Aker Solutions ASA: Update on Nordsee Ost Arbitration
March 5, 2021 – Aker Solutions has received the final ruling from an arbitration tribunal in Germany in a proceeding between Aker Solutions and a German multinational energy company. The proceedings concern the legacy project Nordsee Ost which was delivered by Kvaerner in 2013. The ruling entitles Aker Solutions to receive a recoverable cash amount of approximately EUR 67 million, of which approximately EUR 23 million relates to interest. This amount and the financial effects thereof will be recognized in Aker Solutions’ accounts when final payment has been received, expected to take place in the near term.
The recoverable cash amount will cover the receivable in the balance sheet, and in addition Aker Solutions will receive approximately EUR 23 million of interest income. The arbitration related to the legacy project Nordsee Ost was filed by Kvaerner in 2012. The arbitration proceedings were initiated regarding compensation for various changes to the work scope.
Torbjørn Andersen, mob: +47 928 85 542, email: email@example.com
Fredrik Berge, mob: +47 450 32 090, email: firstname.lastname@example.org
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.
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.