Aker Solutions — M&A Activity 2021

Dec 9, 2021

Aker Solutions to Deliver Subsea Compression Module for Åsgard

Aker Solutions to Deliver Subsea Compression Module for Åsgard

December 9, 2021 - Aker Solutions has been awarded a sizeable[1] contract by

Equinor to deliver engineering, procurement and construction (EPC) of a subsea

compression module to be installed subsea at the Åsgard gas field, offshore

Norway.

The scope covers EPC of the fifth subsea compression module to be delivered by

Aker Solutions for the Åsgard subsea gas compression system. The new module will

be a copy of the previously awarded fourth module, and will partly be built

reusing existing equipment. It will be installed at the actively producing field

with limited need to interrupt production. Engineering will be carried out

mainly at Aker Solutions' offices in Fornebu, Norway, and the fabrication work

will be done at Aker Solutions' yard in Egersund, Norway. The work starts

immediately, and the module is planned to be ready for delivery in August 2024.

"We are pleased to be awarded another important contract by Equinor at the

Åsgard field. This award continues to demonstrate the value of our leading

subsea gas compression technology and is closely aligned with our strategy to

deliver solutions that help the industry drive towards more sustainable energy

production, with lower environmental footprint versus traditional solutions,"

said Kjetel Digre, chief executive officer of Aker Solutions.

The Åsgard subsea gas compression system was delivered by Aker Solutions and

installed in 2015. The two-train compression system has been running

successfully for more than six years with an impressive uptime of close to 100

percent. Aker Solutions has since the concept phase been working closely with

Equinor to prepare for extended operations at the field. As part of this work,

the existing compression modules are in cooperation with Equinor and MAN Energy

Solutions being refurbished and upgraded to accommodate a higher compression

ratio for the system. The purpose is to enhance production and extend the

field's lifetime as the pressure in the reservoir naturally declines. The system

is also designed for continuous liquid injection in the compression module,

making it a wet gas compression solution.

"The continued Åsgard development demonstrates how we can help further enhance

recovery rates at existing fields, while maintaining and reusing existing

infrastructure and subsea equipment. It also demonstrates the value of Aker

Solutions' modular compression system which is scalable and flexible to support

enhanced production at declining reservoir pressures. We look forward to

continuing our relationship with Equinor and maintaining our strong focus on

safe and efficient operations, with lower environmental footprint," said Maria

Peralta, executive vice president and head of Aker Solutions' subsea business.

About the Field

The Åsgard field development ranks among the largest developments on the NCS. It

is located in the Norwegian Sea, around 200 kilometers off mid-Norway, in water

depths of around 240-310 meters. The gas from the Åsgard field is piped, via

Kårstø, to continental Europe, and, according to Equinor, the field supplies

about 11 billion cubic meters of gas annually to European customers. This makes

the extended operations at the field important to help the expansion of

Norwegian gas exports in order to meet European gas needs.

For further reading, please see:

www.equinor.com/en/where-we-are/norway/asgard-subsea-gas-compression.html

www.akersolutions.com/what-we-do/projects/asgard-solving-subseas-biggest

-challenge

The contract will be booked as order intake in the fourth quarter of 2021 in the

Subsea segment.

[1]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

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