Aker Solutions — M&A Activity 2022

Feb 7, 2022

Aker Solutions to Acquire Norwegian Engineering Company Unitech Power Systems

Aker Solutions to Acquire Norwegian Engineering Company Unitech Power Systems

February 7, 2022 - Aker Solutions has agreed to acquire Unitech Power Systems, a

leading electrical power systems consultant, building on Aker Solutions' growth

strategy and further accelerating its transformation. The acquisition is an

important step towards Aker Solutions creating an engineering consultancy

business driving the energy transition.

The all-cash transaction is expected to be completed during the first quarter of

2022, at an undisclosed value. The acquisition will significantly enhance Aker

Solutions' capabilities related to high-voltage electrical power systems. By

leveraging Unitech Power Systems' strong expertise and track record with Aker

Solutions' existing front end, engineering and project management capabilities,

the acquisition will drive growth in markets supported by the energy transition.

"The energy transition will unlock large investments across multiple industries.

Aker Solutions has capabilities and solutions that are transferable into new

offerings and markets. We are excited to announce that we are enhancing our

engineering offering into consultancy services. This acquisition is the first

building block in creating a leading engineering consultancy business," said

Kjetel Digre, chief executive officer of Aker Solutions.

"We are very excited to have Unitech Power Systems' highly skilled employees as

part of Aker Solutions. Their strong expertise and solid track record will

complement and strengthen our competences and capabilities. Unitech Power

Systems will be an important partner for our engineering business and EPC

projects, and we will jointly work to develop consultancy services across

emerging energy value chains," said Marte Mogstad, executive vice president and

head of Aker Solutions' engineering business.

"We are very excited to join Aker Solutions and look forward to contributing to

the company's exciting transition journey moving forward. We are confident that

our unique capabilities and well-established market position will bring key

contributions to Aker Solutions' growth strategy in the years to come," said

Inge Bent Kindem, managing director of Unitech Power Systems.

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

Unitech Power Systems is based in Stavanger and Oslo, Norway, and employs more

than 35 highly skilled specialist engineers. With more than 35 years of

operation, the company has a strong reputation and is well recognized for its

expertise in the design, analysis and review of electrical power systems. The

company's revenues for 2020 was NOK 63 million. Unitech Power Systems will

continue to operate under its existing brand and management.

For further information about Unitech Power Systems, please visit

www.unitech.no (https://www.unitech.no/?lang=en_GB)

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).

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

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