Aker Solutions — Regulatory Filings 2019

Mar 12, 2019

Aker Solutions Wins FEED Contract for Subsea Compression System

Aker Solutions Wins FEED Contract for Subsea Compression System

March 12, 2019 - Aker Solutions has been awarded a master contract to support

the delivery of a subsea compression system for the Chevron Australia-operated

Jansz-Io field offshore Australia.

The first service order under the master contract will be for front-end

engineering and design of a subsea compression station that will boost the

recovery of gas from the field. The FEED scope will also cover an unmanned power

and control floater, as well as overall field system engineering services. The

field control station will distribute onshore power to the subsea compression

station.

The gas compression system will boost recovery of gas more cost-effectively and

with a smaller environmental footprint than a conventional semi-submersible

compressor solution. Aker Solutions in 2015 delivered the world's first subsea

compression system for Equinor's Åsgard field offshore Norway.

"Aker Solutions has worked closely with its partners MAN Energy Solutions and

ABB to reduce the size and cost of the compression system," said Luis Araujo,

chief executive officer at Aker Solutions. "We are excited to work with Chevron

Australia on our compressor-technology to boost recovery at the Jansz-Io field."

Compression will help maintain plateau gas production rates as reservoir

pressure drops over time. While such compressors have typically been installed

on platforms over sea level, placing them on the seabed and near the wellheads

improves recovery rates and reduces capital and operating costs.

The Jansz-Io field is located around 200 kilometers offshore the north-west

coast of Western Australia at approximately 1,350 meters below the surface. The

Jansz-Io field is a part of the Chevron Australia-operated Gorgon Project, one

of the world's largest natural gas developments.

"Australia will be the first place outside of Norway to use the subsea

compression technology. Aker Solutions has been present in Western Australia for

more than 20 years and we look forward to working collaboratively with the local

industry on this development," said Araujo.

ENDS

Media Contact:

Ivar Simensen, mob: +47 464 02 317, e-mail: ivar.simensen@akersolutions.com

Investor Contact:

Fredrik Berge, mob: +47 450 32 090, e-mail: fredrik.berge@akersolutions.com

Aker Solutions helps the world meet its energy needs. We engineer the products,

systems and services required to unlock energy. Our goal is to maximize recovery

and efficiency of oil and gas assets, while using our expertise to develop the

sustainable solutions of the future. Aker Solutions employs approximately

15,000 people in more than 20 countries.

Visit akersolutions.com and connect with us on Facebook, Instagram, LinkedIn,

Twitter and YouTube.

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

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

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.