Aker Solutions ASA: Aker Solutions secures long-term brownfield and modification frame agreement with Azule Energy

06 Jun 2024 08:00 CEST

June 6, 2024 - Aker Solutions has secured a sizeable[1] long term frame
agreement with Azule Energy to provide engineering, procurement, and
construction services (EPC) for brownfield projects and modifications for two
FPSOs in Angola.

This is a continuation of the current frame agreement Aker Solutions has with
the operator Azule Energy. The operator is Angola's largest independent equity
producer of oil and gas and is an incorporated joint venture owned by Eni and
bp.

The scope of work is focused on two FPSO (floating production, storage, and
offloading) units, namely Greater Plutonio and PSVM. The work comprises
engineering, procurement, and construction services (EPC) of the brownfield
maintenance and modifications scopes.

The contract is a frame agreement covering maintenance and modifications
activities with a duration of three years plus two one-year options.

The contract will be executed and delivered by the Aker Solutions' team based in
Luanda, Angola, and Aberdeen, UK. The project management will be based in Angola
to be close to the operation and continue to develop locally.

"We are building on our robust track record in Angola, dating back to 1998. Aker
Solutions is a leading service operator and has a clear ambition to grow
internationally. This new contract strengthens our global life cycle operations
and is a pivotal project for our offices in Aberdeen and Luanda", said Paal
Eikeseth, executive vice president and head of Life Cycle, Aker Solutions.

Throughout the current contract period, there has been substantial growth in
terms of in-country execution and the development of Aker Solutions' local
workforce. Currently, over 40 percent of the total scope volume is being
executed in Angola, and a significantly increased target has been set for the
new contract period.

"We are actively recruiting to enhance the strength and competence of our
existing project team. Moving forward, our local business development efforts
will focus on improving and strengthening relationships with local
subcontractors, as well as hiring and training local personnel. We are pleased
to have received renewed trust from Azule Energy and will continue to ensure the
delivery of reliable and safe executions to safeguard the integrity of the
FPSOs", said Paal Eikeseth.

The Azule Energy-contract will be booked as part of Aker Solutions' second
quarter order intake in the Life Cycle segment.

[1]Aker Solutions defines a sizeable contract as being between NOK 0.5 billion
and NOK 1.5 billion

ENDS

Preben Ørbeck
investor relations
preben.orbeck@akersolutions.com
 +47 470 10 611

Ruth Lycke
media contact
ruth.lycke@akersolutions.com
+47 906 65 931

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 11,000
people in more than 15 countries.

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