Aker Solutions — Regulatory Filings 2021

Sep 8, 2021

Aker Solutions, Siemens Energy and Doosan Babcock Join Forces to Deliver CCUS Projects in the UK

Aker Solutions, Siemens Energy and Doosan Babcock Join Forces to Deliver CCUS Projects in the UK

September 8, 2021 - Aker Solutions, Siemens Energy and Doosan Babcock have

formed a consortium which will see the three companies draw upon more than 450

years of combined experience to develop technology and solutions for the growing

UK carbon capture, utilization and storage (CCUS) market.

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The main objective of the consortium will be to deliver solutions that enable

customers to achieve their decarbonization goals.

The UK has set clear objectives for its contribution to reaching the global

climate objectives. The strategy for the consortium is to provide both the

solutions and facilities that will enable these goals, and simultaneously

contribute to developing new sustainable industrial opportunities, jobs and

value creation at large.

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

established and proven combined cycle gas turbine (CCGT) engineering and design

as well as extensive UK-based engineering, fabrication and construction

services.

Aker Solutions has worked on CO2 treatment solutions since the 1990s and has

extensive experience of delivering end-to-end solutions for large complex

projects across Europe. The company will assume the role of project integrator

in the newly formed consortium.

The consortium is working in close collaboration with Aker Carbon Capture which

provides high efficiency CO2 capture technology with low solvent degradation and

low emissions.

"CCUS is integral to the UK's net zero commitments, and the formation of this

consortium further demonstrates our commitment to ensuring much needed

technologies reach commercial scale," said Stephen Bull, executive vice

president and head of Aker Solutions' renewables business.

"Just as the transition to net zero isn't going to be solved by one technology

alone, the development of advanced solutions will require the strength of more

than one company. Collaboration with other organizations and industries to draw

on each other's capabilities, knowledge and experience is going to be vital to

reach net zero by 2050. Joining forces with Siemens Energy and Doosan Babcock

creates a strategic platform for us to combine our strengths and work together

to offer best in class capability, choice and local UK delivery," said Bull.

Siemens Energy, a leading energy technology company focused on driving

decarbonization, offers an established UK track record in the delivery of CCGT

power plants and strong operations and maintenance capabilities.

Steve Scrimshaw, vice president, Siemens Energy UK&I, said: "The energy

transition should be a just transition and the challenge of meeting net zero is

one which will need all companies using their strengths to quickly bring forward

new technologies and ideas. With this partnership we can do just that. I'm

delighted that Siemens Energy, Aker Solutions and Doosan Babcock are

collaborating to provide customers and partners with their expertise, skills and

established supply chains, honed over many years working in the UK."

As a part of the global Doosan group, Doosan Babcock is an engineering and

construction company with a rich heritage in the construction, rehabilitation

and retrofit of power plants, as well as experience in the refining,

petrochemical and pharmaceutical industries.

Andrew Colquhoun, chief executive officer of Doosan Babcock Ltd, commented:

"This consortium combines three companies with a rich UK heritage, that are

committed to meeting the UK Government's Net Zero aspirations. The planned

investment in CCUS will result in significant investment into communities in

Scotland, the North East of England and Wales. As a consortium with a large UK

workforce we support the government's aims for a green recovery and aim to

'level up' by safeguarding and creating many high-skilled jobs in these

communities."

Earlier this year, Aker Solutions formed a consortium with Siemens Energy to

deliver HVDC (high-voltage, direct current) converter stations for ScottishPower

Renewables' East Anglia THREE offshore wind project in the UK. Aker Solutions

also partnered with Doosan Babcock in March 2021 to jointly deliver projects for

low-carbon solutions and renewable energy in the UK.

ENDS

Media Contact:

Rebecca Cox, mob: +44 (0)1224 287516, email: rebecca.cox@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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