Aker Solutions ASA: Aker Solutions earns Aker BP M&M extension

December 16, 2024 – Aker Solutions has signed a sizeable¹ two-year contract extension for maintenance and modifications work for Aker BP. The contract covers the operated field centers Valhall & Hod, Ula & Tambar, Alvheim and Skarv, offshore Norway.

The existing frame agreement where Aker Solutions and Aker BP work under a joint maintenance and modifications alliance model has been extended for a fixed period of two years, from December 2024 to December 2026, and an option to extend for an additional two years will be formalized subject to Aker BP license partners approval.

“We see clear benefits from working as one team in a fully integrated project organization with Aker BP. Working in alliances enhance efficiency, drive continuous improvement, and provide greater capacity and expertise for customers,” said Paal Eikeseth, executive vice president and head of Aker Solutions' Life Cycle segment. 

This long-term alliance is key for both companies, continuing their strategic investments in personnel, digitalization, yard facilities, and project capabilities.  

The alliance ensures a significant proportion of local deliveries, generating activity, ripple effects and employment opportunities within the Norwegian industry in locations such as Mo i Rana, Sandnessjøen, Egersund and Stavanger as well as a range of offshore sites. In addition, Aker Solutions in Mumbai, India, will make key contributions to engineering and project management within the alliance. 

"We look forward to continuing the collaboration with Aker BP, especially as the alliance's employees will begin 2025 in our new office building, Gnist, in Stavanger. The office building is state-of-the-art in terms of flexibility, technology, and workplace facilities, providing an optimal working environment for employees focused on safe, efficient, and reliable operations,” said Eikeseth. 

The award will be booked as a sizeable¹ contract award in the fourth quarter of 2024, in the Life Cycle segment, representing an estimate of the work to be called off during the two-year fixed period. 
 
¹ Aker Solutions defines a sizeable contract as being between NOK 0.5 billion and NOK 1,5 billion.

ENDS

Preben Ørbeck
investor relations
preben.orbeck@akersolutions.com
 +47 470 10 611

Ruth Lycke
media contact 
ruth.lycke@akersolutions.com 
+47 906 65 931

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 11,700 people in more than 15 countries.

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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.