Aker Solutions Wins Subsea Frame Agreement with Petrobras

05 Nov 2022 15:30 CET

November 5, 2022 - Aker Solutions has been awarded a frame agreement from
Petrobras and Partners (Consortiums) to provide subsea production systems (SPS)
and subsea lifecycle services (SLS) for Petrobras-operated oil and gas fields
offshore Brazil.

The frame agreement has a fixed period of five years, from the fourth quarter of
2022 to the fourth quarter of 2027. The framework agreement will be managed from
Aker Solutions' locations in Brazil.

The scope of the agreement covers the delivery of complete subsea production
systems, including equipment such as subsea trees, the company's latest
generation of subsea controls called "Vectus", subsea distribution units and
spare parts, for Petrobras-operated fields offshore Brazil. Over the duration of
the frame agreement, it is estimated that the number of subsea trees to be
called off could be up to 33 trees. This estimate does not represent a minimum
or maximum amount.

The scope also covers the full range of subsea lifecycle services for Petrobras
-operated fields offshore Brazil. This will include intervention, preservation,
and maintenance, as well as installation services. The service work will be
managed from Aker Solutions' service base in Rio das Ostras in Rio de Janeiro,
Brazil.

"Brazil is a key offshore market globally and we look forward to continuing our
long-standing relationship with Petrobras. This landmark frame agreement is a
testimony to the quality our skilled employees have delivered over time in
Brazil and the value our subsea solutions and services. Aker Solutions has been
present in Brazil for more than four decades and has a proven track-record of
delivering safe, efficient, sustainable and reliable operations," said Maria
Peralta, executive vice president and head of Aker Solutions' subsea business.

The frame agreement continues Aker Solutions' longstanding commitment to drive
local partnerships, with more than 50% local content rate for both SPS and SLS.
The agreement has a strong focus on safe and sustainable operations, as well
continuous improvements, including increased use of digital solutions in order
to increase efficiency, optimize execution and increase value creation for all
parties.

The work under the frame agreement will be call-off based. Aker Solutions
expects to initially book a significant[1] order intake in the fourth quarter of
2022 in the Subsea segment, representing an estimate of the expected initial
work to be called-off. The full potential under the five-year fixed period of
the frame agreement could represent substantial[2] order intake over time. This
range does not represent a minimum or maximum amount, the total value will
depend on the customer's future demands.

[1]Aker Solutions defines a significant contract as being between NOK 1.5
billion and NOK 2.5 billion
[2]Aker Solutions defines a substantial contract as being between NOK 2.5
billion and NOK 4.0 billion

ENDS

Media Contact, Corporate:
Torbjørn Andersen, mob: +47 928 85 542, email:
torbjorn.andersen@akersolutions.com

Media Contact, Subsea
Daniele Rivera, mob: +55 21 993480110, email: daniele.rivera@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.

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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 Daniel Ingebricson, Communications,
Aker Solutions, on November 5, 2022 at 15:30 CET.

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