Aker Solutions awarded Åsgård B Berling tie-back project

27 Mar 2023 12:23 CEST

March 27, 2023 - Aker Solutions has been awarded a sizeable[1] contract by
Equinor to tie back the two gas fields, previously known as Iris and Hades, now
named Berling, to the Åsgard B platform.

The Berling tie-in to Åsgard B is an EPCIC project, comprising engineering,
procurement, construction, installation and commissioning. The purpose of the
project is to tie back the two gas fields previously known as Iris and Hades to
the Åsgard B platform. Two EPCIC scopes define the project: the first commences
immediately, and the second in September 2023. Offshore mobilization will begin
in November 2025, and the tie-back is to be completed in December 2027.
Production start is planned to 2028.

"The expected recoverable reserves are estimated to around 45 million barrels of
oil equivalent, consisting mostly of gas. The tie-backs will enable a
significant contribution to energy security in Europe," said Paal Eikeseth,
executive vice-president and head of Aker Solutions' Electrification,
Maintenance and Modifications (EMM) business.

Aker Solutions completed a project FEED in August 2022 and continued in an
interim phase to further develop scope and optimize the technical solution for
the tie-in at Åsgard B.

The project is being managed from Aker Solutions offices in central Norway.
Detail engineering, procurement and shop engineering are to be executed by Aker
Solutions` Trondheim office with support from Bergen and Mumbai.

While several Aker Solutions offices will be engaged in the engineering phase,
construction and prefabrication will be executed at the company's yard in
Egersund.

Berling is located on the Halten Bank in the Norwegian Sea about 23 kilometers
south-east of the Åsgard field.

"We are excited to follow this major development of Berling and continue the
third consecutive tie-in project to Åsgard B following the Halten Øst and
Smørbukk Nord projects. Together, these projects constitute a significant
portfolio of modification projects at Åsgard B where existing infrastructure is
being utilized" Eikeseth said.

The contract will be booked in the EMM-segment as order intake for the first
quarter of 2023.

1Aker Solutions defines a sizeable contract as between NOK 0.5 billion and NOK
1.5 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 information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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