crude process

will use renewable electricity, water and CO2 as feedstocks. The process starts

when water vapor is broken down into hydrogen and oxygen. The produced crude

will be carbon neutral and offer 100 percent reduction in CO2 emissions compared

to fossil fuels. After the refining steps, the plant can deliver products such

as kerosene (jet fuel), diesel, wax and naphtha. The plant NBC plans to build at

Herøya Industrial Park will have a significant capacity and thus be a key

contributor to the energy transition.

Aker Solutions' FEED work will be performed in close cooperation with NBC and

with support from two technology providers; ARVOS Group for the syngas system

and Emerging Fuels Technology for the Fischer-Tropsch system related to

production of the e-Fuel. Multiconsult will contribute with front-end design

related to civil construction and buildings.

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 14,000

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