5967007LIEEXZXG42836-2024-12-31-en



5	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Key Figures


		2024	2023
Orders and Results
Order backlog December 31	NOK mill	60,885	72,680
Order intake	NOK mill	40,085	35,303
Revenue	NOK mill	53,201	36,262
EBITDA	NOK mill	4,568	1,166
EBITDA margin	Percent	8.6	3.2
EBITDA ex. special items	NOK mill	4,632	1,295
EBITDA margin ex. special items	Percent	8.7	3.6
EBIT	NOK mill	3,388	422
EBIT margin	Percent	6.4	1.2
EBIT ex. special items	NOK mill	3,474	611
EBIT margin ex. special items	Percent	6.5	1.7
Net income (loss) from continuing operations	NOK mill	2,665	-15
Net income (loss) from discontinued operations	NOK mill	0	11,540
Net income from total operations	NOK mill	2,665	11,525
Net income total operations ex. special items	NOK mill	3,201	2,428

Cash Flow
Cash flow from operating activities	NOK mill	3,107	6,216


		2024	2023
Balance Sheet
Net interest-bearing debt	NOK mill	-2,860	-6,003
Equity ratio	Percent	30.8	45.9
Liquidity reserve	NOK mill	5,860	9,003

Share
Share price December 31	NOK	31.1	42.0
Basic earnings per share	NOK	5.51	23.81
Basic earnings per share ex. special items	NOK	6.62	5.20

Employees
Total employees December 31	Own employees	11,777	11,473
Female top management	Percent	33.33	30.40

HSSE
Serious incident frequency	Per million worked hours	0.28	0.12
Total recordable injury frequency	Per million worked hours	2.47	1.29
Sick-leave rate	Percent of total working hours	4.05	3.37
CO2 emissions intensity	tCO2e per million NOK	19.16	24.71



6	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

LOCATIONS

Together we Make a Difference

11,800

Employees

Countries with Operations

As of December 2024


Angola	Brazil	Brunei
Canada	China	Finland
France	India	Malaysia
Norway	Poland	Saudi Arabia
Sweden	USA	UK



7	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Highlights


	People
	People
	During 2024, Aker Solutions welcomed more than 1,700 new employees. The company was again ranked as the 2nd most attractive employer by engineering and computer science students in Norway.


	HSSE
	HSSE
	Safety is a core priority. Aker Solutions delivered good HSSE performance considering the increased workload and high proportion of skilled workers in risk-exposed roles.


	Financials
	Financials
	Revenue in 2024 increased to NOK 53.2 billion, a growth of 47 percent from 2023, with EBITDA margins, excluding special items improving from 3.6 percent to 8.7 percent.


	Backlog
	Backlog
	Backlog at year-end stood at NOK 60.9 billion, dominated by projects under the well- proven alliance model with Aker BP.


	Tendering
	Tendering
	Tender pipeline at year- end was about NOK 86 billion, which is higher than before the record- intake in December of 2020.


	Transition
	Transition
	Share of revenues in 2024 from Renewables and Transitional Energy Solutions was 18 percent. This includes projects within offshore wind, hydropower, CCS, electrification and decommissioning.



8	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

CEO

Introduction

I am pleased to report that 2024 was another successful year for

Aker Solutions. We have delivered significant revenue growth,

improved profitability, and progressed well on our transformation

journey and strategy. In addition, we have distributed more than

NOK 11 billion to shareholders during the year.



9	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Across our organization, 2024 has been a year

of high activity, executing some of the most

interesting and challenging energy projects in

the world. From oil and gas to offshore wind,

electrification, carbon capture and storage

(CCS), hydrogen and hydropower, I am delighted

to see that Aker Solutions’ competences and

solutions are in high demand.

To safeguard the execution of our large backlog,

we have invested in our organization and

facilities, as well as implemented new

technologies and digital solutions. One example

is the fully robotic production line at Verdal

officially opened in September. I am proud to see

that we are already seeing improvements in

efficiency, quality and safety, all leading to

enhanced capacity, lower costs and shorter

delivery times.

The energy markets continue to be impacted by

the trilemma of energy security, affordability and

sustainability. Oil and gas will continue to play an

important role in the energy mix and is a key

input factor for industrial processes. The oil and

gas industry is actively seeking ways to reduce

carbon emissions, an area where Aker Solutions

offers unique competences and solutions to help

our customers reach their energy and emission

targets.

For more than 50 years, Aker Solutions has been

a leading supplier of a comprehensive spectrum

of services and solutions to international oil and

gas projects. We see that our vast experiences

and broad capabilities are also needed to help

accelerate the energy transition. This

corresponds well with our purpose “to solve

global energy challenges for future generations”.

In Aker Solutions, safety is our first priority. We

work hard every day to prevent accidents and to

make sure all employees return safely home from

work. During the year, Aker Solutions has

delivered solid HSSE performance especially

considering the high workload.

In 2024, we continued to deliver on both our

financial and operational targets. Revenue grew

more than 47 percent from 2023, driven by high

activity across segments and locations.

Profitability also improved, enabling solid cash

generation from our operations.

The bulk of our backlog relates to projects under

the Norwegian Continental Shelf tax incentives

agreement, also known as the ‘activity package’.

The majority of these projects are being

executed under the well-proven ‘Alliance Model’

with Aker BP and our strategic delivery partners.

These project delivery models align partners

around common drivers to reduce time to first oil,

which results in value creation for both

customers, contractors, our shareholders and

our company.

We are also progressing well on our transition

journey. Key milestone projects were the delivery

of the Northern Lights storage terminal, the

mechanical completion of the Brevik carbon

capture plant and the connection to power from

shore on the Troll West electrification project.

Despite continued high ambitions, the

renewables market remains immature. During the

year, Aker Solutions took additional loss

provisions on the legacy renewables project

portfolio. We continue to be very selective on

which projects to take on, focusing exclusively

on customers who see the value of working in

long-term partnerships with balanced risk-reward

profiles and aligned incentives for safe and

efficient delivery.

Digitalization is a vital part of how we execute

our projects, improving efficiency, safety and

collaboration. Together with our partners

Microsoft, Cognite, Aize and Accenture, we are

making good progress on our digital journey,

delivering real results to clients such as Aker BP.

2024 was also a milestone year for the

development of our organization. Aker Solutions

welcomed more than 1,700 new employees

across the globe. In Norway, we were again rated

as the second most attractive employer among

engineering students and professionals.

Competence development programs continued

across the company, ensuring that our people

have the right skills to solve future energy

challenges.

To summarize, Aker Solutions took important

steps to deliver on our ambitions and strategy

during 2024. The market outlook remains

positive and Aker Solutions is well positioned to

capitalize on the structural changes in world

energy markets.

Together, we will #PowerTheChange!

Best Regards,

Kjetel Digre

CEO, Aker Solutions



10	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Board of

Directors’ Report

2024 was an important year in the development of Aker

Solutions. Revenue grew by more than 47 percent year-on-

year with improved profitability. The outlook for the

company remains positive, with a solid backlog of secured

projects and high tendering activity across energy markets.

During the year, Aker Solutions distributed about NOK 11.5 billion to its shareholders

through cash dividends and share buybacks. This includes an extraordinary dividend

of NOK 21 per share in December 2024. The company’s financial position remains

robust, enabling it to continue investing in the development of the company and its

employees in the years to come, while providing solid returns to its shareholders.

Aker Solutions delivered revenue of NOK 53.2 billion in 2024, a 47 percent increase

from 2023. EBITDA excluding special items increased from NOK 1.3 billion to NOK

4.6 billion improving the EBITDA margin from 3.6 percent to 8.7 percent. Further,

Aker Solutions secured an order intake of NOK 40.1 billion in 2024, resulting in an

order backlog at year-end of NOK 60.9 billion, reflecting a continued strong energy

market outlook and high demand for the company’s products and services.



11	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Overview

Building on nearly two centuries of technological and engineering

excellence, Aker Solutions is a digitally driven engineering and

project execution company.

Aker Solutions provides products, systems and services ranging

from concept studies and front-end engineering to integrated

project execution and services to the global oil and gas industry.

Aker Solutions also delivers consultancy and engineering services

as well as technical solutions to support energy transition projects

within offshore wind, electrification, hydrogen, carbon capture and

storage and hydropower. The main customers are international,

national and independent energy companies involved with

production of oil and gas, and renewable energy.

The head office is at Fornebu, Norway. Aker Solutions ASA is listed

on the Oslo Stock Exchange under the ticker AKSO. Aker Solutions

employs approximately 11,800 people in 15 countries.

Aker Solutions’ purpose is to solve global energy challenges for

future generations. In everything the company does, it is guided by

a sustainability mindset. The company ensures safe operations for

its people and the environment, and has robust social and

governance programs in place.

Read more about the company on its website.

Organization

In 2024, Aker Solutions’ organization was divided into four business

segments; New Build, New Energies, Life Cycle and Power

Solutions.

The company has two external reporting segments; Renewables

and Field Development, and Life Cycle. In addition, Aker Solutions

reports on its holding in OneSubsea.

There has been several changes to the executive management

team in 2024. In April, Henrik Inadomi was appointed as executive

vice president for New Energies, having served as interim since

November 2023.

Also in April, Guro Rausand was appointed executive vice president

of Safeguarding, joining Aker Solutions from OneSubsea, where

she was heading up major projects.

Stephen Bull, executive vice president of Strategy, Portfolio and

Sustainability, left Aker Solutions in April 2024, to join Vårgrønn as

CEO. Following this, Signy Elde Vefring has taken the role as

executive vice president for Strategy and Technology, previously

serving as executive vice president Digitech.

Attitudes

Aker Solutions is powered by Attitudes. They describe who the

company is, what it does and how it will deliver its purpose. The

Attitudes also define what the company’s employees expect and

encourage from each other to succeed. It is how they

#PowerTheChange.

◼ They are Safeguarders that commit to health, safety, security

and environment (HSSE) and quality, acting with integrity.

◼ They are Solutioneers that solve the hardest challenges for their

customers with optimism and determination.

◼ They are experienced Changemakers challenging accepted

truths, accelerating the transformation.

◼ They are Co-creators that mobilize their collective

capabilities and respect each other’s views.



12	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Market Outlook and Strategy

There are considerable changes across Aker Solutions’ global

markets, driven by the energy trilemma of balancing the need for

energy reliability, affordability and sustainability.

The global oil and gas markets continue to be important for Aker

Solutions. During 2024, Aker Solutions has worked on several large

oil and gas projects, such as Johan Castberg, Rosebank, Jackdaw

and the Aker BP projects Hugin A, Hugin B, Valhall and Fenris.

An important milestone during the year was the successful sail

away and anchoring of the Johan Castberg FPSO in the Barents

Sea. The project has engaged more than 11,000 people with

contributions from many of Aker Solutions’ facilities in Norway and

abroad.

Decarbonization of oil and gas operations is high on the agenda for

both policy makers and operators. Aker Solutions is currently

engaged in several projects intended to reduce emissions from oil

and gas operations, including the electrification of Troll West, Njord

and Draugen platforms in the North Sea.

Within CCS, Aker Solutions is engaged across the entire CO2 value

chain, with contracts for the Heidelberg carbon capture plant and

for the Northern Lights terminal for receiving captured CO2. The

latter was officially opened in October 2024.

Aker Solutions also has a broad offering within renewables markets,

such as offshore wind and hydropower.

Within offshore wind, Aker Solutions delivers solutions and services

for full field developments, including foundations, converter- and

substations, and power distribution solutions. Aker Solutions is

currently working on several milestone projects, particularly within

HVDC converter platforms to the UK and US markets.

Despite high interest and ambitions, the renewables industry

remains immature. Aker Solutions remains selective on which

projects to take on, exclusively focusing on customers and projects

with balanced risk-reward profiles. In addition, Aker Solutions is

working closely with its customers and strategic partners to improve

delivery models and develop innovative solutions driving down the

cost of energy.

Aker Solutions has an ambition to position its energy consultancy

business Entr as a leading advisory and engineering force for driving

the energy transition. The entity is engaged in work across different

energy markets, such as oil and gas, offshore wind, CCS and hydrogen,

as well as combination of these in integrated energy systems.

In 2024, study revenue in the Entr, Aker Solutions’ energy

consulting entity, increased by more than 50 percent compared to

2023. About half of the volume was related to renewables and

transitional energy projects. By engaging early in emerging

markets, Aker Solutions is developing new customer relationships,

deepening its market insights and growing its position for the

future.

With a solid order backlog of projects with balanced risk-reward

profiles, Aker Solutions has good visibility on activity levels in the

years to come. In addition, the company had a tender pipeline of

about NOK 86 billion at year end.

Technology and Innovation

Building on a history of technological and engineering

accomplishments, Aker Solutions is well positioned to leverage core

capabilities and maintain a strong position in oil and gas, while growing

its offering within renewables and transitional energy solutions.

Digitalization is a key enabler for Aker Solutions’ transformation

journey and has become a vital part of how the company is

executing its projects and services. The company is collaborating

with partners, including companies in the Aker group, to develop,

commercialize and scale new and innovative digital tools and

solutions.

The company’s strong focus on digitalization continued throughout

2024. The Yggdrasil field development, operated by Aker BP, aims

to transform the way Aker Solutions delivers projects through a fully

digitalized project execution model, which is setting new standards

for cost efficiency. In addition, Aker Solutions is working closely

with its partners to adopt and apply artificial intelligence across its

operations to improve efficiency.

Long-term Targets and Strategy Execution

Through the enterprise performance management process, Aker

Solutions sets long-term targets and yearly objectives to execute

on the company’s strategy.

The framework for execution consists of objectives and key results

(OKRs), and key performance indicators (KPIs) that define Aker

Solutions’ strategic focus areas and the performance towards long-

term targets.

The long-term targets and KPIs are divided into three categories -

financial, organizational, and transitional.

Financial KPIs focus on profitability and cash generation from

operations. Organizational and operational KPIs center around

health and safety, people engagement and effectiveness measured

through people surveys. Transitional KPIs focus on the transition

journey, for example the use of digital solutions, share of revenues

from renewables and transitional energy solutions, and emission

reductions.



13	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Financial Overview

Financial Performance

Aker Solutions presents its consolidated financial statements in

accordance with IFRS® accounting standards as adopted by the EU.

All financial information, except those in the Parent Company

Financial Statements, relate to the consolidated financial

statements for the group, since the parent company has very

limited operations. All figures refer to continued operations.

Consolidated Financial Results

Aker Solutions’ revenue increased significantly to NOK 53.2 billion

in 2024 from NOK 36.3 billion in the prior year. Earnings before

interest and other financial items, taxes, depreciation and

amortization (EBITDA) for the full year 2024 increased to NOK

4,568 million (8.6 percent) compared to NOK 1,166 million (3.2

percent) a year earlier. EBITDA excluding special items was NOK

4,632 million, compared to NOK 1,295 million a year earlier. This

corresponds to an increase of the EBITDA margin excluding special

items to 8.7 percent compared to 3.6 percent for 2023.

Interest income was NOK 397 million in 2024, compared to NOK

353 million in the previous year. Interest expenses were NOK 252

million compared to NOK 227 million the year before. Income

before tax increased to NOK 3,349 million in 2024 from NOK 95

million the year before.

Net income from continuing operations in 2024 was NOK 2,665

million compared with NOK -15 million the previous year. Net

income excluding special items in 2024 was NOK 3,201 million

compared with NOK 2,428 million the previous year. Earnings per

share were NOK 5.51 versus NOK 23.81 in 2023. Excluding special

items, the earnings per share for 2024 were NOK 6.62 versus NOK

5.20 the previous year.

External Reporting Segments

The company has two reporting segments for communication to

shareholders and the financial markets: The Renewables and Field

Development segment, and the Life Cycle segment.

Segment Key Figures

Renewables and Field Development

The Renewables and Field Development segment designs and

delivers integrated solutions for oil and gas platforms, onshore

facilities, offshore wind developments and carbon capture and

storage facilities.

Renewables and Field Development revenue increased to NOK 38.1

billion in 2024 from NOK 22.5 billion the year before. The EBITDA

margin increased to 8.1 percent from 4.3 percent the year earlier.

The full-year order intake increased to NOK 24.0 billion in 2024

from NOK 22.5 billion in the prior year. This represented a book-to-

bill ratio of 0.6. The order backlog was NOK 37.5 billion at the end

of the year 2024 versus NOK 51.4 billion a year earlier.

Life Cycle

The Life Cycle segment optimizes field life solutions. It has

specialized capabilities for efficient execution of a range of

maintenance and modifications services for offshore infrastructure,

and offers decarbonization solutions, such as electrification.

Life Cycle revenue increased to NOK 13.2 billion in 2024 from NOK

13.1 billion the year before. The EBITDA margin was 6.9 percent

versus 5.2 percent a year earlier.

The full-year order intake was NOK 15.0 billion in 2024, compared

to NOK 11.8 billion in the prior year. This represented a book-to-bill

ratio of 1.1. The order backlog stood at NOK 22.5 billion at the end

of 2024 versus NOK 20.6 billion a year earlier.


	Renewables and Field Development		Life Cycle
Amounts in NOK million	2024	2023	2024	2023
Revenue	38,090	22,520	13,249	13,072
EBITDA	3,097	973	920	686
EBITDA margin	8.1%	4.3%	6.9%	5.2%
EBITDA ex. special items	3,097	979	920	686
EBITDA margin ex. special items	8.1%	4.3%	6.9%	5.2%
EBIT	2,312	597	782	565
EBIT margin	6.1%	2.7%	5.9%	4.3%
EBIT ex. special items	2,315	603	783	565
EBIT margin ex. special items	6.1%	2.7%	5.9%	4.3%
NCOA (or working capital)	-6,035	-6,035	442	537
Order Intake	24,011	22,523	14,951	11,781
Order Backlog	37,508	51,405	22,454	20,579
Employees	6,449	6,121	4,134	4,220



14	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Assets, Equity and Liability

Non-current assets totaled NOK 18.3 billion at the end of 2024,

compared with NOK 17.3 billion the year before. Goodwill and other

intangible assets were NOK 3.5 billion at year-end compared to

NOK 3.6 billion in 2023. The company had a net cash position of

NOK 2.9 billion in 2024, compared with a net cash position of NOK

6.0 billion in the prior year. The net cash consists of current and

non-current borrowings and cash and cash equivalent.

The company ended the year with a total liquidity buffer of NOK 5.9

billion consisting of cash and bank deposits of NOK 2.9 billion as

well as committed long-term revolving bank credit facilities of NOK

3.0 billion with maturity in 2028. The liquidity buffer at the end of

2023 was NOK 9.0 billion.

The book value of equity, including non-controlling interests, was

NOK 11.1 billion at the end of 2024. The company’s equity ratio was

30.8 percent, down from 45.9 percent a year earlier, driven by the

extraordinary dividend paid out in December 2024.

Cash Flow

Consolidated cash flow from operating activities depends on

several factors, including progress on and delivery of projects,

changes in working capital and prepayments from customers.

Net cash flow from operating activities was NOK 3,107 million in

2024 compared with NOK 6,216 million a year earlier. Net current

operating assets was NOK -7,848 million at the end of 2024 versus

NOK -8,484 billion a year earlier. Net current operating assets may

fluctuate due to the timing of large milestone payments on projects

as well as other timing effects and working capital movements.

Aker Solutions’ net cash outflow for investing activities was NOK

5,876 million in 2024, compared with net cash outflow of NOK

4,147 million a year earlier. Investments in technology development

and IT were NOK 51 million, compared with NOK 388 million a year

earlier. Net cash outflow related to financing activities was NOK

12,387 million, compared to NOK 2,483 million in 2023.

Total 2024 R&D expenditure was NOK 134 million, of which NOK

46 million was capitalized and NOK 88 million was expensed. The

research and development portfolio included several key

development programs for future and current prospects.

Parent Company Financial Statements

Aker Solutions ASA, the parent company of the Aker Solutions

group, owns and manages the group’s subsidiaries. Aker Solutions

ASA has outsourced all company functions to other companies in

the group, mainly Aker Solutions AS. Assets and liabilities related to

the corporate treasury function are held by Aker Solutions ASA.

Aker Solutions ASA had a net income of NOK 1,470 million in 2024.

The income is mainly group contribution while costs in the company

mainly consist of corporate costs and interest expenses. The net

income was NOK 9,262 million in 2023.

More information on the allocation of profits can be found in the

income statement of the parent company in this report.

Dividend Policy

Aker Solutions’ overall objective is to create long-term value for its

owners in the form of an increase in the value of the company’s

shares over time and/or dividend payments or share buy-backs, or a

combination of these.

The company has an ordinary dividend policy targeting annual

distributions of 40-60 percent of adjusted net profit over time,

through a combination of dividends and share buybacks. Any

dividend is subject to an annual evaluation by the board and will be

based on the company’s financial position and re-investment

opportunities based on strict principles for capital allocation. The

dividend policy supports the company in balancing the target of

annual dividends over time while building financial robustness and

maintaining a strong balance sheet with adequate liquidity reserves

to handle future obligations as well as realizing objectives for

strategic development and delivering of shareholder value.

Given the company’s solid financial position and positive outlook,

the Board of Directors has proposed a dividend payment of NOK

3.30 per share to be paid in 2025, for the fiscal year 2024. This

equals approximately 50 percent of the 2024 adjusted net profit, an

increase from NOK 2.00 per share for 2023.



15	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Risk Factors

Aker Solutions’ global footprint, operations and exposure to energy

markets provide both opportunities and risks that may affect the

company’s operations, performance, finances, reputation and share

price. External risk factors such as market risk, supply chain risks,

pandemics, cybercrime, compliance and integrity risks, political

risks, risks related to civil or political unrest including war, and

climate-related risks may have a significant adverse impact on the

company, in addition to internal risk factors such as operational

risks and financial risks. Several of these risk factors are described

below.

Looking ahead, Aker Solutions sees that possible increased

polarization in the geopolitical landscape may influence business

opportunities and supply chains. The development is monitored

closely, and the company will if required seek to take proactive

measures.

Cybercrime Risk

There is a risk of cybercriminals and cyber attacks causing system

downtime or significant loss of intellectual property. Insufficient

capacity and capabilities within current teams to follow up

information security controls and threat advisories may cause

unproductive time (internal and external) because of system

downtime, loss of intellectual property, breach of personal data and

impact on reputation. Aker Solutions is continuously improving its

cybersecurity incident response capabilities.

Market Risk

The market outlook for Aker Solutions remains positive, with

increased spending forecasted across relevant energy markets. The

energy trilemma (security, transition and affordability) is expected

to drive investments across energy sources in both oil and gas and

renewables.

However, the energy industry continues to be affected by several

external factors which may impact future activity levels. Some of

the principal factors that contribute to market risk are outlined

below:

◼ Instability in the world economy as a result of virus pandemics,

barriers to trade such as tariffs or risks related to civil or political

unrest and war, including impacts such as supply chain

disruptions

◼ Volatile oil and gas market, major changes in supply, demand

and storage having an adverse impact on energy prices which is

likely to impact activity levels

◼ Uncertainty regarding future contract awards and their impact

on future earnings and profitability

◼ Climate change and speed of the energy transition to

renewables and lower carbon economy, including environmental

requirements, impact upon oil company activities and the overall

development of the market

◼ Regional, state and local regulations and government practices

impacting commercial frameworks and approval processes for

relevant markets

◼ Local content requirements, legislative restrictions and/or

prohibitions on oil and gas activities in countries of existing or

planned operations

◼ Contracting models with unbalanced risk-reward profiles

◼ Liabilities under environmental laws or regulations

These factors will influence underlying energy prices and customer

investment activity levels across relevant markets. Such market

developments may lead to capacity adjustments and changes in the

valuation of company assets and liabilities.

Aker Solutions is committed to an active policy of risk management

and will take mitigating actions to increase flexibility in its

operations, for instance by seeking to reduce costs, develop its

global workforce, invest in developing new technologies and

solutions, and enhance standardization and simplification.

The company aims to be agile in its approach to the market,

effectively adapting to industry demand, environment social and

governance (ESG) requirements, and fluctuations to deliver optimal

value and rewards across the value chain. A focus on continuous

improvement in productivity and sustainability is central to these

efforts. Entering new market segments also presents new

opportunities and risks.

Operational Risk

Aker Solutions uses both reimbursable and fixed-price contracts.

Contracts that include fixed prices for all or parts of the deliverables

are subject to the risk of potential cost overruns. Aker Solutions is

involved in projects that are both demanding and complex in nature,

with significant design and engineering requirements, as well as

extensive procurement and manufacturing of equipment, sourcing

supplies and construction management. In certain situations, the

projects may also require the development of innovative new

technology and solutions. These can impact the company’s ability

to deliver on time and in accordance with a contract, potentially

harming Aker Solutions’ reputation, performance and finances.

Factors that may have an adverse material effect on the business,

results of operations and finances of Aker Solutions include, but are

not limited to:

◼ Labor markets and resources required to execute projects

◼ The ability to safeguard multiple large projects

◼ The loss of business from a significant customer, the failure to

deliver a significant project as agreed, or alterations to the order

backlog

◼ The ability to compete effectively and maintain market positions

and sales volumes

◼ The ability to successfully commercialize new technology,

including within digitalization

◼ Partnerships, joint ventures and other types of cooperation that

expose the company to risks and uncertainties outside its

control

◼ Non-delivery and/or disputes with key supplier(s)

◼ Delays or quality issues impacting project delivery or

performance

◼ Supply chain disruptions and prices of raw materials, longer lead

times, capacity of fabrication years, logistics



16	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Risks related to HSSE are defined as a risk category in the

Enterprise Risk Management (ERM) procedure. On a company level,

these risks include physical security threats, crisis management

risks, the risk of major accidents related to malfunctions in our

products and/or insufficient service and the risk for fatalities,

serious injuries or environmental spills in our own operations.

Additional information on management of safety-related risks is

included in the Health, Safety and Well-being chapter of this report.

Compliance and Integrity Risks

Aker Solutions shall conduct its business with integrity, respecting

the laws, cultures, dignity and rights of individuals in all of the

countries where the company operates. Aker Solutions has a Code

of Conduct which is endorsed by the Board of Directors and

constitutes a framework for managing compliance and integrity

risks. It describes Aker Solutions' commitments and requirements

regarding business practice, personal conduct and expectations

towards business partners.

The Code of Conduct and other compliance procedures are

implemented and operationalized in the line of business through a

global compliance program. The global compliance program is

designed to help the company promote a culture of compliance and

integrity, and to prevent, detect and respond to non-compliances,

breaches of law, regulations or internal policies.

Aker Solutions has established policies and procedures in order to

comply with applicable ethical standards, laws and regulations

domestically and internationally. Aker Solutions could,

nevertheless, potentially become involved in unethical behavior,

either directly or through third parties or partners. The company has

operations in countries associated with high political, corruption

and human rights risks. Key tools to reduce these risks are the

company’s code of conduct, global compliance program including

anti-corruption and human rights frameworks, which are

implemented at Aker Solutions’ locations globally. Risks are

managed through country risk assessments, sanctions and trade

compliance assessments, mandatory compliance and integrity

awareness training, compliance reviews and integrity due diligence

process of business partners.

The company is certified to the management system requirements

of ISO 9001, 14001, 45001 and 3834, and is working toward

certification for ISO 50001. As these certifications commit Aker

Solutions to follow applicable laws and regulations, these can be

viewed as mitigation measures for compliance risk in general.

Aker Solutions has zero tolerance for corruption and works

vigilantly to prevent such behavior. The company has control

systems in place throughout the organization that are designed to

identify and limit the effects of violations of the Code of Conduct.

Employees violating the code face consequences ranging from a

warning to dismissal.

Aker Solutions is committed to building a culture of trust where

employees are comfortable to ask questions, seek guidance, raise

concerns and report suspected violations. Aker Solutions’

whistleblowing channel allows anyone (including externals) to

report concerns, incidents, breaches or suspected breaches of the

Code of Conduct, other internal policies, or laws and regulations.

The company does not tolerate retaliation against anyone who

speaks up in good faith.

Financial Risks

The objective of financial risk management is to manage exposure

to increase predictability of earnings and minimize potential

adverse effects on financial performance. Financial risk

management and exposures are described in detail in note 21 and

capital management is described in note 22. The main financial

risks are:

◼ Currency risk: Aker Solutions has international operations and is

exposed to currency risk on commercial transactions, assets,

and liabilities when payments and revenues are denominated in

a currency other than the functional currency of the respective

entity. The currency risks in all major contracts that contain

currency exposure are hedged with external banks in the

foreign exchange market. More than 80 percent of the hedging

volume either qualifies for hedge accounting or is presented

separately as hedges of embedded derivatives. Contracts in split

currency and contracts reimbursable per cost currency are also

used to avoid or reduce currency exposure in contracts. Aker

Solutions has historically operated in some jurisdictions where

regulations and requirements limit the convertibility of local

currency and restrict free flow of cash. Currency variation

clauses, escalation mechanisms and currency options are also

used to mitigate contingent currency exposures, for example in

tenders and other transactions pending final approval or

investment decision.

◼ Liquidity risk: Liquidity risk is the risk that the company is unable

to meet the obligations associated with its financial liabilities.

The corporate treasury department ensures financial flexibility

by forecasting cash flow needs and maintaining sufficient

liquidity reserves and available committed credit lines. Aker

Solutions continues to have a robust balance sheet and good

visibility on future activity levels. The undrawn revolving credit

facility (RCF) of NOK 3.0 billion is maturing in January 2028.

The RCF and cash reserve together constitute a sufficient

liquidity reserve for the company.

◼ Interest rate risk: The company’s interest exposure mainly arises

from the cash position of more than NOK 2.9 billion as of year-

end 2024. Currently Aker Solutions has no external debt. As the

company has no significant interest-bearing operating assets,

operating income and operating cash flow are substantially

independent of changes in market interest rates.

◼ Credit risk: Credit risk is the risk of financial losses if a customer

or counterparty to financial receivables and financial

instruments fails to meet contractual obligations. Financial

instruments and financing are done with reputable and highly

rated banks and financial institutions, of which the credit risk is

considered to be low. The credit risk related to customers’ ability

to pay is assessed in the bid phase and during execution of a

project. Most of the customers in traditional oil and gas projects

are highly rated energy companies, where the credit risk is

considered to be limited. New customers in the renewable

energy sector may represent an increased credit risk. However,

most customers in the renewables sector are leading renewable

energy companies and highly rated energy companies where

Aker Solutions’ products support their decarbonization efforts



17	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

and transition to renewables. The credit risk is monitored

closely, especially for lower rated companies, new customers,

key partners and suppliers. As a result of the COVID-19

pandemic, tense geopolitical situation and general market

uncertainties, credit risk has increased in most industries over

the past few years. Due to a predominance of large international

companies with a relatively low credit risk in its customer base,

Aker Solutions’ overall exposure to credit risk related to

customers’ ability to pay is considered low.

◼ Price risk: Aker Solutions is exposed to fluctuations in market

prices which are mitigated in the bid process to a great extent

by locking in committed prices with vendors or through

escalation clauses with customers.

Risk Management

Aker Solutions’ approach to enterprise risk management, risk

management and internal controls is based on the principles in ISO

31000, Project Management Institute and the Committee of

Sponsoring Organizations of Treadway Commission (COSO)

frameworks, however, without applying all elements of these

standards. Climate-related risk is also evaluated in accordance with

Task Force on Climate-related Financial Disclosures (TCFD) and is

described in the Sustainability Statement of this report, specifically

in section IRO-1: Description of the processes to identify and assess

material impacts, risks and opportunities.

Aker Solutions has company-wide governing documents and tools

for each defined risk category on how to assess, respond to and

report on risks actively and systematically. The assessment,

definition, follow-up and implementation of adequate mitigating

actions towards the main risk factors are all integral parts of the

overall governance of the company.

Aker Solutions applies a combination of risk management practices

in order to effectively manage the risk to the company such as:

mandatory internal key controls and safeguarding processes for

tender and projects in execution, scenario planning, sensitivity

analysis, and regular reviews.

Liability Insurance

The directors and officers of Aker Solutions ASA are covered under

an Aker group director and officer’s liability insurance (D&O). The

insurance covers personal legal liabilities including defense and

legal costs. The officers and directors of the parent company and all

subsidiaries globally (owned more than 50 percent) are covered by the

insurance. The cover also includes employees in managerial positions

or employees who become named in a claim or investigation.

Going Concern

While geopolitical instability continue to influence the energy market,

Aker Solutions is well positioned to mitigate these challenges.

The order backlog is strong and balanced, and the financial

platform has been improved. Nevertheless, uncertainties in labor

markets and availability of qualified resources remains a concern.

Market volatility remains a concern for most companies, and this is

also the case for Aker Solutions. Potential future effects of

instability are difficult to predict. However, the assessment is that

Aker Solutions has the resources, organization, competence, assets

and customer base well suited for the future energy markets.

In accordance with the Norwegian Accounting Act, the Board of

Directors confirms that the consolidated financial statements and

parent company financial statements have been prepared based on

the going-concern assumption.



18	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Sustainability

Statement

Sustainability at Aker Solutions means making responsible business

decisions that create value while protecting the environment and

contributing to the good of society. We work to ensure safe operations

for our people and the environment, and have robust social and

governance programs in place.

Since 2008, Aker Solutions has been a signatory to the UN Global Compact, the world’s largest

corporate sustainability initiative, and is committed to its ten principles. We respect and adhere to

the precautionary principle (Principle 7). We have published corporate responsibility/sustainability

reports since 2006, with annual releases since 2010.



19	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Sustainability Statement

This content index lists the disclosure requirements that have been adhered to in this statement. It serves as

a navigational tool, guiding stakeholders to the respective sections where detailed disclosures are presented.


