Aker Solutions ASA: Aker Solutions awarded contract for second phase of the Northern Lights carbon storage project

01 Apr 2025 08:00 CEST

April 1, 2025 - Aker Solutions has been awarded a significant[1] contract for
the Northern Lights Phase 2 project by Equinor as technical service provider on
behalf of the Northern Lights joint venture. The award follows Aker Solutions'
delivery of the first phase of this project in 2024.

Reference is made to the stock exchange release published on January 28, 2025.

Northern Lights Phase 1 is part of Norway's Longship project that will establish
a full-scale value chain for CO2 capture, transport, and storage services. The
first phase development of Northern Lights is completed and ready to receive
CO2 from Norwegian and European industrial emitters. Phase 2 of Northern Lights
will increase the transport and storage capacity from 1.5 million to a minimum
of 5 million tonnes of CO2 per year and is enabled by a grant from the
Connecting Europe Facility for Energy (CEF Energy) funding scheme.

Aker Solutions' scope of work includes the engineering, procurement, and
construction (EPC) of the onshore facilities, and will include work for our
locations at Fornebu and Stord, Norway and Mumbai, India. The contract award
demonstrates that Aker Solutions is a trusted partner with execution
capabilities and commitment to advancing the Northern Lights project, building
on the experience gained from Phase 1 of the project.

"This contract is significant for Aker Solutions and aligns well with our
strategy and ability to deliver standardized solutions for projects in the CCUS
value chain. This is the fourth project with CO2 storage solutions which we are
executing, and this journey has enabled us to continuously reduce costs.
Northern Lights strengthens Norway's position as a leader in CCS projects
globally, and we are proud to be part of this important initiative", says Henrik
Inadomi, Executive Vice President for New Energies at Aker Solutions.

The project will start in the second quarter of 2025 and is expected to be
completed in 2028. The contract has a balanced risk-reward profile with aligned
incentives for efficient and safe delivery. Aker Solutions will book the
contract as order intake in the Renewables and Field Development segment in the
first quarter of 2025.

[1] Aker Solutions defines a significant contract as being between NOK 1.5
billion and NOK 2.5 billion.

ENDS

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

Hallvard Norum
media contact
hallvard.norum@akersolutions.com
+47 913 80 820

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 11,800
people in more than 15 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 subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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