Aker Solutions — Regulatory Filings 2022

Jun 30, 2022

Aker Solutions Wins 5-Year Partnership Agreement With Vår Energi

Aker Solutions Wins 5-Year Partnership Agreement With Vår Energi

June 30, 2022 - Aker Solutions has been awarded a strategic partnership

agreement with Vår Energi to deliver subsea production systems for all upcoming

subsea projects for the next five years, for all Vår Energi operated assets and

projects on the Norwegian Continental Shelf (NCS). The agreement has an option

to be extended for a further 2+2 years.

The scope of the agreement includes the full range of equipment and services to

deliver complete subsea production systems, including umbilicals, all based on

Aker Solutions' standard product portfolio. It also includes front-end

engineering and design work (FEED) for the upcoming field developments. The work

under the frame agreement is expected to start during 2022.

Vår Energi is a pure-play Norwegian operator producing nearly 250,000 barrels of

oil equivalent (boe) per day from a robust portfolio of 36 producing fields.

With the producing fields and an active ownership in 148 licenses, the company

is well positioned for value-adding growth - expecting a production growth to

350,000 boe by 2025.

The strategic partnership model is built on a one-for-all and all-for-one

principle and contrasts with the conventional model of separate contracts with

split scope and responsibilities. Vår Energi is seeking increased overall

collaboration with suppliers throughout the value chain with a clear ambition of

more sustainable and efficient production of oil and gas.

"This agreement with Vår Energi builds on our strong track-record in working in

partnerships and alliances and demonstrates the benefits of our standardized

product portfolio," said Maria Peralta, executive vice president and head of

Aker Solutions' subsea business. "We are excited to work for a customer who

shares our high ambitions for sustainable solutions. In the tendering for this

contract, we have experienced that Vår Energi has taken a leading role among oil

companies to weigh the sustainability in proposed solutions from suppliers. This

is a market development which creates new opportunities to use our expertise for

both increased competitiveness and for growing our business activities. We have

worked with Vår Energi for many years on the NCS and we look forward to

continuing our relationship and creating value and enhancing performance on

their upcoming Subsea projects. With their hub-centric strategy, we see large

opportunities for subsea tie-backs moving forward."

The value of the work to be called off under the frame agreement will only be

recognized by Aker Solutions as order intake when each new project is called

off, in the Subsea segment. The total value of work called off during the

lifetime of the frame agreement is expected as a minimum to correspond to what

Aker Solutions defines as a significant[1] contract award.

ENDS

[1]Aker Solutions defines a significant contract as being between NOK 1.5

billion and NOK 2.5 billion

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.

Visit akersolutions.com and connect with us on

Facebook (https://www.facebook.com/AkerSolutions/),

Instagram (https://instagram.com/akersolutions/),

LinkedIn (https://www.linkedin.com/company/aker-solutions),

Twitter (https://twitter.com/akersolutions) and

YouTube (https://www.youtube.com/akersolutions).

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 Daniel Ingebricson, Communications,

Aker Solutions, on June 30, 2022 at 13:30 CEST.