General
General		21
BP-1	General Basis for Preparation of Sustainability Statement	24
BP-2	Disclosures in Relation to Specific Circumstances	24
Governance		25
GOV-1	Role of Administrative, Management and Supervisory Bodies	25
GOV-2	Information Provided to and Sustainability Matters Addressed by the Undertaking’s Administrative, Management and Supervisory Bodies	26
GOV-3	Integration of Sustainability-related Performance in Incentive Schemes	27
GOV-4	Statement on Due Diligence Mapping of Information on Due Diligence Process	27
GOV-5	Risk Management and Internal Controls over Sustainability Reporting	27
Strategy		28
SBM-1	Strategy, Business Model and Value Chain	28
SBM-2	Interests and Views of Stakeholders	30
SBM-3	Material Impacts, Risks and Opportunities and their Interaction with Strategy and Business Model	36
IRO Management		32
IRO-1	Description of the Processes to Identify and Assess Material Impacts, Risks and Opportunities	32


Environment
ESRS E1 - Climate Change		44
E1-1	Transition Plan for Climate Change Mitigation	44
E1-2	Our Policies and Plans Addressing Climate Change	46
E1-3	Actions and Resources in Relation to Climate Change Policies	47
E1-4	Targets Related to Climate Change Mitigation and Adaptation	48
E1-5	Energy Consumption and Mix	50
E1-6	Gross Scope 1, 2, 3 and Total GHG Emissions	52
EU Taxonomy		56
ESRS E2 - Pollution		64
E2-1	Policies Related to Pollution	64
E2-2	Pollution-related Actions and Implementation Resources	65
E2-3	Pollution-related Targets	65
E2-4	Pollution of Water	65
ESRS E4 - Biodiversity and Ecosystems		66
E4-1	Transition Plan and Consideration of Biodiversity and Ecosystems in Strategy and Business Model	66
E4-2	Policies on Material Impacts, Risks, Dependencies and Opportunities Related to Biodiversity and Ecosystems	66
E4-3	Biodiversity and Ecosystems-related Actions and Resources	67
E4-4	Biodiversity and Ecosystems-related Targets	67
E4-5	Biodiversity and Ecosystems Impacts Disclosure	67
ESRS E5 - Resource Use and Circular Economy		68
E5-1	Policies Related to Resource Use and Circular Economy	68
E5-2	Actions and Resources Related to Resource Use and Circular Economy	69
E5-3	Resource Use and Circular Economy Related Targets	69
E5-4	Resource Inflows Related to Material Impacts, Risks and Opportunities	69
E5-5	Resource Outflows Related to Material Impacts, Risks, and Opportunities	70



20	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu


Social
ESRS S1 - Own Workforce		73
S1-1	Policies Related to Own Workforce	74
S1-2	Engaging with Own Workforce	75
S1-3	Processes to Remediate Negative Impacts and Channels for Own Workers to Raise Concerns	76
S1-4	Action on Material Impacts on Own Workforce, and Approaches to Pursuing Material Opportunities Related to Own Workforce	76
S1-5	Targets Related to Managing Material Negative Impacts, Advancing Positive Impacts, and Managing Material Opportunities	78
S1-6	Employee Characteristics	79
S1-8	Collective Bargaining Coverage and Social Dialogue	80
S1-9	Diversity Metrics	80
S1-10	Adequate Wages	81
S1-14	Health and Safety Metrics	81
S1-16	Compensation Metrics	82
S1-17	Incidents, Complaints and Severe Human Rights Impacts	82
ESRS S2 - Workers in the Value Chain		83
S2-1	Policies to Manage Material Impacts on Value Chain Workers	86
S2-2	Processes for Engaging with Value Chain Workers about Impacts	89
S2-3	Processes to Remediate Negative Impacts and Channels for Value Chain Workers to Raise Concerns	90
S2-4	Action on Material Impacts on Value Chain Workers	90
S2-5	Time-bound and Outcome-oriented Targets	93
ESRS S3 - Affected Communities		94
S3-1	Policies Related to Affected Communities	94
S3-2	Processes for Engaging with Affected Communities	94
S3-4	Taking Action on Material Impacts on Affected Communities	95
S3-5	Targets	95


Governance
ESRS G1 - Business Conduct		97
G1-1	Business Conduct Policies and Corporate Culture	97
G1-2	Management of Relationships with Suppliers	99
G1-3	Prevention and Detection of Corruption and Bribery	100
G1-4	Incidents of Corruption and Bribery	103
G1-5	Political Influence and Lobbying Activities	103
G1-6	Payment Practices	104
Cybersecurity - Entity Specific		104

Aker_Solutions_Hymatek_20230224__(4).jpg



21	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

General

Aker Solutions follows the new EU Corporate Sustainability Reporting

Directive (CSRD) and the underlying European Sustainability

Reporting Standards (ESRS). This new directive and the standards will

ensure a more balanced, transparent, and consistent disclosure of

sustainability information, but also drive strengthened sustainability

governance and management.

In the preparation of this statement, we have adhered to the relevant disclosure requirements.

These requirements have been addressed across various sections of this document, providing a

comprehensive view of our sustainability initiatives and efforts. In the initial section of this report,

we describe how we identify impacts, risks and opportunities (IROs) through a double materiality

assessment. For detailed information on each topic, including how they are managed through

policies, actions, targets, and performance data, please see the topical sections under

‘Environment’, ‘Social’ and ‘Governance’.

Disclosure Requirements that Derive from Other EU

Legislation

General Disclosures


ESRS Data Point		Information	Regulation	Page
General disclosures
GOV-1	21 (d)	Board’s gender diversity ratio	SFDR	25
GOV-1	21 (e)	Percentage of independent Board members	SFDR	25
GOV-4	30	Statement on due diligence	SFDR	27
SBM-1	40 (d) i	Activity in fossil fuel sector	SFDR	28
SBM-1	40 (d) ii - 40 (d) iv	Activity in chemical, controversial weapons and/or tobacco industry	SFDR	N/A



22	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Environment


ESRS Data Point		Information	Regulation	Page
Climate change
E1-1	14	Transition plan for climate change mitigation	EU Climate Law	44
E1-1	16 (f)	Exclusion from EU Paris-aligned Benchmarks	Pillar 3, Benchmark regulation	45
E1-4	34 (a) - 34 (b)	Emission reduction targets	SFDR, Pillar 3, Benchmark Regulation	48
E1-5	37 (a) (c)	Energy consumption from fossil and renewable sources	SFDR	50
E1-5	37 (b)	Energy consumption from nuclear sources	SFDR	50
E1-5	38 (a) (b)	Fuel consumption from coal and coal products and from crude oil and petroleum products	SFDR	50
E1-5	38 (c) (d)	Fuel consumption from natural gas and other fuel sources	SFDR	50
E1-5	38 (e)	Consumption of purchased or acquired electricity, heat, steam or cooling from fossil sources	SFDR	50
E1-5	40 - 43	Energy consumption and intensity from activities in high- climate-impact sectors	SFDR	51
E1-6	48-52	Scope 1, scope 2 and scope 3 emissions	SFDR, Pillar 3, Benchmark regulation	52-53
E1-6	53, 55	GHG emission intensity	SFDR, Pillar 3, Benchmark regulation	54
E1-7	56	GHG removals and stage	EU Climate Law	N/A
E1-9	66	Assets at material financial risk	Pillar 3	N/A
E1-9	67 (c)	Carrying amount of real estate assets by energy efficiency classes	Pillar 3	N/A
E1-9	69	Financial opportunities (cost savings, market size and changes to net revenue) from climate change actions	Benchmark regulation	N/A


ESRS Data Point		Information	Regulation	Page
Pollution
E2-4	28 (a)	Emissions to air, water and soil	SFDR	65


Water and marine resources
E3-1 E3-4	11, 13, 14, 28 (c) (e), 29	All disclosures	SFDR	N/A


Biodiversity and ecosystems
E4 SBM- 3	16 (a) (b) (c)	Activities in biodiversity-sensitive areas, impacts related to land degradation, desertification and soil sealing, and operations affecting threatened species	SFDR	67
E4-2	24 (b) (c) (d)	Policies on sustainable land or agriculture practices, sustainable oceans and sea practices, and deforestation practices	SFDR	66


Resource use and circular economy
E5-5	11, 13, 14	Non-recycled waste	SFDR	71
E5-5	28 (c) (e)	Hazardous waste	SFDR	71
E5-5	29	Radioactive waste	SFDR	71



23	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Social


ESRS Data Point		Information	Regulation	Page
Own workforce
S1 SBM-3	11 (b)	Geographies or commodities with risk of forced labor	SFDR	N/A
S1 SBM-3	11 (b)	Geographies or commodities with risk of child labor	SFDR	N/A
S1-1	20 (a)	General approach to human rights	SFDR	74
S1-1	20 (b)	General approach to engagement with own workforce	SFDR	74
S1-1, S1-3	20 (c), 32 (c)	Approach and availability of grievance and remedy in regards to own workforce	SFDR	76
S1-1	21	Policies are aligned with internationally recognized instruments	SFDR	74
S1-1	22	Policies addressing human trafficking, forced labor and child labor	SFDR	74
S1-1	23	Policies on accident prevention	SFDR	74
S1-16	97 (a) - 97 (b)	Gender pay gap, annual total remuneration	SFDR, Benchmark regulation	82
S1-17	103 (a)	Incidents of discrimination	SFDR	82
S1-17	104 (a)	Severe human rights issues and incidents	SFDR, Benchmark regulation	82


Workers in the value chain
S2 SBM- 3	11 (b)	Geographies or commodities with risk of forced labour	SFDR	85
S2 SBM- 3	11 (b)	Geographies or commodities with risk of child labour	SFDR	85
S2-1	17 (a), 19	Human rights policy commitments and approach related to value chain workers, aligned with internationally recognised standards	SFDR	86-88
S2-1	17 (b)	General approach to engagement with value chain workers	SFDR	86
S2-1	17 (c)	Approach to remedy for human rights impacts	SFDR	86
S2-1	18, 19	Policies explicitly addressing forced labour and child labour, aligned with internationally recognised standards	SFDR	86
S2-1	18	Undertaking has a supplier code of conduct	SFDR	86
S2-4	19, 36	Severe human rights issues and incidents connected to value chain workers	SFDR, Benchmark regulation	92


ESRS Data Point		Information	Regulation	Page
Affected communities
S3-1	16, 17	Human rights policy commitments to affected communities, whether policies are aligned with internationally recognised instruments, and general approach to human rights of communities	SFDR	94
S3-1	16 (b)	Approach to engagement with affected communities	SFDR	94
S3-1	16 (c)	Approach to remedy in regard to human rights impacts for affected communities	SFDR	94
S3-4	36	Severe human rights issues and incidents connected to affected communities	SFDR	95


Consumers and end-users
S4-1 S4-4	16 (a) (b) (c), 17, 35	All disclosures	SFDR, Benchmark regulation	N/A

Governance


ESRS Data Point		Information	Regulation	Page
Business conduct
G1-1	10 (b) (d)	Statement if no policies exists in regard to anti-corruption and bribery and to protection of whistleblowers	SFDR	N/A
G1-4	24 (a)	Numbers of convictions and amount of fines for violations of anti- corruption and bribery laws	SFDR	103



24	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

BP-1: General Basis for Preparation of the Sustainability

Statement

Aker Solutions’ 2024 Sustainability Statement encompasses both upstream and downstream elements of

Aker Solutions’ value chain and has been prepared in alignment with the EU CSRD. The sustainability

statement for the year 2024 has been prepared on a consolidated basis, using the same approach as our

financial reporting. The reporting includes companies under the operational control of Aker Solutions

ASA. In the preparation of this statement, we have exercised the option to omit specific pieces of

information that pertain to business sensitive areas.

BP-2: Disclosures in Relation to Specific Circumstances

Time Horizons

Aker Solutions has adopted the following time horizons for sustainability reporting and initiatives:

◼ Short term: within 1 year

◼ Medium term: 1-5 years (to 2030)

◼ Long term: more than 5 years, out to 2050

Value Chain Estimation

Aker Solutions includes value chain estimates in greenhouse gas (GHG) emissions calculations in scope

3. More information can be found in section E1-6: Gross scopes 1, 2, 3 and total GHG emissions.

Sources of Estimation and Outcome Uncertainty

In our reporting, we have identified areas where there exists a high degree of uncertainty, primarily

attributed to external factors. In particular these are ranges of financial estimates within the climate

action plan, GHG emissions estimates in some categories within scope 3, and estimates of future

emissions reductions. The sources of this uncertainty stem from economic fluctuations, regulatory

changes, variability in environmental data, and are also dependent on innovation of new technologies and

changes within our value chain. We have made informed assumptions and judgements and are utilizing

the best-available environmental data. Our short-term emissions target is based on current known

regulatory changes as well as known technologies, but rely on a change in company operations. We

recognize that the forward-looking information presented in this report is subject to a high degree of

uncertainty. This is primarily due to the dynamic nature of market conditions and environmental factors,

as well as technological developments that influence our business operations.

When reporting forward-looking information in accordance with ESRS, we are required to prepare the

forward-looking information on the basis of disclosed assumptions about events that may occur in the

future and possible future actions by Aker Solutions. Actual outcomes are most likely to be different.

Changes in Preparation or Presentation of Sustainability Information

In 2024, Aker Solutions is reporting in accordance with the CSRD and the disclosure requirements

outlined in the ESRS for the first time. We previously reported according to GRI, so changes exist

throughout this report as a result of the change in disclosure requirements.

The 2023 baselines for three categories in scope 3 were adjusted to include an inflation rate for spend-

based data. As such category 1: purchased goods and services was reduced by 44,347 tCO2e, category

2: capital goods was reduced by 8,245 tCO2e and category 4: upstream transportation and distribution

was reduced by 159 tCO2e. In accordance with ESRS, scope 3, category 15 now includes scope 1, 2, and

3 of the investee. In previous reporting, category 15 only included the investee’s scope 1 and 2. The 2023

baseline for this category has been increased by 340,115 tCO2e.

Reporting Errors in Prior Periods

There were no material errors in the prior reporting period.

Disclosures Stemming from Other Legislation or Reporting Standards

There are no disclosures included from other legislation or reporting standards that are not also required

by ESRS. Aker Solutions reports and communicates on sustainability according to the Carbon Disclosure

Project (CDP), the Task Force on Climate Related Financial Disclosures (TCFD) and the company’s

strategy supports the UN Sustainable Development Goals (SDGs). We also follow the 2024 Euronext

guidance on ESG reporting. Our commitment to human and labor rights is covered by the Global

Framework Agreement between Aker ASA and the Norwegian and international trade unions

Fellesforbundet, IndustriALL Global Union, NITO and Tekna.

Incorporation by Reference

In this report, we have not incorporated disclosure requirements and data points by reference.

Reliance on European Standards and External Assurance

Aker Solutions utilizes several European standards approved by the European Standardisation System,

including ISO standards. We adhere to ISO 9001 for quality management, ISO 14001 for environmental

management, ISO 45001 for occupational health and safety and have two key sites certified for ISO

50001 for energy management with others in process.



25	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

GOVERNANCE

GOV-1: Role of Administrative, Management and

Supervisory Bodies

Composition of Administrative, Management, and Supervisory Bodies

Aker Solutions’ Board of Directors has eleven members and none of them hold executive positions within

the company. Of the eleven, shareholders elect seven members and employees elect the remaining four.

There are four independent board members (36 percent). There are six male members of the Board (55

percent) and five female members (45 percent). We have an Audit Committee comprised of four of the

members of the Board of Directors.

Roles and Responsibilities

Aker Solutions’ Board of Directors, the highest governance body, is responsible for overseeing and

safeguarding management of our sustainability work and ensures that the company conducts business

using sound corporate governance, and sets the standards for corporate governance, ensuring these

reflect the Norwegian Code of Practice for Corporate Governance, last revised October 14, 2021. The

Board has the overall responsibility for compliance with applicable laws and regulations and the Code of

Conduct. Aker Solutions’ annual Corporate Governance Report is available on our website.

The Audit Committee supports the Board of Directors in the quality assurance of guidelines, policies, and

other governing instruments pertaining to the company and in ensuring compliance with applicable laws

and regulations and with the company’s Code of Conduct as well as anti-corruption and third-party

representative policies. The Audit Committee supports the Board of Directors in safeguarding that the

company has sound management and internal controls over reporting and enterprise risks.

The executive management team (EMT) is the highest level of management in Aker Solutions and

consists of the CEO, CFO and seven executive vice presidents (EVPs) representing the companies four

operating segments (New Build, New Energies, Life Cycle and Power Solutions) and three functional

areas. It is the responsibility of the CEO to actively ensure compliance with applicable laws and

regulations and the Code of Conduct, establish clear roles and responsibilities for anti-corruption

activities, ensure adequate staffing and resources to support the Business Integrity Principles and

Framework as defined in Business Integrity Procedure and set an example by acting with integrity and

promoting compliance and integrity.

Under the CEO, the executive vice president of safeguarding has the responsibility to develop, drive and

communicate the sustainability agenda, while our business segments and functions are responsible for

implementation. Each of our locations is responsible for ensuring compliance with local legal

requirements in addition to the corporate requirements.

Aker Solutions’ Code of Conduct outlines the behaviors and actions expected of all our employees and is

reviewed and approved by the Board of Directors every third year. The most recent review and approval

was in November 2024. The Code of Conduct is the key governing document and the foundation of our

drive to uphold the highest levels of integrity and avoid becoming complicit in unethical or illegal

behavior.

Our rules of procedure for the Board of Directors govern areas of responsibility, duties and the

distribution of roles between the Board, the chairman and the CEO. The rules of procedure also include

provisions on matters such as convening and chairing board meetings, decision making, the duty and

right of the CEO to disclose information to the Board, related party transactions and the duty of

confidentiality. The Audit Committee shall, as instructed by the Board of Directors through the Audit

Committee charter, carry out all activities necessary to fulfil the Board of Directors’ obligations as set out

above.

The CEO and relevant EVPs assess and manage sustainability and climate-related issues as part of

operations and the risk management process. Aker Solutions has company-wide governing documents

and tools for each defined risk category on how to assess, respond to and report on risks actively and

systematically. The assessment, definition, follow-up and implementation of adequate mitigating actions

towards the main risk factors are all integral parts of the overall governance of the company. The risks

identified during the Double Materiality Assessment (DMA) process are included in the our overall risk

management.

Aker Solutions applies a combination of risk management practices in order to effectively manage the

risk to the company such as mandatory internal key controls and safeguarding processes for tender and

projects in execution, scenario planning, sensitivity analysis, and regular reviews.

The CEO presents sustainability and climate-related issues at Board meetings. The presentations

generally include the overall enterprise risk information, including climate-related risks, how climate-

related matters are managed and the results that have been achieved. The CEO also interacts with

internal and external stakeholders. Climate-related issues are also a priority when presenting tenders to

the Board for approval.

EVP Safeguarding is responsible for overseeing enterprise risk management, including climate-related

risk. The Enterprise Risk Committee reports risks as per established procedure by the enterprise risk



26	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

management function on a quarterly basis, which is consolidated into the enterprise risk portfolio. The

portfolio is evaluated by the enterprise risk management function, and approved by the EVP

Safeguarding, before being aligned with the executive management team and reported to the Audit

Committee.

The Audit Committee performs a qualitative review of the quarterly and annual reports of the company.

The Audit Committee also supports the Board in overseeing that the company’s Enterprise Risk

Management framework is implemented and accurately reflects our major risk areas, including climate-

related risks.

Aker Solutions’ approach to enterprise risk management and internal controls are based on the principles

in ISO 31000, Project Management Institute and the Committee of Sponsoring Organizations of Treadway

Commission (COSO) frameworks, however, without applying all elements of these standards. Climate-

related risk is also evaluated in accordance with Task Force on Climate-related Financial Disclosures

(TCFD).

Expertise and Skills

It is a priority of the Nomination Committee of the Board of Directors to have the Board function as a

team in the best possible manner and that the shareholder elected board members complement each

other by way of their background and competence. The shareholders in the general assembly are invited

to vote on the full board composition proposed by the Nomination Committee as a group, and not on each

member separately. New board candidates are selected to attend to the interests of the shareholders in

general and fill the requirements of the company, including with respect to competence, capacity and

independence.

As such, the members of the Board of Directors collectively bring a diverse and extensive range of

experience from various industries and roles. The board members have backgrounds in senior executive

positions, law, finance, engineering, project management and corporate governance. They have worked

in sectors such as shipping, oil and gas and renewable energy. Their combined expertise includes

leadership in multinational companies, strategic oversight, enhancing digital presence and customer

engagement.

In addition to their industry experience, several board members have worked with sustainability,

compliance and ESG reporting. They have worked on initiatives related to renewable energy, corporate

governance and sustainability, ensuring that Aker Solutions adheres to high standards of environmental

and social responsibility. This includes implementing sustainable practices, ensuring compliance with

regulatory requirements and promoting transparency in ESG reporting. This diverse skill set enables the

Board to provide comprehensive strategic direction and governance for Aker Solutions, with an emphasis

on sustainability, compliance and ESG principles and helps us maintain a reputation as a responsible

company.

The Board also draws on expertise and advice from external consulting organizations. Throughout the

year, the Board dedicates time to enhancing competence in ESG topics and regulatory requirements to

effectively overseeing and advising the company. A short biography for each board member can be found

at the end of this report.

We are committed to ensuring that Aker Solutions’ administrative, management, and supervisory bodies

possess the necessary skills and expertise to oversee sustainability matters effectively. We have put in

place mechanisms to ensure that these bodies can either directly possess or leverage sustainability-

related expertise, for instance, through access to industry experts or regular training programs.

GOV-2: Sustainability Matters Addressed by the

Undertaking’s Administrative, Management and Supervisory

Bodies

There are eight ordinary board meetings per year, and extraordinary meetings when needed. Every

ordinary board meeting includes an operational status report from the CEO and/or CFO, including project

updates.

Sustainability is a standard topic on the agenda for the quarterly Audit Committee meetings where

material impacts, policies, reporting and other key topics are discussed and agreed. Annual sustainability

reporting, including material impacts, risks and opportunities - IROs (covered in SBM-3), is discussed,

reviewed and approved by the Board and Audit Committee in the first quarter of the year.

The Board approves the company strategy and supporting business plans, with scheduled agenda items

such as the identified risks and progress against KPIs, including sustainable business performance.



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GOV-3: Integration of Sustainability-related Performance

in Incentive Schemes

Aker Solutions offers an annual variable pay scheme to senior managers globally. This scheme is

designed to incentivize senior management to achieve annual strategic objectives. The 2024 variable pay

scheme is integrated with the company’s performance management system and the corporate balanced

scorecard, which includes common corporate objectives approved by the Board of Directors. All eligible

employees, regardless of their business segment or function, are evaluated based on these shared

commitments. The 2024 scorecard features KPIs aligned with Aker Solutions’ long-term transitional

targets, including KPIs for climate action and emissions reduction, and revenue share from transitional

and renewable energy projects. Operational and transitional KPIs together account for a 30 percent

weighting and HSSE KPIs account for a 10 percent weighting of the variable pay total.

GOV-4: Statement on Due Diligence Mapping of

Information on Due Diligence Process

The due diligence process, as delineated in international instruments such as the UN Guiding Principles

on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, is a

comprehensive approach to identifying, preventing, mitigating, and accounting for the actual and

potential negative impacts on the environment and society linked to our business activities.

The core elements of our due diligence process, are illustrated below:


Core Elements of Due Diligence	Pages in the Sustainability Statement
a) Embedding due diligence in governance, strategy and business model	25, 58-59, 76- 77
b) Engaging with affected stakeholders in all key steps of the due diligence	30-35
c) Identifying and assessing adverse impacts	32-35, 84-85, 101, 105
d) Taking actions to address those adverse impacts	47, 65, 67, 69, 76-77, 90-92, 101-102, 104
e) Tracking the effectiveness of these efforts and communicating	76, 91, 101-102, 105

GOV-5: Risk Management and Internal Controls over

Sustainability Reporting

Aker Solutions has established a framework to ensure the accuracy, reliability and integrity of our

sustainability reporting in accordance with the European Sustainability Reporting Standards (ESRS).

Controls are being designed and implemented to provide assurance that the information disclosed in our

report is complete and in compliance with applicable regulations and standards. The scope of our risk

management and internal control processes includes all parts of sustainability reporting. The main

features of the system are risk identification, risk assessment, risk mitigation and internal controls.

Aker Solutions carries out an annual risk assessment to identify the risks of material misstatements in the

sustainability reporting based on materiality, complexity in processes, and the probability of errors.

Following the assessment, we develop and implement strategies aimed at mitigating the identified risks.

This involves policies and procedures that prevent these risks from affecting the reporting process and

establishing internal controls that oversee the reliability of the data reported.

Aker Solutions is exposed to risks associated with incomplete or inconsistent reporting of sustainability

data. There are also risks related to the accuracy of data inputs and manual errors in the reporting

process. Controls are implemented based on assessment of risks in the sustainability reporting and for

2024 the implemented controls are review controls.

To maintain transparency and accountability, the status of internal control over sustainability reporting is

reported on a quarterly basis to the Audit Committee. Moreover, we conduct annual reviews to evaluate

the performance and effectiveness of our systems.

In addition to the regular reporting, we organize ad-hoc meetings to discuss significant developments and

make necessary adjustments to the strategies and controls in place. Internal controls over sustainability

reporting is an ongoing maturity journey and we expect this area to improve and mature going forward.



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STRATEGY

SBM-1: Strategy, Business Model and Value Chain

Sustainability is embedded into Aker Solutions enterprise strategy and is not a separately developed

strategy. Decisions are made every day that have an impact across our value chain: they affect people,

customers and suppliers, as well as the environment and the communities in which we operate. We know

that how we conduct ourselves as an employer and a business has a profound impact on the company’s

ability to create long-term value for the society and our shareholders.

Aker Solutions provides products, systems and services ranging from concept studies and front-end

engineering to integrated project execution and services to the global oil and gas industry. Aker Solutions

also delivers consultancy and engineering services as well as technical solutions to support energy

transition projects within offshore wind, electrification, hydrogen, carbon capture and storage (CCS) and

hydropower. Our main customers are international, national and independent energy companies involved

with production of oil and gas, and renewable energy. At the end of 2024, our employee headcount was

11,777 across 15 countries. Additional information on employees and geographical breakdown can be

found in section S1-6: Employee characteristics.

Aker Solutions has no revenue directly related to actual drilling, exploration or extraction of oil and gas.

The products and services we deliver to our customers related to oil and gas were 82 percent of total

revenue from customer contracts in 2024.

For 2024, renewables and transitional energy projects represented 18 percent of the company’s

revenues. Aker Solutions had previously set a target that revenues from renewables and transitional

energy solutions would represent 2/3 of revenues by 2030. However, due to changes in the company’s

underlying markets, we have adjusted this ambition. We will continue the energy transition journey and

expect that future revenues will be a mix of projects within oil and gas, renewables and transitional

energy solutions. The renewables and transitional energy solutions mainly includes projects for offshore

wind, hydropower, aquaculture, CCS, hydrogen, electrification of offshore and onshore facilities, and

decommissioning and recycling. This differs from the EU Taxonomy definition, which defines economic

activities that can be considered environmentally sustainable. Aker Solutions has furthermore set clear

emissions reduction targets and we are working to reduce scope 1 and 2 emissions by 50 percent by

2030, using 2023 as a base year, and become net zero for all scopes by 2050. More information on

emissions reduction targets is located in section E1-1: Transition plan for climate change mitigation.

Aker Solutions’ Value Chain

Aker Solutions is a global provider of holistic solutions, products, and services to the energy industry,

focusing on both traditional oil and gas production and renewable energy solutions such as CCS,

hydrogen, hydropower and offshore wind. Aker Solutions ensures a comprehensive approach to meeting

the needs of the global energy industry, from initial exploration to final delivery and support. The value

chain encompasses a wide range of activities and offerings from consultancy, engineering, construction

and installation to life cycle operations support and decommissioning.

We have the following external reporting segments: Renewables and Field Development, Life Cycle and

in addition the Other segment. Aker Solutions is divided into four operating segments: New Build, New

Energies, Life Cycle and Power Solutions and each segment utilizes advanced technologies and digital

tools to create efficient and high quality designs while implementing systems to optimize energy use and

improve efficiency.

Aker Solutions’ New Build segment focuses on the design, engineering, and construction of new facilities

and infrastructure for the energy sector. This includes offshore platforms such as high-voltage direct

current (HVDC) platforms for offshore wind, subsea systems, and onshore processing plants and also

decommissioning and disposing of assets that are no longer in use. The New Energies segment is

dedicated to developing and delivering renewable energy solutions and the transition to a low-carbon

future. The Life Cycle segment focuses on maximizing the performance and longevity of energy assets.

Finally, the Power Solutions segment focuses on providing integrated solutions for energy production and

distribution.

Below is an overview of the value chain, including upstream and downstream supply chains, customers

and channels of distribution.



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Upstream Supply Chain

Aker Solutions purchases raw materials and components from suppliers, including steel, electronics,

metals, composites, and electronic components and specialized equipment required for construction. We

also source expertise and knowledge from a diverse pool of engineers and industry experts and invest in

research and development to stay at the forefront of technological advancements and industry trends.

We collaborate with suppliers to ensure the quality and reliability of materials and to develop innovative

materials that improve the efficiency and sustainability of our projects.

Downstream Supply Chain

Once the raw materials and components are procured, Aker Solutions engages in the engineering,

procurement, construction, and installation (EPCI) of various types of energy-related facilities. We also

provide feasibility studies, design and engineering, project management, and regulatory compliance

across various industries, including oil and gas, renewable energy, and infrastructure. Our downstream

supply chain also involves the transportation, delivery and logistics of these products and services to the

project sites and/or clients, ensuring efficient delivery and installation.

Customers

Aker Solutions’ primary customers are:

◼ Major oil and gas companies, renewable energy developers and infrastructure providers

◼ Utility companies, government agencies and private investors

◼ Companies and organizations seeking expert advice and support for their projects

Aker Solutions provides solutions that enhance the efficiency and safety of our customers’ operations

and enable the generation and distribution of power and energy, both within renewables and fossil fuels

segments, and tailored life cycle services that address their specific needs and challenges.

We also offer maintenance and support services to ensure the longevity and performance of the products

and systems.

Channels of Distribution and Types of Suppliers

Aker Solutions utilizes various channels to distribute our products and services, including:

◼ Direct Sales: Engaging directly with clients and building relationships through a dedicated business

development team

◼ Partnerships and Alliances: Collaborating with other companies to expand reach and capabilities and

develop new business models

◼ Service Centers: Establishing local service centers to provide timely support and maintenance

We collaborate with a diverse range of suppliers to support our extensive value chain. These suppliers are

crucial in ensuring the delivery of high-quality projects on time and within budget. Here are the main

types of suppliers we work with:

◼ Raw material suppliers: These suppliers provide essential materials such as steel, aluminum, and other

metals used in the manufacturing of subsea systems, offshore platforms, and renewable energy

components

◼ Equipment manufacturers: Aker Solutions sources specialized equipment from manufacturers who

produce items like turbines, compressors, pumps, and other machinery critical for energy production

and processing

◼ Technology providers: These suppliers offer advanced technological solutions, including software for

digital twins, automation systems, and data management tools that enhance operational efficiency

and safety

◼ Service providers: Aker Solutions partners with companies that offer various services, such as

maintenance, inspection, and repair services, to ensure the longevity and reliability of energy assets

◼ Engineering and construction firms: These firms assist in the design, engineering, and construction of

new build projects, including offshore wind farms, oil and gas platforms, and carbon capture and

storage facilities

◼ Logistics and transportation companies: These suppliers handle the logistics and transportation of

materials, equipment, and finished products to project sites around the world, ensuring timely and

efficient delivery

The value chain in Aker Solutions is complex and multifaceted, encompassing a wide range of activities

and stakeholders. By leveraging our expertise and resources, Aker Solutions delivers innovative and

sustainable solutions to customers across various industries. By working with a wide array of suppliers,

Aker Solutions can maintain a robust and flexible supply chain that supports a diverse range of projects

and services across the global energy sector. This collaboration is key to delivering innovative and

sustainable solutions that meet the evolving needs of the industry. Our commitment to quality, safety,

and efficiency ensures that we remain a trusted partner in the global energy and engineering sectors.



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SBM-2: Interests and Views of Stakeholders

Stakeholder Engagement Strategy

Aker Solutions has in-depth and ongoing dialogue with our key stakeholders on sustainability impacts

and other topics throughout the year. Our key stakeholders include customers, investors, financial

institutions, employees, non-governmental organizations (NGOs), unions, governments and national

authorities, partners and suppliers. Our participation and communication with unions is an example of

formalized stakeholder engagement. Examples throughout this report demonstrate how we incorporate

stakeholder feedback into our management and approach for each material topic.

Our engagement with key stakeholders occurs at regular intervals, ensuring a continuous flow of

feedback and insights. The following table illustrates the type of engagement, frequency and key topics

discussed with identified stakeholder groups.

Aker Solutions has formal participation and memberships in many industry associations, advocacy groups

and non-governmental organizations. We participate in governance bodies and advisory committees

where relevant, and are active members of local and regional industry, safety, community and ESG

organizations in the countries where we do business.

Starting with the highest level of the organization, key performance indicators (KPIs) and specific targets

hold leadership, managers and employees accountable for sustainability. Throughout this report we will

share many of these KPIs and targets to demonstrate the company’s global commitment to responsible

business.

Understanding of Stakeholder Interests and Views

In addition to regular engagement as outlined in the following table, we have conducted a materiality

assessment process to evaluate the interests and views of key stakeholders. The insights gathered during

this process helped shape our sustainability initiatives and strategies, ensuring that our business

operations are aligned with stakeholder expectations and societal needs. Both Aker Solutions’ executive

management team and the Board’s Audit Committee review the annual materiality assessment, including

the views and interests of affected stakeholders concerning our sustainability impacts. Regular reports

and updates are shared with these bodies, facilitating informed decision-making and strategy

formulation, thereby ensuring that our business operations are aligned with our sustainability goals.



