Aker Solutions - Legal Proceedings Report 2021

Aker Solutions ASA: Update on Nordsee Ost Arbitration

March 5, 2021 - Aker Solutions has received the final ruling from an arbitration

tribunal in Germany in a proceeding between Aker Solutions and a German

multinational energy company. The proceedings concern the legacy project Nordsee

Ost which was delivered by Kvaerner in 2013. The ruling entitles Aker Solutions

to receive a recoverable cash amount of approximately EUR 67 million, of which

approximately EUR 23 million relates to interest. This amount and the financial

effects thereof will be recognized in Aker Solutions' accounts when final

payment has been received, expected to take place in the near term.

The recoverable cash amount will cover the receivable in the balance sheet, and

in addition Aker Solutions will receive approximately EUR 23 million of interest

income. The arbitration related to the legacy project Nordsee Ost was filed by

Kvaerner in 2012. The arbitration proceedings were initiated regarding

compensation for various changes to the work scope.

ENDS

Media Contact:

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

Investor Contact:

Fredrik Berge, mob: +47 450 32 090, email: [email protected]

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.

Visit akersolutions.com and connect with us on

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LinkedIn (https://www.linkedin.com/company/aker-solutions),

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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.

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