Aker — Regulatory Filings 2020

Dec 21, 2020

Aker ASA: Cognite and Aramco sign joint venture agreement

Aker ASA: Cognite and Aramco sign joint venture agreement

Cognite AS ("Cognite"), a global industrial software company and majority-owned

subsidiary of Aker ASA ("Aker"), today announced it has signed a joint venture

("JV") agreement with Saudi Aramco Development Company, a subsidiary of The

Saudi Arabian Oil Company, as part of the two companies' strategic partnership

on industrial digitalization and sustainability initiatives.

The JV is one of the initiatives in the previously signed Memorandum of

Understanding (MoU) and will establish a new company to focus on digitalization

across industries in the Kingdom of Saudi Arabia and in the region. Aramco and

Cognite intend to have the JV established and running by 2021 following all

required regulatory clearances and will hold 51 per cent and 49 per cent

ownership, respectively.

"We are pleased to see the partnership concretize in ways that will allow Aramco

and Cognite to take new steps to work together towards sustainable energy

innovation and digital transformation of industries," said Øyvind Eriksen,

President and CEO of Aker ASA and Chairman of Cognite's Board of Directors.  The

JV will use Cognite's flagship data platform, Cognite Data Fusion, as its core

technology. Cognite is already supporting Aramco's Digital Transformation

Program by deploying CDF on Aramco's industrial assets in the Kingdom. CDF will

provide Aramco with instant access to live and historical contextualized data

across both operational technology (OT) and IT systems, and enable the company's

Digital Transformation Program to scale. Cognite's initial focus has been to

help Aramco advance analytics and AI projects coupled with digital twin

solutions.

"We are committed to making our strategic partnership with the world's largest

integrated oil and gas company a resounding success. We believe Aramco's deep

operational expertise, combined with Cognite's track record of developing and

deploying industrial software for digital frontrunners, will be a powerful

catalyst for the commercial success of the joint venture and the advancement of

digital transformation across heavy-asset industries," said Eriksen.

The completion of the agreement is subject to customary closing conditions,

including required antitrust filings.

END

For more information, please contact:

Atle Kigen, Head of Corporate Communications, Aker ASA

Tel: +47 90784878

Email: atle.kigen@akerasa.com

Christina Chappell Glenn, Head of Investor Relations, Aker ASA

Tel: +47 90532774

Email: christina.glenn@akerasa.com

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.