AKER SOLUTIONS ASA December 21, 2020 -Aker Solutions has been awarded a letter of intent fromNorske Shell for the Ormen Lange Phase 3 (OLP3) onshore project. The scope is to integrate the wet gas subsea compression system with the Nyhamna onshore gas plant inNorway .Subsea compression will enable increased recovery from the Shell-operatedOrmen Lange field.Aker Solutions' scope includes a 500-metric -ton module which will be fabricated at the company's yard in Egersund,Norway . The contract will have a value of approximatelyNOK 600 million . The delivery will include both engineering, procurement, construction and installation (EPCI). The awarded contract is a continuation of the front-end engineering and design (FEED) delivered byAker Solutions . The contract is called off under an established long-term frame agreement for Nyhamna brownfield modifications.Aker Solutions has been present at Nyhamna since start of the development in 2004 and the award is a testimony to the relationship betweenAker Solutions andNorske Shell . The Nyhamna plant outside Molde in Mid-Norway receives gas via underwater pipelines from several offshore gas fields, includingOrmen Lange . Nyhamna is operated by Gassco, with Shell as the technical service provider. "Aker Solutions has a global business with supporting customers in maintenance and modifications of offshore installations and onshore industrial facilities. For the new scope, we will combine our expertise on what is best practice for safe and cost-effective project execution with our extensive knowledge of the plant at Nyhamna," said Linda Litlekalsøy Aase, executive vice president, electrification, maintenance and modifications atAker Solutions . Pre-execution work will start during first half of 2021. Pending final investment decision for the OLP3 project and confirmation fromNorske Shell later in 2021, the work will progress into the execution phase. The engineering, procurement and project management will mostly be executed fromAker Solutions' offices in Stavanger and Kristiansund,Norway . The module will be delivered from the company's Egersund yard. The contract also involves civil construction and construction of new facilities at the site, which will be managed by a dedicated site team fromAker Solutions with support from partners. The work is expected to be completed in 2024. The contract will be booked as order intake in the fourth quarter of 2020 in the Electrification, Maintenance and Modifications segment. 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 helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future.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 subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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