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    AKSO   NO0010716582

AKER SOLUTIONS ASA

(AKSO)
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Aker Solutions Wins Two Platform FEED Contracts for NOA and Froy

09/16/2021 | 10:12am EDT

Aker Solutions has been awarded two front-end engineering and design (FEED) contracts from Aker BP for the NOA Fulla field development on the Norwegian Continental Shelf. Illustration: Aker BP

This include the FEED for the NOA processing, drilling and quarters platform (PdQ) and for the normally unmanned Froy wellhead platform (NUI), both operated by Aker BP. The FEED contracts make Aker Solutions well positioned for further contracts if the field development moves into the execution phase in 2022. They could potentially represent a value of more than NOK 10 billion for Aker Solutions, subject to final investment decision.

The FEED contracts are awarded to Aker Solutions as part of the Fixed Facilities Alliance between Aker BP, Aker Solutions and Siemens Energy. The scope of the FEED for the NOA PdQ is expected to include a topside weighing about 22-24,000 metric-tons and a jacket substructure weighing about 15,000 metric-tons. The scope of the FEED for the Froy NUI includes a topside weighing about 2,000 metric-tons and a jacket substructure with operational weight of about 4,500 metric-tons.

The Froy NUI will be a close copy of the Hod B wellhead platform delivered by Aker Solutions in July 2021. It will be the third wellhead platform project delivered by the Fixed Facilities Alliance established in the spring of 2017.

The award follows the successful completion of the front-end concept and study phase, and the work starts immediately with planned completion at the end of the third quarter of 2022. The FEED work will be led by Aker Solutions' offices in Fornebu, Norway, with a share of the engineering executed from Mumbai, India.

'We are looking forward to working together with Aker BP and our alliance partners on this significant field development, and to mature the project towards final investment decision. This major project is likely to have significant positive effects on employment in our operations in Norway and shows the importance of our strong front-end capabilities,' said Sturla Magnus, executive vice president and head of Aker Solutions' topside and facilities business.

About the Field

The NOAKA area is located between Oseberg and Alvheim in the Norwegian North Sea. The area holds several oil and gas discoveries with gross recoverable resources estimated at more than 500 million barrels of oil equivalents, with further exploration and appraisal potential. Aker BP and Equinor will jointly develop and operate NOAKA, with LOTOS Exploration and Production Norge AS as license partner. Aker BP is operator of NOA Fulla. Equinor of Krafla.

The ambition is to develop the NOAKA area with a minimal carbon footprint and the facilities will be powered from shore. Digital solutions will be used extensively to ensure high efficiency and low emissions.

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 15,000 people in more than 20 countries.

Contact:

Media

Odd Naustdal

Topside and Facilities

T: +47 905 76 079

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA -0.83% 335.2 Real-time Quote.55.04%
AKER SOLUTIONS ASA -3.48% 22.99 Real-time Quote.39.76%
FRØY ASA 0.10% 49.55 Real-time Quote.0.00%
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Sales 2021 28 059 M 3 359 M 3 359 M
Net income 2021 210 M 25,1 M 25,1 M
Net Debt 2021 3 945 M 472 M 472 M
P/E ratio 2021 53,8x
Yield 2021 0,18%
Capitalization 11 150 M 1 332 M 1 335 M
EV / Sales 2021 0,54x
EV / Sales 2022 0,46x
Nbr of Employees 14 789
Free-Float 44,9%
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