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Aker Solutions — M&A Activity 2020
Dec 21, 2020
3531_rns_2020-12-21_455bb446-e922-4062-b694-0a3bbdc470b0.html
M&A Activity
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Aker Solutions Wins Bid for Ormen Lange Onshore Scope
Aker Solutions Wins Bid for Ormen Lange Onshore Scope
December 21, 2020 - Aker Solutions has been awarded a letter of intent from
Norske Shell for the Ormen Lange Phase 3 (OLP3) onshore project. The scope is to
integrate the wet gas subsea compression system with the Nyhamna onshore gas
plant in Norway. Subsea compression will enable increased recovery from the
Shell-operated Ormen Lange field. Aker Solutions' scope includes a 500-metric
-ton module which will be fabricated at the company's yard in Egersund, Norway.
The contract will have a value of approximately NOK 600 million.
The delivery will include both engineering, procurement, construction and
installation (EPCI). The awarded contract is a continuation of the front-end
engineering and design (FEED) delivered by Aker Solutions. The contract is
called off under an established long-term frame agreement for Nyhamna brownfield
modifications. Aker Solutions has been present at Nyhamna since start of the
development in 2004 and the award is a testimony to the relationship between
Aker Solutions and Norske Shell.
The Nyhamna plant outside Molde in Mid-Norway receives gas via underwater
pipelines from several offshore gas fields, including Ormen Lange. Nyhamna is
operated by Gassco, with Shell as the technical service provider.
"Aker Solutions has a global business with supporting customers in maintenance
and modifications of offshore installations and onshore industrial facilities.
For the new scope, we will combine our expertise on what is best practice for
safe and cost-effective project execution with our extensive knowledge of the
plant at Nyhamna," said Linda Litlekalsøy Aase, executive vice president,
electrification, maintenance and modifications at Aker Solutions.
Pre-execution work will start during first half of 2021. Pending final
investment decision for the OLP3 project and confirmation from Norske Shell
later in 2021, the work will progress into the execution phase. The engineering,
procurement and project management will mostly be executed from Aker Solutions'
offices in Stavanger and Kristiansund, Norway. The module will be delivered from
the company's Egersund yard. The contract also involves civil construction and
construction of new facilities at the site, which will be managed by a dedicated
site team from Aker Solutions with support from partners. The work is expected
to be completed in 2024.
The contract will be booked as order intake in the fourth quarter of 2020 in the
Electrification, Maintenance and Modifications segment.
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 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
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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.