Aker Solutions — M&A Activity 2022

Jun 16, 2022

Aker Solutions, Siemens Energy and Doosan Babcock Awarded FEED Contract for Keadby 3 Carbon Capture Power Station

Aker Solutions, Siemens Energy and Doosan Babcock Awarded FEED Contract for Keadby 3 Carbon Capture Power Station

June 16, 2022 - A consortium of Aker Solutions, Siemens Energy and Doosan

Babcock has been awarded the front-end engineering and design (FEED) contract

for SSE Thermal and Equinor's proposed Keadby 3 Carbon Capture Power Station,

which could become the UK's first power station with carbon capture and storage.

Over the next 12 months, the consortium will deliver the engineering design for

the proposed plant - with a generating capacity of up to 910MW - that is to be

equipped with a carbon-capture plant to remove CO2 from its emissions. Aker

Carbon Capture will be the consortium's carbon-capture partner.

Keadby 3, located in North Lincolnshire, directly supports the UK government's

target for the country to become a world leader in carbon capture and storage

and will help bring the UK closer to its net zero goal. Once operational, the

plant will have the ability to capture up to 1.5 million metric tons of carbon

annually, which represents around five percent of the government's 2030 target.

"Keadby 3 will significantly advance carbon capture and storage in the UK," said

Jason Brown, head of Aker Solutions' renewables business in the UK. "CCUS has a

key role to play in enabling the UK to achieve its net zero target. In addition,

the Keadby 3 project will contribute to Aker Solutions' own ambitious energy

transition targets which states that by 2030 two-thirds of our revenue will come

from renewable and low-carbon solutions."

Steve Scrimshaw, VP of Siemens Energy UK&I, said: "Our CCUS-focused consortium

is committed to developing safe, sustainable, efficient solutions for the

growing UK market. Siemens Energy has already partnered with SSE on delivering

world-class gas turbine technology at Keadby 2. Once operational Keadby 2 will

be the most efficient gas power station in Europe. Keadby 3 represents the next

stage in this partnership and marries together innovative turbine technology

with CCUS capabilities. Our collective aim with this consortium is to draw on

our extensive track records to reduce emissions and provide best-in-class

capability and local UK delivery."

Together, the three companies employ more than 6,500 people across the UK and

offer established and proven combined cycle gas turbine engineering and design,

as well as UK-based engineering, fabrication and construction services.

Andrew Colquhoun, CEO, Doosan Babcock said the collaboration could pave the way

for successful deployment of CCUS technology at scale. "Our companies all have

significant carbon capture experience and seek to accelerate the energy

transition. We are pleased to work jointly with Aker Solutions, Siemens Energy

and Aker Carbon Capture, to support the UK's net zero journey."

In 2009, the consortium's carbon capture partner, Aker Carbon Capture, became

the first to capture carbon in the UK. "We are pleased to be an essential part

of such an important project with our field-proven carbon capture technology,

and look forward to continuing to support the UK in maturing its carbon-capture

capabilities," said Valborg Lundegaard, chief executive officer at Aker Carbon

Capture.

Keadby 3, led by SSE Thermal and Equinor, is a significant addition to the Aker

Solutions, Siemens Energy and Doosan Babcock consortium's growing portfolio of

CCUS projects in the UK. The alliance aims to deliver solutions that enable

customers to achieve decarbonization goals.

Aker Solutions will book the FEED as order intake in the second quarter of 2022

in the Renewables and Field Development segment.

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.

Visit akersolutions.com and connect with us on

Facebook (https://www.facebook.com/AkerSolutions/),

Instagram (https://instagram.com/akersolutions/),

LinkedIn (https://www.linkedin.com/company/aker-solutions),

Twitter (https://twitter.com/akersolutions) and

YouTube (https://www.youtube.com/akersolutions).

Siemens Energy is one of the world's leading energy technology companies. The

company works with its customers and partners on energy systems for the future,

thus supporting the transition to a more sustainable world. With its portfolio

of products, solutions and services, Siemens Energy covers almost the entire

energy value chain - from power generation and transmission to storage. The

portfolio includes conventional and renewable energy technology, such as gas and

steam turbines, hybrid power plants operated with hydrogen, and power generators

and transformers. More than 50 percent of the portfolio has already been

decarbonized.

A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE)

makes Siemens Energy a global market leader for renewable energies. An estimated

one-sixth of the electricity generated worldwide is based on technologies from

Siemens Energy. Siemens Energy employs around 91,000 people worldwide in more

than 90 countries and generated revenue of Euro 28.5 billion in fiscal year 2021.

www.siemens-energy.com

Doosan Babcock is a specialist in the delivery of engineering, aftermarket and

upgrade services to the nuclear, thermal, oil and gas, petrochemical and process

sectors. With a focus on the delivery of low-carbon technologies and an industry

-leading project management capability, the company builds, maintains and

extends the life of customer assets worldwide.

This press release may include forward-looking information or statements and is

subject to our disclaimer, see https://akersolutions.com