Aker Solutions Awarded Subsea Contract Offshore Norway

July 9, 2021 – Aker Solutions has secured a substantial¹ contract from Aker BP to provide a subsea production system for the Kobra East & Gekko (KEG) field development, located in the Alvheim area of the North Sea.

The scope covers a complete subsea production system including four horizontal subsea trees, three manifolds, control systems, three static subsea umbilicals, as well as associated tie-in equipment and installation work. 

Work starts immediately and will involve Aker Solutions’ facilities in Brazil, Malaysia, Norway and the UK. Final deliveries are scheduled for the first quarter of 2023.

"This award continues our long-standing collaboration with Aker BP, through the Aker BP Subsea Alliance. The partnership enables Aker Solutions to engage early in the field development process, optimizing design solutions and contributing to a positive final investment decision. We look forward to continuing our alliance with Aker BP, with a continued strong focus on safe and efficient operations while helping to reduce the carbon footprint," said Maria Peralta, executive vice president and head of Aker Solutions’ subsea business.

The development comprises the two discoveries Kobra East and Gekko. The field will be developed as a subsea tie-back of approximately eight kilometers to the Alvheim FPSO, which is located in the Norwegian part of the central North Sea near the UK border. Aker BP expects that CO2 emissions per barrel will be cut in half and oil production from the Alvheim FPSO will double when KEG comes on stream.

The award will be booked as order intake in the third quarter of 2021 in the Subsea segment.

¹Aker Solutions defines a substantial contract as being between NOK 700 million and NOK 1.2 billion.

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.com

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.

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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 Lars Kulsrud, Senior Manager, Communications, Aker Solutions, on July 9, 2021 at 10:30 CEST.