Aker Solutions — Regulatory Filings 2023

Nov 8, 2023

Aker Solutions awarded Limited Notice to Proceed for the next step of the Norfolk offshore wind project

Aker Solutions awarded Limited Notice to Proceed for the next step of the Norfolk offshore wind project

November 8, 2023 - Aker Solutions has been awarded a limited notice to proceed

contract from Vattenfall for the Norfolk Vanguard West Offshore Wind Farm off

the coast of Norfolk, UK. The contract has a balanced risk-reward profile based

on principles for long-term collaboration.

Located more than 47 kilometers from the Norfolk coast and with an installed

capacity of 1.4 gigawatts, Norfolk Vanguard West will be the first phase of

Vattenfall's Norfolk Offshore Wind Zone, which also includes the Norfolk

Vanguard East and Norfolk Boreas developments. Once complete, the Norfolk

Offshore Wind Zone will produce enough renewable electricity to power more than

four million homes.

The Norfolk Vanguard West Offshore Wind Farm is subject to regulatory approvals

and Vattenfall's final investment decision.

The scope of work for Aker Solutions includes the engineering, procurement,

construction and installation (EPCI) of the high voltage direct current (HVDC)

offshore platform. The fabrication of the topside will be executed in a joint

venture with Drydocks World Dubai, and the substructure will be fabricated at

Aker Solutions' yard in Verdal, Norway.

"The development of the entire Norfolk Offshore Wind Zone could ultimately

require up to three HVDC platforms in succession, which would improve the long

-term predictability and give positive repeat effects and standardization within

the supplier industry," said Sturla Magnus, Executive Vice President of New

Build at Aker Solutions.

Aker Solutions will at this stage book a contract value of about NOK 4 billion

in the fourth quarter of 2023 in the Renewables and Field Development segment,

reflecting the compensated work that is to be performed until the expected final

investment decision. Following the final award, the total contract value for

Aker Solutions is estimated to be about NOK 6 billion. The contract has a

balanced risk-reward profile and aligned incentives for efficient and safe

delivery.

ENDS

Preben Ørbeck

investor relations

preben.orbeck@akersolutions.com

+47 470 10 611

Odd Naustdal

media contact

odd.naustdal@akersolutions.com

+47 905 76 079

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 11,000

people in more than 15 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 William Stoichevski,

Communications, Aker Solutions, on November 8th, 2023 at 10:20 CET.