Aker Offshore Wind remains committed to its strategy and to developing its international project portfolio following the ScotWind leasing round where the company did not secure any project licenses. "We are of course disappointed at the outcome of the ScotWind process, but remain ardent believers in the potential of floating offshore wind and Aker Offshore Wind's technology and system capabilities to industrialize this segment. Aker Offshore Wind is an integral part of the future we see unfolding, where hybrid deliveries are a key differentiating factor forAker Horizons as a planet-positive group," saidKristian Røkke , Chairman of Aker Offshore Wind and Chief Executive Officer ofAker Horizons . Aker Offshore Wind brings together proven offshore technology and capabilities, a strong organization, and a promising portfolio of projects. The company expects to see its pipeline mature across several markets during 2022: · InSouth Korea , the company's consortium with Ocean Winds has secured exclusive rights from the city ofUlsan to explore the development of three offshore areas for up to 1.2 GW, progressing the projects toward the first FID as early as 2024-25. The South Korean projects are anticipated to be among the first large-scale floating wind farms globally. · InNorway , the company has formed partnerships for bottom fixed with global energy majorbp and Statkraft,Europe's largest renewable energy producer, and with Statkraft and Ocean Winds for floating wind ahead of the licence processes that are expected to commence later in 2022. · Aker Offshore Wind and its partners are undertaking environmental impact assessments for offshore sites inSweden and on theUS West Coast , where the company is preparing for a lease sale auction inSeptember 2022 . · InJapan , plans forAker Offshore Wind andMainstream Renewable Power to acquire an initial 50 percent stake in Progression Energy's 800 MW floating offshore project are progressing according to schedule, and the transaction is expected to be closed in the near term. · Aker Offshore Wind remains committed to developing offshore floating wind in theUK , where future opportunities include plans for floating wind in theCeltic Sea and the INTOG leasing process to help decarboniseScotland's oil and gas sector. The company is the largest shareholder inPrinciple Power , which has one of the few field-proven floating concepts in the industry and has its technology deployed in the commercial scale Kincardine project offshoreAberdeen - the largest floating windfarm currently in operation. Aker Offshore Wind and the wider Aker group work closely withPrinciple Power to accelerate the floating wind market through technology development.Aker Horizons remains fully committed to supportingAker Offshore Wind as a long -term owner and will ensure that the company has access to sufficient funding to maintain its operations and pursue its development program. The company is currently not planning a capital increase. "Despite the disappointment, we are confident that our capabilities, organization and partnerships will contribute to accelerating the deployment of commercial scale floating wind around the world. We will encourage cooperation among key players in the industry to ensure the prospect of there being GWs of floating windfarms in operation prior to 2030 becomes a reality," saidPhilippe Kavafyan , Chief Executive Officer of Aker Offshore Wind. For further information, please contact:Maria Lanza Knudsen , media contact, +47 48 44 24 26, maria.knudsen@akeroffshorewind.com Christian Yggeseth, investor contact, +47 915 10 000, christian.yggeseth@akerhorizons.com About Aker Offshore Wind Aker Offshore Wind is an offshore wind developer headquartered inNorway with focus on assets in deep waters. With global operations, the current portfolio consists of development projects and prospects located inAsia ,North America andEurope . Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned byAker Horizons , an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth inOslo, Norway .
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