Aker Solutions — Regulatory Filings 2021

Sep 10, 2021

Aker Solutions Wins Topside Modification Contract for ConocoPhillips' Tommeliten Alpha Development

Aker Solutions Wins Topside Modification Contract for ConocoPhillips' Tommeliten Alpha Development

September 10, 2021 - Aker Solutions has been awarded a large[1] topside

modification contract by ConocoPhillips Skandinavia AS for Tommeliten Alpha,

offshore Norway. Combined with previous subsea contracts for this field

development, the contract award means Aker Solutions has been assigned an

integrated responsibility for this field development.

The topside modification contract award follows final investment decision by the

license partners and the completion of the front-end engineering and design

(FEED) work, awarded in October 2020 (https://www.akersolutions.com/news/news

-archive/2020/aker-solutions-wins-feed-contract-for-conocophillips-tommeliten

-alpha-development/). The scope includes engineering, procurement, construction,

and installation (EPCI) work for topside modifications on some Ekofisk

installations, to tie-back and integrate the Tommeliten Alpha field development

to the existing infrastructure.

The work will be led by Aker Solutions' offices in Fornebu and Stavanger, and

includes construction work at the companies yard in Egersund, as well as

offshore work at the Ekofisk Complex. Work starts immediately with planned

completion in the third quarter of 2023.

"We look very much forward to working together with the field operator

ConocoPhillips on this important field development. Aker Solutions has leading

expertise in subsea solutions and topside modifications and we expect increased

activity for tie-back projects moving forward," said Kjetel Digre, chief

executive officer of Aker Solutions.

Aker Solutions was previously awarded contracts for the subsea production

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

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

as well as umbilicals and direct electrical heating (DEH) systems for Tommeliten

Alpha. This means Aker Solutions, to date, has won contracts with a combined

value of more than NOK 2.7 billion for this field development.

Tommeliten Alpha is a discovery in the southern part of the Norwegian sector in

the North Sea, approximately 25 kilometers southwest of the Ekofisk field. The

water depth is 75 meters. The discovery was proven in 1977. The reservoir

contains a gas condensate fluid and lies at a depth of about 3,000 meters.

Aker Solutions will book about NOK 1.2 billion as order intake in the third

quarter of 2021 in the Electrification, Maintenance and Modifications segment.

The Tommeliten Alpha development is subject to final regulatory approval by

Norwegian and UK 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 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 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 September 10, 2021 at 16:15 CEST.