Aker Solutions awarded Limited Notice to Proceed for the next step of the Norfolk offshore wind project
November 8, 2023 — Aker Solutions has been awarded a limited notice to proceed contract from Vattenfall for the Norfolk Vanguard West Offshore Wind Farm off the coast of Norfolk, UK. The contract has a balanced risk-reward profile based on principles for long-term collaboration.
Located more than 47 kilometers from the Norfolk coast and with an installed capacity of 1.4 gigawatts, Norfolk Vanguard West will be the first phase of Vattenfall’s Norfolk Offshore Wind Zone, which also includes the Norfolk Vanguard East and Norfolk Boreas developments. Once complete, the Norfolk Offshore Wind Zone will produce enough renewable electricity to power more than four million homes.
The Norfolk Vanguard West Offshore Wind Farm is subject to regulatory approvals and Vattenfall’s final investment decision.
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 development of the entire Norfolk Offshore Wind Zone could ultimately require up to three HVDC platforms in succession, which would improve the long-term predictability and give positive repeat effects and standardization within the supplier industry,” said Sturla Magnus, Executive Vice President of New Build at Aker Solutions.
Aker Solutions will at this stage book a contract value of about NOK 4 billion in the fourth quarter of 2023 in the Renewables and Field Development segment, reflecting the compensated work that is to be performed until the expected final investment decision. Following the final award, the total contract value for Aker Solutions is estimated to be about NOK 6 billion. The contract has a balanced risk-reward profile and aligned incentives for efficient and safe delivery.
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 8th, 2023 at 10:20 CET.
