Aker Solutions — M&A Activity 2021

Sep 15, 2021

Aker Solutions Wins Subsea FEED Contract for NOA Fulla

Aker Solutions Wins Subsea FEED Contract for NOA Fulla

September 15, 2021 - Aker Solutions has been awarded a front-end engineering and

design (FEED) contract from Aker BP for the NOA Fulla field development on the

Norwegian Continental Shelf. The subsea FEED contract makes the company well

positioned for further contracts if the field development moves into the

execution phase in 2022. It could potentially represent work in the range of a

very large[1] contract for Aker Solutions, subject to final investment decision.

The scope of the subsea production systems (SPS) FEED is planned to include 14

standardized vertical subsea trees, VectusT 6.0 based Control system modules,

four six-slot manifolds, wellheads and a large number of tie-in and connection

systems. It will also include close to 60 kilometers of umbilicals. The SPS

project will be executed through the Subsea Alliance between Aker BP, Aker

Solutions and Subsea 7, building on shared goals and incentives as well as a

strategy to leverage technology and digital solutions in new ways to reduce

carbon footprint.

The award follows the successful completion of the front-end concept and study

phase, and work starts immediately with planned completion at the end of the

third quarter of 2022. The FEED work will be led by Aker Solutions' office in

Tranby, Norway.

"This award continues our long-standing collaboration with Aker BP. Through the

Subsea Alliance, we are early involved in the field development, optimizing

design solutions and contributing to a positive final investment decision for

the operators. We look forward to continuing our alliance with Aker BP and

Subsea 7, with a continued strong focus on safe and efficient operations while

helping to reduce the carbon footprint," said Maria Peralta, executive vice

president and head of Aker Solutions' subsea business.

About the Field

The NOAKA area is located between Oseberg and Alvheim in the Norwegian North

Sea. The area holds several oil and gas discoveries with gross recoverable

resources estimated at more than 500 million barrels of oil equivalents, with

further exploration and appraisal potential. Aker BP and Equinor will jointly

develop and operate NOAKA, with LOTOS Exploration and Production Norge AS as

license partner. Aker BP is operator of NOA Fulla. Equinor of Krafla.

The ambition is to develop the NOAKA area with a minimal carbon footprint and

the facilities will be powered from shore. Digital solutions will be used

extensively to ensure high efficiency and low emissions.

[1]Aker Solutions defines a very large contract as being between NOK 2.0 billion

and NOK 3.0 billion.

ENDS

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 September 15, 2021 at 07:30 CEST.