Aker Solutions — M&A Activity 2021

Oct 20, 2021

Aker Solutions Wins FEED for Wisting FPSO

Aker Solutions Wins FEED for Wisting FPSO

October 20, 2021 - Aker Solutions has received a Letter of Intent (LOI) for a

front-end engineering and design (FEED) contract from Equinor, for the FPSO for

the Wisting field development in the Norwegian Barents Sea.

The intended FEED contract includes an option for engineering, procurement,

construction and integration (EPCI) of the topside for the FPSO. The scope of

the FEED is to provide front-end design- and engineering for a circular floating

production, storage and offloading (FPSO) solution, to further progress the

project development towards a planned final investment decision. If the field

development moves forward to execution phase, Aker Solutions estimates the EPCI

option to potentially represent a significant[1] contract, subject to final

investment decision and regulatory approvals.

"Wisting is one of the largest upcoming industrial projects in Norway. We are

looking forward to continuing our longstanding relationship with Equinor for

this significant field development, and to mature the project towards a planned

investment decision", said Sturla Magnus, executive vice president and head of

Aker Solutions' topside and facilities business.

The FEED award follows the successful completion of the study phase, and the

work starts immediately with planned completion in the third quarter of 2022.

The FEED work will be led by Aker Solutions' offices in Fornebu, Norway.

The Wisting FPSO is based on a Sevan design. The topside will have a weight of

about 20,000 metric-tons, consisting of a large process module and a large

utility module.

"This major project will have significant positive effects on employment for our

engineering resources and at our yards in Norway and create substantial ripple

effects for the society and local communities near the yards," said Magnus.

About the Field

Wisting is a greenfield development located in the Barents Sea, about 310

kilometers from the Norwegian mainland. Equinor is the operator of the field

(35%), with partners OMV Norge AS (25%), Petoro AS (20%), Idemitsu Petroleum

Norge AS (10%) and Lundin Energy Norway AS (10%).

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

in the Renewables and Field Development segment.

[1]Aker Solutions defines a significant contract as being between NOK 8.0

billion and NOK 12.0 billion.

ENDS

Media Contact:

Odd Naustdal, mob: +47 905 76 079, email: odd.naustdal@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 October 20, 2021 at 19:40 CEST.