Aker Solutions — Regulatory Filings 2020

Dec 22, 2020

Aker Solutions Awarded Contract for the Brevik Carbon Capture Project

Aker Solutions Awarded Contract for the Brevik Carbon Capture Project

December 22, 2020 - Aker Solutions has secured a contract from Aker Carbon

Capture for engineering, procurement and management assistance to realize the

CO2 capture plant at Norcem's cement factory in Brevik, Norway. The project will

start in January 2021 and work will be completed in 2024. The contract has a

value of about NOK 500 million.

The plant will become the world's first large-scale capture plant at a cement

producer, capturing some 400,000 metric tons of CO2 annually.

Aker Carbon Capture is the main contractor for engineering, procurement and

construction (EPC) and will apply its proprietary and patented technology for

carbon capture. The company is responsible for the delivery to Norcem

HeidelbergCement of a complete new facility for capture, intermittent storage

and offloading of CO2, with integrated waste-heat recovery. Aker Solutions'

scope includes engineering, procurement and management assistance (EPMa) for the

new installation.

"This is a key step for Aker Solutions' strategy to be the supplier that enables

customers and societies to accelerate the transition to more sustainable

industry activities. Through close collaboration we will complement Aker Carbon

Capture in their role as main contractor and specialists on CCS technology. For

the Norcem facility in Brevik, we will contribute with our strong expertise in

engineering and project management," said Kjetel Digre, chief executive officer

of Aker Solutions.

Aker Solutions expects around 100 employees will be involved in delivering these

services. The project includes deliveries from the company's offices in Fornebu

and Mumbai, with most of the work being performed in Norway.

"We are pleased to have Aker Solutions supporting Aker Carbon Capture in this

ground-breaking project, reflecting the partnership set-up and mindset between

the companies," said Valborg Lundegaard, chief executive officer of Aker Carbon

Capture.

The development in Brevik is part of the Norwegian government's Longship

demonstration project to realise the full value chain for carbon capture and

storage. Longship also includes the development of new installations for

permanent storage in the seabed off the west coast of Norway. On December 17,

2020, Aker Solutions announced contracts of about NOK 1.3

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

-wins-contracts-for-both-onshore-plant-and-subsea-system-for-northern-lights-co2

-storage/) for delivering the CO2 receiving facilities Northern Lights, as well

as subsea equipment for injecting captured CO2 into a reservoir for permanent

storage. The CO2 captured in Brevik will be transported to the Northern Lights

project for permanent storage.

Realizing Northern Lights means that multiple companies across northern Europe

now have a real opportunity to remove their CO2 emissions and transform their

industries into sustainable businesses.

The contract will be booked as order intake in the fourth quarter of 2020 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 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.

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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 subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.