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Stakeholder Group	Type of Engagement and Aker Solutions’ Content/Response	Frequency of Engagement	Key Topics and Concerns Discussed (Topics Not Listed in Order of Priority)
Customers and Collaboration Partners	◼ Phone and email communication ◼ Customer and project meetings ◼ Tradeshows and technical sessions ◼ Site tours and audits ◼ Customer satisfaction surveys ◼ Tender responses and presentations	Daily, weekly, monthly, quarterly, annually	◼ Anti-corruption and bribery ◼ Climate risks ◼ Emergency preparedness ◼ GHG emissions ◼ Human rights	◼ Renewable and transitional energy solutions for customers ◼ Occupational health and safety ◼ Quality issues ◼ Responsible supply chain
Employees and Potential Employees	◼ Internal and external communication channels (Yammer/Arena/Social Media) ◼ Strategy and Culture Project ◼ Performance dialogues and reviews ◼ Career development conversations ◼ Code of conduct and other trainings ◼ Employee surveys	Daily, weekly, monthly, quarterly, annually	◼ Diversity and equal opportunity ◼ GHG emissions ◼ Human rights ◼ Renewable and transitional energy solutions for customers	◼ Health, safety and well-being, including mental health ◼ Strategy ◼ Talent attraction, development and retention ◼ Employment conditions
Financial Community and Owners	◼ Phone and email communication ◼ Investor meetings and roadshows ◼ Press releases ◼ Annual and quarterly reporting ◼ Regular and annual general meetings	Monthly, quarterly, annually (and ongoing basis when relevant)	◼ Climate risks ◼ Compliance and governance ◼ Financial results and outlook	◼ Renewable and transitional energy solutions for customers ◼ Strategy
Governments, Authorities, NGOs and Industry Groups	◼ Phone and email communication ◼ Scheduled meetings ◼ Visits and tours at Aker Solutions’ facilities ◼ Committee meetings ◼ Contact at established arenas/conferences ◼ Community events, sponsorships and partnerships ◼ Participation on advisory boards ◼ Social media	Monthly, quarterly, annually Frequency depends on type of government/public authority body Aim for pro-active approach regarding priority cases about frame conditions, specific topics, etc. For NGOs with focus of less direct relevance for Aker Solutions’ business, contact is as needed, driven mostly by events	◼ Anti-corruption and bribery ◼ Climate risks ◼ Compliance, including adherence to regulations to protect health, safety and environment ◼ Diversity and equal opportunity ◼ Frame conditions related to current operations/new business opportunities ◼ Human rights ◼ Information/updates regarding status and outlook for operations ◼ Renewable and transitional energy solutions for customers	◼ Outlook for market trends and opportunities for new contracts, and potential effects on local/regional/national employment ◼ R&D and technology, including focus on the effects on reducing environmental footprint, improving safety or increasing value creation ◼ Rules/Regulatory compliance ◼ Spills ◼ Status and plans for training/education of existing new employees, including programs for apprentices ◼ Status of operations, and effects on local/regional/national employment
Media	◼ Phone and email communication ◼ Interviews ◼ Press releases ◼ Website and social media	Daily, weekly, monthly Frequency depends on type of media, reach to key Aker Solutions’ stakeholders, and editorial focus vs Aker Solutions’ key business activities. Aim for pro-active approach to key media. For less prioritized media, contact frequency as needed, driven by company/industry/local activities.	◼ Anti-corruption and bribery ◼ Climate risks ◼ Compliance, including adherence to regulations to protect health, safety and environment ◼ Diversity and equal opportunity ◼ Human rights ◼ Renewable and transitional energy solutions for customers	◼ Outlook for market trends and opportunities for new contracts, and potential effects on local/regional/national employment ◼ R&D and technology, including focus on the effects on reducing environmental footprint, improving safety or increasing value creation ◼ Status and plans for training/education of existing and new employees, including programs for apprentices ◼ Status of operations, and effects on local/regional/national employment
Suppliers	◼ Phone and email communication ◼ Meetings and industry events/forums ◼ Supplier visits and audits ◼ Business planning ◼ Business and project reviews ◼ Negotiations and prospects discussions	Daily, weekly, monthly, quarterly, annually	◼ Anti-corruption and bribery ◼ Competitive roadmap and strategies ◼ Cost efficiency ◼ Human rights ◼ Innovation and new technologies ◼ Joint improvement programs ◼ Renewable and transitional energy solutions for customers	◼ Modern Slavery Act statement ◼ Occupational health and safety ◼ Project performance ◼ Quality and deliveries ◼ Responsible supply chain
Unions	◼ Phone and email communication ◼ Labor/Works council meetings ◼ Committee meetings ◼ Consultation meetings and Formal negotiations ◼ Involvement and consultations related to strategic change and transformation processes effecting employee conditions ◼ Informal collaboration discussions ◼ Representation on Aker Solutions’ Board of Directors and legal entity Boards	Daily, weekly, monthly, quarterly, annually	◼ Contract/tariff/salary negotiations ◼ Diversity and equal opportunity ◼ Human rights	◼ Occupational health and safety ◼ Strategic change and transformation processes ◼ Working conditions



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IRO-1 Description of the Process to Identify and Assess

Material Impacts, Risks and Opportunities

To guide our sustainability initiatives and ensure our alignment with stakeholders, Aker Solutions undertakes a

review of material topics for reporting each year. The review process includes commissioning an external

analysis of existing material topics and identifying potentially new material topics.

Our recent materiality review is based on the implementation guidance for the Double Materiality Assessment

(DMA) requirement of the European Sustainability Reporting Standards (ESRS) as set forth by the Corporate

Sustainability Reporting Directive (CSRD). The standard requires reporting companies to assess the

significance of their actual and potential impacts, as well as financial risks and opportunities.

Double Materiality Assessment

In late 2023, Aker Solutions conducted a robust process to identify impacts, risks and opportunities (IROs) to

accommodate the operations and value of Aker Solutions, and score these IROs as a basis for the materiality

decision of the sustainability matters resulting in a completed Double Materiality Assessment.

The process is based on a combination of input from internal and publicly available documents, internal

experts, and stakeholders. Internal experts were selected based on their expertise and internal ownership

of sustainability matters. They were engaged through the initial assessment process as well as the

calibration workshops.

Methodologies and Assumptions

Scope

For our own operations, we identified and assessed impacts on people and the environment as well as

potential risks and opportunities for our business. During the assessment, consideration was taken of

Aker Solutions’ upstream and downstream value chain, though the primary focus was on own operations.

Value chain assessments were based on internal knowledge and mainly focused on our Tier 1 suppliers,

especially when identifying and assessing impacts related to ESRS S2: Workers in the Value Chain. Going

forward, the process will be improved to further assess IROs covering a larger portion of the full value

chain. In our impact assessment, we considered both positive and negative impacts as well as actual and

potential impacts related to sustainability matters. In our financial assessment, we assessed potential

sustainability-related risks that could trigger a negative financial impact on our business and

opportunities that could cause a positive financial impact. No IROs were identified related to ESRS S4:

Consumers and end-users.

Stakeholder Engagement

For our DMA, we engaged over 30 internal subject-matter experts from across our organization, and

included direct consultation via interviews with affected stakeholders representing the following groups:

customers, industry associations, suppliers, investors and NGOs. A survey among members of our

workforce was also conducted. Our internal experts were divided into two task forces, one for impact

materiality and one for financial materiality.

Scoring Impacts

As per the ESRS guidance, three parameters of ‘scale’, ‘scope’, and ‘irremediable character’ have been

used when scoring the ‘severity’ of our actual impacts:

◼ When scoring ‘scale’, we assessed how great the impact is on the environment or people, prior to

considering mitigating actions already in place

◼ When scoring ‘scope’, we assessed how widespread the impact is based on size of location/area

impacted

◼ When scoring ‘irremediability’, we assessed how difficult it is to reverse the damage in terms of cost

and effort. Irremediability was not assessed for positive impacts

◼ When scoring ‘likelihood” we utilized a scale from Very Low (<20 percent) to Very High (<80 percent).

For actual impacts, likelihood was set at 100 percent

◼ The impact materiality threshold was set based on tested thresholds utilized by our external

consulting partner.

◼ For human rights-related impacts, the threshold for materiality was lowered, per the ESRS guidelines

Scoring Risks and Opportunities

When scoring risks and opportunities, we assessed the potential magnitude of financial effects based on

percent impact on EBITDA as well as the likelihood of the risk or opportunity occurring. The financial

materiality threshold was set to capture and report on the risks and opportunities with the highest

monetary risk exposure. This threshold is based on our Enterprise Risk Management (ERM) system. The

magnitude of financial effects was scored as ‘”minor” (<2 percent of EBITDA) to major (>20 percent of

EBITDA). Likelihood of occurrence was scored from Very Low to Very high, using the same scale as the

impact scoring, and using relevant time horizons of short-, mid-, or long-term.

Process

The impact assessment and financial assessment occurred simultaneously and several internal experts

were involved on both task forces. We followed the seven key steps below as further elaborated on the

◼ Mobilization and identification

◼ Initial materiality assessment

◼ Calibration of internal assessment

◼ Stakeholder engagement

◼ Validation of findings



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◼ Finalization and documentation

◼ 2024 review and revalidation of 2023 assessment

Process Steps

1. Mobilization and identification: The identification of relevant internal and external stakeholders (such as

clients, suppliers, investors and employees) was done by Aker Solutions with guidance from an external

consulting partner. The selected stakeholders represented both affected stakeholders and users of

sustainability statements and were engaged through interviews.

2. Initial materiality assessment: The purpose was to develop and calibrate the long list of sustainability

matters, identify IROs for assessment, complete an initial assessment and scoring of identified IROs by

internal experts, and identify impacted parties and users of information for stakeholder engagement. The

DMA was carried out following a top-down approach.

3. Calibration of internal assessment: During this step, we reviewed and, where necessary, calibrated the

initial assessment completed by internal experts. The result of the initial assessment was reviewed by our

external consulting partner and discussed in a series of workshops with the internal experts who

previously participated in the initial assessment.

4. Stakeholder engagement: The purpose of this engagement was to consult with and obtain independent

input from the impacted parties and users of the information to compare, contrast and validate the initial

assessment. The insights from stakeholders were gathered through open interviews managed by our

external consulting partner and structured around sustainability matters considered relevant to the

stakeholder, based on their expertise and relationships with Aker Solutions. In addition, a tailored

workforce survey (developed by our consultants with input from Aker Solutions) was also carried out. This

survey generated responses from 123 members of staff. The survey results were assessed to compare,

contrast and validate the initial assessment of IROs relevant to ESRS S1: Own workforce.

Insights from both internal and external stakeholders were gathered and analyzed, and findings and key

messages were consolidated and integrated in the analysis. Stakeholder insights were used to validate

the initial assessment. Any discrepancies between the internal and external assessment were identified

and discussed with the internal experts in Aker Solutions.

5. Validation of findings: To ensure alignment and validation of the DMA, our external consulting partner

compiled a presentation with a summary and explanation of the process from steps 1 to 6, including its

own recommendations to members of Aker Solutions’ executive management team. In the validation

meeting, the process and results were signed off by the EMT in the presence of the Head of ESG

Reporting, the SVP Sustainability and the internal experts for environment, social and governance topics

who were also engaged throughout the DMA process.

6. Finalization and documentation: Finalization of the project was done after alignment and validation. All

IROs, scoring, rationale and final results were extracted and provided to the auditor to support its

assurance process. Risks and opportunities resulting from the DMA process were added to the enterprise

risk management system.

7. 2024 review and revalidation of 2023 assessment: During the third quarter of 2024, the IROs from the

previous DMA completed at the end of 2023 were reviewed and revalidated. There were three impacts

added and the scoring on three IROs was adjusted. One risk was removed as it was determined as

irrelevant for environment, social or governance. There was no change to the list of material topics.

Some of the topics within the environment area required additional identification and assessment

processes to be utilized during the double materiality assessment when screening for IROs. These

additional processes are described below.

Additional Identification and Assessment Processes Related to IROs for Climate Change

Aker Solutions has an actual impact on the environment through its greenhouse gas (GHG) emissions.

These emissions are linked to our operations and upstream activities, particularly with tier 1 suppliers.

GHG emissions are considered to have a negative impact on the environment as they contribute to global

warming and climate change, leading to adverse effects such as extreme weather events.

Aker Solutions conducted a climate-related scenario analysis using the Task Force on Climate-related

Financial Disclosures (TCFD) guidelines. Together with an external consulting partner, Aker Solutions

developed three customized climate scenarios tailored to consider our full value chain including upstream

oil and gas production and downstream customer demand, as well as the production and demand for

renewable energy fuels and technologies such as offshore wind, hydrogen, and CCS.

These scenarios were based on publicly available scenarios published by the International Energy Agency

(IEA) and the Intergovernmental Panel on Climate Change (IPCC) and titled Net Zero 2050 (1.5°C),

Announced Pledges (1.7-2°C), and Stated Policies (2.4-3°C). To test physical risks, we used IPCC’s

SSP3-7.0 scenario. Under the IPCC’s SSP3-7.0 scenario, Aker Solutions’ locations are based in areas

that may be exposed to rising acute and chronic physical risks, including heat waves and/or drought,

water stress, severe storms, and flooding and/or sea level rise, however these were not considered

material risks. We defined short-term, medium-term, and long-term as 2025, 2030, and 2050,

respectively. The scenarios used are the same scenarios used in the financial impairment testing

described in note 12 of the consolidated financial statements.

◼ The Net Zero Emission’s (NZE) scenario describes a pathway for the global energy sector to reach

net-zero CO₂ emissions by 2050 through rapid deployment of a wide portfolio of clean energy

technologies. NZE limits global warming to 1.5°C and prioritizes an orderly transition that aims to

safeguard energy security through strong and coordinated policies and incentives that minimize



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energy market volatility and stranded assets. In advanced economies with net-zero pledges, carbon

prices rise to USD 140 t/CO2 in 2030, USD 205 in 2040, and USD 250 in 2050

◼ The Announced Pledges (APS) scenario assumes that all climate commitments made by governments

and industries around the world as of the end of August 2023, including Nationally Determined

Contributions (NDCs) and longer-term net zero targets, will be met in full and on time. In APS, the

temperature rise in 2100 is 1.7°C. Carbon prices in advanced economies with net-zero pledges rise to

USD 135 t/CO2 in 2030, USD 175 in 2040, and USD 200 in 2050

◼ The Stated Policies (STEPS) scenario reflects current policy settings based on a sector-by-sector and

country-by-country assessment of the energy-related policies that are in place as of the end of

August 2023, as well as those that are under development. In STEPS, the temperature rises to 1.9°C

in 2050 and 2.4°C in 2100. Carbon prices in the EU rise to USD 120 t/CO2 in 2030, USD 129 in 2040,

and USD 135 in 2050

◼ The IPCC’s SSP3-7.0 represent the medium-to-high end of the range of pathways. CO2 emissions rise

steadily and double by 2100. Resurgent nationalism, concerns about competitiveness and security,

and regional conflicts push countries to increasingly focus on domestic or, at most, regional issues.

Countries focus on achieving energy and food security goals within their own regions at the expense

of broader-based development. By the end of the century, average temperatures have risen by 3.6°C

Additional Identification and Assessment Processes Related to IROs for Pollution

Methodologies

These key methodologies have been used to identify pollution sources from our operations:

◼ Environmental Aspect and Impact (A&I) process: An internal evaluation methodology to identify all

relevant aspects and impacts within our operations, covering both upstream and downstream

activities. Established in 2017 as part of our ISO 14001 management system, this process is supported

by additional environmental assessments at the project level. It primarily focuses on site activities and

is selectively applied to specific projects

◼ Risk Assessment (RA): A structured approach to identify and assess potential environmental risks

associated with tasks in an activity that is conducted in a specific location

◼ Best Available Technique (BAT): A process that involves using the most effective and advanced

methods, technologies and practices to minimize environmental impacts, particularly to emission and

discharge, while using economic feasibility

Assumptions

◼ Boundary of Analysis: This analysis includes all business activities, encompassing direct operations

and key and relevant activities related to the extended value chain

Tools

◼ Active Risk Management: A digitalization solution to capture project-related risk including

environment

◼ Centralized data collection: All other information is captured in a centralized environmental aspects

and impacts register with standard information requirements and processes, and with multiple

sources

◼ CHESS: Registration of chemicals used on the site

◼ Synergi: Record of plans, and actions related to HSSE

By leveraging these methodologies and tools, we have developed a comprehensive understanding of our

environmental footprint. This approach enables us to identify key areas for improvement and innovation,

and management of our environmental impacts.

List of Site Locations with Material Pollution Issues

There is potential for spills from operational activities from our sites located at Stord, Verdal, Egersund

and Sandnessjøen in Norway. This is due to activities related to vessels and our operations in proximity to

waterways.

Community Consultations

Aker Solutions takes a holistic approach to consultation with local communities and relevant stakeholders

regarding our operations. These engagements cover multiple topics and types of communication. More

information can be found in SBM-2: Interests and views of stakeholders.

Additional Identification and Assessment Processes Related to IROs for Water and Marine

Resources

IROs for water and marine resources were also assessed, but they were not determined to be material

based on the limited scale and scope of impact. Aker Solutions has a limited number of sites with

operational discharge. The business primarily uses water for personal health, hygiene, and product

testing purposes. Locations with wastewater discharge operate under permit controls and must test the

water before discharge. Water from personal hygiene, such as sewage, is connected to municipal

systems and managed by external parties. Currently, Aker Solutions does not control any offshore

facilities. Most facilities are located near the shore, but there are measures in place to prevent direct

discharge into waterways. The amount of chemicals stored on-site is limited to designated storage

facilities and contained in individual containers. Aker Solutions does not own or operate ships or provide

turbine blades.



35	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Additional Identification and Assessment Processes Related to IROs for Biodiversity and

Ecosystems

Impact Identification and Assessment

We conducted a screening of all operational sites to determine their proximity to key biodiversity areas and to

identify any sites with impacts. In the downstream value chain, biodiversity assessments are integrated with the

environmental impact assessments of the overall projects, and the requirements are integrated into the

overall technical requirements. In Aker Solutions’ upstream value chain, there is limited verification if and

how our suppliers impacts biodiversity. In our own operations, Aker Solutions has one yard in Verdal,

Norway, that is located in close proximity to a protected area designated as a Ramsar site, which is a

wetland site designated to be of international importance under the Ramsar Convention.

As part of the identification and assessment process we also evaluated whether there are any

dependencies and risks and opportunities relating to biodiversity.

Community Consultations

In Verdal, we actively participated in the local council's stakeholder engagement initiative aimed at

assessing current biodiversity and planning future development for the area. Multiple sessions were

conducted with all relevant parties, including industrial park occupants, adjacent land users, a non-

governmental organization focused on bird protection, and researchers. The research group conducted a

study focused on benchmarking the current biodiversity status, evaluating the impact of planned

developments in the area, and enhancing measures for bird protection in the event of development. Their

recommendations have been shared with relevant stakeholders.

Additional Identification and Assessment Processes Related to IROs for Resource Use

and Circular Economy

Screening of Assets and Activities

Aker Solutions relies on a significant inflow of materials, for both non-renewable and renewable projects,

for our manufacturing, construction and operations. Based on data in our procurement database, we

conducted a screening of the materials that were purchased during the reporting year. Major materials

were reviewed at article level and grouped into four main categories: bulk steel, stainless steel, aluminium

and carbon steel pipes. The recycled content and secondary material was determined based on industrial

averages. Recycled content was verified with environmental product declarations (EPDs) that we

received for materials in the same category. Secondary material content was verified using EcoInvent

v3.10 database.

Business Units and Material Impacts

We identified several business units with significant resource use and circular economy material impacts, which

are mainly from the procurement, construction and fabrication, maintenance and decommissioning units. The

relevant activities on site are from cutting of steel material in connection with fabrication and decommissioning

activities. These activities contribute highly to the inflow of raw materials, the outflow of products, and the

generation of waste. The steel components are a high content of our operations and the waste is recycled back

into the market.

Prioritization of Material Resources

Our material resources have been prioritized as follows:

◼ Metals: critical for our product lines and significant in terms of recycling potential

Community Consultations

Aker Solutions takes a holistic approach to consultation with local communities and relevant stakeholders

regarding our operations. These engagements cover multiple topics and types of communication. More

information can be found in SBM-2: Interests and views of stakeholders.

Additional Identification and Assessment Processes Related to IROs for Business

Conduct

Aker Solutions used the same Double Materiality Assessment process for all IROs related to business

conduct as for all other topics. No additional criteria were employed.



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SBM-3: Material Impacts, Risks and Opportunities and

Their Interaction with Strategy and Business Model

We have identified our impacts on the environment and society as well as the sustainability-related risks

and opportunities relevant for Aker Solutions.

Aker Solutions has material IROs across the ESG spectrum. The final topics were validated with Aker

Solutions’ executive management team and presented to the Board’s Audit Committee for review. A

complete report of our materiality assessment is available on our website.

After the assessment process, we determined that eight out of the ten ESRS topics are material to Aker

Solutions. Each material IRO is presented in the following tables, where we specify the sub-topics that

our material impacts, risks and opportunities relate to, for example climate change mitigation, climate

change adaptation, and energy.

We also show whether our impacts are in our own operations (OO) or in our value chain (VC), if they are

potential (P) or actual (A), and if they are a positive or negative impact. Brief descriptions of the material

impacts, risks and opportunities are included. More information on how we respond to the effects of our

impacts and risks is included in the ‘Environment’, ‘Social’, and ‘Governance’ sections.

Due to the medium term horizons (1-5 years) for all of our material risks and opportunities, there are no

current financial effects.

ENVIRONMENT

Climate Change


	Material IROs	Description	Time Horizon
Climate Change Mitigation
Negative Impact (OO, A)	GHG Emissions, Scope 1 and 2	Aker Solutions has an actual impact on the environment through its greenhouse gas (GHG) emissions, specifically Scope 1 and 2. The majority of these emissions are directly linked to the company's distribution operations.	Long (> 5 years)
Negative Impact (VC, A)	GHG Emissions, Scope 3	Aker Solutions has an actual impact on the environment through its Scope 3 greenhouse gas emissions. These emissions are significantly linked to the company's upstream activities, particularly with tier 1 suppliers.	Medium (1-5 years)
Risk (OO)	Regulatory changes in Climate Policy	Risk of increased costs due to regulatory changes requiring new processes and operations.	Medium (1-5 years)
Climate Change Adaptation
Risk (OO)	Decline in oil and gas projects	Risk of reduced revenue from decline in oil and gas projects due to environmental impacts, new legislation and development of new energy sources.	Long (> 5 years)
Risk (OO)	Inability to leverage opportunities	Risk of losing opportunities if company is unable to leverage leadership opportunities in New Energies' market.	Medium (1-5 years)
Risk (OO)	Failure in project execution and delivery	Risk of productivity loss if company fails to deliver on order intake and strategic ambitions.	Medium (1-5 years)
Opportunity (OO)	Climate change mitigation technologies	Opportunities for increased investment and market share in renewable activities and new climate change mitigation technologies.	Long (> 5 years)
Positive Impact (OO, A)	Energy Transition	Aker Solutions develops renewable energy products and technologies utilized by companies in the energy transition that can reduce the impact on climate change.	Long (> 5 years)
Energy
Opportunity (OO)	Energy Efficiency	Opportunity for reduced operational costs from successful implementation of energy-efficient practices and technologies under ISO 50001.	Medium (1-5 years)
Negative Impact (OO, A)	Energy Consumption	Energy use in own operations, type and amount of consumption.	Long (> 5 years)



37	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

ENVIRONMENT

Pollution


	Material IROs	Description	Time Horizon
Pollution of Water
Negative Impact (OO, P)	Spills Management	Improper management of chemical spills and leaks leading to pollution of water.	Medium (1-5 years)

Biodiversity and Ecosystems


	Material IROs	Description	Time Horizon
Impacts on the State of Species
Negative Impact (OO, P)	Impact on species population size	Offshore and engineering activities in a small number of locations could impact on species population size.	Long (> 5 years)
Negative Impact (OO, P)	Contribution to global extinction risk	Company operations could increase risk of global extinction of species.	Long (> 5 years)

ENVIRONMENT

Circular Economy


	Material IROs	Description	Time Horizon
Resource Inflows, Including Resource Use
Negative Impact (OO, P)	Resource inflows and consumption	Consumption of resources and materials, renewable and non- renewable for manufacturing and operations.	Medium (1-5 years)
Resource Outflows Related to Products and Services
Negative Impact (OO, P)	Resource outflows	Downstream generation of waste from Aker Solutions' products when not effectively recycled or repurposed.	Medium (1-5 years)
Positive Impact (OO, A)	Enhancing circular economy	Aker Solutions' involvement in decommissioning old oil platforms has contributed positively to the circular economy, specifically through recycling steel and other materials.	Short (<1 year)
Waste
Negative Impact (OO, P)	Waste management and segregation	Generation and management of waste including improper segregation and resource reuse.	Medium (1-5 years)



38	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

SOCIAL

Own Workforce


	Material IROs	Description	Time Horizon
Working Conditions
Negative Impact (OO, A)	Work-life balance of workforce	The impact of overwork due to excessive working hours/ conditions on the entirety of an employee's life outside of work.	Medium (1-5 years)
Negative Impact (OO, A)	Temporary and part- time employment	These types of employment contracts may pose risks related to job insecurity for its workers. While the sector generally offers lucrative opportunities, these practices could mean employees face a risk of losing their jobs in the long run, lacking the stability that a full-time contract provides.	Long (> 5 years)
Negative Impact (OO, P)	Excessive working hours	This is primarily linked to the company's demand for long working hours, frequent use of overtime, inadequate breaks, and prevalent shift work. Excessive working hours can lead to a variety of negative impacts on employees, including physical and mental health issues, decreased job satisfaction, reduced work-life balance, and increased potential for workplace accidents.	Short (<1 year)
Negative Impact (OO, A)	Payment of living wage	Aker Solutions has a role to ensure the provision of a living wage.	Medium (1-5 years)
Negative Impact (OO, A)	Collective bargaining rights	Upholding collective bargaining rights are critical, as it promotes fair treatment, fosters a positive working environment, and aligns with international labor standards.	Short (<1 year)
Negative Impact (OO, A)	Health and safety impacts	The company directly influences the health and safety conditions for its workforce.	Medium (1-5 years)
Positive Impact (OO, A)	Employee engagement	Aker Solutions' focus on social dialogue with employees, through consideration of its workers' perspectives and increased communication and engagement improves morale and working conditions.	Short (<1 year)
Opportunity	Well-managed workforce	Opportunity for positive reputation resulting from the company’s leadership in workforce sustainability issues.	Medium (1-5 years)



Equal Treatment and Opportunities for all
Negative Impact (OO, A)	Diversity imbalance and discrimination	A lack of diversity (covering age, race, nationality, gender identity, sexual orientation, religion, political belief) in the workplace can limit varied inputs and opinions in company decisions.	Short (<1 year)
Negative Impact (OO, A)	Gender pay gap	Aker Solutions has an impact on its own workforce related to ensuring equal pay for equal work directly linked to its own operations. Receiving less pay for equal work is a form of discrimination that negatively impacts people, traditionally women.	Short (<1 year)
Negative Impact (OO, A)	Disparity in parental leave duration	While Aker Solutions adheres to legal regulations regarding parental leave and pays full salaries during this period, there is a notable difference in the average duration of paid parental leave taken between female and male employees.	Short (<1 year)
Negative Impact (OO,P)	Workplace harassment	Employees facing harassment (verbal, physical, sexual) may experience significant degradation in their well-being and safety.	Short (<1 year)
Positive Impact (OO, A)	Training and skills development	Aker Solutions provides upskilling for employees that prepares them for evolving opportunities amid the energy transition and the shift towards more sustainable solutions.	Medium (1-5 years)
Other Work-related Rights
Negative Impact (OO, A)	Adequate housing	Aker Solutions has a need to provide accommodation for its workers when it is directly tied to operations. Lack of adequate housing can detrimentally affect a worker's health, wellbeing, and safety.	Short (<1 year)
Negative Impact (OO, A)	Breach of workforce privacy	As a company with global operations, Aker Solutions collects, stores, and manages vast amounts of personal information of its employees. Any mismanagement, unintended disclosure, or breach of this data would violate the privacy rights of the workforce.	Medium (1-5 years)



39	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

SOCIAL

Workers in the Value Chain


	Material IROs	Description	Time Horizon
Working Conditions
Negative Impact (VC, P)	Work-life balance of workforce	Suppliers and contractors may not always prioritize or have the resources to ensure proper work-life balance for their employees.	Medium (1-5 years)
Negative Impact (VC, P)	Temporary and part- time employment	The practice may result in job insecurity, affecting workers' well- being, financial stability, and long-term planning.	Long (> 5 years)
Negative Impact (VC, P)	Excessive working hours	This impact is rooted in extended work durations, unfair application of overtime, lack of appropriate rest periods, and the prevalent use of shift work.	Medium (1-5 years)
Negative Impact (VC, P)	Payment of living wage	The inability of workers in their supply chain to maintain a decent standard of living due to being paid below a living wage in their respective geographies has implications on their overall well-being and quality of life.	Medium (1-5 years)
Negative Impact (VC, P)	Freedom of association and collective bargaining rights	Suppliers may not always uphold the same labor rights standards Aker Solutions adheres to. Restricting collective bargaining rights can lead to unfair wages, unsafe working conditions, and may suppress the voices of marginalized workers.	Long (> 5 years)
Negative Impact (VC, P)	Health and safety impacts	Inadequate management in these areas can lead to accidents, illnesses, and other harmful consequences for workers, thereby negatively affecting the company's reputation, operations, and broader stakeholder relations.	Medium (1-5 years)
Negative Impact (VC, P)	Employee engagement deficit	A lapse in effectively engaging employee groups in the supply chain, especially when neglecting to acknowledge worker perspectives or ensuring access to collective bargaining channels, can negatively affect working conditions.	Medium (1-5 years)
Risk	Unmonitored supply chain	Risk of reputation damage/loss of financial standing/operational legitimacy due to poor working conditions, human rights violations and/or violence or harassment in our supply chain.	Medium (1-5 years)


	Material IROs	Description	Time Horizon
Equal Treatment and Opportunities for all
Negative Impact (VC, A)	Diversity disparity and discrimination	A homogenous workforce, with limited diversity in terms of age, race, nationality, gender identity, sexual orientation, religion, and political belief, could hamper the inflow of varied insights and perspectives, which are crucial for informed decision-making.	Long (> 5 years)
Negative Impact (VC, P)	Insufficient workforce training	Inadequate initial and upskilling training can hinder workers from performing their roles effectively and escalate the likelihood of health and safety incidents.	Medium (1-5 years)
Negative Impact (VC, P)	Discrimination of Persons with Disabilities	Discrimination not only affects the dignity and morale of these individuals but also denies them equal opportunities in employment and inclusion, thereby depriving the workforce of potential talent and diverse perspectives.	Medium (1-5 years)
Negative Impact (VC, P)	Workplace harassment	Harassment occurrences not only directly harm the worker but can also lead to broader indirect implications affecting their overall well-being and safety.	Medium (1-5 years)
Other Work-related Rights
Negative Impact (VC, P)	Housing standards in the supply chain	Lack of adequate housing can detrimentally affect a worker's health, wellbeing, and safety.	Medium (1-5 years)
Negative Impact (VC, P)	Child labor in the supply chain	Child labor not only deprives children of their childhood and potential but also compromises their dignity. It exposes them to dangerous situations and hinders their right to education.	Medium (1-5 years)
Negative Impact (VC, P)	Forced labor in the supply chain	Forced labor, any work performed under threat or without the worker's voluntary consent, directly affects an individual's freedom, well-being, and associated rights.	Medium (1-5 years)
Negative Impact (VC, P)	Supply chain privacy violations	Workers' personal data and information might be at risk due to inadequate data protection measures or practices. This can affect trust, lead to potential legal repercussions, and jeopardize the relationship between Aker Solutions and its suppliers.	Medium (1-5 years)

Affected Communities


	Material IROs	Description	Time Horizon
Communities’ Economic, Social and Cultural Rights
Positive Impact (OO, A)	Local community value creation	Aker Solutions provides local community investment and job creation.	Medium (1-5 years)



40	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

GOVERNANCE

Business Conduct


	Material IROs	Description	Time Horizon
Corporate Culture
Negative Impact (OO, P)	Lack of effective emergency response	Aker Solutions has a responsibility to effectively handle emergency situations and foster corporate culture of safety.	Short (< 1 year)
Protection of Whistleblowers
Negative Impact (OO, P)	Deficiency in whistleblower protection	Insufficient protection of whistleblowers may hinder reporting, thereby obstructing the formal identification of human rights violations.	Medium (1-5 years)
Political Engagement and Lobbying Activities
Positive Impact (OO, P)	Influence through donations and sponsorships	Aker Solutions has the potential to positively influence policies and regulations related to the energy transition (in Norway more so than internationally).	Medium (1-5 years)
Opportunity (OO)	Political engagement activities	Positive financial opportunity stemming from political engagement, specifically in Norway.	Medium (1-5 years)
Management of Relationships with Suppliers
Negative Impact (OO, P)	Mismanagement of global supply chain	With over 10,000 suppliers, mismanagement of the supply chain can lead to environmental degradation, social concerns like labor rights violations and governance issues including corruption and data privacy breaches.	Long (> 5 years)
Risk (OO)	Unstable Commodity and Resource Availability	Risk of increased costs from unstable commodity and resource availability due to geopolitical instabilities.	Medium (1-5 years)
Risk (OO)	Relationship with intergroup companies	Risk of damaged reputation and being viewed as not transparent due to unclear external communication of relationships with intergroup companies.	Medium (1-5 years)
Corruption and Bribery
Negative Impact (OO, P)	Corruption and bribery vulnerability	Vulnerability to corruption and bribery due to exposure to high inherent integrity risk regions.	Long (> 5 years)
Negative Impact (OO, P)	Corruption incidents	Incidents of corruption can involve unethical actions, bribery, or other forms of financial malfeasance that can distort market dynamics, impede fair competition, and undermine the company's integrity and reputation.	Medium (1-5 years)
Cybersecurity - Entity Specific
Negative Impact (OO, P)	Breach of data privacy and protection	Aker Solutions relies on IT systems to deliver services where data security has the utmost priority; breaches in data privacy and security can harm stakeholders, including employees, contractors, clients, projects, and partners, by exposing their confidential information.	Medium (1-5 years)
Risk (OO)	Breach of data privacy and protection	Risk of reputational harm, lost opportunities, increased costs and reduced revenue due data privacy and protection breaches from increased use of digitalization.	Medium (1-5 years)



41	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Aker Solutions’ Management System is governed through twelve policies anchored at the highest level in

the organization that describe the intention and direction of the organization as formally expressed by

top management. They are signed off by the relevant executive vice president alongside the CEO, are

valid for everyone in Aker Solutions and are shared with our customers and prospective customers. Our

business processes are owned by our global functions and business segments with responsibility and

authority to standardize and optimize our work processes to secure efficient operation. Many of these

policies also cover material sustainability matters and are described in more detail in the relevant sections

of this report. The twelve policies are: Governance, HSSE, Quality and Continuous Improvement, People,

Finance, Supply Chain, Data Protection and Information Security, Customers and Strategy, Segment

Execution, Business Integrity, Sustainability, and Human Rights. These policies can be found on our

website.

These policies cover all of Aker Solutions material impacts, risks and opportunities. Actions, resources,

metrics and targets in relation to material sustainability matters are described in the relevant sections of

this report.

Resilience of Strategy and Business Model

Aker Solutions’ strategy and business model is driven by our purpose of solving global energy challenges

for future generations. The Board of Directors sets the direction of the company by determining the

objectives, strategy, and risk profile of the business within the parameters of the articles of association.

The company’s business targets and strategy are evaluated on an annual basis by the Board under a

designated strategy process whereby any significant changes as well as goals and guidelines of the

company are adopted. The process includes investment reviews, strategy and transformation reviews and

stakeholder assessments.

The outcome at the end of each year outlines short term decisions to be made, the medium term direction

for the company, and aligns with the long term vision. We execute our strategy through the Enterprise

Performance Management process using Objectives & Key Results to drive the strategic lifts and shifts

needed in the short- and medium-term, and we use KPIs to track the health of the running operation and

progress towards our long-term goals.

A sound financial position combined with a culture of innovation and problem solving enable Aker

Solutions to handle uncertainty, drive change and stay competitive. Furthermore, we anticipates that our

investments in technology and digital solutions will ensure business continuity, operational efficiency and

flexibility and a more data driven decision making.

