Aker Solutions — Regulatory Filings 2025

Apr 1, 2025

Aker Solutions ASA: Aker Solutions awarded contract for second phase of the Northern Lights carbon storage project

Aker Solutions ASA: Aker Solutions awarded contract for second phase of the Northern Lights carbon storage project

April 1, 2025 - Aker Solutions has been awarded a significant[1] contract for

the Northern Lights Phase 2 project by Equinor as technical service provider on

behalf of the Northern Lights joint venture. The award follows Aker Solutions'

delivery of the first phase of this project in 2024.

Reference is made to the stock exchange release published on January 28, 2025.

Northern Lights Phase 1 is part of Norway's Longship project that will establish

a full-scale value chain for CO2 capture, transport, and storage services. The

first phase development of Northern Lights is completed and ready to receive

CO2 from Norwegian and European industrial emitters. Phase 2 of Northern Lights

will increase the transport and storage capacity from 1.5 million to a minimum

of 5 million tonnes of CO2 per year and is enabled by a grant from the

Connecting Europe Facility for Energy (CEF Energy) funding scheme.

Aker Solutions' scope of work includes the engineering, procurement, and

construction (EPC) of the onshore facilities, and will include work for our

locations at Fornebu and Stord, Norway and Mumbai, India. The contract award

demonstrates that Aker Solutions is a trusted partner with execution

capabilities and commitment to advancing the Northern Lights project, building

on the experience gained from Phase 1 of the project.

"This contract is significant for Aker Solutions and aligns well with our

strategy and ability to deliver standardized solutions for projects in the CCUS

value chain. This is the fourth project with CO2 storage solutions which we are

executing, and this journey has enabled us to continuously reduce costs.

Northern Lights strengthens Norway's position as a leader in CCS projects

globally, and we are proud to be part of this important initiative", says Henrik

Inadomi, Executive Vice President for New Energies at Aker Solutions.

The project will start in the second quarter of 2025 and is expected to be

completed in 2028. The contract has a balanced risk-reward profile with aligned

incentives for efficient and safe delivery. Aker Solutions will book the

contract as order intake in the Renewables and Field Development segment in the

first quarter of 2025.

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

billion and NOK 2.5 billion.

ENDS

Preben Ørbeck

investor relations

preben.orbeck@akersolutions.com

+47 470 10 611

Hallvard Norum

media contact

hallvard.norum@akersolutions.com

+47 913 80 820

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 11,800

people in more than 15 countries.

Visit akersolutions.com and connect with us on

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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.