AKER SOLUTIONS ASA December 13, 2021 -Aker Solutions has been awarded front-end engineering and design (FEED) contracts byAker BP for the Valhall field and theKing Lear discovery, on the Norwegian Continental Shelf. The FEED work will be executed as a part ofAker BP's alliance model. For theFixed Facilities Alliance the scope of the FEEDs includes a new central platform (NCP) with bridge connection to the existing Valhall field center, and an unmanned wellhead platform for theKing Lear discovery, both operated byAker BP . The FEED awards makeAker Solutions well positioned for further contracts if the field developments move into the execution phase in 2022. The company estimates the combined scope to represent a very major[1] contract, subject to final investment decision and regulatory approvals. The scope related to the NCP includes a nearly 12,000 metric-ton topside, a 7,500 metric-ton steel jacket substructure and a bridge in excess of 1,000 metric tons. The role of the NCP is to be the central hub and production platform on the Valhall field, adding wells, production and processing capacity, and replacing existing infrastructure. The scope of theKing Lear platform includes a nearly 2,500 metric-ton topside and 3,000 metric-ton steel jacket substructure.King Lear will be tied back to the Valhall field center for processing and export. In addition, smaller individual FEEDs were also awarded toAker Solutions through theModification Alliance and theSubsea Alliance . The modifications scope incudes connecting the new facilities to the existing Valhall field center and modifications for lifetime extensions. The subsea scope includes umbilicals and related infrastructure forKing Lear . "We are looking forward to continue our longstanding relationship withAker BP and our alliance partners to further develop and maximize the potential of the large Valhall field and theKing Lear discovery. The alliance enables us to engage early in the field development process and optimize design solutions. These major projects will have significant positive effects on employment in our operations inNorway and demonstrates the value of our leading front-end capabilities," saidSturla Magnus , executive vice president and head ofAker Solutions' topside and facilities business.Aker BP and the industry have ambitious plans for reducing greenhouse gas emissions and is focused on reducing the carbon footprint of the production to the lowest extent possible. Since 2013, the Valhall field has been operated with electricity from shore, significantly reducing emissions. The new platforms are planned to be electrified from shore through the existing Valhall power cable and a further extension to theKing Lear field. The FEED awards follow the successful completion of the study phase, and the work starts immediately with planned completion at the end of 2022. The FEED work will be led byAker Solutions' offices in Fornebu and Stavanger,Norway , with a share of the engineering executed fromMumbai, India . About the Fields Valhall is a large oilfield in the southern part of theNorwegian North Sea , close to the Danish andUK borders. It currently consists of a total of five topsides and around 50 active wells, in water depths of around 70 meters.Aker BP is the operator of the Valhall field and its partner is Pandion Energy.King Lear is a gas and condensate discovery located about 50 kilometers north of Valhall in water depths of around 70 meters.Aker BP is the operator of theKing Lear discovery and its partner is PGNiG Upstream Norway. The FEED contract for the two topsides is estimated to be sizeable[2] and will be booked as order intake in the fourth quarter of 2021 in the Renewables andField Development segment. [1]Aker Solutions defines a very major contract as being betweenNOK 5.0 billion andNOK 8.0 billion . [2]Aker Solutions defines a sizeable contract as being betweenNOK 200 million andNOK 700 million . ENDS Media Contact:Torbjørn Andersen , mob: +47 928 85 542, email: torbjorn.andersen@akersolutions.com Investor Contact:Fredrik Berge , mob: +47 450 32 090, email: fredrik.berge@akersolutions.comAker 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. Visit akersolutions.com and connect with us on Facebook (https://www.facebook.com/AkerSolutions/), Instagram (https://instagram.com/akersolutions/), LinkedIn (https://www.linkedin.com/company/aker-solutions), Twitter (https://twitter.com/akersolutions) and YouTube (https://www.youtube.com/akersolutions). This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange release was published byLars Kulsrud , Senior Manager, Communications,Aker Solutions , onDecember 13, 2021 at07:30 CET .
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