The most recent strategy process completed at the end of 2024 resulted in five priorities, set at the

highest level of the organization. These priorities describe how Aker Solutions aims to operate while

working toward future ambitions and addressing material impacts, risks and opportunities across the

ESG spectrum:


Strategic Priority	Implementation	Material Topics Covered
Strong, efficient and sustainable project delivery by improving our core	Deliver value through our projects Build trust with our customers and within the industry Safeguard our project backlog by increasing productivity and reducing emissions through digital tools and improvement processes	Climate change Biodiversity and Ecosystems Circular Economy Affected communities
Develop commercially robust energy transition growth engines	Prioritize projects consciously, enabling commercially sound transitional opportunities Reach new customers through digital means, developing our technology base and services Implement fit-for-purpose execution models with a balanced risk- reward approach	Climate change
Ensure a safe and attractive place to work and grow	An attractive employer of choice for both current and future employees Diverse and inclusive work culture that fosters curiosity, trust, and empowerment Our people always return home safely, feeling happy, highly committed, and loyal	Pollution Biodiversity Circular Economy Own Workforce Business Conduct
Drive digital technology and improvement	Common foundation for data-driven decisions is crucial for driving improvements and developing new offerings Experiment with new ways of working to enhance productivity in our methods and processes.	Own Workforce Workers in the Value Chain Business Conduct
Develop strategic partnerships and alliances with clients and partners:	Focus on developing and maintaining new and existing partnerships and alliances built on trust, transparency, and shared ambitions. These partnerships form an ecosystem that enables innovation, broadens our offerings, and balances risk for us and our customers	Workers in the Value Chain Business Conduct



42	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E1-SBM-3

All material climate-related risks identified were climate-related transition risks:

◼ Regulatory changes in climate policy

◼ Decline in oil and gas projects

◼ Inability to leverage opportunities

◼ Failure in project execution and delivery

The results of the analysis were used to inform the development of our corporate strategy and improve

our resilience. As a result of declining demand for oil and gas under the NZE and APS scenarios, and the

growth of renewable energy under all scenarios, Aker Solutions has made a strategic shift to grow in

renewables and low-carbon markets including offshore wind, CCS and hydrogen by working closely with

our customers and partners and leveraging our core capabilities. In addition, the decarbonization strategy

for climate change mitigation (included in E1-1) outlines the strategies and actions we are taking to

reduce our GHG emissions and contribute to a low-carbon economy.

E4-SBM-3

Aker Solutions’ structural designs and offshore work plans are subject to the requirements established in

the environmental impact assessments and relevant development approval processes that are conducted

by the customer. We ensure that these criteria are included into the design, when applicable, in addition

to the engineering controls that are inherent to the design and fabrication processes. This approach also

integrates requirements of frameworks such as the Kunming-Montreal Global Biodiversity Framework,

and the EU Biodiversity Strategy for 2030.

One of Aker Solutions’ operational yards in Norway, the Verdal yard, is located near an area (Ørin Nord)

which is designated as a Ramsar site due to wetland ecology. A local study has identified several species

on the Norwegian Red List, predominately birds (including migratory birds), but also plant and marine life

species. Potential long term risks to population sizes of the various species exist due to the site’s

proximity to the yard and the industrial park, as well as recreational use of the area by other members of

the local community. We maintain low activity levels in the area near the protected site. We also

communicate with the local council on information pertaining to the protected area. Our operations do

not result in impacts to land degradation, desertification or soil sealing.

S1-SBM-3

At the end of 2024, Aker Solutions had 11,777 employees located in 15 countries. The majority of the

employees, 96 percent, are permanent employees, and 77 percent of the employees are located in

Norway. There are small numbers of temporary employees and non-guaranteed hours employees.

Approximately 2 percent of the employees are part-time employees. There were 8,366 non-employee

self-employed workers or workers provided by an employment agency.

S3-SBM-3

Aker Solutions aims to be a company that people want to work for and with, and to be a desired neighbor

in the communities where we operate. We strive to be recognized by our stakeholders for conducting our

business responsibly, for developing sound operations and jobs in the communities where we are based,

and for creating value for our customers, our owners, our employees and for society. At locations where

our operations have a significant impact on local communities or on the wider society, we strive to

engage in dialogue with relevant stakeholders to understand their views and identify how opportunities

and challenges can best be addressed. As much as possible, we communicate proactively, openly and

transparently about status and planned further development for our operations and local jobs.

The main local communities where Aker Solutions has a potential positive impact on value creation,

including providing employment opportunities, opportunities for local sub-suppliers, and additional

regional value creation include:

◼ Egersund

◼ Sandnessjøen

◼ Stord

◼ Verdal

Aker Solutions has a fabrication yard in each of these local Norwegian communities.

Engaging with and understanding the impact of a company’s operations on local communities and the

positive impact this can have on the development of a community’s economic, social and cultural rights is

especially important where a company’s presence is sizeable and influential.

Our active engagement and dialogue with communities where we have operations aims to understand

their expectations and create lasting local value for affected stakeholders. An explanation of type and

frequency of stakeholder engagement as well as topics discussed is included in SBM-2: Interests and

views of stakeholders.



43	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Environmental

Reporting



44	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Climate Change

Aker Solutions’ IROs for Climate Change

As determined during our materiality assessment process, Aker Solutions has the following material

impacts, risks and opportunities related to climate change:

Positive Impacts

◼ Role in energy transition (OO)

Negative Impacts

◼ GHG Emissions, Scope 1 and 2 (OO)

◼ GHG Emissions, Scope 3 (VC)

◼ Energy Consumption (OO)

Risks

◼ Regulatory changes in climate policy (OO)

◼ Decline in oil and gas projects due to environmental impacts (OO)

◼ Inability to leverage energy transition opportunities (OO)

◼ Failure in project execution and delivery (OO)

Opportunities

◼ Climate change mitigation technologies (OO)

◼ Energy efficiency (OO)

(OO = Own operations, VC = Value chain)

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided in IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

E1-1: Transition Plan for Climate Change Mitigation

Aker Solutions does not have a transition plan but we have a decarbonization strategy, we call our

climate action plan, that outlines the strategies and actions we are taking to reduce our scope 1 and 2

greenhouse gas (GHG) emissions and contribute to a low-carbon economy. It is a part of how we deliver

on our purpose: solving global energy challenges for future generations. The main objectives in the plan

are switching energy consumption to renewable energy, increasing energy efficiency and enabling the

energy transition while ensuring operational resilience and financial stability.

The climate action plan began as a roadmap to transform our business towards a net zero future. Since

its launch in 2022, it has progressed from a corporate initiative to a business-led transformation with the

ambition to be fully embedded in our enterprise performance management system. This plan outlines a

series of actions focused on reducing our scope 1 and scope 2 GHG emissions and includes areas of

future focus.

Aker Solutions is committed to reducing our scope 1 and 2 GHG emissions by increasing the use of

renewable energy technologies and enhancing energy efficiency. Key actions include replacing fossil fuel

heating systems, utilizing an energy management system to improve energy consumption, using biofuels

and upgrading facilities. As these activities may increase our electricity consumption, we will also

purchase energy attribute certificates (EACs) as mitigation. These actions are expected to reduce scope

1 and 2 emissions by 50 percent by 2030 compared to the 2023 baseline.

While there is no emissions reduction target for scope 3, we do endeavor to reduce scope 3 emissions by

focusing on reducing key hot spots, such as promoting the use of low emission steel and fossil-free

transport. In the coming years, we plan to further engage with our value chain, through stakeholder

engagement, industry collaboration and external forums to identify more actions. As part of our long-term

commitment to achieving net zero emissions by 2050, we continuously seek to improve and adapt our

strategies and build our business models to support climate and sustainability goals.

More information can be found in section E1-3: Actions and resources in relation to climate change

policies.

Our near-term targets aim to reduce scope 1 and 2 emissions by 50 percent by 2030, compared to 2023,

and in the long-term we aim to achieve net-zero (scope 1, 2 and 3) by 2050. Details on Aker Solutions’

emissions reduction targets can be found in section E1-4: Targets related to climate change mitigation

and adaptation.

Investments and Funding

Aker Solutions has sufficient funds, capacity and capabilities to implement the remaining actions in our

climate action plan to ensure that we meet our emissions reduction target in 2030 for scope 1 and 2. The

investments follow a decision process as described in the “Business Strategy and Financial Planning

Alignment” section, and are subject to further approval, per the process. To achieve our target of 50



45	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

percent reduction in scope 1 and 2 emissions by 2030, and to ensure compliance with anticipated

changes in Norwegian environmental legislation, the company foresees investments of minimum NOK

210 million. In 2024, Aker Solutions approved and initiated investment projects of NOK 24.5 million to

support the decarbonization strategy in 2025.

Aker Solutions’ plan includes taxonomy-aligned and taxonomy-eligible capital expenditures (CapEx) and

investments that are not part of the EU Taxonomy but are aimed at reducing carbon emissions. Aker

Solutions’ taxonomy-aligned and taxonomy-eligible investments are disclosed as part of our EU taxonomy

reporting and the investments performed in 2024 can be found in that section of this report. In 2024,

Aker Solutions invested approximately NOK 4 million in actions which are not part of the EU taxonomy

but are supporting our decarbonization strategy. This covers the purchase of Energy Attribute

Certificates (EACs) which reduce scope 2 emissions and other operational measures which replace fossil

energy sources. Indirect costs, such as payroll, are not included in the presented amounts.

Locked-in GHG Emissions Assessment

There are locked-in scope 1 emissions from equipment at our sites. The equipment used is primarily for

heating, mobile equipment, and hot work. The contribution is expected to be reduced over time with

improved technologies and investments. Value chain emissions can be locked in due to long-term

supplier agreements and project design restrictions. While tackling these emissions will be a challenging

task and is not fully outlined, we expect that the selection of low-emission materials, the gradual

integration of sustainability criteria in procurement, and our role as an enabler in electrification and

renewable and transition energy solutions, will be key to mitigating long-term impact of these emissions.

Significant CapEx in Coal, Oil, and Gas-related Activities

In 2024, Aker Solutions did not have any capital expenditures related to coal, oil, and gas-related

extraction activities.

EU Paris-aligned Benchmarks

Our long-term net zero target is aligned with the EU Paris Agreement. In addition, our near-term scope 1

and 2 emissions reduction target is also aligned with the Agreement but we do not currently have a near-

term scope 3 emissions reduction target.

Business Strategy and Financial Planning Alignment

Our climate action plan is part of our overall strategy and is reflected in both long-term targets and annual

financial planning processes. Aker Solutions’ group strategy is set by Aker Solutions ASA’s Board.

Aker Solutions’ net zero target requires a reduction in scope 1, 2 and 3 emissions. We have KPIs as part

of our Balance Score Card related to scope 1 emissions reductions, both at the corporate level and at

segment level. We have also included a climate action category into our prospect prioritization process,

where prospects that are ambitious in terms of implementing emission reduction initiatives will receive

higher scores.

To support the strategy, the financial frame is updated annually, most often for a five year strategy period. The

frame reflects our strategic priorities and is entered on a high level in our company’s financial system to

maintain flexibility. It is approved by the Board according to Aker Solutions’ authorization matrix.

The financial forecast for the current year is updated monthly. This includes forecast for ongoing

investments that stretch over several years. The forecast contains a blend of approved investments and

investments pending approval. The forecast can deviate from the approved frame to reflect updated

information or changed priorities. The forecast update is reported as part of the financial report to the Board.

New investment applications are brought forward for approval when they have matured and are ready for

decision. Each application has its own business case taking into consideration several aspects such as

market, time, resources, cost, return on investment and rationale. If they are approved, they are moved

from the ‘pending approval’ category to ‘approved’ in the financial system and included in the forecast

update. Approval levels for investments are set in Aker Solutions’ authorization matrix.

Approval by Administrative and Management Bodies

The climate action plan has been approved by our executive management team.

Implementation

Since the launch of our climate action plan, we have successfully implemented numerous initiatives to

reduce emissions and improve energy efficiency. Key actions to date include replacement of fossil fuel

heating systems in multiple buildings across our Norwegian yards and purchasing EACs. In 2024, Aker

Solutions reduced its own emissions by 27 percent compared to the 2023 baseline which keeps us on

track to meet our goal of a 50 percent reduction of scope 1 and 2 emissions by 2030. We expect to see

the full impact of our 2024 scope 1 reduction initiatives in 2025.

At the end of 2024, our emissions for all scopes had increased by 13 percent from the 2023 baseline.

For scope 3, purchased goods and services remains our largest category. In 2024 we increased our

engagement with our supply chain to better understand how our suppliers are working to achieve net

zero within their own operations and supply chains. 2025 will be the start of closer engagement between

Aker Solutions and our supply chain partners to promote innovative ways to reduce emissions and ways

of working together to obtain better data that accurately demonstrates the impact of these actions. This

will be a journey we take together with our suppliers as we mature, as customer interest in emission

reductions options increases and as new projects start and bring new opportunities. The speed of these

developments and changes poses a potential challenge to us and to our clients in achieving net zero.

More information on key actions can be found in section E1-3: Actions and resources in relation to

climate change policies.



46	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E1-2: Our Policies and Plans Addressing Climate Change

The material impacts related to climate change are addressed and mitigated by the following policies.

Both policies are signed at the top management level and are applicable to all Aker Solutions’

operated sites.


Aker Solutions’ document	Purpose or Objective	IROs addressed/ managed
Sustainability policy	Describes our commitment to support the UN SDGs, Global Compact principles, and the Paris Agreement by making sustainability a core value in our strategy, prioritizing renewable solutions and energy efficiency, and promoting recycling, reuse and circular design in our solutions and responsible practices across our value chain. It also includes promotion of the use of renewable energy in our operations.	Climate change mitigation, climate change adaptation, energy
HSSE policy	Promotes safe, reliable and sustainable operations. Focuses on our commitment to achieving zero harm to personnel, the environment, and assets by prioritizing health, safety, and security through collaboration with employees and the supply chain, while continuously improving our work environment and processes.	Climate change mitigation, climate change adaptation, energy

Operational procedures cover the assessment of environmental aspects and impacts, required to be

conducted in projects and at locations, and opportunities for improvement are also managed. This covers

all areas of environmental topics, including climate change topics.

There are also operational procedures that identify the monitoring and measurement of the HSSE KPIs,

including environment and climate. A prescribed methodology statement on the calculations of emissions

for all scopes, including assumptions, boundaries and exclusions is in place and more details are provided

in the section E1-6: Gross scope 1, 2, 3 and total GHG emissions.

Key areas of climate change mitigation and adaptation are addressed through our policies

in the following way:

(a) Climate Change Mitigation

In line with our Sustainability Policy and commitment to support the Paris Agreement, Aker Solutions has

established an emissions reduction target for our scope 1 and 2 emissions and maintains a commitment

to achieving net-zero emissions by 2050.

(b) Climate Change Adaptation

Aker Solutions’ Sustainability Policy commits us to working on renewable and transitional solutions,

promoting recycling, reuse and circular design in our solutions and prioritizing energy efficiency across

our value chain. Additional focus is on internal employee training and upskilling.

Aker Solutions is committed to operating with energy efficiency. We achieve this by continuously

improving productivity, minimizing energy waste, and investing in technology that reduces consumption

and CO2 emissions. We also have a procedure on energy management.

(d) Renewable Energy Deployment

We continue to support the use of renewable energy on our sites by purchasing EACs. These certificates

contribute to reducing our scope 2 emissions. In 2024, we purchased approximately 118,087 megawatt

hours of electricity for our own consumption.



47	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E1-3: Actions and Resources in Relation to Climate Change

Policies

Aker Solutions’ climate action plan (our decarbonization strategy) drives our commitment towards a

net zero future while helping to solve global energy challenges for future generations. More

information on our climate action plan can be found in section E1-1: Transition plan for climate

change mitigation.

Key Actions

Decarbonization Lever: Reducing Own Emissions (scope 1 and 2) Through Renewable Energy

Technologies and Increased Energy Efficiency

Aker Solutions' biggest decarbonization lever for scope 1 and 2 is renewable energy such as increased

use of electricity and bio-based solutions. This covers several key actions such as replacing heating from

fossil fuel sources, increasing energy efficiency and purchasing EACs, certifying our locations for ISO

50001, and upgrading facilities at our yards. Investments performed and investments included in our

near-term financial planning are expected to reduce our scope 1 and 2 emissions by approximately 50

percent by 2030, compared to our 2023 baseline. The individual investments are required to follow a

formal approval process.

Our yard in Egersund decreased its emissions in 2024 by 46 percent compared to 2023 after the

replacement of heating from fossil sources. This is just one example of an investment that is included in

this decarbonization lever.

Reducing Value-chain Emissions (scope 3) Through Use of Low Emissions Products and Services

Aker Solutions is also working to reduce value-chain emissions (scope 3) through the use of lower

emissions products and services. Examples of actions include the promotion of fossil free transport

across the supply chain and purchasing low emissions steel. By joining the First Movers Coalition (FMC),

Aker Solutions commits to buying at least 10 percent (by volume) of our steel from low-emissions sources

by 2030. This commitment is subject to the availability of technology and the customer’s willingness to

meet their 2030 purchase pledges and emissions reduction goals. This is estimated to reduce our scope

3, category 1 emissions by 5 percent.

Innovation and Scaling Gap

We are also working to develop new or scale existing actions to further reduce scope 3 emissions as we

work toward our net zero ambition. The effectiveness of these potential measures in reducing GHG

emissions is highly uncertain and will depend on technological advancements, industry collaboration, and

regulatory developments. This innovation and scaling gap is comprised of the following actions where

direct emissions reductions are not yet assured:

◼ Data-driven decision making: better data into our systems will allow us to make informed decisions on

new products, services and supplier selection and also result in accurate reporting of improvements

◼ Industry collaboration: working with our customers and across the energy industry to align on

business models that support utilization of lower emissions products and services

◼ Procurement and contracts: monitoring our supply chain and rewarding suppliers who are operating

more sustainably in their organizations, as well as raising the threshold for working with Aker

Solutions and influencing suppliers so that decisions are based on sustainable outcomes

As part of our commitment to achieving net zero emissions by 2050, we recognize the importance of

continuous improvement and adaptation in our strategies. While our current plans do not outline actions

beyond 2030, we are dedicated to identifying and implementing additional measures in the long-term.

Our engagement with stakeholders aims to provide more tangible actions and explore innovative

solutions to ensure that we meet our long-term sustainability goals.

Availability and Allocation of Resources

The implementation of our climate actions is dependent on allocation and availability of resources. Aker

Solutions has sufficient funds, capacity, and capabilities to fulfill the plan towards 2030, as laid out in our

financial strategy plan. Beyond the 2030 scope 1 and 2 target, Aker Solutions is also dependent on

effective solutions to further reduce emissions, as explained in the section “Innovation and scaling gap”.

Consistency of OpEx and CapEx with Key Performance Indicators

See sections “Investment and Funding” and “Business strategy and financial planning alignment” in E1-1:

Transition plan for climate change mitigation.



48	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Illustrative

reductions,

primarily

within

scope 3

Reducing own

emissions

(scope 1 and 2)

Technology

investments at

facilities

Switch to

biogenic fuels

Renewable Energy

* Aker Solutions’ long-term decarbonization strategy is currently not defined as it relies on technological innovation as

well as new production methods in the value chain. More details will be unfolded in the coming years.

** We expect to neutralize the remaining 10% of emissions (2023 baseline) using carbon offsets, in accordance with the

criteria of the Science Based Targets initiative.

E1-4: Targets Related to Climate Change Mitigation and

Adaptation

To support our climate change mitigation and adaptation commitment and material areas, Aker

Solutions has set targets to reduce scope 1 and 2 emissions by 50 percent by 2030, as compared to

2023, and be net-zero by 2050.

Our long-term net zero target is aligned with the EU Paris Agreement and a 1.5°C pathway. In addition,

our near-term scope 1 and 2 emissions reduction target is also aligned with the Agreement and a 1.5°C

pathway but we do not currently have a near-term scope 3 emissions reduction target.

The target for scope 1 and 2 includes emissions from our own and controlled operations, while the net

zero target includes scope 3 and all relevant emissions categories both upstream and downstream. The

target boundaries are consistent with our GHG emissions inventory boundaries. The target-setting

process involved discussions and workshops with key stakeholders, utilizing the Science Based Target

initiatives’ (SBTi) methodology. The target was set in alignment with the SBTi Corporate Net Zero

Standard. More data is required to understand the implication of the business growth in our company,

which is dependent on the global energy transition movement, energy security priorities in the region, and

the development of financing for renewable energy.

The target is tracked and monitored on a quarterly basis at the corporate and business segment levels.

The performance is presented to management and additional actions are taken if results are trending

negatively. A year-end review is conducted to assess overall status of the KPI and implications to the

company performance.

The methodology for calculating science-based targets in line with the Paris Agreement follows the

Absolute Contraction Approach and the cross-sector absolute reduction pathway.



49	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

GHG Emissions Reduction


	Target	Current status	Methodology of tracking	Detailed action plan
Scope 1 and 2	Reduce absolute scope 1 and 2 emissions 50 percent by 2030 from a 2023 baseline	At year-end 2024, we have attained a 27 percent reduction	Scope 1 and 2 emissions are accounted for and tracked on a monthly basis, following our emission accounting procedure	Our approach includes the use of renewable energy, equipment and building upgrades and energy- efficiency optimization actions to achieve our emissions reduction target.
All scopes	Reach net-zero greenhouse gas emissions across the value chain by 2050	At year end 2024, we have increased the total for all scopes by 13 percent	Same methods as above for scope 1 and 2. Scope 3 emissions are monitored on an annual basis, following the methodology procedure aligned with GHG protocol and the ESRS	Our net-zero target is grounded in the same science-based methodology and accounting principles as our near-term target. Achieving this goal involves an action plan that builds on our near-term emissions reduction strategies, incorporating renewable and transitional solutions to drive further progress. We expect to reduce all scopes by 90 percent and neutralize the remaining 10 percent of emissions using carbon offsets, in accordance with the criteria of the SBTi.

The scope 1 and 2 target encompasses all accounted scope 1 and 2 emissions according to our emissions

inventory, and do not include any avoided GHG emissions, emissions removals or other type of carbon

credits. Aker Solutions’ long-term decarbonization strategy is currently not defined as it relies on

technological innovation as well as new production methods in the value chain. More details will be

unfolded in the coming years.

Baseline Value Representativeness

In 2023, Aker Solutions underwent a reorganization following the disposal of the Subsea segment. As a

result, 2023 was selected as the baseline year for emissions, providing the most representative data for

our current operations and business activities. In accordance with the GHG protocol, emissions related to

OneSubsea has been accounted for in scope 3, category 15: investments for the full year. Emissions data

for 2023 aligns with our established GHG emission boundaries and has been assured by a third party.

The 2023 baseline for scope 3, category 1: Purchased goods and services, category 2: Capital goods and

category 4: Upstream transportation and distribution was adjusted to include an inflation rate for spend-

based data. In accordance with ESRS, scope 3, category 15: investments now includes scope 1, 2, and 3

of the investee. In previous reporting, category 15 only included the investee’s scope 1 and 2. The 2023

baseline for this category has been revised.

Detailed Disclosure on Decarbonization Levers

Our scope 1 and 2 decarbonization lever is described in section E1-3: Actions and resources in relation to

climate change policies.

Diverse Climate Scenarios

Aker Solutions has considered various climate scenarios, including those limiting global warming to 1.5°C.

The Net Zero Emission’s (NZE) scenario describes a pathway for the global energy sector to reach net-

zero CO2 emissions by 2050 through rapid deployment of a wide portfolio of clean energy technologies.

NZE limits global warming to 1.5°C and prioritizes an orderly transition that aims to safeguard energy

security through strong and coordinated policies and incentives that minimize energy market volatility

and stranded assets.



50	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E1-5: Energy Consumption and Mix

Detailed Breakdown of Energy Consumption

Fossil Sources

Fossil fuel consumption is the main part of our scope 1 emissions and includes the consumption of fuels

such as diesel, gasoline, marine fuel oil, marine gas oil, natural gas, LPG and acetylene. Starting in 2023,

we began implementing an energy management system at select locations, which helps us identify

significant energy use sources, plan for alternatives and gradually improve energy efficiency and use of

renewable sources.

Nuclear Sources

Aker Solutions had no nuclear energy sources.

Renewable Sources

Aker Solutions’ fuel consumption from renewable sources includes biogenic fuels. We improve our

approach by selecting biofuels compatible with hydrotreated vegetable oil or similar, which helps us

reach our decarbonization targets. Aker Solutions purchased renewable energy through EACs and the

company did not have any self-generated non-fuel renewable energy.

All energy used is reported, including the purchased EACs.

The energy activity data of purchased electricity and fuels is harvested locally either via meter readings at

the sites or via invoicing. Each location submits their environmental data monthly for the premises and

activities controlled by Aker Solutions. District heating and cooling is reported separately from electricity

consumption and is included as renewable energy.

Disaggregation of Fossil Source Consumption in High Climate Impact Sectors

◼ Aker Solutions does not use coal or any coal-based products to meet our energy needs in any of our

locations

◼ Crude oil and petroleum products and byproducts are utilized primarily to support fabrication, heating

and transport equipment requirements. We are actively working on strategies to reduce reliance on

these products, transition to greener alternatives, and increase efficiency through implementation of

energy management systems

◼ Natural gas is used to cover energy demand in Aker Solutions’ yards. It is considered a better

alternative to petroleum products, but we continue efforts to improve energy efficiency and minimize

environmental impact

◼ Other fossil sources may include fossil-based fuels like acetylene, used for welding purposes

◼ Aker Solutions purchases electricity, heat, steam and cooling, however many of our sites are in

Norway, where the energy mix is predominantly renewable, with low reliance on fossil fuels. In these

locations, district heating and cooling is also derived mainly from renewable sources. For facilities and

sites in regions with a higher fossil fuel mix, we are working on optimizing energy consumption and

continue to secure EACs to support cleaner energy sourcing

Disaggregation of Energy Production

Aker Solutions did not produce renewable or non-renewable energy in 2024.

Energy consumption and mix


	2023	2024
(1) Fuel consumption from coal and coal products (MWh)	0	0
(2) Fuel consumption from crude oil and petroleum products (MWh)	31,930	23,838
(3) Fuel consumption from natural gas (MWh)	24,453	21,660
(4) Fuel consumption from other fossil sources (MWh)	5,188	5,078
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	10,338	6,294
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	71,909	56,870
Share of fossil sources in total energy consumption	43%	30%
(7) Consumption from nuclear sources (MWh)	0	0
Share of consumption from nuclear sources in total energy consumption	0%	0%
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	420	1,545
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	96,735	128,841
(10) The consumption of self-generated non-fuel renewable energy (MWh)	0	0
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	97,155	130,386
Share of renewable sources in total energy consumption	57%	70%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	169,064	187,256



51	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Energy Intensity Based on Net Revenue

Our activities occurring in high climate impact sectors include fabrication, manufacturing and

decommissioning. The energy intensity from these actives and the net revenue used to derive energy

intensity is provided in the tables below.


	2023	2024	% 2024/2023
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/MNOK)	4.45	3.28	-26%


Net Revenue from Activities in High Climate Impact Sectors
	2023	2024
Net revenue from activities in high climate impact sectors used to calculate energy intensity	32,751	50,183
Net revenue (other)	3,131	2,019
Total net revenue (MNOK)	35,882	52,202



52	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E1-6: Gross Scopes 1, 2, 3 and Total GHG Emissions

For the past four years, Aker Solutions has assessed GHG emissions, enhanced transparency, and

utilized external attestation across the following categories:

◼ Scope 1: Emissions from the use of fossil fuels in our yards and sites as well as refrigerant use

◼ Scope 2: Emissions for the electricity consumption to meet energy demand and heating and cooling

requirements

◼ Scope 3: Upstream and downstream emissions from value chain

Preparation for Reporting GHG Emissions - Scopes 1, 2 and 3

Aker Solutions is reporting all relevant scope emissions separately in metric tons of CO2 equivalents

(tCO2e). The calculated CO2e emissions represent all greenhouse gases covered by the UNFCCC/Kyoto

Protocol, aggregated and converted to CO2e emissions from our operations or our value chain. GHG

emissions calculation data collection and overall methodology is based on the GHG Protocol Corporate

Accounting and Reporting Standard and is in compliance with the ESRS requirements. The defined

boundaries are Aker Solutions’ direct control and administration at reporting year end. The consolidation

of GHG emissions is based on the Operational and Financial Control approach.

There were no changes in reporting boundaries.


Scope	Source of emissions factors	Calculation tool
Scope 1	DEFRA (2024), Intergovernmental Panel on Climate Change (IPCC)	Synergi Life (DNV)
Scope 2: Location-based	EcoInvent v3.10	Synergi Life (DNV)
Scope 2: Market-based	Association of Issuing Bodies (2023), EcoInvent v3.10	Synergi Life (DNV)
Scope 2: District heating and cooling	Service Providers	Synergi Life (DNV)
Scope 3	Exiobase 3.9 (2019), EcoInvent v3.10, DEFRA (2024), EPD program operators (EPD Norge, IBU), EN 16258:2012	Position Green Platform
Biogenic emissions	DEFRA (2024)	Synergi Life (DNV)



53	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu


	Retrospective				Milestones and target years
	Base year 2023	Comparative year 2023	2024	% 2024/2023	2025	2030	2050	Annual % Target / base year
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (tCO2 e)1	13,692	13,692	11,163	-18%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	0%	0%	0%
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions (tCO2e)	4,051	4,051	3,636	-10%
Gross market-based Scope 2 GHG emissions (tCO2e)	5,683	5,683	2,957	-48%
Total Scope 1 and 2 (market-based) GHG emissions (tCO2e)	19,375	19,375	14,120	-27%		9,688
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2e)	867,197	867,197	985,843	14%
1 Purchased goods and services	303,160	303,160	549,734	81%
2 Capital goods	48,572	48,572	23,125	-52%
3 Fuel and energy-related activities (not included in Scope 1 or Scope 2)	7,369	7,369	7,573	3%
4 Upstream transportation and distribution	9,336	9,336	13,390	43%
5 Waste generated in operations	1,898	1,898	1,255	-34%
6 Business traveling	8,927	8,927	14,505	62%
7 Employee commuting	4,503	4,503	5,115	14%
8 Upstream leased assets	0	0	0
9 Downstream transportation	8,766	8,766	0	-100%
10 Processing of sold products	0	0	0
11 Use of sold products	127,847	127,847	44,073	-66%
12 End-of-life treatment of sold products	636	636	558	-12%
13 Downstream leased assets	0	0	0
14 Franchises	0	0	0
15 Investments2	346,183	346,183	326,515	-6%
Total GHG emissions
Total GHG emissions location based (tCO2e)	884,940	884,940	1,000,642	13%
Total GHG emissions market based (tCO2e)	886,572	886,572	999,963	13%			88,657

1) Gross scope 1 GHG emissions does not include emissions from biogenic sources.

2) The 2023 baseline for scope 3, category 1: Purchased goods and services, category 2: Capital goods and category 4: Upstream transportation and distribution was adjusted to include an inflation rate for spend-based data. In accordance with ESRS,

scope 3, category 15: investments now includes scope 1, 2, and 3 of the investee. In previous reporting, category 15 only included the investee’s scope 1 and 2. The 2023 baseline for this category has been revised.



54	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

GHG Intensity per Net Revenue


GHG intensity per net revenue	2023	2024	% 2024/2023
Total GHG emissions (location-based) per net revenue (tCO2 e/MNOK)	24.66	19.17	-22%
Total GHG emissions (market-based) per net revenue (tCO2 e/MNOK)	24.71	19.16	-22%

Net revenue used to calculate GHG intensity is revenue from customer contracts.

Information on Gross Scope 1 GHG Emissions

Scope 1 emissions in Aker Solutions include the associated emissions from fuel, welding gas and

refrigerant consumption in our sites, offices and yards as well as in own vehicles and leased vehicles that

are under our operational control.

To ensure clarity and transparency, Aker Solutions reports biogenic CO2 emissions from the combustion

or bio-degradation of biomass separately from scope 1 emissions. Emissions associated with the use of

renewable fuels through non-carbon greenhouse gases are included in the scope 1 inventory.

◼ Aker Solutions total scope 1 emissions for 2024 are reported as 11,163 metric tonnes of CO2e,

excluding biogenic emissions

◼ Biogenic emissions of CO2 from the combustion or bio-degradation of biomass not included in Scope

1 GHG emissions of 401 metric tonnes CO2e

Information on Gross Scope 2 GHG Emissions

Scope 2 emissions cover all electricity consumption emissions in our sites, yards and offices, as well

district heating and cooling requirements. Emissions are accounted for based on the registered electricity

consumption in each location. We continue to encourage the use of renewable electricity and we

purchase EACs. Purchased electricity is the biggest share of scope 2 emissions.

Information on Gross Scope 3 GHG Emissions

All scope 3 categories have been screened and evaluated. Scope 3 emissions cover all relevant upstream

and downstream emissions from the value chain, with the most significant categories being emissions

from purchased products and services and investment-related emissions. Other relevant categories

include emissions from the use phase of project deliverables, logistic emissions, waste generation,

upstream energy usage, capital goods, employee commuting and business travel. Aker Solutions’

investment-related emissions (Category 15), include the emissions from its 20 percent ownership share in

OneSubsea, because the company has no operational control in the joint venture.

In 2024, our scope 3 emissions increased by 14 percent driven by high procurement activity. The largest

contributors in scope 3 were:

◼ Category 1: emissions from purchased goods and services (56 percent)

◼ Category 15: investment-related emissions (33 percent)

◼ Category 11: use of sold projects (4 percent)

All scope 3 categories were calculated with updated activity data from the reporting year. The inventory

was based on 8 percent primary data provided primarily by suppliers of raw materials and logistic

suppliers, while the remaining emissions were calculated with data from our own operations and

databases, such as ERP systems, fuel, energy and waste registrations in our locations and engineering

design data. For category 1, supplier emissions from Environmental Product Declarations (EPDs) were

prioritized, followed by industry-average and spend-based emissions factors to ensure

representativeness and accuracy of GHG emissions inventory. For category 15, the input data is provided

by the investee company and follows the GHG Protocol and ESRS requirements.

No additional biogenic emissions from biomass combustion or biodegradation were reported outside of

scope 3. Furthermore, no emission reductions from offset projects or purchased carbon credits were

included in the scope 3 calculations.

Reporting Boundaries and Calculation Methods

Scope 1: Direct emissions in scope 1 are calculated based on the consumption data of all fossil, biogenic

fuels and refrigerants at Aker Solutions sites, offices and yards which are registered on a monthly basis in

the Synergi Life tool. The emissions factors for the fuels are based on the DEFRA database and the

refrigerants are accounted for using the IPPC emissions factors from the AR5 report.

Scope 2: Indirect scope 2 emissions are from the use of electricity/heating/cooling consumed at our

operational sites. Emissions are accounted for based on the electricity consumption in each location,

which is registered in monthly reports in the Synergi Life tool. The CO2e emissions from electricity are

reported as location-based emissions using location-specific emissions factors. Market-based emissions

are calculated with market-based emissions factors and complemented with location-based factors in the

cases the aforementioned were not available. Our main accounting method for reporting scope 2

emissions and EACs utilizes a market-based approach.



