Aker Solutions Secures Continuity as Maintenance and Modifications Contractor on Johan Sverdrup

18 Nov 2022 12:00 CET

November 18, 2022 - Aker Solutions continues to serve as supplier of maintenance
and modification services (M&M) on the Johan Sverdrup-field. The extension of
the call off is done in accordance with an existing frame agreement that lasts
until February 2026. The contract value is considered as sizeable [1].

Aker Solutions has been a significant contractor on the Johan Sverdrup field and
delivered several offshore platforms and has been involved in all project
development stages of Johan Sverdrup. Since the oil- and gas production started
in 2019 the company had delivered M&M-services under an existing agreement. The
extension is given to secure coordination and exploit the synergies in ongoing
project activities. The contract will be managed from Stavanger and
prefabrication will be done at the yard in Egersund.

"We are happy to continue our long-term cooperation with Equinor on the Johan
Sverdrup field, the third largest on the Norwegian continental shelf. Aker
Solution has already been deeply involved through all phases from early
engineering through construction and project execution and hook-up and
commissioning of this giant field. Continuity of personnel and systematic
knowledge is essential to deliver the best and safest maintenance and
modification services moving forward," said Paal Eikeseth, executive vice
president and head of Aker Solutions' electrification, maintenance and
modifications business.

It is expected that the Johan Sverdrup field will deliver oil and gas for over
50 years. In the first production year the field produced oil and gas with 90
percent lower CO2 emissions than average global level, (measured in kg CO2 per
barrel produced). At peak, it is projected that Johan Sverdrup can produce up to
30 percent of the total oil and gas production on the Norwegian continental
shelf, and is expected to deliver resources of 2.7 billion barrels of oil
equivalents.

"We experience that our customer Equinor looks forward to continuing the
collaboration and to secure good deliveries together with us", said Eikeseth.

Aker Solutions will book an order intake in the lower part of the sizeable[1]
range in the fourth quarter of 2022 in the Electrification, Maintenance and
Modifications segment.

[1]Aker Solutions defines a sizable contract as between NOK 0.5 billion and NOK
1.5 billion.

ENDS

Media Contact, Electrification, Maintenance and Modifications
Ruth Lycke, mob: +47 906 65 931, email: ruth.lycke@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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