Aker Solutions Signs Subsea Services Contract With Petrobras

The contract is for a fixed term of three years valued at BRL 435 million net of taxes (NOK 1 billion) and may be extended by another three years. It covers maintenance, storage, supply of parts and technical assistance for all subsea equipment delivered by Aker Solutions to Petrobras in Brazil.

"Brazil is a key global offshore market," said Luis Araujo, chief executive officer of Aker Solutions. "We have a nearly four-decade presence in the country and are committed to finding solutions to help Petrobras develop its petroleum resources in the most efficient and sustainable manner possible."

Aker Solutions is in April opening a new subsea manufacturing center in Curitiba, doubling its local production capacity. The company is also upgrading its subsea services unit in Rio das Ostras to better meet customer demand.

The contract will be managed at the base in Rio das Ostras in Rio de Janeiro, at a local content rate of 87 percent. This builds on a commitment to develop partnerships with national suppliers.

"We are pleased to be able to continue providing top-notch services and technologies to support Petrobras' production and growth plans in the pre-salt deepwater fields," said Maria Peralta, head of Aker Solutions in Brazil.

The agreement is similar to one signed in 2011 for maintenance of equipment and other offshore services. Currently, Aker Solutions' subsea lifecycle services unit has about 360 employees in Brazil, of which 150 are part of the technical team working offshore. The company has about 1,300 employees in the country.

The contract is booked as part of Aker Solutions' first-quarter order intake.

ENDS

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 15,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.

This press release may include forward-looking information or statements and is subject to our disclaimer, see http://akersolutions.com.

Bunny Nooryani

Bunny Nooryani

Director, Communications & Investor Relations

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