Aker Solutions — Regulatory Filings 2022

Nov 18, 2022

Aker Solutions Secures Continuity as Maintenance and Modifications Contractor on Johan Sverdrup

Aker Solutions Secures Continuity as Maintenance and Modifications Contractor on Johan Sverdrup

November 18, 2022 - Aker Solutions continues to serve as supplier of maintenance

and modification services (M&M) on the Johan Sverdrup-field. The extension of

the call off is done in accordance with an existing frame agreement that lasts

until February 2026. The contract value is considered as sizeable [1].

Aker Solutions has been a significant contractor on the Johan Sverdrup field and

delivered several offshore platforms and has been involved in all project

development stages of Johan Sverdrup. Since the oil- and gas production started

in 2019 the company had delivered M&M-services under an existing agreement. The

extension is given to secure coordination and exploit the synergies in ongoing

project activities. The contract will be managed from Stavanger and

prefabrication will be done at the yard in Egersund.

"We are happy to continue our long-term cooperation with Equinor on the Johan

Sverdrup field, the third largest on the Norwegian continental shelf. Aker

Solution has already been deeply involved through all phases from early

engineering through construction and project execution and hook-up and

commissioning of this giant field. Continuity of personnel and systematic

knowledge is essential to deliver the best and safest maintenance and

modification services moving forward," said Paal Eikeseth, executive vice

president and head of Aker Solutions' electrification, maintenance and

modifications business.

It is expected that the Johan Sverdrup field will deliver oil and gas for over

50 years. In the first production year the field produced oil and gas with 90

percent lower CO2 emissions than average global level, (measured in kg CO2 per

barrel produced). At peak, it is projected that Johan Sverdrup can produce up to

30 percent of the total oil and gas production on the Norwegian continental

shelf, and is expected to deliver resources of 2.7 billion barrels of oil

equivalents.

"We experience that our customer Equinor looks forward to continuing the

collaboration and to secure good deliveries together with us", said Eikeseth.

Aker Solutions will book an order intake in the lower part of the sizeable[1]

range in the fourth quarter of 2022 in the Electrification, Maintenance and

Modifications segment.

[1]Aker Solutions defines a sizable contract as between NOK 0.5 billion and NOK

1.5 billion.

ENDS

Media Contact, Electrification, Maintenance and Modifications

Ruth Lycke, mob: +47 906 65 931, email: ruth.lycke@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

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