Aker Solutions — Regulatory Filings 2021

Mar 18, 2021

Aker Solutions Awarded Work to Recycle Offshore Platforms in Norway

Aker Solutions Awarded Work to Recycle Offshore Platforms in Norway

March 18, 2021 - Aker Solutions has signed a sizeable[1] letter of intent with

Heerema Marine Contractors for decommissioning work related to the Heimdal and

Veslefrikk fields, offshore Norway.

The scope includes reception, dismantling and recycling of three offshore

installations from the Heimdal and Veslefrikk fields. The total weight of these

installations is around 68,000 metric tons, and the objective is to

recycle about 98 percent of all the materials. Aker Solutions has extensive

decommissioning experience and specializes in environmentally safe dismantling

and recycling of offshore installations. This award confirms the company's

strong offering related to recycling projects.

"Decommissioning is a growing market, and in tonnage, this will be our largest

decommissioning project since we recycled the Frigg oil and gas platforms about

15 years ago," said Sturla Magnus, executive vice president and head of Aker

Solutions' topside and facilities business. "We are pleased with this new award

which demonstrates that our strong focus on safe operations and capability to

deliver a high degree of recycling is being recognized in the market."

Heimdal is an Equinor-operated gas and condensate field in the Northern part of

the North Sea, which has been in operation since 1985. The plan is to

decommission the field, including removing, dismantling and recycling the main

platform topsides and jacket. Heerema will be the main contractor for the

decommissioning offshore, with Aker Solutions as the subcontractor for the

recycling work when the installations arrive to shore. Aker Solutions' scope

includes the topsides, jacket and bridge of the Heimdal riser platform for which

Equinor is the technical service provider on behalf of the operator Gassco.

Assignment of the riser platform part of the scope is subject to Heerema being

awarded the riser platform contract after expiry of a mandatory standstill

period required prior to contract award.

Veslefrikk is an Equinor-operated oil field in the Northern parts of the North

Sea which has been in operation since 1989. On the Veslefrikk field, Aker

Solutions' scope is to dismantle and recycle the wellhead platform Veslefrikk A

as well as a subsea pre-drilling template.

The Heimdal and Veslefrikk platforms will be recycled at Aker Solutions'

decommissioning facilities at Eldøyane in Stord, Norway. Early-phase engineering

will begin in 2022 and the structures are currently anticipated to arrive at

Stord between 2024 and 2026, with project completion in 2027. At peak, the

project is expected to involve around 100 employees in Aker Solutions.

The award will be booked as order intake when the contract is finally signed

later this year, in the Renewables and Field Development segment.

[1]Aker Solutions defines a sizeable contract as being between NOK 200 million

and NOK 700 million.

ENDS

Media Contact:

Odd Naustdal, mob: +47 905 76 079, email: odd.naustdal@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 14,000

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.