Aker — Regulatory Filings 2021

Jan 27, 2021

AKER ASA: Aker Horizons, Aker Offshore Wind enter cooperation agreement with Statkraft

AKER ASA: Aker Horizons, Aker Offshore Wind enter cooperation agreement with Statkraft

Aker ASA ("Aker") today announced that its wholly owned subsidiary, Aker

Horizons AS ("Aker Horizons"), and Aker Offshore Wind Operating Company AS

("Aker Offshore Wind") have entered into a cooperation agreement with Statkraft

AS ("Statkraft") to explore possibilities for collaboration on offshore wind

power projects on the Norwegian Continental Shelf ("NCS").

Aker Horizons, Aker Offshore Wind and Statkraft (the "Parties") will work

together and utilize their complementary skills and expertise to explore the

possibility to develop and operate large-scale offshore wind parks in Norway. By

harnessing excellent offshore wind resources in the North Sea, the Parties aim

to export green electricity to European customers. The agreement reinforces Aker

Offshore Wind's ongoing efforts in being a driving force for the

industrialization of offshore wind in Norway and internationally and solidifies

Aker Horizons' role as a leading planet-positive investment company.

"Statkraft has been making clean energy possible for over a century. A

partnership that couples Europe's largest renewable energy producer with Aker's

180-year track record and industrial expertise, especially on the NCS, has the

potential to redefine Norway as an energy nation. Norway's leading offshore

industry, including a strong supplier industry, means we already have the

building blocks and capabilities in place to be at the forefront of the energy

transition. We look forward to working with Statkraft to develop the offshore

wind industry further, reducing emissions and creating new jobs for the future,"

says Øyvind Eriksen, President and Chief Executive Officer of Aker ASA and

Chairman of Aker Horizons.

"By entering a cooperation with Aker Horizons and Aker Offshore Wind, we are

exploring a value-creative opportunity in Norway. We have expertise in the

development and operations of wind power and have previously been engaged in

offshore wind in the UK. Strong growth, falling technology costs and a changed

competitor landscape indicates that offshore wind will take a larger role in the

European energy transition; therefore, we see the cooperation with Aker Offshore

Wind as an opportunity for substantial value creation and accelerate Europe's

green transition," says Statkraft Chief Executive Officer, Christian Rynning

-Tønnesen.

The partnership will explore the opportunity for bottom-fixed offshore wind at

Sørlige Nordsjø II ("SN2"), for which the Parties will establish an integrated

project team, equally split between Aker Offshore Wind and Statkraft, for joint

preparation and submission of an acreage application and further development

activities. Aker Offshore Wind, being a pure play offshore wind developer with

an ambition to become a full-fledged independent power producer (IPP), will play

a leading role in the construction phase. As the largest provider of green

electricity in Europe, Statkraft will lead the operations phase and the

marketing of the green electricity. Aker Horizons, Aker's investment platform

dedicated to investing in, incubating, and developing companies within renewable

energy and decarbonization technologies, will play an active role in the overall

management of the cooperation, adding value with its expertise within financial

structuring, strategy project execution and deploying digital solutions.

Together, the Parties are evaluating export possibilities to Europe and the UK

and electrification of oil and gas assets for possible value adding offtake.

"The cooperation agreement comes at a time when we see large global ambitions

for offshore wind development and a window of opportunity to put Norway at the

forefront of a growing global industry. For SN2, we have already identified and

will leverage key differentiators, including Statkraft's renewable energy track

record and the Aker ecosystem's deep domain expertise. Capabilities and

experience across the Aker Horizons portfolio, which we significantly

strengthened with the recent addition of Mainstream Renewable Power, will be

mobilized to support Aker Offshore Wind in the development and implementation of

the project. We look forward to working together with Statkraft towards our

common goal of using one of the fastest growing energy sources in the world to

reach a carbon free future," says Kristian Røkke, Chief Executive Officer at

Aker Horizons.

-ENDS-

For more information, please contact:

Christina Chappell Glenn, Head of Investor Relations, Aker ASA

Tel: +47 90532774

Email: christina.glenn@akerasa.com

Atle Kigen, Head of Corporate Communications, Aker ASA

Tel: +47 90784878

Email: atle.kigen@akerasa.com

Ivar Simensen, Communications, Aker Horizons and Aker Offshore Wind

Tel: +47 46402317

Email: ivar.simensen@akerhorizons.com

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

-12 of the Norwegian Securities Trading Act.