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    AKSO   NO0010716582

AKER SOLUTIONS ASA

(AKSO)
  Report
Real-time Oslo Bors  -  10:25 2022-12-06 am EST
35.60 NOK   -4.04%
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Aker Solutions ASA - Major Step Forward for Norfolk Offshore Wind Project

10/03/2022 | 09:26am EST

Aker Solutions, in a consortium with Siemens Energy, has been awarded a limited notice to proceed contract from Vattenfall for the Norfolk Boreas offshore wind project off the coast of Norfolk, UK.

For the project, Aker Solutions and Siemens Energy will provide the grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm. This includes the engineering, procurement, construction and installation (EPCI) of the high voltage direct current (HVDC) offshore platform, onshore substation and connection to the National Grid.

The project is subject to regulatory approvals and the customer's final investment decision (FID) expected during the second quarter of 2023. Aker Solutions will at this stage book a sizeable1 order intake reflecting the compensated work that is to be performed until the expected FID next year. Further to this, Aker Solutions estimates a contract value for the company following FID to be in the range of NOK 2.5 to 3.5 billion.

'The development of Norfolk Offshore Wind Zone could require up to three HVDC platforms in succession, which would provide more long-term predictability and positive repeat effects and standardization for the supplier industry. Together with Siemens Energy, we are proud to support a project which meets the dual objective of developing local content while delivering low cost, green electricity to homes and businesses across the UK,' said Kenneth Simonsen, Senior Vice President of Offshore Wind at Aker Solutions.

'We are very proud to announce this agreement. Developing state of the art HVDC technology and having such strong partners on board clearly underlines our position as one of Europe's leading developers in offshore wind. It is also a significant boost for local communities and UK companies that will be able to benefit from opportunities in the supply chain to help deliver one of the largest offshore wind zones in the world,' said Helene Bistrom, Head of Business Area Wind at Vattenfall.

About Norfolk Offshore Wind

Located more than 47 kilometers off the Norfolk coast and with an installed capacity of 1.4GW, Norfolk Boreas is the first phase of Vattenfall's Norfolk Offshore Wind Zone and comes ahead of the Norfolk Vanguard Offshore Wind Farm. This first phase of the Norfolk Zone will deliver first power in the mid-to-late-2020s. Once complete, the Zone will produce enough renewable electricity to power more than four million homes and save around six million tonnes of CO2.

The contract will be booked as order intake in the third quarter of 2022 in the Renewables and Field Development segment.

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

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 14,000 people in more than 20 countries.

Contact:

Torbjorn Andersen

Tel: +47 928 85 542

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AKER SOLUTIONS ASA -4.04% 35.6 Real-time Quote.58.68%
SIEMENS AG -1.24% 133.76 Delayed Quote.-11.29%
SIEMENS ENERGY AG -0.69% 16.575 Delayed Quote.-25.79%
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Financials
Sales 2022 40 692 M 4 078 M 4 078 M
Net income 2022 1 025 M 103 M 103 M
Net Debt 2022 1 021 M 102 M 102 M
P/E ratio 2022 17,0x
Yield 2022 1,62%
Capitalization 17 374 M 1 741 M 1 741 M
EV / Sales 2022 0,45x
EV / Sales 2023 0,41x
Nbr of Employees 14 997
Free-Float 41,3%
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 35,60 NOK
Average target price 43,15 NOK
Spread / Average Target 21,2%
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Managers and Directors
Kjetel Digre Chief Executive Officer
Idar Eikrem Chief Financial Officer & Executive Vice President
Leif Arne Lang°y Chairman
Henrik Inadomi Executive VP-Legal, Compliance & Safeguarding
Lone F°nss Schr°der Director
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