Aker Solutions awarded a contract for the Norfolk Vanguard East offshore wind project

November 14, 2023 — Aker Solutions has been awarded a sizeable¹ contract from Vattenfall for the Norfolk Vanguard East Offshore Wind Farm off the coast of Norfolk, UK. The contract has a balanced risk-reward profile based on principles for long-term collaboration.  

The announcement follows the recent award for the Norfolk Vanguard West project, part of the Norfolk Offshore Wind Zone development in the United Kingdom.

The scope of work for Aker Solutions includes the engineering, procurement, construction and installation (EPCI) of the high-voltage, direct-current (HVDC) offshore platform. The fabrication of the topside will be executed in a joint venture with Drydocks World Dubai, and the substructure will be fabricated at Aker Solutions’ yard in Verdal, Norway.

The project is subject to regulatory approvals and the customer’s final investment decision. Aker Solutions will at this stage book an order intake reflecting the compensated work that is to be performed until the end of the second quarter of 2024. Further to this, Aker Solutions estimates a total contract value for the company following Vattenfall’s final investment decision to be in the range of NOK 6.0 to 7.0 billion. The contract has a balanced risk-reward profile and aligned incentives for efficient and safe delivery.

“We are pleased to announce the second award for the Norfolk Offshore Wind Zone development for Vattenfall. We look forward to supporting Vattenfall to deliver one of the largest offshore wind zones in the world,” said Sturla Magnus, Executive Vice President of New Build at Aker Solutions.

¹Aker 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

Odd Naustdal
media contact
odd.naustdal@akersolutions.com
+47 905 76 079

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 11,000 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 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.

This stock exchange release was published by William Stoichevski, Communications, Aker Solutions, on November 14th, 2023 at 18:00 CET.