Aker Solutions signs LOI with OKEA for the Draugen Electrification Project

15 Dec 2022 14:06 CET

December 15, 2022 - Aker Solutions has signed a Letter of Intent (LOI) with OKEA
for the Draugen Electrification project, offshore Norway. The project is planned
to involve major modifications of the existing platform to enable it to receive
power from shore via an electrical power cable. This will replace the current
power generation from gas turbines at the platform and reduce CO2 emissions by
about 200,000 tonnes per year.

Aker Solutions expects the LOI to be converted to a full Engineering,
Procurement, Construction and Installation (EPCI) contract during the first
quarter of 2023. The company expects to book a substantial[1] order intake
related to this contract in the first quarter of 2023 in the Electrification,
Maintenance and Modifications (EMM) segment, subject to regulatory approvals.

The award of the LOI follows completion of front-end engineering and design
(FEED) work performed by Aker Solutions.

[1]Aker Solutions defines a substantial contract as between NOK 2.5 billion and
NOK 4.0 billion.

ENDS

Media Contact:
Torbjørn Andersen, mob: +47 928 85 542, email:
torbjorn.andersen@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 December 15, 2022 at 14:06 CEST.

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