Aker Solutions — M&A Activity 2021

Mar 25, 2021

Aker Solutions to Deliver Subsea Production System for the Eldfisk North Development

Aker Solutions to Deliver Subsea Production System for the Eldfisk North Development

March 25, 2021 - Aker Solutions has won a large[1] contract from ConocoPhillips

to provide a subsea production system for the Eldfisk North development offshore

Norway. The field will be developed as a subsea satellite, tied back to the

Eldfisk Complex.

The scope covers a complete subsea production system including 13 standardized

vertical subsea trees, wellheads, control systems, three six-slot templates with

integrated manifolds, and associated services. Work starts immediately and will

involve Aker Solutions' facilities in Brazil, Malaysia, Norway and the UK. Final

deliveries are scheduled for 2024.

"We look forward to continue our long-standing relationship with ConocoPhillips

in Norway and to further develop the Eldfisk field," said Maria Peralta,

executive vice president of Aker Solutions' subsea business.

In October 2020, Aker Solutions was awarded a

contract (https://www.akersolutions.com/news/news-archive/2020/aker-solutions-to

-provide-subsea-production-system-for-tommeliten-alpha-development-in-norway/)

by ConocoPhillips to provide the subsea production system for the Tommeliten

Alpha development.

Eldfisk is an oilfield discovered in 1970 located south of the Ekofisk field in

the Norwegian North Sea. It is the second largest of three producing fields in

the Greater Ekofisk Area, and one of the largest on the Norwegian continental

shelf. The water depth is 70 meters with the reservoir located at depths of

about 2,500-3,000 meters below the seafloor.

The award will be booked as order intake in the first quarter of 2021 in the

Subsea segment.

The project development is subject to a final investment decision by the license

partners and regulatory approval by Norwegian authorities.

[1]Aker Solutions defines a large contract as being between NOK 1.2 billion and

NOK 2.0 billion.

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 14,000

people in more than 20 countries.

Visit akersolutions.com and connect with us on

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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 March 25, 2021 at 14:45 CET.