Aker Solutions signs Draugen electrification contract

07 Feb 2023 12:00 CET

February 7, 2023 - Following the Letter of Intent announced on December 15,
2022, Aker Solutions confirms it has now signed the contract for the Draugen
project with OKEA. The contract is of substantial[1] value.

Reference is made to the stock exchange announcement on December 15,
2022 (https://www.akersolutions.com/news/news-archive/2022/aker-solutions-signs
-loi-with-okea-for-the-draugen-electrification-project/), regarding the LOI with
OKEA for the Draugen Electrification project.

OKEA has selected Aker Solutions as the main contractor for Engineering,
Procurement, Construction, and Installation (EPCI). The project will involve
major modifications of the existing platform to enable power from shore. As a
result of this, the emissions from Draugen are estimated to be reduced by as
much as 200,000 tons of CO2 per year.

"Replacing the current power generation from gas turbines at the offshore
platform and instead electrifying these from shore will enable production of oil
and gas from Draugen with significant reductions in CO2 emissions. Lifetime
-extension of these platforms are of crucial importance for the increasing need
for energy and energy security in Europe," said Paal Eikeseth, executive vice
president and head of Aker Solutions' Electrification, Maintenance and
Modifications (EMM) business.

Lifetime-extension of this important field can result in 20 years of production
and value creation.

"Being awarded this important electrification contract is a true testament of
our strong track-record and leading solutions for decarbonizing oil and gas
production. Reduction of climate footprint is very high on the agenda for our
customers and the strong competence across our organization is a true enabler of
our customer's success in this area," said Eikeseth.

The project has started up and are scheduled to be completed in 2026. The
project is managed from Aker Solutions' offices in Trondheim in Mid Norway.
Several Aker Solutions offices will be engaged in the engineering phase, and the
construction will be executed at the company's yard in Egersund.

"Aker Solutions in Mid Norway has unique competence in technical disciplines and
project execution that will be utilized for the electrification of these
assets," added Eikeseth.

Aker Solutions will recognize an order intake of around NOK 2.5 billion in the
first quarter of 2023 in the EMM segment.

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

ENDS

Media Contact:
Ruth Lycke, mob: +47 906 65 931, email: ruth.lycke@akersolutions.com

Investor Contact:
Preben Ørbeck, mob: +47 470 10 611, email:
preben.orbeck@akersolutions.com (Preben Ørbeck, mob: +47 470 10 611, email:
preben.orbeck@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
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