55	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Scope 3

Category 1 - Purchased goods and services: Emissions are

calculated using a hybrid approach that combines spend-based

data from the reporting year (covering approximately 85 percent of

emissions), supplier-specific emission factors from Environmental

Product Declarations (EPDs), and lifecycle inventory database

factors (covering together approximately 15 percent of emissions).

Spend data includes 100 percent of external vendor information,

reconciled through the profit and loss (P&L) statement. Financial

data of external vendors relevant to employee salaries, business

travel, freight transport activities, fuel and electricity purchases and

data of products with calculated emissions through EPDs and

lifecycle inventory databases are removed to avoid double counting.

Category 2 - Capital goods: Capital goods emissions are reported

according to the organization’s capital expenditures for the

reporting year. The emissions refer to the total of fixed assets

investments and are calculated with spend method.

Category 3 - Fuel- and energy-related activities: Upstream energy

related emissions are calculated using activity data from the electricity

and fuel consumption in our sites, yards and offices, combined with

the upstream emissions factors from lifecycle inventory databases.

We calculate category 3 emissions from the sum of the upstream

fossil and biogenic fuel emissions, upstream emissions of

purchased electricity and transmission and distribution losses.

Category 4 - Upstream transportation and distribution: The reported

emissions from third-party transportation services cover inbound

and outbound logistic activities purchased by Aker Solutions and

represent the Well-to-Wheel emissions. The majority of these

emissions, approximately 70 percent, is calculated using data

provided by freight forwarders in the form of monthly reports.

Around 26 percent of the emissions were calculated by financial

spend data on the remaining logistic suppliers and the remaining

less than 4 percent was calculated based on fuel records in our

yards.

Category 5 - Waste generated in operations: Waste generation is

registered in all locations per waste type. The emissions factors are

applied according to the waste treatment activity. Data is provided by

waste contractors, facilities management and actual measurement.

Category 6 - Business travel: Aker Solutions’ policy for employees is

to order travel services through a third-party provider. Business

travel emissions are calculated based on distance and mode of

transport provided by the service provider.

Category 7 - Employee commuting: Emissions are calculated based

on estimations for employee commuting and average data for

commuting patterns. The calculations are derived from activity data

gathered through employee surveys. The average ratio of remote

working and the relevant emissions is included in the calculations.

Category 9 - Downstream transportation and distribution:

Downstream transportation emissions are accounted for based on

the maritime operations during installation and commissioning

phase of projects. The activity data for the marine operations are

provided in daily reports by third party service providers. For 2024

there were no relevant activities executed.

Category 11 - Use of sold products: Emissions from the use of sold

products category originate from Aker Solutions’ products delivered

in the reporting year and result from direct consumption of fuel or

electricity in the use phase and throughout the product’s lifetime.

The emissions factors used are representative for each location.

This category includes use phase emissions from new build and

modification projects. In the modification projects, emissions are

based on the new equipment provided, and exclude equipment that

was repaired or reused. Emissions are assessed based on the

planned consumed electrical load data, under normal operation

conditions. If relevant, any electrification phase is also accounted

for according to the contractual years.

Category 12 - End-of-life treatment of sold products: Emissions are

accounted for based on the waste generation from

decommissioning projects in Aker Solutions and the estimated

disposal rates are from national average statistics.

Category 15 - Investments: Category 15 includes emissions from the

investment in OneSubsea. OneSubsea was established October 2,

2023 and comparable figures are calculated based on data

provided by the investee. The emissions are allocated based on the

20 percent investment for scope 1, 2 and 3. In previous reporting,

category 15 only included the investee’s scope 1 and 2. 2023

baseline for scope 3, category 15: Investments was revised to

include scope 3 of the investee.

Excluded categories from scope 3 are the emissions from upstream

and downstream leased assets, emissions from processing of sold

products and emissions from franchises. These are not relevant to

Aker Solutions’ business activities or are already incorporated in

scope 1 and 2.

Biogenic emissions reported out of scopes: Emissions from

biodegradation or combustion of biomass that should be reported

outside of scope 1, 2 or 3 are accounted for based on fuel

consumption data in Aker Solutions. For 2024, these emissions

were relevant to the biofuel usage in Aker Solutions’ yards,

specifically HVO100 and biofuel blend.

* Gross scope 1 GHG emissions does not include emissions from biogenic sources.

* 2023 baseline for scope 3, category 15: Investments was revised to include scope 3 of the

investee. In previous reporting, category 15 only included the investees scope 1 and 2.



56	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

EU Taxonomy

In 2020, the European Union introduced the Taxonomy Regulation, which is a classification system of

environmentally sustainable economic activities. Aker Solutions has implemented the EU Taxonomy

disclosure in accordance with EU Regulation 2020/852 and the supplementing Delegated Acts. As a

non-financial undertaking, Aker Solutions present the share of our group turnover, capital expenditure

(CapEx) and operational expenditure (OpEX) associated with Taxonomy-eligible and -aligned activities.

Reporting Principles

Financial data used in the reporting is based on IFRS Accounting Standards as adopted by the EU and

refers to Aker Solutions’ consolidated financial statements. All values in this disclosure are rounded to the

nearest million (NOK million).

For turnover, the assessment of eligible and aligned activities is performed at project level, where

allocation of revenues follows the assessment of the relevant project. Aker Solutions has performed a

screening of ongoing projects against economic activities in the taxonomy. If a project is assessed to

deliver an activity classified as an eligible activity in the taxonomy, a further assessment of the relevant

project is performed to evaluate if the criteria of alignment are fulfilled. The assessment of the technical

screening criteria for relevant activities is performed through discussions and obtaining documentation

from the project managers, project engineers and suppliers. Each project is classified to only one

economic activity.

Double counting of the relevant amounts of turnover across the reporting has been avoided as the eligible

economic activities included in the KPI are independent projects.

The assessment of eligible and aligned CapEx is based on discussions with controllers on the different

sites where the investments have been made. Investments assessed to meet the economic activity are

classified as eligible while further assessments have been made to evaluate the criteria of alignment.

Double counting of relevant amounts of CapEx across the reporting has been avoided as each investment

is classified to one economic activity.

Sales revenue, capital expenditure and operating expenditure are defined as the key

performance indicators that must be reported on under the EU Taxonomy

Sales Revenue

Total turnover corresponds with the amount reported as revenue from customer contracts as specified in

note 3 Revenue in the consolidated financial statement. Revenue is recognized over time using a cost

based progress method, or as time and materials are delivered to the customer.

Capital Expenditure

Total capital expenditures for the purposes of EU Taxonomy consists of additions to the following items

in Aker Solutions’ financial statements: property, plant and equipment, intangible assets (excluding

goodwill), lease assets and investment property. These are reported in the notes to the financial

statements in note 10 Property, Plant and Equipment, note 11 Intangible Assets and Goodwill, and note 17

Leases and Investment Property. Additions to property, plant and equipment or intangibles resulting from

business combinations are included as capital expenditure in the Taxonomy. Aker Solutions did not have

any additions from business combinations or capital expenditure incurred as a part of a CapEx plan in

2024.

Capitalized expenditure related to oil and gas projects are by interpretation of the taxonomy regulation

considered to be included in the KPI denominator as this is a part of Aker Solutions’ ongoing activity.

Operating Expenditure

Total operating expenditures related to the EU Taxonomy consist of direct non-capitalized costs that are

necessary to ensure the continued and effective functioning of assets. This definition is limited to

research and development, building renovation measures, short-term lease, maintenance and repair, and

any other direct expenditures relating to service of property, plant and equipment.

The definition of operating expenditures deviates from the definition that is used in traditional financial

reporting. Relevant operating expenses of NOK 1 billion is included in numbers specified in note 6 Other

Operating Expenses. The taxonomy-relevant amount of operating expenditure according to the EU

taxonomy is immaterial for Aker Solutions as it represents a small fraction of the company’s total

operating expenses. This limited proportion indicates that these expenses do not significantly impact the

overall financial performance of the company. These expenses are necessary for continued functioning

of assets but do not constitute significant investments or major financial commitments. Operating

expenses are omitted from the reporting.



57	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Economic Activities of the Aker Solutions Group

Aker Solutions has examined all economic activities carried out by the group to assess their eligibility and

alignment with the EU Taxonomy. The EU Taxonomy defines six environmental objectives. For the year

2023, eligible and aligned activities are limited to climate change mitigation and climate change

adaptation. For 2024, all six objectives have been assessed. Climate change mitigation is the objective

where Aker Solutions’ activities contribute the most.

Below are Aker Solutions’ eligible activities and the relevant EU taxonomy classifications.

Manufacture of Renewable Energy Technologies (CCM 3.1)

Renewable energy is defined as energy from renewable non-fossil sources, including wind and

hydropower, in Article 2(1) of Directive (EU) 2018/2001.

Aker Solutions is delivering on several offshore wind projects where the company is in consortium with

Siemens Energy to supply high-voltage, direct current (HVDC) converter platforms in different parts of

the world. These activities are classified under 3.1 Manufacture of renewable energy technologies. Aker

Solutions has included one project that will provide electricity to oil and gas platforms under this activity.

Aker Solutions has several projects delivering on excitation, turbine governing and turbine technology

towards new hydropower plants and rehabilitation and upgrades on existing hydropower plants. These

activities are similarly classified under 3.1 Manufacture of renewable energy technologies. The

assessment of CapEx associated with the delivery of these projects aligns with the conclusions derived

from project evaluations.

The activities reported as aligned include considerations for physical climate risks, durability, waste

management and substances of concern. The conclusion of our assessment is that the majority of project

reported under activity 3.1 meets the DNSH criteria for this activity and are reported as aligned.

For some projects delivered outside the EU we have not been able to document that environmental

impact assessment in accordance with Annex II in Directive 2011/92/EU have been carried out. These

projects are reported as eligible, not aligned.

Demolition and Wrecking of Buildings and Other Structures (CE 3.3)

Aker Solutions has decommissioned the topside from an oilfield shut-down in 2021. The topside will be

98 percent recycled, providing valuable building materials for new energy and construction projects.

Recycling and reusing metals offers a lower-emissions alternative to metal derived directly from ore and

shipped. The relevant project was close to completed in 2024 and the revenues from this project is

considered immaterial.

In addition to the project mention above, revenues from several minor decommissioning work has been

recognized in 2024. Total revenues from the decommissioning business are considered immaterial for the

taxonomy reporting. Therefore, the technical screening criteria is not assessed for this business, and it is

reported as eligible, not aligned.

Manufacture of Other Low Carbon Technologies (CCM 3.6)

Aker Solutions is responsible for the delivery of a complete new facility for capture, intermittent storage

and offloading of CO2, with integrated waste-heat recovery. Aker Solutions’ scope includes engineering,

procurement and management assistance. This project is classified under 3.6 Manufacture of other low

carbon technologies.

The technology is aimed at, and demonstrate, substantial GHG-emissions savings compared to best

performing alternative on the market, documented by a lifecycle assessment verified by an independent

third party.

The activities reported as aligned include considerations for physical climate risks, durability, waste

management, environmental impact assessment and substances of concern. The conclusion of our

assessment is that the project reported under activity 3.6 meets the DNSH criteria for this activity and is

reported as aligned.

Manufacture, Installation, and Servicing of High, Medium and Low Voltage Electrical

Equipment for Electrical Transmission and Distribution that Result in or Enable a

Substantial Contribution to Climate Change Mitigation (CCM 3.20)

Aker Solutions is engaged in several projects aimed at replacing current power generation on oil- and gas

platforms, transitioning from gas turbines to power from shore, resulting in significant reductions in CO2

emissions.

Initially, these electrification projects were excluded from taxonomy reporting due to the lock-in effect related

to fossil fuels in criteria 2(a), described in Article 16 Regulation (EU) 2020/852. A better understanding of this

criteria was obtained in 2024, and electrification projects are reported under activity 3.20 Manufacture,

installation, and servicing of high, medium and low voltage electrical equipment for electrical

transmission and distribution that result in or enable a substantial contribution to climate change

mitigation. The projects do not meet the technical screening criteria 2(b) as the work is performed on

infrastructure dedicated to extraction of fossil fuel, and are therefore reported as eligible, not aligned.

Comparable figures for 2023 are restated to include electrification projects as eligible turnover.

Renewal of Water Collection, Treatment and Supply Systems (CCM 5.2)

In 2024, Aker Solutions was awarded a new contract to upgrade a wastewater treatment plant, aimed at

lowering the environmental impact of a refinery. Aker Solutions will be in charge of project management,



58	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

engineering, procurement, construction and installation work. This project significantly contributes to

pollution prevention and control, focusing on reducing the impact of wastewater on marine environments.

The project is not reported as aligned as the technical screening criteria for activity 5.2 Renewal of water

collection, treatment and supply systems is not met.

Transport of CO2 (CCM 5.11)

Within the carbon capture and storage (CCS) industry, Aker Solutions is delivering CO2 transport and a

onshore receiving terminal. At the onshore receiving terminal, CO2 is stored intermittently before being

injected into subsea geological structures via subsea pipeline. The project is classified under 5.11

Transport of CO2.

The project is making a substantial contribution to climate change mitigation and adaptation, and

complies with the technical screening criteria in the Commission Delegated Regulation (EU) 2021/2139,

including Appendix A. Leakages of CO2 during transport are below the limits, and appropriate leak

detection systems and monitoring plans are in place. Considerations for the project include physical

climate risks, durability and environmental impact assessment (EIA). The project is reported as eligible

and aligned.

Transport by Motorbikes, Passenger Cars and Light Commercial Vehicles (CCM 6.5)

Investments in electrical cars and lifts are classified under 6.5 Transport by motorbikes, passenger cars

and light commercial vehicles. As these investments are considered immaterial for Aker Solutions, the

technical screening criteria have not been assessed. The investments are reported as eligible, not

aligned.

Construction of New Buildings (CCM/CE 7.1)

Aker Solutions has constructed new buildings, mainly at our yards in Verdal and Egersund. These

buildings are necessary for project delivery and aims to increase yard capacity. The investments are

reported as eligible. The technical screening criteria for substantial contribution that requires that the

primary energy demand of the building is at least 10 percent lower than the threshold for nearly-zero

energy buildings for activity 7.1 Construction of New Buildings have not been met and the activity is not

reported as aligned.

Installation, Maintenance and Repair of Energy Efficiency Equipment (CCM 7.3)

Aker Solutions has made investments to replace an old ventilation system at one of our yards with a

modern ventilation system, including heat pumps and technology for heat recovery. These investments

are classified under activity 7.3 Installation, Maintenance and Repair of Energy Efficiency Equipment. As

this investment is an upgrade of an existing system, documentation of energy efficiency class according

to technical screening criteria 7.3 is not met. In addition we have not been able to document use of

substances by our subcontractors in time for the reporting. The investment is reported as eligible, not

aligned.

Installation, Maintenance and Repair of Renewable Energy Technologies (CCM 7.6)

Aker Solutions has made investments to replace oil boilers with heat pumps at one of our yards. These

investments are classified under activity 7.6 Installation, maintenance and repair of renewable energy

technologies. A climate risk analysis according to the technical screening criteria is not documented for

these investments. The investments are reported as eligible, not aligned.

Acquisition and Ownership of Buildings (CCM 7.7)

Under the EU taxonomy, new leases or changes to leases resulting in addition of right of use assets are

considered CapEx similarly to buying a building. Additions to leases are reported under activity 7.7

Acquisition and ownership of buildings. Aker Solutions has screened all leases and considers leasing of

permanent building as eligible activity. Further, the relevant leases are assessed for alignment. Available

energy performance certificates (EPC) have been assessed, and compliance with specific criteria based

on building construction dates have been evaluated. As none of these buildings meet the technical

screening criteria related to classes of EPC for this activity, the investments are not reported as aligned.

Close to Market Research, Development and Innovation (CCM 9.1)

Aker Solutions is developing a technology for subsea substations for offshore wind. This technology will

contribute to make offshore wind more affordable and reliable. The technology aims at bringing to market

a solution that is expected to have a better performance in terms of lifecycle GHG emissions than the

best commercially available technologies.

The activity has been screened to identify which physical climate risks may affect the performance and is

assessed to making a substantial contribution to climate change mitigation. The activity include

considerations for water and marine resources, recycling, emissions and biodiversity, and ecosystems.

The development meet the DNSH (Do No Significant Harm) criteria. The project is reported as eligible and

aligned under activity 9.1 Close to market research, development and innovation.

Minimum Social Safeguards

Criteria related to social safeguards are assessed at company level. Aker Solutions has continuous focus

on human and labor rights, bribery, taxation and fair competition and has guidelines relating to these

areas in our Code of Conduct, business integrity procedure, human rights policy, and sustainability policy.

Human and Labor rights

Aker Solutions respects human and labor rights. We oppose modern slavery in all its forms. We support

and respect internationally proclaimed human and labor rights, as defined by the International Bill of

Rights and the International Labor Organization (ILO) Fundamental Conventions.

Aker Solutions continues to adhere to the Voluntary Principles on Security and Human Rights and to be a

signatory to the UN Global Compact. We support the OECD Guidelines for Multinational Enterprises. In



59	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

addition, we carry out human rights due diligence in our supply chain in compliance with the Norwegian

Transparency Act (Åpenhetsloven).

To meet our commitments in support of human rights, Aker Solutions has embedded human rights

monitoring in a global compliance program managed by our Compliance and Integrity (CI) team. Our

global compliance program is risk-based and designed to prevent, detect and respond to compliance and

integrity risks — including human rights risks and impacts arising from the company’s activities and

business relationships with suppliers and partners.

Our approach to addressing human rights is based on the OECD Due Diligence Guidance for Responsible

Business Conduct and consists of these key elements:

◼ Governance and commitment

◼ Measures to identify negative human rights impacts

◼ Measures to prevent and mitigate negative human rights impacts

Aker Solutions has not identified severe human rights negative impacts in the financial year 2024.

Bribery and Corruption

Doing business with integrity and in compliance with applicable laws and regulations is imperative. We

are committed to operating with the highest standards of integrity, everywhere and always.

Aker Solutions has zero tolerance for corruption and bribery and maintains an effective and risk-based

anti-corruption compliance program.

Our Code of Conduct, which is endorsed by the Board of Directors, is the framework for managing legal

compliance and integrity risks. It describes Aker Solutions' commitments and requirements regarding

business practice and personal conduct.

Aker Solutions has not identified any corruption or bribery incidents in the financial year 2024.

Taxation

Aker Solutions is committed to complying with tax laws in a responsible manner and to have open,

constructive relationships with tax authorities in the countries where we operate. Our commitment is

funded on sustainable, transparent, and efficient tax planning that adheres to local laws and minimizes

risk. We build and maintain relationships with the tax authorities where we operate.

The vice president group tax is responsible for owning and implementing our tax strategy. This role also

ensures that the policies and procedures supporting the strategy are in place, consistently maintained,

and applied globally. Additionally, the vice president group tax ensures that our global tax team

possesses the necessary skills and experience to effectively implement the strategy.

In the financial year 2024, Aker Solutions has not been convicted for any major violation of tax laws.

Fair Competition

We carry out our activities in a manner consistent with all applicable competition laws and regulations,

taking into account the competition laws of all jurisdictions in which our activities might have anti-

competitive effects.

Aker Solutions assessed that the group is in compliance with all relevant social safeguard requirements.

Note on Disclosure to Nuclear and Fossil Gas Related Activities


Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	Yes
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

Economic activities referring to row 4 above relates to deliveries to oil and gas fields which use gas from

the field as source for electric power.



60	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

2024 Turnover, CapEx and Opex

Aker Solutions has identified activities contributing to climate change mitigation and circular economy.

The proportion of taxonomy-eligible and taxonomy-aligned economic activities in total turnover and

CapEx are presented below:


Proportion of turnover / Total turnover
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM1	10.60%	15.63%
CCA2	0.00%	0.00%
WTR3	0.00%	0.00%
CE4	0.00%	0.10%
PPC5	0.00%	0.00%
BIO6	0.00%	0.00%


Proportion of CapEx / Total CapEx
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM1	2.81%	57.92%
CCA2	0.00%	0.00%
WTR3	0.00%	0.00%
CE4	0.00%	30.06%
PPC5	0.00%	0.00%
BIO6	0.00%	0.00%

1) CCM: Climate change mitigation

2) CCA: Climate change adaptation

3) WTR: Sustainable use and protection of water and marine resources

4) CE: Transition to a circular economy

5) PPC: Pollution prevention and control

6) BIO: Protection and restoration of biodiversity and ecosystems



61	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Proportion of Turnover from Products or Services Associated with Taxonomy Economic Activities

2024

Substantial Contribution Criteria

DNSH criteria ('Does Not Significantly Harm')

Economic Activities (1)

Code (2)

Turnover

(3)

Proportion

of Turnover

year N (4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

and

ecosystems

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion of

Taxonomy-aligned

(A.1.) or -eligible (A.2.)

turnover, year N-1 (18)

Category

(enabling

activity)

(19)

Category

(transitional

activity)

(20)

MNOK

Y ; N ; N/EL

Y ; N ; N/

Y ; N ; N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

3.1. Manufacture of renewable energy technologies

CCM 3.1

5,367

10.28%

N/EL

7.84%

3.6. Manufacture of other low carbon technologies

(climate change mitigation)

CCM 3.6

0.10%

N/EL

0.41%

5.11. Transport of CO2 (climate change mitigation)

CCM 5.11

111

0.21%

N/EL

1.83%

Turnover of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

5,532

10.60%

0.00%

10.07%

Of which enabling

5,532

10.60%

0.00%

10.07%

Of which transitional

0.00%

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL : N/

EL :

N/EL

EL :

N/EL

EL :

N/EL

EL : N/

3.1. Manufacture of renewable energy technologies

CCM 3.1

0.06%

N/EL

0.12%

3.3. Demolition and wrecking of buildings and other

structures (transition to a circular economy)

CE 3.3

0.10%

N/EL

0.00%

3.20. Manufacture, installation, and servicing of high,

medium and low voltage electrical equipment for

electrical transmission and distribution that result in or

enable a substantial contribution to climate change

mitigation

CCM

3.20

2,318

4.44%

N/EL

5.27%

5.2. Renewal of water collection, treatment and supply

systems

CCM 5.2

276

0.53%

N/EL

0.00%

Turnover of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities)

(A.2)

2,680

5.13%

5.39%

Turnover of Taxonomy-eligible activities (A.1+A.2)

8,212

15.73%

15.46%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities

43,990

84.27%

84.54%

Total (A+B)

52,202

100.00%



62	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Proportion of CapEx from Products or Services Associated with Taxonomy Economic Activities

2024

Substantial Contribution Criteria

DNSH criteria ('Does Not Significantly Harm')

Economic Activities (1)

Code (2)

CapEx

(3)

Proportion

of CapEx

year N (4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

and

ecosystems

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion of

Taxonomy-aligned

(A.1.) or -eligible

(A.2.) CapEx, year

N-1 (18)

Category

(enabling

activity)

(19)

Category

(transitional

activity)

(20)

MNOK

Y ; N ; N/EL

Y ; N ; N/

Y ; N ; N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

3.1. Manufacture of renewable energy technologies

CCM 3.1

1.14%

N/EL

2.78%

9.1. Close to market research, development and innovation

(climate change mitigation)

CCM 9.1

1.67%

N/EL

0.00%

CapEx of environmentally sustainable activities (Taxonomy-

aligned) (A.1)

2.81%

0.00%

2.78%

Of which enabling

2.81%

0.00%

2.78%

Of which transitional

0.00%

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL : N/EL

6.5. Transport by motorbikes, passenger cars and light

commercial vehicles

CCM 6.5

0.13%

N/EL

0.00%

7.1. Construction of new buildings

CCM 7.1,

CE 7.1

450

30.06%

N/EL

18.49%

7.3. Installation, maintenance and repair of energy efficiency

equipment

CCM 7.3

4.94%

N/EL

2.37%

7.6. Installation, maintenance and repair of renewable energy

technologies

CCM 7.6

1.27%

N/EL

3.23%

7.7. Acquisition and ownership of buildings

CCM 7.7

280

18.70%

N/EL

17.13%

CapEx of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities) (A.2)

825

55.11%

41.21%

CapEx of Taxonomy-eligible activities (A.1+A.2)

867

57.92%

43.99%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

630

42.08%

56.01%

Total (A+B)

1,497

100.00%

As a conservative approach, activities which can contribute both to climate change mitigation and climate change adaptation but which do not have any adaptation financials allocated to them are marked with N for the climate

change adaptation objective. This conservative approach follows the Commission Notice on the interpretation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy Regulation on the reporting

of eligible economic activities and assets (2022/C 385/01) which states that activities contributing to adaptation and are not enabling should only count CapEx and OpEx associated with climate change adaptation measures as

eligible (and potentially aligned).



63	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Proportion of OpEx from Products or Services Associated with Taxonomy Economic Activities

2024

Substantial Contribution Criteria

DNSH criteria ('Does Not Significantly Harm')

Economic Activities (1)

Code

(2)

OpEx

(3)

Proportion

of OpEx

year N (4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

and

ecosystems

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion

Taxonomy-

aligned

(A.1.) or -

eligible

(A.2.)

OpEx, year

N-1 (18)

Category

(enabling

activity)

(19)

Category

(transitional

activity)

(20)

MNOK

Y ; N ; N/

Y ; N ; N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

0.00%

Of which enabling

0.00%

Of which transitional

0.00%

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL : N/EL

OpEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2)

0.00%

OpEx of Taxonomy-eligible activities (A.1+A.2)

0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

1,012

100.00%

Total (A+B)

1,012

100.00%



64	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Pollution

Aker Solutions’ IROs for Pollution

As determined during our materiality assessment process, Aker Solutions has the following material

impact related to pollution. The impact is within our own operations.

Negative Impact

◼ Spills management

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

E2-1: Policies Related to Pollution

Our policies and procedures are crafted to identify, manage, and mitigate material impacts. The primary

potential impact related to pollution stems from spills, given our operations near or within marine

environments. The policies and procedures are applicable across all of Aker Solutions operations. Aker

Solutions’ locations that could be affected are the construction and fabrication sites, either during our

control or if the facilities are used by others.


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/ Managed
HSSE policy	Sets an ambition to prevent harm to the environment, people and assets and work together with key stakeholders, such as supply chain and customers to ensure this. The policy also establishes a goal to produce products with undue environmental impacts, utilize resources and energy efficiently in our processes and prevent major hazards through process management and with the implementation of barriers.	Spills management
Aspect and impact procedure	Describes evaluation of environmental aspects and impacts (A&I) to identify risks, opportunities, and mitigation actions for the project and locations. The A&I evaluation process considers impacts that are controlled and/or influenced, as well as situations such as normal, abnormal, and emergency conditions.	Spills management
Emergency management procedure	Procedure to manage and minimize environmental pollution, including emergency response and remediation. Incidents must be reported and escalated appropriately. Emergency plans are periodically tested, and any unexpected events are investigated to prevent future occurrences. The plan is developed for each location and consulted when working on external sites or when we have external projects executed at Aker Solutions’ sites.	Spills management
Incident follow-up and case handling procedure	Ensures transparency and learnings if there is an incident, including spills or discharges. If the incident is rated high or extreme, then the incident is considered reportable and will be managed according with legal and other requirements as identified for the location.	Spills management



65	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E2-2: Pollution-related Actions and Implementation

Resources

Aker Solutions’ approach to pollution management is on the prevention of pollution, and control of

pollution in the event of unexpected events.

Pollution-Related Action Plans

◼ Project engineering utilizes the Best Available Technologies-process to reduce and minimize impact.

This could be by introducing alternative chemicals, change of material or equipment to reduce

effluents, depending on the cost benefit analysis including CapEx and OpEx assessments. This

evaluation assists to identify better environmental solutions for the customer and supports the

prevention of pollution. This is conducted for all applicable projects, especially in the North Sea

◼ All sites and projects update the Aspect and Impacts register annually to ensure all are captured. The

identified impacts are quantified, ranging from low to extreme, and an adequate level of mitigation is

required before proceeding with any task. To minimize negative impacts, this requirement has been

integrated into the design of products procured and produced through barrier management, and

secondary storage is identified for the containment of any unexpected releases. Effluent discharges

are managed under authority permits and monitored periodically to minimize pollution. Additionally,

there is a focus on eliminating and substituting hazardous chemicals with less impactful materials

◼ All operational sites periodically test the emergency responses to spills for effectiveness and

readiness. This also ensures adequate supply of emergency kits are available at the site

◼ There are continuous inspections and audits conducted at the locations to ensure preventive

measures identified are implemented as part of the ISO 14001 certification

◼ In 2024, there were several trainings held on water pollution and classification of observations with

participation from the locations

E2-3: Pollution-related Targets

We do not have specific targets in place on pollution and spills. In 2024, we did not have any reportable

spills and our ambition is to prevent spills in our operations. We continue to ensure the objectives of our

polices through the actions identified in the pollution-prevention action plans.

E2-4: Pollution of Water

Pollutants and Microplastics Disclosures

The governance on incident reporting covers the reporting of spills, leaks and discharges. This reporting

is available to all employees and reported in Aker Solutions’ reporting tool, Synergi. This allows for

transparent management of spills and is tracked monthly for performance and internal reporting. In

reference to this database we have no spills that are reportable within our direct control or at our sites

and discharges were within the limits for pollutants classified under Annex II of Regulation (EC) No

166/2006. This is supported by good operational control practices at the locations, and use of secondary

containment to capture any potential spills. We also work closely with business partners to ensure the risk

management process is utilized to prevent spills.



66	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Biodiversity and Ecosystems

Aker Solutions’ IROs for Biodiversity and Ecosystems

As determined during our materiality assessment process, Aker Solutions has the following material

impacts related to Biodiversity and ecosystems. All fall within our own operations.

Negative Impacts

◼ Impact on species population size

◼ Contribution to global extinction risk

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

E4-1: Transition Plan and Consideration of Biodiversity

and Ecosystems in Strategy and Business Model

Aker Solutions recognizes that our activities may have an impact on species population size, due to the

current operational site proximity to a protected environmental area. In the value chain, there could be a

potential negative impact on species population size due to offshore operations and the associated

design of equipment placed in the marine environment. Please refer to SBM-3 in ESRS 2 for more

information.

E4-2: Policies on Material Impacts, Risks, Dependencies,

and Opportunities Related to Biodiversity and Ecosystems

The material impacts related to biodiversity and ecosystems are addressed and mitigated by the following

policies and procedures. The policies and procedures are applicable across all of Aker Solutions

operations.


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Sustainability policy	Describes our commitment to support the UN SDGs, Global Compact principles, and governs the overall prevention of environmental harm and ensure collaboration with relevant stakeholders to uphold these standards. Additionally, our policies mandate that projects include mitigation plans when operating in environmentally sensitive areas.	Impact on species population size, contribution to global extinction risk
HSSE policy	Promotes safe, reliable and sustainable operations. Focuses on our commitment to achieving zero harm to personnel, the environment, and assets.	Impact on species population size, contribution to global extinction risk
Aspect and impact procedure	Identifies environmental impacts related to projects and sites, including those related to biodiversity, ensuring these impacts are managed. This review process ensures a holistic approach to evaluation and mitigation of biodiversity impacts for our own operations.	Impact on species population size, contribution to global extinction risk



67	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E4-3: Biodiversity and Ecosystems-related Actions and

Resources

We continue to integrate relevant biodiversity-related requirements for the project and location into the

aspect and impacts process, including any design requirements, or other requirements relevant to the

scope of work for the project. We continue to monitor our stakeholders in our value chain on

requirements related to biodiversity impacts.

In Verdal, we continue to participate in stakeholder engagement and collaborate with the local council on

their plans and programs, where applicable and when relevant. There are no specific actions at the moment.

There are currently no biodiversity offsets.

E4-4: Biodiversity and Ecosystem-related Targets

We do not have any biodiversity and ecosystem related targets.

The implementation of our company processes are monitored on environment, including biodiversity, as

part of the annual review of the Aspect and Impacts Register, and when there are changes, or new

projects or sites initiated.

E4-5: Biodiversity and Ecosystems Impacts Disclosure

In line with our commitment to promoting sustainable business practices, Aker Solutions is devoted to

mitigating adverse impacts on biodiversity and ecosystems. We have identified our material impacts

related to biodiversity due to the proximity of our operational site to a Ramsar site and the potential

impacts that could occur.

For further information on impact assessment and interaction with Aker Solutions’ strategy, refer to

SBM-3 in ESRS 2.



68	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Resource Use and Circular Economy

Aker Solutions’ IROs for Resource Use and Circular Economy

As determined during our materiality assessment process, Aker Solutions has the following material

impacts related to resource use and circular economy. All fall within our own operations.

Positive Impacts

◼ Enhancing circular economy

Negative Impacts

◼ Resource inflows and consumption

◼ Resource outflows

◼ Waste management and segregation

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

E5-1: Policies Related to Resource Use and Circular Economy

The material impact risks related to resource use and circular economy are addressed and mitigated by

the following policies and procedures. The policies and procedures are applicable across all of Aker

Solutions’ operations.


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Sustainability policy	Describes our commitment to support the UN SDGs, Global Compact principles, and governs the overall prevention of environmental harm and ensure collaboration with relevant stakeholders to uphold these standards. Additionally, includes commitment to promote recycling, reuse and circular design in our solutions.	Enhancing circular economy, resource inflows and consumption, resource outflows, waste management and segregation
HSSE policy	Promotes safe, reliable and sustainable operations. Focuses on our commitment to achieving zero harm to personnel and the environment, and promotes efficient use of materials and energy and the design of products and services that have no undue environmental impact.	Enhancing circular economy, resource inflows and consumption, resource outflows, waste management and segregation
Waste management procedure	Prescribes a waste management hierarchy that is committed to an effective waste management system that conserves natural resources and minimizes environmental harm.	Resource outflows, waste management and segregation



69	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

E5-2: Actions and Resources Related to Resource Use and

Circular Economy

We are dedicated to minimizing waste and reducing the use of virgin materials in our purchased products.

Some integration has already been achieved in the design and execution phases. However, there are still

opportunities to enhance the reuse of project equipment, despite the challenges posed by the bespoke

nature of our products.

Going forward, Aker Solutions will review existing policies to implement a more holistic approach towards

the value chain and work to integrate circular design and resource efficiency into the early phases of the

projects. Our initiatives are designed to address the entire lifecycle of our products, from design to end-

of-life, ensuring that each stage contributes to our sustainability objectives. No significant CapEx

investment has been identified as the actions below are in the pilot stage and are expected to be offered

in the next 3 years. These actions are supportive to the policies we have in place.

