Aker Solutions — M&A Activity 2021

Dec 13, 2021

Aker Solutions Wins FEED Contracts for Valhall and King Lear

Aker Solutions Wins FEED Contracts for Valhall and King Lear

December 13, 2021 - Aker Solutions has been awarded front-end engineering and

design (FEED) contracts by Aker BP for the Valhall field and the King Lear

discovery, on the Norwegian Continental Shelf. The FEED work will be executed as

a part of Aker BP's alliance model.

For the Fixed Facilities Alliance the scope of the FEEDs includes a new central

platform (NCP) with bridge connection to the existing Valhall field center, and

an unmanned wellhead platform for the King Lear discovery, both operated by Aker

BP. The FEED awards make Aker Solutions well positioned for further contracts if

the field developments move into the execution phase in 2022. The company

estimates the combined scope to represent a very major[1] contract, subject to

final investment decision and regulatory approvals.

The scope related to the NCP includes a nearly 12,000 metric-ton topside, a

7,500 metric-ton steel jacket substructure and a bridge in excess of 1,000

metric tons. The role of the NCP is to be the central hub and production

platform on the Valhall field, adding wells, production and processing capacity,

and replacing existing infrastructure. The scope of the King Lear platform

includes a nearly 2,500 metric-ton topside and 3,000 metric-ton steel jacket

substructure. King Lear will be tied back to the Valhall field center for

processing and export.

In addition, smaller individual FEEDs were also awarded to Aker Solutions

through the Modification Alliance and the Subsea Alliance. The modifications

scope incudes connecting the new facilities to the existing Valhall field center

and modifications for lifetime extensions. The subsea scope includes umbilicals

and related infrastructure for King Lear.

"We are looking forward to continue our longstanding relationship with Aker BP

and our alliance partners to further develop and maximize the potential of the

large Valhall field and the King Lear discovery. The alliance enables us to

engage early in the field development process and optimize design solutions.

These major projects will have significant positive effects on employment in our

operations in Norway and demonstrates the value of our leading front-end

capabilities," said Sturla Magnus, executive vice president and head of Aker

Solutions' topside and facilities business.

Aker BP and the industry have ambitious plans for reducing greenhouse gas

emissions and is focused on reducing the carbon footprint of the production to

the lowest extent possible. Since 2013, the Valhall field has been operated with

electricity from shore, significantly reducing emissions. The new platforms are

planned to be electrified from shore through the existing Valhall power cable

and a further extension to the King Lear field.

The FEED awards follow the successful completion of the study phase, and the

work starts immediately with planned completion at the end of 2022. The FEED

work will be led by Aker Solutions' offices in Fornebu and Stavanger, Norway,

with a share of the engineering executed from Mumbai, India.

About the Fields

Valhall is a large oilfield in the southern part of the Norwegian North Sea,

close to the Danish and UK borders. It currently consists of a total of five

topsides and around 50 active wells, in water depths of around 70 meters. Aker

BP is the operator of the Valhall field and its partner is Pandion Energy. King

Lear is a gas and condensate discovery located about 50 kilometers north of

Valhall in water depths of around 70 meters. Aker BP is the operator of the King

Lear discovery and its partner is PGNiG Upstream Norway.

The FEED contract for the two topsides is estimated to be sizeable[2] and will

be booked as order intake in the fourth quarter of 2021 in the Renewables and

Field Development segment.

[1]Aker Solutions defines a very major contract as being between NOK 5.0 billion

and NOK 8.0 billion.

[2]Aker Solutions defines a sizeable contract as being between NOK 200 million

and NOK 700 million.

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.

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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 Lars Kulsrud, Senior Manager,

Communications, Aker Solutions, on December 13, 2021 at 07:30 CET.