Aker Solutions Wins Rosebank FPSO Contract from Altera Infrastructure

09 Jan 2023 07:02 CET

January 9, 2023 - Aker Solutions has been awarded a substantial[1] contract from
Altera Infrastructure for the complete upgrade of the Petrojarl Knarr floating
production storage and offloading vessel (FPSO) to be redeployed at Equinor's
Rosebank field development, offshore UK. The selected development concept for
the Rosebank field includes redeployment and reuse of the existing Petrojarl
Knarr FPSO owned by Altera.

The work will be performed in a joint venture (JV) with Drydocks World-Dubai,
and the upgrade will take place at the company's yard in Dubai, UAE. The
Engineering, Procurement and Construction (EPC) contract is a combination of
work with new build, demolition and life extension (hull, marine systems and
topsides) required for the FPSO to be kept on the field for 25 years without
drydocking. The detail design will be done in Norway by Aker Solutions in
collaboration with Citec Norway AS, ABB Norway AS, OneSubsea Processing AS.

The EPC work is planned to start up during the first half of 2023 and is
scheduled to be completed at end-2025. The Petrojarl Knarr FPSO was transported
to Aker Solutions yard at Stord in August 2022 and will be stored there until
the planned tow to Dubai during the second half of 2023.

"We are pleased to have been selected by Altera Infrastructure for this
important field development project by Equinor and partners at Rosebank. We will
execute this project together with our long-standing partner Drydocks World
-Dubai, and we are looking very much forward to continuing our long-term
relationship. Collaboration and partnerships are core to Aker Solutions'
strategy and to how we work. It also enables us to handle capacity in the most
safe and efficient way, with a strong focus on solutions that reduce emissions,"
said Sturla Magnus, executive vice president and head of Aker Solutions' topside
and facilities business.

Aker Solutions expects to book an order intake of around NOK 2.5 billion related
to this contract in the first quarter of 2023 in the Renewables and Field
Development segment, pending final investment decision and regulatory approvals.
This order intake would reflect Aker Solutions part of the JV's scope.

About the Field
Rosebank is an oil and gas field in the UK located about 130 kilometers off the
coast of the Shetland Islands in the UK, which has an estimated 300 million bbl
of potentially recoverable reserves. Equinor acquired operatorship of Rosebank
in 2019 and has since been working to optimize and mature a development solution
for the field, originally discovered in 2004, together with partners Suncor and
Ithaca Energy.

For more information about Rosebank, visit:

www.equinor.com/news/uk/20220805-rosebank-investment
www.equinor.com/energy/rosebank

[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 January 9, 2023 at 07:02 CET.

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