◼ In 2024, the Verdal technology center was designed with robotic technology to enhance the

construction of jackets, minimizing wastage in the cutting and welding process and reducing errors

◼ New services, such as 3D-printing, are being piloted with our value chain to enhance material usage

and improve circularity. This process will allow waste materials to be re-circulated, powdered, and

remade through printing

◼ New drone technology for offshore and hard-to-access maintenance areas is being developed to

enhance the reliability and longevity of products, thereby improving the current maintenance program

E5-3: Resource Use and Circular Economy Related Targets

We do not have targets or metrics in place related to resource use and circularity.

Project leads will track the resource use and circularity actions to determine their effectiveness and

viability within the next three years.

E5-4: Resource Inflows Related to Material Impacts, Risks,

and Opportunities

Aker Solutions’ inflows are materials that are purchased to fabricate relevant products and services. Of

these, the main inflow materials are steel and metals.

Products and Materials

Aker Solutions utilized approximately 106,100 tonnes of materials and products in the reporting period.

This includes bulk raw materials, components, consumables and equipment. The weight of the recycled

and secondary materials is estimated at 19,289 tonnes (18 percent). There are no biological materials

utilized in the inflows.

◼ Total weight of materials used during the reporting period: 106,100 tonnes

◼ Percentage of biological materials used to manufacture products: 0 percent

◼ Weight in absolute value of secondary reused or recycled components: 19,289 tonnes

◼ Weight in percentage of secondary reused or recycled components: 18 percent

Methodologies and Calculations

The data for the inflows are based on Aker Solutions’ procurement database and estimations based on

average recycled content rates for the European metal industry. The methodologies used to calculate the

data include:

Inflow Information are Obtained as Given Below:

◼ Weight of products and materials: Procurement data is collated to obtain weight of materials

procured for the project deliveries. Data collected is based on the products that are purchased in the

reporting year

◼ Recycled content: The information provided is an estimate based on industry average values for the

metal sector in Europe, and specifically steel, stainless steel and aluminium, which constitute the

significant part of inflows. Data are supported by the secondary material information from available

raw material EPDs

◼ All materials are accounted for once, when it is delivered. Any internal processing is identified through

the procurement system to prevent double counting

◼ Materials are traceable though an established tagging system



70	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Key Assumptions Include

◼ Recycled content is estimated based on the average rates for the main categories of steel, stainless

steel and aluminium. There were no calculations with product specific or supplier specific recycled

content rates

Aker Solutions is committed to continuous improvement in our sustainability practices in line with

suppliers and customers collaborations. We have also developed EPD capabilities to further improve the

overall footprint of our products and services. We will continue to refine our methodologies and enhance

our sustainability performance in the years to come.

E5-5: Resource Outflows Related to Material Impacts,

Risks, and Opportunities

Aker Solutions’ outflows are related to circularity elements of deliverables to customers and disposal/

reuse of materials at the end of life, decommissioning activities to extract materials for recirculation into

other industries and waste generated from our production processes.

Contribution to Circular Economy and Waste Management

Products

The products we deliver are tailored to specific design requirements, considering physical properties and

location-specific parameters. These products are mainly used in offshore or remote locations and are

designed for durability and reliability. Generally, the macro structures have a lifespan of 20 years, which

can be extended with refurbishment and needs.

In addition to the steel structures, we also provide materials and equipment for maintenance and

modification activities to prolong the lifespan of assets, fabrication for the renewable energy sector and

carbon capture and storage. These also require a mix of materials, such as cables and electronic

components that have a recyclability content of approximately 18 percent recycled, based on the inflows

in 2024.

Decommissioning

In 2024, Aker Solutions’ decommissioning activities were a continuation of work started in previous

years. Decommissioning activities provide us with the opportunity to ensure high recyclability of materials

used in the production phase, recirculating materials from old platforms as material for other industries.

◼ Outflow of materials from decommissioning activities: 15,203 tonnes

◼ Recycling content: 91 percent of materials, mainly comprising of metal structures

Methodologies and Calculations

Outflow Information are Obtained as Given Below:

◼ Outflow information is based on project engineering information on products reliability, durability and

lifetime expectancy, for projects delivered in the reporting year

◼ Decommissioning data is provided by vendors based on material composition and handling, measured

by weight for the reporting year

◼ Waste data is reported per site on waste usage for the reporting year



71	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Waste Composition

In 2024, Aker Solutions generated 19,117 tonnes of waste. This was a reduction of 9.48 percent from

2023. The waste reported is from our direct operations and includes decommissioning projects. Our top

three waste categories are:

◼ Metal waste: 36.60 percent, includes residual from fabrication/construction activities

◼ Residual waste: 32.72 percent, includes sandblasting residues that are sent to landfill

◼ Wood waste: 14.18 percent, includes packaging material

In 2024, Aker Solutions generated 2,284 tonnes of hazardous waste. We did not generate any radioactive

waste as defined in Article 3(7) of Council Directive 2011/70/Euratom.

Hazardous and Non-hazardous Waste Breakdown for 2024


	Unit	2024
Non-hazardous waste and waste handling
Total non-hazardous waste	metric tons	16,833
Recycled waste excluding hazardous waste	metric tons	8,931
Reuse	metric tons	67
Composting	metric tons	213
Landfill, excluding hazardous waste	metric tons	2,279
Incineration without energy recovery	metric tons	3
Incineration with energy recovery	metric tons	5,324
Others/not selected	metric tons	16
Recycling factor, excluding hazardous waste	%	47%

Hazardous waste and waste handling
Total hazardous waste	metric tons	2,284
Hazardous waste treatment handled by waste company	metric tons	114
Recycling	metric tons	35
Reuse	metric tons	0
Incineration without energy recovery	metric tons	0
Incineration with energy recovery	metric tons	2,008
Landfill	metric tons	27
Others/not selected	metric tons	100



72	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Social

Reporting



73	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Own Workforce

Aker Solutions’ IROs for Own Workforce

As determined during our materiality assessment process, Aker Solutions has the following material

impacts and opportunities related to Own workforce. All fall within our own operations.

Positive Impacts

◼ Employee engagement

◼ Training and skills development

Negative Impacts

◼ Work-life balance of workforce

◼ Temporary and part-time employment

◼ Excessive working hours

◼ Payment of living wage

◼ Collective bargaining rights

◼ Health and safety impacts

◼ Diversity imbalance and discrimination

◼ Gender pay gap

◼ Disparity in parental leave duration

◼ Workplace harassment

◼ Adequate housing

◼ Breach of workforce privacy

Opportunity

◼ Well-managed workforce

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.



74	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

S1-1: Policies Related to Own Workforce

The material impact risks related to our own workforce are addressed and mitigated by the following policies,

governing documents and agreements. The policies and procedures are applicable across all of Aker Solutions’ operations.


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Code of Conduct	Outlines overall commitments and requirements regarding compliance and ethical business practices and personal conduct wherever Aker Solutions conducts business	Diversity imbalance and discrimination, workplace harassment
Human Rights policy	Applicable to own workforce and aligned with the International Bill of Rights and the International Labor Organization Fundamental Conventions and describes due diligence aligned with the UN Guiding Principles for Business and Human Rights. The policy also states that the company has a zero-tolerance approach to modern slavery and human trafficking as well as child and forced labor.	Adequate housing, health and safety impacts, breach of workforce privacy, excessive working hours
People policy	Describes Aker Solutions’ commitment to the principles of non-discrimination and equal opportunity regardless of gender, age, nationality, or other factors and describes our commitment to providing all employees with opportunities for competency development, ensuring a motivated and competent workforce.	Work-life balance, temporary and part-time employment, well-managed workforce, diversity imbalance and discrimination, gender pay gap, workplace harassment, training and skills development
HSSE policy	Promotes safe, reliable and sustainable operations.	Work-life balance, health and safety impacts
Data Protection and Information Security policy	Ensures Aker Solutions handles information in a compliant and secure way, processes personal data fairly and with transparency and respects individual’s rights to privacy.	Breach of workforce privacy


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Local HR policies in each country where we operate	Ensuring compliance with local employment law and regulations, and ensuring an attractive place to work by adapting to local practice.	Temporary and part-time employment, payment of living wage, disparity in parental leave duration
Global whistleblowing procedure	Establishes a process for whistleblowing to detect, prevent and combat corrupt and/or unethical behavior and to ensure that there exist clear and observable procedures for how to report a concern and for how such matters are handled	Work-life balance, temporary and part-time employment, diversity imbalance and discrimination, gender pay gap, workplace harassment
Global Framework Agreement (Unions and employee representatives)1	Aker Solutions has committed to respecting and supporting fundamental human rights and trade union rights including collective bargaining rights, payment of living wage, health and safety and other employment condition. Agreement is for Aker ASA portfolio of companies.	Collective bargaining rights, employee engagement
Housing procedure	Ensuring adequate housing of workers by setting standards and procedures for identifying and rectifying any deficiencies.	Adequate housing
Employee survey procedure	Describes the principles, process steps, main roles and responsibilities associated with employee surveys that measure employee engagement and organizational effectiveness.	Employee engagement
Time reporting procedure	Ensuring that the process for recording and approval of working hours is described, and that the recording is followed-up and documented on a regular basis.	Excessive working hours

1) The Global Framework Agreement is publicly available here: https://akerasa.ams3.cdn.digitaloceanspaces.com/other/Global-

Framework-Agreement-2023.pdf#asset:67362:url



75	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

S1-2: Engaging with Own Workforce

Aker Solutions engages both directly with our workforce and through workers' representatives. Direct

engagement includes regular, structured communication with employees at all levels, ensuring a diverse

range of perspectives. Engagement with workers' representatives, such as union leaders or elected

employee representatives, supplements this by providing a more formalized channel for collective

concerns and feedback.

We employ a variety of methods, such as digital surveys for broad input, interactive workshops for in-

depth discussions, and formal meetings with workers' representatives. This engagement occurs on a

quarterly basis, and additionally, as needed, to address specific issues or changes in the workplace.

Our main employee survey was distributed to all employees three times in 2024. The survey is comprised

of ten short statements, of which half address employee motivation and engagement while the other half

address collaboration and organizational conditions. The main purpose is to monitor and gain insights

into employees’ perceptions of own work motivation, team dynamics and organizational effectiveness

and increase understanding of how the employee experience impacts our overall operations and drives

our transformation agenda. Line managers and teams meet to share the results and discuss plans to

maintain or improve the work environment. The results are acted upon in different ways depending on the

issues that surface in the reports. Support and reflection tools are available for teams and managers to

foster this process. The results are also discussed in company democracy forums with union and safety

representatives to ensure stakeholder engagement, capture valuable input and feedback, and collaborate

on how the employee experience can be further improved.

At the end of 2024 we ran a comprehensive diversity and inclusion survey across our permanent

workforce, to identify risks related to minority groups, leadership practice and inclusive behavior. The

survey is anonymous but allows for a breakdown of responses by demographic and identity, given

sufficient sample size. The results show a diverse company with a general high level of inclusion, yet

areas for improvement and specific groups that need further attention exist. The results are discussed

with our employee representatives and actions will be set based on the results on both corporate and

local level during 2025.

Working Environment Committee

The goal of Aker Solutions’ Working Environment Committee (WEC) is to progress and implement a safe

working environment in the company. The committee takes part in planning the safety and environmental

work and carefully monitors developments in the working environment.

Leadership of the committee alternates between Aker Solutions management and employees every

second year. The committee operates on a quorum basis, and in the case of a tied vote, the chair has the

casting vote. The chief safety representative is a permanent member, while other employee

representatives are chosen by the trade unions and the management’s representatives are appointed by

the company. Trade unions that do not have their own representative may state their views to one of the

representatives or directly to the chief safety representative in the committee. The WEC meets at least

four times per year, and extra meetings can be called if needed.

Aker Solutions has one Corporate WEC and sub-committees per segment. Each sub-committee is made

up of employees and delegates from the individual locations, with representatives from projects,

departments and HSSE.

Engaging with Vulnerable Workforce Groups

Aker Solutions recognizes the importance of understanding the specific needs and perspectives of

vulnerable groups within our workforce. In 2024, we implemented a global diversity and inclusion survey,

which aims to increase our knowledge, create awareness and address the unique challenges faced by

vulnerable or minority groups. We also implemented a series of e-learning modules for managers and

employees to ensure inclusive practices are embedded in our work culture.



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S1-3: Processes to Remediate Negative Impacts and

Channels for Own Workforce to Raise Concerns

Aker Solutions is committed through its Code of Conduct to build a culture of trust where employees feel

comfortable to ask questions, seek guidance, raise concerns and report suspected breaches or violations.

Our whistleblowing channel allows employees and external parties to report concerns, incidents,

breaches or suspected breaches of the Code of Conduct, other internal policies, or laws and regulations.

Aker Solutions is committed to ensuring that our workforce is not only aware of but also trusts the

structures and processes in place for raising concerns or needs.

More information on our whistleblowing channel and procedure can be found in section G1-1: Business

conduct policies and corporate culture and G1-3: Prevention and detection of corruption and bribery.

S1-4: Action on Material Impacts on Own Workforce, and

Approaches to Pursuing Material Opportunities Related to

Own Workforce

Addressing Material Impacts on Workforce

(a) Preventing and Mitigating Negative Impacts: Aker Solutions ensures that risks related to HSSE are

identified and assessed to ensure that they are as low as reasonably practicable. We conduct regular

risk assessments, implementing safety protocols and provide ongoing training and support. Our

dedicated health team also ensure we have focus on mental health and well-being and provide

programs to educate and address the non-physical aspects of our workforce’s health. Following any

actual incidents an investigation will be performed and actions identified to correct any defects and/

or actions to prevent reoccurrence. Such lessons learned are prepared in a report and associated

presentation and shared across the business to ensure learnings can be implemented in all areas and

not just the area in which the incident occurred.

(b) Remedial Actions for Material Impacts: Actions are discussed and set between management and

employee representatives through local working environment committees as well as on the company

wide or regional level in the corporate working environment committee. More information is available

in section S1-2: Processes for engaging with own workforce and section S1-5: Targets related to own

workforce.

purpose of delivering positive impacts for our workforce. These include career development

programs, flexible working arrangements, and initiatives that promote work-life balance. Our aim is to

create an empowering and supportive work environment.

(d) Tracking and Assessing Effectiveness: The effectiveness of these actions and initiatives is

continuously tracked and assessed through a variety of metrics, such as employee satisfaction

surveys, health and safety records, and performance evaluations.

Identifying Actions in Response to Negative Impacts

Aker Solutions employs a proactive approach to identify necessary actions in response to actual or

potential negative impacts to our workforce. We ensure that HSSE risks are systematically identified and

assessed, and addressed at the appropriate level, with appropriate priority, based on the nature and

potential of the risk.

Risk assessments are undertaken by competent personnel, involve affected personnel and include

external expertise as appropriate. Risk assessments are documented and are subject to an appropriate

review process. The risk management measures are effectively communicated so that all affected

personnel understand the hazards, risk assessment and control measures relating to their activities. All

risk mitigation or reduction measures are identified and completed and risk control equipment and

practices are included as part of design, construction and operations. This process ensures that we are

not only responsive but also preventive in our approach.

Aker Solutions prioritizes employee health and well-being through comprehensive occupational health

offerings and proactive medical support. In Norway, we collaborate closely with dedicated company

doctors to implement follow ups for employees experiencing illness, with the aim of reducing sick leave

and facilitating early and sustainable returns to work. These initiatives are part of our broader

commitment to fostering a supportive work environment and ensuring employees receive the care and

support they need. By addressing health challenges effectively, occupational health services contribute

to improved employee resilience and overall workforce productivity.

We work to ensure that all personnel processes are free of biases both by design and in practice. We also

monitor and promote diversity and equal treatment in recruitment, promotions, competency development

and salary reviews.



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Addressing Material Opportunities

Aker Solutions is committed through our People Policy to creating an environment where everyone has

the opportunity to learn, build new skills and further develop. To support employees in developing their

competence in the emerging market, Aker Solutions has an ongoing competency lift project called

#SKILLS. The #SKILLS learning initiative, launched in 2022, is a platform and community consisting of

multiple tools and resources to learn, develop and share knowledge. For example, we provide access to

world-class online learning content, such as Coursera, and we collaborate with several universities and

partners to upskill our employees within our critical skills identified. On average, our employees spent

10.3 hours each on formal training in 2024 (up from 5.9 in 2023), in addition to other informal internal

and external knowledge sharing activities.

In 2020, Aker Solutions entered into a collaboration agreement with customers and industry peers to

deliver the Always Safe program, a set of common safety modules shared on a quarterly basis. This

program is designed to drive HSSE culture and engagement by focusing on key areas such as major

accident hazards, preventing personal injuries, safe work at height, preventing falling objects and

working environment. The annual program creates awareness of the main HSSE risks and opportunities

to ensure our employees are prepared to handle these situations correctly in their daily work. More

information is available on the Always Safe website.

We collaborate closely with our clients on HSSE. It is a significant part of the onboarding process when

contracts are awarded. Duty of care audits are completed prior to mobilizing personnel and our personnel

are encouraged to exercise their ‘Stop Work Authority’ whenever they see a condition that they feel is

unsafe, whether or not they are at an Aker Solutions site. This is fully supported by all levels of

management and seen as a key opportunity to avoid incidents. We also work to influence and build health

and safety measures through out participation in organizations such as the International Association of

Oil & Gas Producers (IOGP), Step Change in Safety (UK), Norsk Industri (Norway) and many other

organization around the world.

In 2024, we held Always Home Safely events globally to reinforce our HSSE culture and ensure that

where there are challenges in our work such as schedule or cost, HSSE always takes president.

Aker Solutions focuses on safe, reliable and sustainable operations to achieve our goal of zero harm to

people, assets and the environment. We work closely with our employees, clients and our wider supply

chain to mitigate the impacts on employee health, safety and well-being. Inadequate health and safety

management can lead to accidents, illnesses, and other harmful consequences for workers and other

stakeholders. Aker Solutions has an actual impact on our employees as we directly influence their health

and safety conditions. The likelihood of negative impacts is minimized by industry regulations and

internal controls, Aker Solutions’ operating HSSE Management system is designed to deliver our HSSE

Policy and defines how everyone in the organization shall focus on their own and their colleagues’ health,

safety and well-being.

Aker Solutions is certified to ISO 45001-Occupational Health and Safety and ISO 14001-Environment

Management, and our management system is based on the principles and requirements of these

standards. Procedures and work instructions are developed based on the aspects and risks in our

business, the requirements in ISO as well as local and country-specific legislation. Compliance obligations

for each country cover local legislation and requirements. Our HSSE Management system includes

requirements for all employees, external personnel, suppliers and visitors working or visiting all Aker

Solutions locations. There is no correlation between incidents and specific groups of people (such as

staff and suppliers).

To ensure continual improvement of the system, the business level annual reviews are also included in

the Aker Solutions Management Review. In addition, regular internal audits at location level and an

annual external audit are important parts of our improvement process.

Allocation of Resources for Managing Material Impacts

We allocate significant resources to manage material impacts, through our HSSE and HR functions

respectively, working on both the corporate level as well as on initiatives launched locally and owned by

the business line. We have a dedicated team of HSSE advisors across the globe which is regularly

reviewed against the business need and workload. We also have HR supporting our key projects to

ensure alignment, leadership development, collaboration and performance. A centralized learning

function is supporting the business with both operational and strategic competence development.

1 Gender balance is defined as no gender <40%



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S1-5: Targets Related to Managing Material Negative

Impacts, Advancing Positive Impacts, and Managing

Material Opportunities

Aker Solutions works to promote safe, reliable and sustainable operations to achieve our goal of

zero harm to people, assets and the environment. To achieve this, we have an annual HSSE plan

which includes targets aimed at reducing negative impacts on our workforce year on year. The

targets are anchored with our executive management team and ultimately approved by our CEO.

Health and Safety Targets


Metric	Target 2024	Actual 2024	Target 2025
SIF	0.11	0.28	0.27
TRIF	1.00	2.47	2.20
Sick leave	3.60%	4.05%	<4.00%

TRIF: Total recordable injury frequency includes fatalities, lost time injuries (serious and other lost time injuries),

restricted work injuries and medical treatment injuries per million worked hours but does not include first aid

treatment cases. TRIF for 2024 was 2.47. This exceeded our target and prompted a number of corrective

activities, plans and initiatives to improve the negative trend. The 2025 target is a 10 percent improvement on

the 2024 performance, promoting the well-being of our employees while safeguarding their physical health.

SIF: Serious incident frequency measures the number of actual serious incidents per million working

hours. SIF for 2024 was 0.28, above our target of 0.11. A number of these incidents were damage to our

buildings caused by severe weather events and whilst not directly related to our work operations, they

prompted a number of actions related to building integrity and maintenance. The other serious incidents

related to our work operations were subject to a formal investigation and correcting and preventative

actions were put in place to prevent reoccurrence. The 2025 target is 0.27 which will represent an

improvement when we consider that we expect to have a significant increase in the number of

operational hours on our yards which will increase our risk exposure.

Sick leave: We also continue to focus on promoting a work-life balance that empowers our employees to thrive

both professionally and personally. Our comprehensive health program aims to support our 2025 sick leave

target of <4.00% and focuses on supporting our employees’ overall well-being. Sick leave for 2024 was

4.05 percent, which was higher than our target of 3.60 percent. By implementing a comprehensive

wellness program, we aim to reduce employee absenteeism to 4.00 percent or below in 2025.

Gender Balance Targets

To strengthen our progress on diversity, equality and inclusion (DEI), Aker Solutions established a distinct role

and function for this in 2023. During 2024, work has been ongoing in close collaboration with employee

representatives to establish a strategy, clearer direction and corporate DEI targets. Our gender diversity targets

were decided by our executive management team and launched in early 2024. Our targets are:

◼ By 2030, gender balance 1 among our top 200 leaders

◼ By 2025, 15 percent increase year over year in female leaders in both line and project roles

◼ Gender balanced graduate recruitment in 2025

Over the course of 2024, we have seen an increase of 13.3 percent in the number of women in all

leadership roles and a 12 percent increase of women in senior leadership roles. Approximately 27 percent

of our top 200 leaders are women.

We reached our target of a gender balanced graduate recruitment in 2024, and will see the effect of this

in 2025 headcount as graduates are typically hired 6-12 months prior to start-up date.

Process for Setting Targets

(a) Setting Targets

At Aker Solutions the process for setting workforce related targets involves extensive consultation with various

stakeholders within our organization including our Working Environment Committee which consists of Aker

Solutions management and employee representatives. The discussions are designed to capture a diverse

range of insights and perspectives ensuring that the targets set are both ambitious and achievable.

(b) Tracking Performance

To track our performance against these targets, we use a balanced scorecard approach that incorporates

a range of indicators such as HSSE targets. Our HR system is used to track performance related to

gender balance. Indicators are monitored and discussed in the working environment committees

including in the corporate Working Environment Committee.

The identification of lessons learned and improvements is a continuous process at Aker Solutions. We

investigate incidents based on their potential rather than actual consequence. We use the Kelvin Topset

investigation method to establish immediate, underlying and root causes of incidents and near misses and use

this information to put in place corrective and preventative actions to prevent reoccurrence. Lessons learned

are shared widely across the business and form part of our monthly HSSE reporting. The trends and causative

factors we learn from our investigations help us to define our strategy going forward and set future targets.



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S1-6: Employee Characteristics

Own Workforce

As of December 31, 2024, Aker Solutions had 11,777 employees located in 15 countries. The tables below

present the breakdown of employees by gender and type of employment contract.

Employee Head Count by Gender


Gender	Number of Employees
Male	9,054
Female	2,638
Other	0
Not Reported	85
Total Employees	11,777

Employee Head Count in Countries with at least 50 Employees


Country	Number of Employees
Norway	9,123
India	1,125
UK	490
Brunei	353
Canada	351
Malaysia	190

During 2024, 874 employees left the company, or 7.42 percent of employees.

Information on Employees by Contract Type, Broken Down by Gender

(Head Count)


	Female	Male	Other*	Not Disclosed	Total
Number of employees	2,638	9,054	0	85	11,777
Number of permanent employees	2,537	8,681	0	85	11,303
Number of temporary employees	89	365	0	0	454
Number of non-guaranteed hours employees	12	8	0	0	20
Number of full-time employees	2,538	8,969	0	85	11,592
Number of part-time employees	100	85	0	0	185

*Gender as specified by employees themselves.

Information on Employees by Contract Type, for Countries with more than

10 percent of Workforce (Head Count)


	Norway
Number of employees	9,123
Number of permanent employees	8,649
Number of temporary employees	394
Number of non-guaranteed hours employees	19
Number of full-time employees	8,960
Number of part-time employees	163

Methodologies and Assumptions

Employee numbers are reported on head count and at the end of the reporting period, December 31,

2024. Employees not reported in SAP are not included and diversity information, including gender, is not

available. For 2024 there were 85 employees not reported in SAP (1 in China, 4 in France and 80 in Norway).

In 2024, there were 20 people registered as non-guaranteed hours employees. These are summer interns

and are registered this way to avoid problems with time accounting if they take a holiday during their

internship.



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S1-8: Collective Bargaining Coverage and Social Dialogue

We actively engage with our workers on labor rights through a variety of channels, including meetings

with labor unions, work councils, and joint management worker committees. Aker Solutions has

maintained a Global Framework Agreement for several years, and our latest global works council

agreement was revised in 2023. Discussions with employee representatives cover topics such as Aker

Solutions' people strategy, policies and procedures. Key areas of focus include health and safety,

standards for decent work, human rights, labor rights, and compliance with applicable regulations in each

country of operation. This collaborative approach ensures that employee voices are heard and integrated

into decision making processes that impact their working conditions and rights.

Aker Solutions' sites that are covered by unions are Norway, Sweden and Canada. In addition, the UK

recognizes all unions, but due to legislation, union membership is not registered in the company’s HR

records. Overall, 60 percent of Aker Solutions' global workforce is covered by collective agreements.

Collective bargaining takes place at a frequency agreed with the local unions.

In Norway, non-organized workers typically benefit from the same compensation adjustments negotiated

at the industry level. In addition, workers on individual agreements may receive adjustments based on

company and individual performance, and external benchmarking. In regions where union representation

is not so common, we use the global work council set-up to discuss worker management relations to

ensure fair treatment.

In 2024, there were no strikes exceeding one week and no lockouts.


	Collective Bargaining Coverage		Social Dialogue
Coverage Rate	Employees – EEA (for countries with >50 empl, representing >10% total empl)	Employees – Non- EEA (for countries with >50 empl, representing >10% total empl)	Workplace representation (EEA only) (for countries with >50 empl. representing >10% total empl)
0-19%		N/A
20-39%		N/A
40-59%		N/A
60-79%	Norway	N/A
80-100%		N/A	Norway

Aker Solutions does not have more than 50 employees representing more than 10 percent of total

employees in any non-EEA countries. Data on collective agreements and social dialogue are based on

input from local HR records.

S1-9: Diversity Metrics

For the purpose of disclosing gender diversity at the top management level, Aker Solutions adheres to

the definition of one and two levels below the supervisory bodies. This includes our CEO, executive

management team and their direct reports. By using this definition, we aim to provide a comprehensive

view of gender representation in our decision-making and leadership structures.

Top Management Gender Diversity


Gender	Number	Percentage
Female	23	33.33%
Male	46	66.67%
Other	0	0.00%
Not reported	0	0.00%

Age Distribution across Our Workforce


Age Group	Number	Percentage
Under 30 years old	2,017	17.13%
30-50 years old	5,650	47.97%
Over 50 years old	4,025	34.18%
Unreported age	85	0.72%



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S1-10: Adequate Wages

Aker Solutions is committed to providing compensation packages that are competitive within our industry

and geographic markets. We regularly benchmark our salaries and benefits against similar companies,

leveraging top-tier data providers in the field of compensation and rewards. To ensure that we stay

competitive, we also gather insights from various sources, such as industry networks and government

statistics, allowing us to attract and retain top talent. All our salaries exceed the legal minimum wage

regulations.

No employees at Aker Solutions receive below adequate wages.

S1-14: Health and Safety

As part of our commitment to ensuring a safe and healthy working environment, we present a detailed

report on the performance of our Health, Safety, Security & Environmental Management System

(HSSEMS) for the year 2024. This report details the incidents of work-related injuries, ill health and

fatalities.

Health and Safety Management System Coverage

Aker Solutions’ HSSE Management system includes requirements for all employees (full-time, part-time

and temporary staff), external personnel, suppliers and visitors working or visiting all Aker Solutions

locations. The system is designed in compliance with legal requirements and is certified to ISO 45001.

The procedures, work instructions, guidelines and other information in the HSSE management system

apply equally to non-employees such as contractors and freelance workers and they are required to work

in accordance with these requirements.

The focus of our HSSE Management system is to prevent incidents across all personnel working on site,

both direct employees and all other workers or third parties such as visitors on our sites. This includes

providing safety training as appropriate to their role or purpose for visit to our site, and ensuring that they

are aware of the HSSE protocols relevant to their work environment. All employees, other workers and

third parties are required to comply with these standards. We have in place a dedicated HSSE reporting

system, Synergi, for all personnel (employees, third parties and visitors) to report any HSSE concerns or

incidents. These reports are reviewed continuously with appropriate actions being taken and feedback

provided.


Health and Safety Metrics	2024
Percent of people who are covered by the undertaking’s health and safety Management system	100%
The number of fatalities as a result of work-related injuries and work-related ill health	0
Number of recordable work-related accidents for own workforce	106
Rate of recordable work-related accidents for own workforce	2.47
Sick Leave	4.05%

Health and safety metrics are calculated based on actual data from incident reports and timesheets.

There are no estimates or assumptions used. The rate of recordable work-related accidents is based on

total man hours in 2024 of 42,878,373. Aker Solutions’ reporting includes employees and non-

employees. Rates are calculated per million man hour. Definitions of the metrics are included in section

S1-5: Targets related to managing material negative impacts, advancing positive impacts, and managing

material opportunities.



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S1-16: Compensation Metrics

Aker Solutions pay philosophy is designed to support the company's strategic objectives, promote a

people development and performance culture and ensure pay equity and transparency in our approaches.

The EU Corporate Sustainability Reporting Directive (CSRD) requires companies to report on gender pay

gap among employees. The key findings from our gender pay analysis are presented below.

The UK pay gap is reported in accordance with UK government requirements and is published on Aker

Solutions’ webpage. The Norwegian pay gap reporting requirements under Norwegian Equality and

Discrimination Act methodology (ARP) is reported in the ARP section at the end of the annual report.

Methodology

The data pool in the gender pay gap and the total compensation ratio analysis includes active employees,

who worked the full year from year end 2023 to year end 2024, encompassing both permanent and

temporary office and non-office workers. Due to the size and limited number of females in some office

locations, the 2024 analysis includes employees from Aker Solutions offices in Norway, India, Brunei,

Malaysia, Canada and UK.

The CSRD pay gap shows the percentage difference in male-female gross hourly earnings. The data pool

included the following pay components: base salary, overtime pay, shift premiums, allowances, and

bonuses.

Gender Pay Gap


	Number of male employees in data pool	Number of female employees in data pool	Gender pay gap (CSRD)
Aker Solutions	7,939	2,241	7.00%

Based on the CSRD methodology, the male-female pay gap for the countries reported in the data pool is

7 percent.

Total Compensation Ratio

Aker Solutions has a pay philosophy whereby we compare and provide compensation packages based on

the local markets' employees are in. This approach ensures that our compensation practices are fair and

reflective of the local economic conditions, allowing us to maintain competitive and equitable pay

structures across different countries. The remuneration ratio of our highest paid individual (CEO in

Norway) to the median annual total remuneration for all employees (excluding the highest-paid individual)

is 15:1. This ratio does not account for cost-of-living adjustments, local market rates, and economic

conditions.

S1-17: Incidents, Complaints and Severe Human Rights

Impacts

Aker Solutions firmly opposes all forms of human trafficking, slavery, servitude, forced labor, and any

related activities, as clearly stated in our Human Rights policy.

During 2024, there were reported 12 cases of alleged discrimination including harassment. Based on our

internal investigation process, three cases were concluded as substantiated in terms of harassment. One

case is still under investigation and conclusion has not been reached as of publication of this report.

These are all internal cases and there were no fines, penalties or compensation for damages.

Our monitoring has not revealed severe human rights incidents connected to our workforce.



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Workers in the Value Chain

Aker Solutions’ IROs for Workers in the Value Chain

As determined during our materiality assessment process, Aker Solutions has the following material

impacts and risks related to Workers in the value chain.

Negative Impacts

◼ Work-life balance

◼ Temporary and part-time employment

◼ Excessive working hours

◼ Payment of living wage

◼ Freedom of association and collective bargaining rights

◼ Health and safety impacts

◼ Employee engagement deficit

◼ Diversity disparity and discrimination

◼ Insufficient workforce training

◼ Discrimination of Persons with Disabilities

◼ Workplace harassment

◼ Housing standards in the supply chain

◼ Child labor in the supply chain

◼ Forced labor in the supply chain

◼ Supply chain privacy violations

Risk

◼ Unmonitored supply chain

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

Material Impact on Value Chain Workers

Working Conditions and Occupational Safety

Having our supply chain in countries that are associated with high political, corruption and human rights

risks means Aker Solutions has actual and potential impacts on the working conditions and worker-

related rights of our own workforce and indirectly on the workforce of our value chain. Inadequate

working conditions or the minimization of other work-related rights can lead to a variety of negative

impacts on the well-being and rights of workers, including physical and mental health issues, decreased

job satisfaction, reduction in individual freedoms, reduced work-life balance, and increased potential for

workplace accidents.

Fair Wages and Benefits

Our Supplier Declaration, which all suppliers must sign, sets out that the supplier will comply with all local laws

and regulations, that anyone within the supply chain works realistic hours, wages are fair, and that they

have access to vacation time. If a supplier does not comply with this, it will be escalated and a solution

sought. This must be resolved before the supplier is on-boarded to Aker Solutions’ Approved Vendor List.

Rights and Representation

Aker Solutions is supportive of open dialogue, recognizing trade unions where applicable, and supporting

employees to influence their work situation in countries where collective bargaining is restricted. We have

high oversight with value chain workers at our own sites, with hired-in workers able to join the unions on site,

and we have direct supplier conversations in the Middle East to create stronger worker rights.

Respect for Human Rights

Non-Discrimination and Equality

Aker Solutions shall conduct its business with integrity, respecting the laws, cultures, dignity and rights of

individuals in all countries where we operate, with the ambition that our operations do not cause or

contribute to any infringement of human and labor rights. Aker Solutions follows the UN Guiding

Principles on Business and Human Rights, including the eight fundamental conventions identified in the

Declaration of the International Labor Organization and the International Bill of Human Rights. We are

prepared to decline business opportunities that could infringe on human or labor rights rather than risk

negatively impacting people.

Freedom of Association and Collective Bargaining

We recognize our employees’ rights to form and join trade unions and to be represented in collective

bargaining agreements, and equally their right to remain non-unionized. We will consult with employees

and their trade unions on relevant matters and will provide our employees with opportunities to influence

their work situation. Where the right to freedom of association and collective bargaining are restricted

under applicable local laws or regulations, we will provide our employees with opportunities to influence

their work situation.



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Strategy

Aker Solutions strives to integrate human rights considerations into core business processes for our own

operations, our supply chain and the communities where we operate.

Cross-company collaboration ensures that our policies are fit for purpose. Every time one of the reporting

channels is used, is an opportunity for Aker Solutions to review and improve. The same applies to the

audits we undertake. External collaboration with peers and clients ensures that we operate in line with

industry trends and findings to help us reflect the wider worker voice.

Value Chain Workers’ Impact on Strategy and Business Model

Governance and Commitment

The multifaceted nature of human rights requires cross-functional coordination, Aker Solutions has

therefore established a Human Rights Committee with participation from the following functions: HSSE,

Compliance and Integrity, People and Transformation, Data Protection, Sustainability, Supply Chain and

representatives from the Unions. The Human Rights Committee’s mandate is to ensure that the company

has a sound human rights system and to feed any learnings and changes back into the governing process

and policies to ensure they remain fit for purpose in a changing world. The committee reports to the Audit

Committee on a quarterly basis and is authorized by the CEO.

Aker Solutions has a Code of Conduct which is endorsed by the Board of Directors, and it constitutes a

framework for managing compliance and integrity risks. It also describes our commitments and

requirements regarding business practice, personal conduct and expectations towards business partners.

The Code of Conduct outlines clear principles and rules in key compliance and integrity areas, including

caring for people which comprises human rights and labor rights, health, safety and security, anti-

harassment and diversity topics. Aker Solutions has introduced a stand-alone Human Rights Policy

anchored in the existing commitment to respecting human rights as expressed in the Code of Conduct.

This constitutes a building block in our framework for managing human rights risks. The Human Rights

Policy is approved by the executive management team, is available in seven languages and can be found

in our management system as well as on our website.

Scope and Details of Impact on Value Chain Workers

The Potential Material Impacts on Value Chain Workers are Categorized as Follows:

i. On-site contractors: Workers engaged in temporary or contract-based roles, not part of Aker Solutions

direct workforce, but pivotal in our operations. Contractors are defined to be part of the value chain

workforce if their payment does not come directly from Aker Solutions, instead going via the payroll of

another company and they would take any queries up with that company

ii. Upstream value chain: Workers involved in the extraction, refining, and manufacturing stages,

particularly in the sectors of metal and mineral extraction

iii. Downstream value chain: Workers associated with logistics, distribution, and retailing aspects of our

products

iv. Joint ventures: Workers engaged in collaborative projects and special purpose ventures initiated by

Aker Solutions

v. Vulnerable groups: This includes migrant workers, home workers, young workers, and women who are

potentially more susceptible to negative impacts due to various inherent characteristics or specific

contexts

Geographic Negative Impacts

We have identified certain high-risk geographies where Aker Solutions’ material risks are significant. This

includes countries such as China, United Arab Emirates and Angola, where we source commodities

including logistics, manufacturing and onward subcontractor management. The main risks here are

forced labor and lack of social dialogue including ability to unionize and collectively bargain to improve

conditions.

Material Negative Impacts:

◼ Widespread or systemic issues: Identified in regions such as China and the United Arab Emirates

where forced labor and collective bargaining have historically been present in commodity supply

chains

◼ Individual incidents: Instances such as industrial accidents can occur in sites with manufacturing and

use of heavy machinery

◼ Transition impacts: Recognize the potential negative impacts on value chain workers from the

transition to greener operations as well as potential job losses due to automation and restructuring

Activities to Identify Negative Human Rights Impacts

Risk Assessment

Aker Solutions has identified that potential significant risk exposure to negative human rights impacts

may be detected in the global supply chain. The most important prescriptions in the International Bill of

Human Rights related to supply chain management are:

◼ Right not to be subjected to slavery, servitude, forced labor, or child labor

◼ Right to enjoy just and favorable conditions of work, and

◼ Right to health

Aker Solutions performs integrity due diligence (IDD) on customers, suppliers and other business partners

such as JV partners, third party representatives, and alliance partners. Projects and new country entries

are subject to integrity and country risk assessments. The purpose of the IDD process is to ensure that



85	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

adequate level of risk assessment and risk mitigation is performed on the background and profile of

potential new or existing business partners or other stakeholders when evaluating whether they meet

Aker Solutions’ compliance and integrity standards. In the IDD review, a business partner or a stakeholder

is analyzed to identify potential integrity and compliance concerns with the purpose to mitigate

compliance and reputational risks for Aker Solutions. Potential integrity and compliance concerns and

risks may relate to:

◼ Corruption

◼ Human rights violations

◼ Violations of international sanctions

◼ Other economic crimes (such as money laundering, terror financing)

◼ Environmental breaches

◼ Other material risks

Key procedures governing this process are: Business Integrity Policy and Procedure, Country Risk

Procedure, Business Partner Qualifications and Integrity Due Diligence Procedure and Supplier Approval

Procedure. In addition to the processes described and pursuant to the Norwegian Transparency Act

obligations and OECD guidelines, an extended human rights due diligence has been conducted across

business lines, purchase categories and locations with the goal of identifying, classifying, and prioritizing

the risks of potential adverse impact by country and goods/services/works sub-categories in the supply

chain.

Based upon a combination of 11 human and labor rights indices provided by Maplecroft and other market

indices, combined with a risk level associated to Aker Solutions detailed operations, we have finalized a

risk mapping by country and purchase category.

Based on such risk assessment we have identified the following findings:

◼ Main countries where the potential inherent adverse human rights impact is assessed as high are the

UAE, Brunei, Malaysia, Angola, India and China

◼ In all of these countries, the potential significant risk of adverse impact is represented by:

◼ Limited awareness of implementation of inadequate local labor practices, especially for what

concerns lower tier suppliers in the supply chain

◼ Adaptation to local laws in tolerating long-lasting local labor enforcement, such as recruitment

fees

◼ Limited influence and contribution in preventing, ceasing and mitigating such practices in lower

tiers of supply chain

◼ Reduced short term effects of mitigating actions, as these are part of a broader program where

outcomes will be appreciable on the medium to long-term

◼ In terms of operations, the following activities have been assessed to be associated with inherently

high risk of negative human rights impacts:

◼ Subcontracting, construction works, general services, logistics and some of the industrial

transformations (such as fabrication). Identified potential adverse impacts in parts of the

company’s supply chain

◼ Risk of forced or compulsory labor indicators among contractors and subcontractors in the Middle

East

Material Positive Impacts

Following the 2024 Double Materiality Assessment no material positive impacts have been identified.

Material Risks

Identified material risks include potential disruptions in the supply chain due to geopolitical factors, and

opportunities include fostering innovation and enhancing worker well-being through targeted initiatives.

As our business transitions to an increasingly renewable future, new areas of operation may open up. In

these instances Aker Solutions will continue to put people first with exit strategies developed for any

legacy sites to contribute to a just transition. Our toolbox of software providers helps to keep us up to

date with geopolitical factors that could influence the supply chain. We are working to integrate this data

into our own systems as one way to enhance the visibility of potential issues with workers in the value

chain, making it more accessible for our employees with purchasing responsibility. The geographic

portfolio is currently static which provides the opportunity to work with sites through any identified

actions or potential concerns. At one site in Asia there was active dialogue around implementing

improvements to systems and processes for human and labor rights in 2024 and this will continue into

2025.

We have developed an understanding that value chain risk is not the same everywhere, with geography

and industry overlaying the characteristics of an individual. For example, being of a minority race in China

might put you at greater risk in low skilled work compared with another country. Our interventions are

designed to address the areas of greatest risk first to prevent harm and promote well being. For more

information on categorizing risk, please see S2-4: Taking action on material impacts on value chain

workers.

Activities to Prevent and Mitigate Negative Human Rights Impacts

Aker Solutions expects that the initiatives presented in this paragraph will result in positive effects in the

short, medium and long term, depending on the immediate or delayed impact on operations. Due

diligence and site audits within the supply chain contribute to continuous improvement and a more

responsible supply chain. One of the audits at a major contractor site resulted in a joint working group

with the client and our contractor in an identified geographical risk area. We believe that this



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collaborative approach within the value chain contributed to specific executed improvements of identified

areas at risk, raised awareness about working conditions and positively aligned partners with Aker

Solutions’ commitment to human and workers’ rights.

We strive to ensure that our suppliers, vendors and subcontractors share our commitment to safety,

business integrity, respect for human and workers’ rights and compliance. In turn we also expect that

they apply the same principles towards their own employees, suppliers, subcontractors and agents with

whom they work in the delivery of goods and services to Aker Solutions. The Supplier Declaration is used

in supplier pre-qualification processes, and a commitment to the Supplier Declaration is a prerequisite for

becoming qualified as a supplier, vendor or subcontractor to Aker Solutions.

Contractual clauses signal expectations and respect for internationally recognized human rights to

business associates and can allow Aker Solutions to demand that a contractual party address and

eventually rectify human rights violations or terminate a contract if deemed necessary. We include ‘audit

rights’ clauses in contracts with suppliers to have the possibility to verify their compliance with the

Supplier Declaration commitments on a risk basis. Through our relationship with an independent

company, 56 audits were carried out on suppliers in our Norwegian supply chain.

Aker Solutions performs regular inspections of our own locations, projects and business partners.

Controls of human rights guidelines and directives are regularly carried out, sometimes also in

conjunction with a broader review of health and safety, procurement procedures and/or quality. A key

risk exposure to human and workers’ rights violations can potentially be found in the supply chain. Supply

chain teams conduct ISO-based supplier audits, where human rights and anti-corruption are parts of the

audit program. A risk-based audit selection methodology has been developed to ensure that high risk

suppliers are subject to audits. We have engaged three external specialized human rights audit service

providers to support our supply chain auditing efforts and expand on-site and worker-centric audit

capacity and capabilities. As one of the risk-mitigation activities during 2024, we conducted several

desktop and onsite audits at subcontractors’ sites in various countries. The purpose was to assess

working conditions and compliance against local laws and international standards, including relevant ILO

conventions, as well as Aker Solutions’ expectations to our suppliers. The scope of all these audits was

closely linked to defined salient issues relevant for potential negative impacts to people in the supply

chain, including addressing forced labor indicators, responsible recruitment system, fair wages and

reasonable working hours, safe, healthy and secure workplace and accommodations, and in some cases

also implementing effective subcontractor due diligence systems.

No significant human rights cases were found in 2024. Our process has been reviewed for 2025 to

enhance our insights into the value chain and there is continued activity on adverse impacts that were

found previously.

S2-1: Policies to Manage Material Impacts on Value

Chain Workers

Policies and Procedures

Our governing documents are crucial for developing effective and consistent human rights standards

across our business and for setting expectations for suppliers’ and employees’ decision-making on a day-

to-day basis. A list of the governing documents that we have in place can be seen in the table below, and

they comply with international standards. Every policy is checked and approved by separate people

before publishing, it is their responsibility to monitor the documents and review periodically. Updates are

recorded only when changes are made and these are cited on the version control of the document. The

policies and procedures are applicable across all of Aker Solutions operations.

Every supplier is reviewed and awarded a risk score from level 1 to level 4. The risk score denotes which

policies the supplier must sign and adhere to. The categorization of the levels can be found in the

company’s supplier approval document.

Our Code of Conduct and Supplier Declaration are our primary documents to engage with the supply

chain and address the issues of worker safety and rights through the bullets noted. The Code of Conduct

is owned by the Compliance and Integrity team with sign off from the CEO. The Supplier Declaration is

owned by supply chain and signed off by heads of the relevant functions. Both are reviewed at least

annually with changes made to reflect business and societal needs. The Code of Conduct is applicable to

all suppliers whereas the Supplier Declaration is for Level 2 to Level 4 suppliers. This reflects the

influence and risk level the suppliers pose to our business. We expect that the supplier obtains sign off

from a senior leader to confirm that they will adhere to the points and that they will cascade these down

to their own value chain and are re-requested in line with our pre-qualification process.

Further information can be found in S1: Own workforce.



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Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Code of Conduct	Outlines overall commitments and requirements, including those towards the supply chain	Work-life balance, Temporary and part-time employment, Excessive working hours, Payment of living wage, Freedom of association and collective bargaining rights, Health and safety impacts, Employee engagement deficit
Business Integrity policy	Outlines overall principles for business integrity in dealing with business partners	Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment
Human Rights Policy	To respect human and labor rights	Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment
Supplier and subcontractor declaration form	Aligns Aker Solutions’ sustainability principles with the supply chain	Work-life balance, Temporary and part-time employment, Excessive working hours, Payment of living wage, Freedom of association and collective bargaining rights, Health and safety impacts, Employee engagement deficit, Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment, Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations
Country risk procedure	Reduce the risk exposure of Aker Solutions when conducting business in countries associated with high corruption, reputational and/or political risks. Signed off by head of sustainability, compliance and integrity.	Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations
HR Global recruitment principles and guidance document	Along with child documents, outlines the interfaces between HR and external resource companies. Signed off by the head of people and transformation.	Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations
Business partner qualification and integrity due diligence procedure	To respect all human and labor rights. Signed off by head of sustainability, compliance and integrity.	Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations
Supplier approval procedure	Describes the process and systems used to assess, qualify, approve, disqualify, and requalify suppliers and subcontractors. Signed off by head of supply chain excellence.	Work-life balance, Temporary and part-time employment, Excessive working hours, Payment of living wage, Freedom of association and collective bargaining rights, Health and safety impacts, Employee engagement deficit
Terms and conditions for suppliers	Standards to be used for the purchase of goods (certain items, either customized for Aker Solutions or off the shelf) or the purchase of services such as design, engineering or site services. Signed off by head of supply chain excellence.	Work-life balance, Temporary and part-time employment, Excessive working hours, Payment of living wage, Freedom of association and collective bargaining rights, Health and safety impacts, Employee engagement deficit, Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment, Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations
Business ethics training procedure	The training clarifies expected business conduct, personal responsibilities, relevant regulations and internal policies, and consequences of breach. Signed off by head of sustainability, compliance and integrity.	Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment
Global whistleblowing procedure	Establishes a process for whistleblowing to detect, prevent and combat corrupt and/or unethical behavior in Aker Solutions and to ensure that there exist clear and observable procedures for how to report a concern and for how such matters are handled. Signed off by head of sustainability, compliance and integrity.	Work-life balance, Temporary and part-time employment, Excessive working hours, Payment of living wage, Freedom of association and collective bargaining rights, Health and safety impacts, Employee engagement deficit, Diversity disparity and discrimination, Insufficient workforce training, Discrimination of persons with disabilities, Workplace harassment, Housing standards in the supply chain, Child labor in the supply chain, Forced labor in the supply chain, Supply chain privacy violations



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Responding Measures

Aker Solutions has implemented several measures to respond to non-compliance. The key measures

include adequate investigation of all reported concerns and whistleblowing cases, systematic capture of

lessons learned from incidents, consistent implementation of response and improvement actions,

including disciplinary actions, and regular reporting to the CEO and the Audit Committee.

(a) Respect for Human Rights and Labor Rights

Our initiatives are grounded in the respect for human and labor rights. We enforce stringent norms to

prevent any forms of discrimination, ensuring a safe and respectful working environment for all. The

company is prepared to say no to business opportunities that could infringe on human or labor rights

rather than risk negatively impacting people.

As part of our qualification process, suppliers are reviewed against a set of metrics and asked to self

declare their position. In addition, we are part of a third party auditing platform which conducts dozens of

human and labor rights audits a year. In 2024, as part of our commitment to this topic, we are now on the

steering group of this organization and will help select future suppliers for audit.

(b) Engagement with Value Chain Workers

Through our whistleblowing policy we encourage value chain workers to voice their concerns and

suggestions. Aker Solutions is reviewing its audit program especially in regards to desktop versus onsite

audits in order to gain a better insight into the value chain voice.

During 2024, Aker Solutions continued engagement with our suppliers. This engagement includes activities

such as site visits, audits and capacity building. There were organized sessions on capacity building and best

practice sharing with several subcontractors in Poland with focus on health and safety and working conditions.

Another initiative was a subcontractor capacity-building initiative focusing on upskilling subcontractors to

our key partner in the UAE. This initiative focused on the ILO Forced Labor Indicators as well as lessons-

learned sharing on implementation of a responsible recruitment system. The sessions were well attended

by participants, and representatives from all key subcontractor companies were present.

Aker Solutions is committed to providing remediation for negative impacts or harm to people caused by

our operations or through those of our supply chain when such instances have been identified. Where

incidents are identified further down in our supply chain, we are committed to facilitate remediation,

where we are able to. We have defined a process for human rights due diligence in the supply chain. In

instances where we identify potential risks or weaknesses of measures implemented at our suppliers, we

have a number of actions that we execute including enhanced due diligence, supplier questionnaire,

compliance follow up with supplier representatives, or we call for an audit by an external service provider

(Aker Solutions continues to hold framework agreements with three professional specialized human

rights audit providers).

Aker Solutions aims for everyone to go home safely, irrespective of their employer. See additional

information in section S1-3: Processes to remediate negative impacts and channels for own workers to

raise concerns.

Addressing Trafficking, Forced and Child Labor

As per the code of conduct we will not accept any form of human trafficking and sexual services by our

employees or sub-suppliers’ employees in the context of our operations.

The Supplier Declaration highlights that we will not engage or employ people against their own free will,

nor will personnel be required to lodge “deposits” or identity papers upon commencing employment. As a

supplier to Aker Solutions, we will not engage or employ people through any form of forced, bonded or

prison labor. We will follow international legislation on forced labor and human trafficking, including the

UK Modern Slavery Act. We will not employ children below the age of 15. We shall take special

precautions to safeguard the health, security and rights of persons under the age of 18 and secure that

they do not perform any hazardous work.

Alignment with Internationally Recognized Instruments

In the reporting period, there have been no reported cases of non-compliance with these principles in either our

upstream and downstream value chain. Aker Solutions remains committed to maintaining a value chain that

upholds these principles staunchly, fostering a culture of respect and dignity for all value chain workers.

Aker Solutions' policies follow the processes and recommendations laid out within internationally

recognized instruments pertinent to value chain workers, including the UN Guiding Principles on Business

and Human Rights, the ILO Declaration, and the OECD Guidelines so that we are consistent and

comparable with our peers. The business has published a statement in accordance with the UK Modern

Slavery Act and the Norwegian Transparency Act. These instruments were the cornerstone to previous

reporting periods and continue to be the foundation to our activity.

Our approach to managing risks of potential breaches of human and labor rights is in line with the OECD

guidelines and Norwegian Transparency Act as mentioned earlier in this report. Our risk assessment

methodology, human rights due diligence planning and execution has undergone an holistic review and

Aker Solutions has increased collaboration with clients and industry bodies.

As we progress on our sustainability journey, our commitment to further integrate ESG considerations

into our procurement processes and supply chain teams remains steadfast. We will continue to monitor

global trends and the rapidly evolving regulatory requirements in this domain to remain proactive,

continuously improving our operational practices.



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S2-2: Processes for Engaging with Value Chain Workers

about Impacts

◼ We have maintained our framework agreements with three external human rights audit service

providers to support our auditing efforts in the supply chain and expand our on-site and worker-

centric audit capacity and capabilities

◼ We include ‘audit rights’ clauses in contracts with suppliers to have the possibility to verify their

compliance with the Supplier Declaration commitments on a risk basis. See more information under

“Activities to Prevent and Mitigate Negative Human Rights Impacts “.

◼ Aker Solutions’ whistleblowing channel allows anyone (including externals) to report concerns,

incidents, breaches or suspected breaches of the Code of Conduct, other internal policies, or laws

and regulations.

◼ At Aker Solutions’ yards we have direct contact with value chain workers which have been hired in to

work on a particular part of a project or for a particular duration. These workers must go through the

onsite HSSE onboarding process and each yard has a dedicated HR staff member to help resolve any

queries that may arise

Engagement Strategy

A proactive engagement strategy for our supply chain workers will be established in 2025. In 2024, Aker

Solutions conducted audits as a response to a business need or client request alongside closing out

previously identified actions.

Current engagement is with those value chain workers that operate at our own sites in Norway.

Engagement Stages and Frequency

The strategy will detail the stages, frequency and method of communication. Our focus will be on quality

over quantity where we will prioritize worker conversations over desktop audits.

For workers at our own yards, the first engagement is when they first arrive to our site and then

subsequently as required by either party.

Responsibility and Oversight

The strategy will detail who is responsible for the different types of value chain engagement.

Each of our own Norwegian yards has a HR advisor whose activity is more focused on value chain

workers.

Global Framework Agreements

We report annually on steps that have been taken to ensure that there is no slavery or human trafficking

in the supply chain. Internally, the Human Rights Committee reports on a quarterly basis to the Audit

Committee through the Chief Compliance Officer. All workers on our own sites must comply with

Norwegian legislation.

Aker Solutions is engaged with the unions in the respective countries we operate in and notes on

respecting collective bargaining are highlighted in relevant procurement. In 2024, key personal attended

the UN Forum on Business and Human Rights to help stay up to date on global activity. This is in addition

to more local conversations with clients and a shared industry platform to help select which suppliers to

work with and then add more leverage to improving working conditions where necessary.

Attending events and being part of industry groups allows Aker Solutions to hear the worker voice on a

macro level through trends, but also on a micro level when other company’s share their anonymized,

findings. This information is then layered onto our own experience and data to influence where resources

are focused, for example on a country or industry. These conversations also allow us to adopt processes

which are the most impactful sooner.

Assessment of Engagement Effectiveness

The developed strategy will provide performance indicators for evaluation of our engagement

effectiveness with our supply chain workers. The use of regular audits and follow up of audit observations

should ensure positive impacts on the workers.

Engagement with Particularly Vulnerable or Marginalized Workers

Aker Solutions undertakes responsibility to understand and engage with workers who may be particularly

vulnerable to impacts or are marginalized. This includes specific groups such as those workers in the

minority in their beliefs, sexual orientation/gender identify and migrant workers. The key aspects are:

◼ Identification and understanding: Recognizing the unique challenges and needs of these groups

within our value chain

◼ Tailored engagement strategies: Developing and implementing engagement strategies that are

specifically designed for these groups, but do not draw excessive attention to them and inadvertently

cause more harm. This might involve language and culturally considerations and providing a safe

space for them to voice their concerns

◼ Reporting and transparency: Transparently reporting on our efforts and progress in engaging with

these groups, including challenges faced and how they are being addressed



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S2-3: Processes to Remediate Negative Impacts and

Channels for Value Chain Workers to Raise Concerns

Aker Solutions has processes to remediate identified negative impacts that are associated with an

existing or potential supplier. It starts at determining the severity, creating a mitigation plan and then

tracking the progress before each decision gate. We are also developing multiple channels to facilitate

open and transparent communication between value chain workers and the company.

All notifications to the Aker Solutions’ whistleblowing channel are received and managed by the

Compliance and Integrity department and are treated with strict confidentiality.

The Supplier Declaration sets the expectation that all suppliers have a means to report a breach in

requirement or raise a concern. Any site visits would seek evidence to support workers have access to

such channels.

More information on our whistleblowing channel and procedure can be found in section G1-1: Business

Conduct Policies and Corporate Culture and G1-3: Prevention and Detection of Corruption and Bribery.

Assurance of Awareness and Protection

Aker Solutions conducts regular communication campaigns to build awareness in the organization

around the Code of Conduct, whistleblowing, and other relevant business integrity topics, including

human rights. In 2024, the company celebrated International Human Rights Day on December 10 through

internal communication. Additional information can be found in section G1: Business conduct.

S2-4: Action on Material Impacts on Value Chain Workers

Performance

Throughout 2024, we maintained the core elements of our global compliance policies including anti-

corruption, human rights and sanctions compliance frameworks. We have reviewed and conducted audits

to gain insight into our value chain. All whistleblower reports received were investigated. A Code of

Conduct annual certification e-learning remains available to company personnel.

In 2025, we will continue our efforts of enabling responsible business conduct and promoting a culture of

compliance and integrity. We will continue shaping our global compliance policies to ensure that it

evolves and remains relevant in today's dynamic global geopolitical context, evolving regulatory

landscape and aligns with our strategic sustainability agenda.

Continuous Improvement

We work continuously and systematically to operationalize the compliance program across our global

organization and to support and enable the right business conduct throughout the company. Recognizing

the crucial role our suppliers play in contributing to our sustainability goals, we seek to engage further

with them to enhance understanding of our supply chain emissions and other environmental and social

impacts.

In 2024, Aker Solutions activities followed our policies and governance which reflect project

requirements, the Norwegian Transparency Act and other global legislation. The audits and engagement

focused on upstream suppliers in Europe and Asia.

In 2024, Aker Solutions conducted a heightened due diligence in the context of conflict-affected zones,

specifically Israel and Palestine. In this context, Aker Solutions have conducted the following:

◼ We follow the recommendations from the Norwegian authorities

◼ Aker Solutions has taken an assessment based on the UN Guidance document on heightened human

rights due diligence for business in conflict-affected contexts to supplement our existing due

diligence process

We have not identified an increased risk through this heightened diligence process conducted in 2024.

In 2025 Aker Solutions will work to increase the visibility of the work undertaken in segments, looking for

ways to leverage our activity, share learnings and drive consistency. These actions correlate to our

Human Rights, Business Integrity and Supplier Declaration. Our short term focus will remain in upstream

suppliers in countries identified earlier in this report.



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With Respect to Material Impacts, Aker Solutions uses the Following

Approach

a. Actions Taken to Prevent or Mitigate Material Negative Impacts

Due diligence initiatives with a specific focus on human and working conditions were conducted both on

selected projects as well as on a country level, including some higher risk countries. These processes

became an integrated element of our internal approach as well as an increasing expectation and

requirements from our stakeholders. Specifically, the collaboration with one of our clients allowed us to

complete a joint human rights due diligence follow-up plan for a strategic contractor and secure their

engagement. This collaboration made it possible to monitor progress to mitigate the risk of potential

deterioration of working conditions for the workers on site.

To meet commitments to respect and support human rights, Aker Solutions shall maintain a human rights

program which is embedded in our global compliance program which is managed by the Compliance and

Integrity function. The global compliance program is risk-based and designed to prevent, detect and

respond to compliance and integrity risks, including human rights risks arising from our own activities and

business relationships with suppliers and other partners. Aker Solutions’ approach to human and workers’

rights management is based on the OECD Due Diligence Guidance for Responsible Business Conduct.

b. Remedial Actions

If negative human or labor rights have been identified, Aker Solutions will adopt a collaborative approach

in setting and completing a joint action plan. It is imperative that the supplier is committed to

implementing and enforcing improvements to their systems and processes. Without this, any remediation

will have limited longevity. Status reports will initially be issued monthly and will drop to quarterly at an

agreed timeframe. The actions will only be marked as complete by a verified third party. Aker Solutions

will report internally, minimum quarterly, to the Audit Committee. This committee will decide if a

dedicated member of staff is required on site to help close out actions, improve the overall standard of

work and enhance visibility of on site activity.

c. Initiatives for Positive Impacts

All site visits are an opportunity for Aker solutions to learn more about the suppliers’ operations, with site

visits during pre-qualification an opportunity to positively intervene.

Another opportunity for Aker Solutions to help push positive impacts is through the quality audit process

(which follows ISO 9001). We look for quality not just in the end-product but throughout the entire

process. As part of this audit, questions are asked on more general ESG, human rights and resource

management topics. Actions from these questions would be followed up in the same way as any quality

observations.

The nature of our business means that we must be able to flex our activity base and make strategic

partnerships with suppliers at every intersection of a project. However, a key intersectionality between

our business model and value chain workers is in the construction phase at owned and subcontracted

yards. As project activity is cyclical there is a need to be agile and partner with specialists. For this reason

we invite suppliers to our yards in Norway and also subcontract work to yards in Europe and Asia. The

supplier onboarding process is adjusted when the procurement leans towards people centric services

such as construction. Our business strategy is reflected in the policies held and the information requested

from suppliers. Supplier checks throughout the process ensure that minimum requirements are met and

worker rights are upheld. Audit plans are carried out during the year to meet legislative, business and

client needs, outcomes are reviewed and any learnings are fed back to continuously improve the

strategy.

d. Tracking and Assessing Effectiveness

The majority of activity is currently undertaken on a project by project basis and owned by the project

team due to the nature of the business. In the first quarter of 2025 we will explore how we can improve

the knowledge sharing between project and central activity. Aker Solutions also creates a central audit

plan for the year which is then reviewed and adjusted for the activity the following year. Records are kept

on our central system and open for everyone to review.

Identification Process

We have a robust process which reviews our supply chain to better prioritize the level of follow up

required. Prioritization is based on the below:

1. Activity

Aker Solutions must have significant business interest in the country/company. This is identified by

spend. As a follow up to this, only countries/companies that had an annual spend of more than NOK 1

million were considered.

2. Country Risk

This is taken from an independent source and filtered to show countries with a risk level under a set

parameter.

3. Risk to People

The country list is then assessed against where Aker Solutions has direct operations. This

consideration will assist in creating dialogue and delivering activity.



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4. Connection to Aker Solutions

Notes are made about whether there are major activities there now or in the future. This is to ensure

that we have enough time to create opportunity and reduce risk. It also reflects the leverage Aker

Solutions will have in affecting change.

5. Supplier Category

This is the final decision point over what company is selected.

Once the above desktop review has been completed, the following occurs to determine the level of action

taken in relation to selected suppliers. The action will vary from supplier to supplier and year to year in

order to best meet the needs of our business and have a lasting positive impact.

◼ Primary stakeholders include the following: VP Compliance and Integrity, Compliance Officer, Supply

Chain Excellence and Sustainable Supply Chain Specialist. They will meet annually to review the

prioritized list of suppliers

◼ The available budget is reviewed and cross checked against the scale of activity desired

◼ Resources are allocated accordingly and actioned

◼ The above-mentioned group will meet again once the audits have been concluded, in order to review

the findings and agree an action plan

◼ Progress on the action plan will be monitored and this will become one of the checkpoints in the

following year’s supplier assessment

Ensuring Effective Remediation

Adequate investigation of all reported concerns/whistleblowing is systematically captured with lessons

learned from incidents shared. Aker Solutions regularly reports to the CEO, Audit Committee, and in

annual sustainability reports.

Addressing Material Risks and Opportunities

These steps are followed in relation to material risks and opportunities:

a. Mitigating Material Risks

Our strategies for mitigating material risks include enhancing worker safety protocols through the

Supplier Declaration and minimum requirements which state compliance with ISO 45001 (or similar),

requirement of a stop work procedure, drugs and alcohol policy and having a system for chemical

handling. Effectiveness is tracked via the segment gate keepers as they receive information from the

supplier approvals team if there is any doubt around a suppliers compliance. This provides the

opportunity to review documentation and see where our risk might lie. We encourage continuous

improvement and are reviewing how we can influence sourcing practices to be more socially sustainable.

b. Pursuing Material Opportunities

This will be considered during strategy development in 2025.

Avoiding Negative Impacts

We perform regular inspections of our own locations, projects and business partners. Controls of human

rights guidelines and directives are regularly carried out, sometimes also in conjunction with a broader

review of health and safety, procurement procedures and/or quality. A key risk exposure to human rights

violations can potentially be found in the supply chain. Supply chain teams conduct ISO-based supplier

audits, where human rights and anti-corruption is part of the audit program. A risk-based audit selection

methodology has been developed to ensure that high risk suppliers are subject to audits.

Reporting Human Rights Issues

No new Human Rights issues were recorded in 2024. Aker Solutions has continued to support and close

out actions that were noted and agreed following previous audits.

Resource Allocation to Manage Material Impacts

◼ Overview: Aker Solutions has allocated human, financial and technological resources to investigate,

mitigate and resolve any impacts of value chain workers

◼ Financial Resources: A dedicated human rights budget exists to support the Company beyond

compliance.

◼ Human Resources: Cross company collaboration is key to progress this activity, key roles exist in the

following functions; Business Integrity, Supply Chain, Procurement and Projects

◼ Technological Tools: Aker Solutions has invested in a number of technological and software tools to

help monitor and track global trends as well as bring this information to individuals in a more user

friendly way

◼ Training and Development: It is mandatory for all new starters to complete our Code of Conduct and

Business Integrity training, there are free resources available for all staff to complete further self

learning on this topic



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S2-5: Time-bound and Outcome-oriented Targets

In 2024, Aker Solutions did not have any targets for workers in the value chain. We will review how this

might complement our business in 2025.

The effectiveness of Aker Solutions policies is monitored through our deviations process which captures

any supplier that requests an exception to our policies and processes. The exceptions are manually

reviewed on a case by case basis and recorded centrally. Over time the key stakeholder groups can

review and assess if changes to any documentation should be made. Due to the nature of human rights,

we were in 2024 satisfied that our current policy content is effective and relevant.

Human Rights Policy Commitments

Aker Solutions will continue to assess human rights at supplier onboarding and maintain a 100 percent

completion of this.

Targets Set for the Reporting Period

The human rights program continues to mature each year, the following are priority areas for 2025 and

will help us continuously improve to avoid harm to people:

◼ Continued risk-based operationalization of the human rights framework in the supply chain

◼ Continued awareness and competence building on human rights and business for our employees

◼ Carry-out risk-based human rights and worker-centric audits of selected suppliers based on

established plan

◼ Enhance collaboration with key external stakeholders to ensure a lasting positive impact on human

rights and working conditions for identified higher risk areas of common supply chains



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Affected Communities

Aker Solutions’ IROs for Affected Communities

As determined during our materiality assessment process, Aker Solutions has the following material

impact related to Affected communities. The impact is within our own operations.

Positive Impact

◼ Local community value creation

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

S3-1: Policies Related to Affected Communities

Aker Solutions does not have a policy in place for affected communities, however we work to

communicate proactively, openly, transparently and consistently about status for ongoing business and

operations as well as expected future development for our operations. In addition, Aker Solutions strives

to be a desired neighbor in the communities where we have business activities.

Our comprehensive Human Rights Policy follows the UN Guiding Principles on Business and Human

Rights, including the eight fundamental conventions identified in the Declaration of the International

Labor Organization and the International Bill of Human Rights. The policy also declares that the company

shall conduct its business with integrity, respecting the laws, cultures, dignity and rights of individuals in

all countries where we operate, with the ambition that our operations do not cause or contribute to any

infringement of human and labor rights.

S3-2: Processes for Engaging with Affected Communities

The responsibility for dialogue with local stakeholders sits with the EVP for each specific location. The

day-to-day implementation of the ongoing dialogue is managed by the communications and/or human

resource functions at the specific locations.

While Aker Solutions does not have any targets in place for local community value creation, we strive to

engage in dialogue with relevant stakeholders to understand their views and identify how opportunities

and challenges can best be addressed. As much as possible, we communicate proactively, openly and

transparently about status and planned further development for our operations.

Effectiveness of our actions is informally monitored through community engagement meetings. In

addition, Aker Solutions participates in regional business associations with local authorities and

stakeholders. Opportunities and potential risks are reported to site management and, if relevant, to

corporate management.

Aker Solutions’ whistleblowing channel is anonymous and open to anyone. In addition, our website has an

option to send feedback, comments and questions to communications staff in our locations around the

world.



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S3-4: Taking Action on Material Impacts on Affected

Communities

Aker Solutions engages with local public authorities and local businesses in and around key locations

where we have potential for positive impact. Such contact is adapted to local conditions but typically

includes engagement in local business associations and with local authorities to present forecasts for

employment opportunities, as well as dialogue with local schools to communicate opportunities for

apprenticeships and jobs.

S3-5: Targets

No targets have been set in relation to the material opportunity of local community value creation.



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Governance

Reporting



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Business Conduct

Aker Solutions’ IROs for Business Conduct

As determined during our materiality assessment process, Aker Solutions has the following material

impacts, risks and opportunities related to Business Conduct. All fall within our own operations.

Positive Impact

◼ Influence through donations and sponsorships

Negative Impacts

◼ Lack of effective emergency response

◼ Deficiency in whistleblower protection

◼ Mismanagement of global supply chain

◼ Corruption and bribery vulnerability

◼ Corruption incidents

◼ Breach of data privacy and protection

Risks

◼ Unstable commodity and resources availability

◼ Relationship with intergroup companies

◼ Breach of data privacy and protection

Opportunity

◼ Political engagement activities

Details on our materiality assessment process and prioritization of impacts, risks and opportunities are

provided IRO-1: Description of the process to identify and assess material impacts, risks and

opportunities.

G1-1: Business Conduct Policies and Corporate Culture

Our Code of Conduct, which is endorsed by the Board of Directors, is the framework for managing

compliance and integrity risks and it describes Aker Solutions' commitments and requirements regarding

business practice and personal conduct. Our Business Integrity Policy endorsed by the CEO,

supplements the Code of Conduct and sets clear responsibilities and procedures for managing

compliance and integrity risks at all business levels in our organization globally. The material impacts

related to business conduct are addressed and mitigated by the following policies and governing

documents and they are applicable across all of Aker Solutions operations.


Aker Solutions’ Document	Purpose or Objective	IROs Addressed/Managed
Code of Conduct	Outlines overall commitments and requirements regarding compliance and ethical business practices and personal conduct wherever Aker Solutions conducts business	Influence through donations and sponsorships, deficiency in whistleblower protection, mismanagement of global supply chain, corruption and bribery vulnerability, corruption incidents, breach of data privacy and protection, political engagement activities
Business integrity policy	Describes commitments and behaviors for how Aker Solutions shall conduct business with integrity wherever we operate	Corruption and bribery vulnerability, corruption incidents, breach of data privacy and protection, political engagement activities, mismanagement of global supply chain
HSSE policy	Promotes safe, reliable and sustainable operations	Lack of effective emergency response
Data protection and information security policy	Ensures that Aker Solutions handles information in a compliant and secure way, processes personal data fairly and with transparency and respects individual’s rights to privacy	Breach of data privacy and protection
Global whistleblowing procedure	Establishes a process for whistleblowing to detect, prevent and combat corrupt and/or unethical behavior and to ensure that there exist clear and observable procedures for how to report a concern and for how such matters are handled	Deficiency in whistleblower protection, corruption and bribery vulnerability, corruption incidents
Supplier declaration	Aligns Aker Solutions’ sustainability principles with the supply chain	Mismanagement of global supply chain
Enterprise Risk Management system and procedures	Describe how to effectively assess, respond, manage and and report on risks actively and systematically	Unstable commodity and resources availability



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At Aker Solutions, we have instituted robust business conduct policies that serve to guide the behavior

and operations of our company in an ethical and legal manner. These policies are deeply embedded in

our culture, and attitudes promoting culture of integrity at every level of the organization. We encourage

the continuous development and evaluation of our corporate culture through periodic reviews, employee

training, and stakeholder engagements.

Mechanisms for Reporting Unlawful Behavior

Aker Solutions is committed to building a culture of trust where employees are comfortable to ask

questions, seek guidance, raise concerns and report suspected violations.

Aker Solutions has established a whistleblowing channel and investigating procedure in compliance with

Norwegian laws, including the Working Environment Act and Data Protection Act/General Data

Protection Regulation (GDPR). This channel allows anyone, including externals, to report concerns,

incidents, breaches, or suspected breaches of the Code of Conduct, other internal policies, or laws and

regulations. It is maintained by a third-party and allows for anonymous reporting.

Whistleblowing notifications can be sent through Aker Solutions whistleblowing channel at http://

akersolutions.com/whistleblowing or by email to whistleblowing@akersolutions.com.

All notifications are received and managed by the Compliance and Integrity department, which has a

mandate from the Board of Directors to investigate suspected compliance and Code of Conduct

violations.

Employees are informed and trained on the process through our annual Code of Conduct training and

other training initiatives. Whistleblowing information posters are made available in several languages and

provide key information about what to report, how to report and what channels are available.

Anti-Corruption and Anti-Bribery Policies

Aker Solutions shall conduct our business with integrity wherever we operate. We shall exercise zero

tolerance for corruption and bribery and maintain an effective and risk-based anti-corruption compliance

program as mandated by our Code of Conduct and Business Integrity Policy.

Aker Solutions’ Code of Conduct is endorsed by the Board of Directors and constitutes a framework for

managing compliance and integrity risks. It describes our commitments and requirements regarding

business practice, personal conduct, and expectations towards business partners.

The Code of Conduct covers our policy statements on anti-corruption and anti-bribery. In addition,

specific chapters of the Code of Conduct elaborate on related topics like gifts and hospitality, conflict of

interest, sponsorships and donations, as well as facilitation payments.

Our Business Integrity Policy is endorsed by the CEO and supplements the Code of Conduct and sets

clear responsibilities and procedures for managing compliance and integrity risks at all business levels in

the Aker Solutions organization globally. The Code of Conduct, Business Integrity Policy and other

compliance procedures are implemented and operationalized in the line of business through a global

compliance program.

Zero Tolerance for Retaliation

Aker Solutions does not tolerate retaliation against anyone who speaks up in good faith to ask questions,

raise a concern, report a suspected violation or participate in an internal company investigation.

Good faith means that your sincerely believe that a legitimate issue exists. Any employee knowingly

making a false notification for the purposes of harming another individual will be subject to disciplinary

action.

Future Plans on Whistleblower Protection

We are improving our compliance system, including the whistleblowing channel. A recent gap analysis

was conducted to identify potential deviations from legal requirements and best practices. We are

implementing prioritized improvements and plan to launch a culture survey on speaking up in the first half

of 2025.

Aker Solutions’ whistleblowing procedure has been updated and will be implemented in the second

quarter of 2025. The updated version aligns with the EU Whistleblowing Directive: (EU) 2019/1937.

Business Conduct Training Policy

Business ethics training is one of Aker Solutions key initiatives in preventing corrupt and unethical

behavior. The purpose of business ethics training is to clarify expected business conduct, personal

responsibilities, relevant regulations and internal policies, and consequences of breach.

Aker Solutions has established and is implementing a robust business ethics training procedure. The

objective of this procedure is to describe Aker Solutions’ business ethics training program, and define

target groups, responsibilities, and cost allocation to ensure the program is implemented in line with

company requirements.

We have deployed various training methods and they include:

◼ Introduction to business integrity e-learning for new employees

◼ Introduction to business integrity as in-person training for high risk roles or locations

◼ Annual mandatory Code Of Conduct refresher course

◼ Targeted training to high risk roles



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High-Risk Functions

Aker Solutions have established a process for identification of high risk roles in the context of business

ethics supplementary training. High risk roles are identified by operational management in cooperation

with the Compliance and Integrity department.

According to our business ethics training procedure, identification of high risk roles shall be based on the

risk profile and operations of the relevant country organization/entity/business segment/function. On a

general basis, personnel that have frequent contact with customers, suppliers and/or public officials/

local authorities, or personnel that travel to or are present in high risk countries, may be defined as high

risk roles.

Aker Solutions fully complies with the Norwegian Working Environment Act and is fully committed to

safeguarding whistleblowers within our organization.

G1-2: Management of Relationships with Suppliers

In Aker Solutions, vendor relationships are handled by our supply chain function. Coordination meetings

are held when necessary. As Aker Solutions is a project driven company with several established

suppliers, a strong and transparent relationship is important to secure project execution.

Aker Solutions regularly follows up on accounts payable to ensure timely and accurate payments. Our

service provider assists by providing detailed accounts payable reports, including aging analysis and

information on approvers. These reports are actively utilized to monitor and minimize late payments

effectively. The finance function follows up with the respective approvers of the invoices. We do not

distinguish between the size or segment of our vendors, ensuring fair and consistent payment practices

across all our supplier relationships.

Aker Solutions focuses on sustainability across our operations, and we expect that our suppliers meet the

same high standards. Sustainable sourcing starts with setting clear expectations for our suppliers, and we

look for and work with suppliers and subcontractors who act responsibly within environmental, social and

governance areas. Hence, we require that they adhere to our Supplier Declaration including our

standards for compliance and business ethics, health and safety, human and labor rights, environment,

quality management, and corporate social responsibility, as well as being competent and trustworthy.

Our approved vendor list serves as the foundation for qualifying and monitoring our supplier base.

Compliance with our standards is monitored and evaluated through a defined process, technical audits

and due diligence analyses, of which the extent depend on the risk profile. We expect both direct or

indirect suppliers to meet specific key requirements and fully embrace our ethical standards.

The approved vendor list employs a thorough qualification, monitoring, and performance evaluation

process, utilizing a fact and risk-based approach for supplier selection and development. The stringency

of qualification requirements may be adjusted based on factors such as the complexity of the product or

service needed and the supplier's country or location. The onboarding process includes a variety of

checks related to HSSE, human rights and anti-corruption, and environmental and sustainability goals. In

addition, our suppliers must formally commit to compliance with our requirements by signing our Supplier

Declaration.

Additional details regarding our expectations are outlined on our website.



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G1-3: Prevention and Detection of Corruption and Bribery

Our approach to building a culture of compliance and integrity is based on a clear commitment and firm

expectations from the Board of Directors and the company’s management.

Aker Solutions’ commitment to compliance and integrity is operationalized and managed by

implementation of a global compliance program. Aker Solutions’ compliance program is managed by the

Compliance and Integrity function and has an independent reporting line to the Audit Committee. The

Audit Committee regularly reviews our compliance with the Code of Conduct and supporting compliance

documents. The Compliance and Integrity function reports quarterly to the Audit Committee on the

design, implementation and effectiveness of the company’s business integrity program and activities, and

reviews performance in this respect. Particular focus is given to whistleblowing cases and independent

investigations concerning the Code of Conduct, follow-up of high-risk business partners including third

party representatives, and adherence with human rights and data privacy. Once a year, in the third

quarter, the Audit Committee meets separately with the Head of Compliance and Integrity without

members of management present. Aker Solutions’ compliance program is designed to help us promote a

culture of compliance and integrity and to prevent, detect and respond to issues of non-compliance,

breaches of law, regulations, or internal policies.

The business integrity and compliance program consists of three key elements

1. Preventive measures

2. Detective measures

3. Responding measures

Each of the above-mentioned key elements of Aker Solutions’ business integrity and compliance program

are described below as per the disclosure requirements.

Aker Solutions has established a robust compliance program which is designed to help us promote a

culture of ethical and responsible business conduct as well as to prevent, detect and respond to non-

compliances, breaches of law, regulations or internal policies (misconduct).

Our compliance program is based on the right tone from the top and comprises the following key

elements:

◼ Periodic compliance risk assessments

◼ Adequate policies and procedures setting expectations and guidelines to employees

◼ Regular and systematic training of employees, including a mandatory annual Code of Conduct

training

◼ Monitoring activities of internal controls related to key controls in business processes, including an

annual internal controls self-assessment done on all locations globally including a follow up and spot

checks performed by the Business Integrity and Compliance team

◼ Risk-based internal audits of internal controls in business processes (in addition to external financial

and internal control audits performed by our external auditor)

◼ Speak up and whistleblowing processes

◼ Business partner and third party risk management processes

We work continuously and systematically to operationalize the compliance program across the global

organization and to support and enable the right business conduct throughout the company.

Preventive Measures

Risk Assessment

Assessment of business integrity and compliance risks is an integrated part of the Enterprise Risk

Management (ERM) process which is subject to a quarterly review. At the end of 2024, the risks

identified and assessed in this category were relating to:

◼ Business partners in terms of corruption and integrity

◼ Geopolitical situation and use of tools such as sanctions and blacklisting

◼ Potential breaches of human rights and adverse impacts to people though the supply chain

◼ Potential breaches of data protection and privacy

Governing Documents

Aker Solutions’ Code of Conduct is endorsed by the Board of Directors and constitutes a framework for

managing compliance and integrity risks. It describes our commitments and requirements regarding

business practice, personal conduct, and expectations towards business partners.

Our Business Integrity Policy is endorsed by the CEO and supplements the Code of Conduct and sets

clear responsibilities and procedures for managing compliance and integrity risks at all business levels in

the Aker Solutions organization globally. The Code of Conduct, Business Integrity Policy and other



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compliance procedures are implemented and operationalized in the line of business through a global

compliance program.

Training and Awareness Building

Continuous focus on awareness of compliance and business integrity is important to ensure that our

employees know what to do if they find themselves in a risk or dilemma situation.

In 2024, approximately 8,485 own employees completed an annual Code of Conduct certification e-

learning where they confirmed to have read and understood Aker Solutions’ Code of Conduct. This is

approximately 96 percent of office-based employees and it represents approximately 73 percent of own

employee population.

During 2024, approximately 3,840 employees completed an Introduction to Business Integrity e-learning

course, and approximately 836 employees were trained by the Compliance and Integrity team on

business ethics, either in-person or via online meetings.

Third Party Risk Management and Integrity Due Diligence

Country and Business Partner Risk

Aker Solutions is present in countries and locations which may have scores on internationally recognized

indices that indicate high inherent integrity risk. Risks are managed through country risk assessments,

sanctions and trade compliance assessments, mandatory compliance and integrity awareness trainings,

compliance reviews and integrity due diligence process of business partners.

Aker Solutions performs integrity due diligence of our customers, suppliers and other business partners

such as joint venture partners, third-party representatives and alliance partners. Projects and new country

entries are subject to integrity and country risk assessments.

Detective Measures

Monitoring, Audits and Reviews

We have an established process for an annual compliance self-assessment and internal control testing.

During 2024, the Compliance and Integrity team began establishing a new approach to compliance

monitoring and designing a compliance analytics program including control testing, transaction

monitoring data analytics, and dashboards. The compliance analytics program will be implemented during

2025.

“Speaking Up” and Whistleblowing

Aker Solutions promotes a culture of trust, encouraging employees to ask questions, seek guidance,

raise concerns, and report violations. The whistleblowing channel allows anonymous reporting of

concerns, incidents, or breaches.

Employees can seek guidance through the ethics@akersolutions.com channel managed by the

Compliance and Integrity team. Guidance on policies and procedures is available on the company’s

intranet.

The number of cases reported in 2024 were 0.42 reports per 100 employees. There were 49 reports

recorded in 2024, compared to 70 reports in 2023 (as reported last year, the number of reports relating

to Aker Solutions amounted to 35 in 2023, while the remaining 35 reports related to OneSubsea JV

company and were handled by SLB according to agreement). Around half of the received reports in 2024

concerned employee relations and human resources issues, which is similar to the 2023 level. The

remaining cases were related to other business integrity topics.

Responding Measures

Aker Solutions investigates all reported concerns, captures lessons learned, implements response

actions, and reports to the CEO and the Audit Committee. Investigations follow the Whistleblowing

Procedure and ensure confidentiality and anonymity.

Incidents and investigations that uncover malpractices or breaches of causing, contributing to or being

complicit in human rights violations shall result in recommended remediation and improvement actions. In

such cases, remediation and improvement actions will be created to mitigate the adverse effects now and

reduce the risk in the future. The actions remain under review by the appointed task force until closed

out.

The Compliance and Integrity department considers on a case by case basis, dependent upon the nature

and severity of the whistleblowing report, whom and when to inform the management of Aker Solutions.

The distribution of sensitive information is kept on a need to know basis.

Non-sensitive information or anonymized information can be shared as deemed appropriate to keep

relevant management/employees informed, to increase awareness of important issues and to implement

lessons learned for organizational improvements.



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Our whistleblowing channel complies with legal requirements and secures the following measures:

◼ Security and confidentiality

◼ Reporting functionality

◼ Access management

◼ Time management (acknowledge receipt and feedback to notifier)

◼ Anonymous reporting allowed

◼ Independent reporting

◼ Ensures completeness, integrity and confidentiality of the information provided

◼ Durable storage

◼ Written and oral reporting possibilities

◼ GDPR compliance

◼ Record keeping

Following an investigation, outcomes are reported to the relevant administrative, management, and

supervisory bodies, who undertake necessary actions based on the findings and recommendations.

Detailed reports are maintained for records and to inform future policy decisions.

We maintain transparency on our key procedures through regular updates on our official website and

internal communication channels. This includes the provision of information to our employees and

suppliers to ensure adherence to our policies and procedures, fostering a culture of ethics and

compliance across our value chain.

Aker Solutions has a global management system for governing documents. Our compliance and integrity

governing documents are global and applicable to all employees and our locations worldwide.

To ensure the accessibility and understanding of our policies and procedures, we employ various

mediums such as:

◼ Regular trainings, workshops and seminars

◼ Online resources and training modules accessible to all employees

◼ Communication with suppliers

Through these channels, we aim to make all relevant parties well-informed about our policies and their

implications.

Training Programs

Aker Solutions has established and is implementing a robust Business Ethics Training procedure. The objective

of this procedure is to describe Aker Solutions’ Business Ethics Training Program, and define target groups,

responsibilities, and cost allocation to ensure the program is implemented in line with company requirements.

We have deployed various training methods and they include:

◼ Introduction to business integrity e-learning for new employees

◼ Introduction to business integrity as in-person training for high risk roles or locations

◼ Annual mandatory Code of Conduct refresher course

◼ Targeted training to high risk roles

Aker Solutions have established a process for identification of high risk roles in the context of business

ethics supplementary training. High risk roles are identified by operational management in cooperation

with Compliance and Integrity department.

According to our Business Ethics Training procedure, identification of high risk roles shall be based on the risk

profile and operations of the relevant country organization/entity/business segment/function. On a general

basis, personnel that have frequent contact with customers, suppliers and/or public officials/local authorities,

or personnel that travel to or are present in high risk countries, may be defined as high risk roles.

To ensure a holistic approach to compliance and integrity training, Aker Solutions assumes that for the

purpose of the annual mandatory Code of Conduct training all office employees are defined as high risk

roles representing a mix of roles as described in the training procedure. In that context, 96 percent of the

target group defined as high risk group employees completed the annual mandatory Code of Conduct

training in 2024 (corresponding to approximately 8,485 employees).

Our management team undergoes periodic training to stay abreast of the latest developments and best

practices in preventing corruption and bribery and other integrity risks.

Analysis of Training Activities

Our training programs are analyzed and adapted based on regional needs and workforce categories. For

instance, in regions with higher corruption risks, we provide more intensive training. Similarly, training for

our procurement team is more rigorous compared to other departments due to their higher exposure to

corruption risks.

We work continuously and systematically to operationalize the compliance program across the global

organization and to support and enable the right business conduct throughout the company.



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G1-4: Incidents of Corruption or Bribery

Convictions and Fines

During the reporting period, there were 0 instances where individuals were convicted for violations of

anti-corruption and anti-bribery laws. The total amount in fines imposed for these convictions amounted

to NOK 0.

G1-5: Political Influence and Lobbying Activities

The global climate objectives and the need for an energy transition presents countries around the world

with some of the largest industrial transformations in modern time. As a company with proven expertise,

unique expertise, essential capabilities and capacities as well as effective technical solutions, Aker

Solutions strives to contribute in key roles.

In Norway, Aker Solutions is among the larger companies when it comes to overall revenues and value

creation, number of domestic employees, use of sub-suppliers and operations in rural regions where jobs

are of particular importance. Aker Solutions is also Norway’s largest supplier to the national oil and gas

industry and a significant supplier also to other energy-related sectors. The oil and gas industry has a vital

role in Norway’s national finances and is a key foundation for funding of national welfare. Aker Solutions’

prominent role in this important industry may in some cases indirectly or directly influence government

policies. This can also influence financial opportunities for the company.

Aker Solutions’ input to dialogue with policy makers and civil servants focuses on providing facts and

information regarding the company’s ongoing activities and outlook for future development of the

business, including information like potential future employment numbers. In addition, the input will in

some cases include the company’s view on different technical alternatives of possible relevance to future

projects, and the effects of frame conditions such as taxes and financing research and development.

There are established procedures to ensure the company’s involvement in these activities is ethical,

responsible, and complies with the Code of Conduct.

There is also potential positive impact when it comes to Aker Solutions’ political engagement, primarily in

Norway. Our involvement in the energy sector, which is known for substantial lobbying efforts, may

indirectly influence government policies. This can be a potential financial opportunity for the company.

Based on our expertise, we will when relevant share facts, possibilities for development of energy

projects, challenges and opportunities with political authorities and civil servants in the nations or

locations where we have business focus. We will also openly engage with relevant employer federations

or industry associations when that is relevant. Such lobbying activities shall always be in line with

international standards and our company policies.

Aker Solutions is not engaged in political contributions, nor in funding or support to political parties. In

2024, there were no financial or in-kind political contributions made by the company. The responsibility

for oversight of these activities sits with the communications department.

Aker Solutions is not registered in the EU Transparency Register or any equivalent transparency register.

We do not have any members of administrative, management or supervisory bodies that have held

positions in public administration it the last two years.



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G1-6: Payment Practices

Aker Solutions enters into agreements with vendors on payment terms. As Aker Solutions is a project

driven organization with projects lasting up to five years, it is natural that the payment terms with the

main suppliers are more favorable for Aker Solutions than the terms towards suppliers of bulk products

and services. When processing invoices according to the payment terms, Aker Solutions does not

differentiate between major suppliers or SMEs.

Our analysis indicates that, on average, Aker Solutions spends 48 days to settle an invoice from the date

the invoice was received. We categorize suppliers based on NACE categories. 74 percent of all invoices

are related to categorized suppliers and represent 80 percent of payments in 2024. Based on the

categorized suppliers, 39 percent of all payments relate to suppliers of wholesale and retail trade, while

the remaining 61 percent relate mainly to suppliers of manufacturing goods and transportation services.

Aker Solutions’ standard payment terms is 60 days which apply to all categories of suppliers. Minor retail

transactions without a formal agreement with Aker Solutions will follow the standard terms of the retailer,

resulting in an average payment period of less than 60 days. As of December 31, 2024, there are no open

legal proceedings related to late payments.

The representative sampling method used to calculate average time of payment is based on the global

ERP system which comprise 95 percent of all cost in Aker Solutions. All invoices for the companies using

the ERP system are processed through the system and we have calculated number of days by looking at

the difference between invoice received date and the date of payment.

Cybersecurity

As a global service provider in the energy sector, Aker Solutions play a significant role in protecting both

our own assets and the values of our customers and vendors. As the world faces increased security and

cyber security threats, Aker Solutions has in 2024 continued to invest in cybersecurity maturity,

recognizing the critical importance of safeguarding both our Information Technology (IT) and Operational

Technology (OT) environments.

Policies

Aker Solutions has a holistic approach to security and emergency response, with cybersecurity as an

integrated part of this approach. The company’s Data Protection and Information Security Policy defines

company commitments and behaviors when it comes to managing the potential negative impact and

financial risk of a breach of data privacy and protection. The policy covers handling of information in a

compliant and secure way, respecting individuals’ rights to privacy and protecting company information

through electronic and physical safeguards and countermeasures to minimize security threats based on

risk. The policy is effective for any party we interact with. It is publicly available on our website and our

internal procedures, described below, are available to relevant internal stakeholders on our management

system.

Aker Solutions’ ambitions for cybersecurity are to prevent harm and reduce risk, whilst supporting new

business opportunities and innovation. Therefore, improvements in technology, processes and

organization have been implemented in 2024. The Board of Directors has approved further investments

in cybersecurity improvements, demonstrating its commitments and high ambitions for cyber maturity

and resilience.

Actions

Cybersecurity Strategy and Governance

Aker Solutions has established a cybersecurity governance framework that ensures accountability and

systematic oversight. This framework is led by a Chief Information Security Officer (CISO) covering:

◼ Strategic planning: Formulates cybersecurity policies in alignment and procedures with our overall

risk management and sustainability goals

◼ Operational management: Responsible for implementing and managing the day-to-day cybersecurity

defenses

◼ Risk assessment and compliance: Conducts periodic assessments and ensures alignment with

relevant regulations, NIS Directive, ISO 27001, as well as the IEC 62443 framework

◼ Training: Responsible for the overall planning of emergency response training with relevant

stakeholders within Aker Solutions

Board-level involvement ensures that cybersecurity remains a priority, integrating risk-related disclosures

and resource allocation, ensuring transparency and governance.

The management system includes cybersecurity policies and procedures that cover all of Aker Solutions’

segments and functions across all geographies and focuses on the following areas:

◼ Access control: Stringent access controls ensure that only authorized personnel access internal

systems

◼ Incident response: Detailed incident response procedures allow for immediate containment,

mitigation, and remediation of security incidents, limiting their impact

◼ Third-party risk management: The company requires all contractors and suppliers to comply with its

cybersecurity standards, given the high-risk nature of third-party connections



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Risk Identification and Mitigation Measures

The company undertakes regular risk assessments and conducts training to identify vulnerabilities across

IT and OT environments. Risk assessments on operational, tactical and strategic level represents the core

of Aker Solutions’ risk based cybersecurity management. The assessments support mitigation of the

following risks:

◼ Digital threats: Malware, ransomware, and phishing attacks targeting employee devices and networks

◼ Supply chain risks: Vulnerabilities originating from contractors, vendors, or third-party software

providers

◼ Crisis management and business continuity: Using identified scenarios to train the business in how an

incident might affect operations and how to mitigate the impact and return to business as normal in

the shortest possible timelines

Incident Response and Recovery Planning

To ensure resilience and business continuity, the company has improved their incident response and

recovery plan:

◼ Incident detection and reporting: Employees are trained to report suspicious activity, which is triaged

by the Security Operations Center (SOC) for rapid response. SOC monitors and alerts on suspicious

activity

◼ Containment and mitigation: Protocols are in place to isolate affected systems, preventing further

spread of malware or unauthorized access

Training, Awareness, and Culture

Recognizing that human error is often a primary vulnerability, we have further scaled the cybersecurity

training and awareness programs. This includes:

◼ Employee training programs: Conducted annually, these sessions cover topics such as phishing

awareness, secure remote access practices, and data handling protocols

◼ Executive cybersecurity workshops: Designed to foster awareness and responsibility at the executive

level, these workshops cover regulatory obligations, including CSRD compliance

Monitoring and Reporting

During 2024, Aker Solutions has established detailed monthly reporting on cybersecurity measures to the

executive management team:

◼ Metrics on security posture: Indicators such as the number of incidents detected and resolved,

compliance levels with security standards, and employee training completion rates. Trends in security

posture is measured and reported upon to provide decision support within risk management

processes

◼ Risk and impact disclosures: A summary of risks, their potential operational impacts, and the

effectiveness of mitigation measures

◼ Progress on objectives: Updates on annual cybersecurity goals, including the implementation of new

technologies, policies, or initiatives to enhance cybersecurity

Continuous Improvement and Future Plans

To ensure that cybersecurity remains as a strategic advantage Aker Solutions has committed to a

strategy of continuous improvement. This includes:

◼ Adopting new technologies: Investing how new technology can streamline existing operations and

proactively identify potential risks

◼ Collaboration with industry partners: Regularly engaging with other firms and cybersecurity forums to

stay updated on emerging threats and best practices

◼ Increased transparency: We constantly aim to enhance transparency by adopting real-time monitoring

dashboards accessible to key stakeholders, offering visibility into its cybersecurity posture and risk

landscape

◼ A holistic approach: Ensuring a strong interface between physical security, cybersecurity, emergency

response and crisis management functions to ensure both proactive risk and reactive risk reduction at

all levels of the business. To further improve cybersecurity management, plans are in motion to

improve the integration between the information security management system and the integrated

management system in Aker Solutions, with the ambition of achieving certification

Cybersecurity is fundamental to both operational resilience and regulatory compliance and has been a

key focus area for Aker Solutions in 2024. By integrating comprehensive risk management, governance,

and incident response mechanisms, we work across several dimensions to protect our own and our

clients’ critical assets in the high-risk energy sector, in an unpredictable, global threat landscape.

Targets

Aker Solutions is in the process of developing and improving metrics and targets to improve the decision

support in cybersecurity governance and improve reporting regarding cybersecurity. In addition to efforts

to improve the use of metrics, Aker Solutions monitors the effectiveness of implemented mitigations and

operational cybersecurity posture.



106	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

The Board of Directors confirms that the Annual Report for 2024 gives a true and fair overview of the development during

the year and the impact on the financial statements, the most significant risks and uncertainties facing the company.

We also confirm that the sustainability statement is prepared, in all material respect, in accordance with the European Sustainability

Reporting Standards (ESRS) as well as article 8 in the EU Taxonomy regulation.

Fornebu, March 31, 2025

Board of Directors of Aker Solutions ASA



Leif-Arne Langøy	Øyvind Eriksen	Kjell Inge Røkke	Birgit Aagaard-Svendsen
Chairman	Deputy Chairman	Director	Director

Hilde Karlsen	Jan Arve Haugan	Elisabeth H. Tørstad	Lone Fønss Schrøder
Director	Director	Director	Director

Arne Christian Rødby	Stian Pettersen Sagvold	Line Småge Breidablikk	Kjetel Digre
Director	Director	Director	Chief Executive Officer



107	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Consolidated

Financial

Statements

Aker Solutions

December 31, 2024



108	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu


Consolidated Financial Statements		Liabilities and Equity
Income Statement		Note 16 Equity
Other Comprehensive Income (OCI)		Note 17 Leases and Investment Property
Balance Sheet		Note 18 Pension Obligations
Cash Flow		Note 19 Provisions and Contingent Liabilities
Equity		Note 20 Trade and Other Payables

General		Financial and Capital Management
Note 1 Company Information		Note 21 Financial Risk Management and Exposures
Note 2 Basis of Preparation		Note 22 Capital Management
		Note 23 Derivative Financial Instruments
Performance		Note 24 Financial Assets and Liabilities
Note 3 Revenue
Note 4 Segments		Group Composition and Other Investments
Note 5 Personnel Expenses		Note 25 Subsidiaries and NCIs
Note 6 Other Operating Expenses		Note 26 Investments in Companies
Note 7 Financial Income and Expenses		Note 27 The Subsea Transaction and Discontinued Operations
Note 8 Earnings per Share and Dividends		Note 27 The Subsea Transaction and Discontinued Operations
Note 9 Income Tax

Assets		Other
Note 10 Property, Plant and Equipment		Note 28 Related Parties and Key Management Compensation
Note 11 Intangible Assets and Goodwill		Note 28 Related Parties and Key Management Compensation
Note 12 Impairment of Assets		Note 29 Audit fees
Note 13 Trade and Other Receivables		Note 30 Climate Risk
Note 14 Financial Investments and Interest- Bearing Receivables
Note 15 Cash and Cash Equivalents

Declaration by the Board of Directors and Chief Executive Officer

The Board and chief executive officer have today considered and approved the annual report and

financial statements for the Aker Solutions group and its parent company Aker Solutions ASA for the

calendar year ended on December 31, 2024.

This declaration is based on reports and statements from the chief executive officer, chief financial

officer and on the results of the group’s business as well as other essential information provided to the

Board to assess the position of the parent company and the group.

To the best of our knowledge:

◼ The 2024 financial statements for the parent company and the group have been prepared in

accordance with all applicable accounting standards.

◼ The information provided in the financial statements gives a true and fair portrayal of the parent

company’s and the group’s assets, liabilities, financial position and results taken as a whole as of

December 31, 2024.

◼ The Board of Directors’ report of the parent company and the group provides a true and fair overview

of the development, performance and financial position of the parent company and the group taken

as a whole, and the most significant risks and uncertainties facing the parent company and the group.

Fornebu, March 31, 2025

Board of Directors of Aker Solutions ASA



Leif-Arne Langøy	Øyvind Eriksen	Kjell Inge Røkke	Birgit Aagaard-Svendsen
Chairman	Deputy Chairman	Director	Director

Hilde Karlsen	Jan Arve Haugan	Elisabeth H. Tørstad	Lone Fønss Schrøder
Director	Director	Director	Director

Arne Christian Rødby	Stian Pettersen Sagvold	Line Småge Breidablikk	Kjetel Digre
Director	Director	Director	Chief Executive Officer



109	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Income Statement

Consolidated statement for the year ended December 31


Amounts in NOK million	Note	2024	2023

Revenue from customer contracts	3, 4	52,202	35,882
Net profit equity accounted investees	3, 26	790	205
Other income	3, 17	209	175
Revenue and other income		53,201	36,262

Materials, goods and services		-32,459	-20,760
Personnel expenses	5	-12,103	-10,757
Other operating expenses	6	-4,070	-3,578
Operating expenses before depreciation, amortization and impairment		-48,632	-35,096
Operating income before depreciation, amortization and impairment		4,568	1,166

Depreciation and amortization	10, 11, 17	-1,158	-684
Impairment	10, 11, 12, 17	-22	-60
Operating income		3,388	422

Interest income	7	397	353
Interest expenses	7	-252	-227
Net other financial items	7	-184	-453
Income before tax		3,349	95

Income tax	9	-684	-110
Net income (loss) from continuing operations		2,665	-15
Net income from discontinued operations	27	0	11,540
Net income from total operations		2,665	11,525

Net income attributable to:
Equity holders of the parent company		2,656	11,637
Non-controlling interests		9	-112
Net income		2,665	11,525

Earnings per share from continuing operations in NOK (basic and diluted)		5.51	0.20
Earnings per share from discontinued operations in NOK (basic and diluted)		0.00	23.61
Earnings per share from total operations in NOK (basic and diluted)	8	5.51	23.81



110	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Other Comprehensive Income (OCI)

Consolidated statement for the year ended December 31


Amounts in NOK million	Note	2024	2023

Net income		2,665	11,525

Other Comprehensive income

Items that are or may be reclassified subsequently to profit or loss:
Cash flow hedges, effective portion of changes in fair value	23	-23	31
Cash flow hedges, reclassified to income statement	23	26	-5
Cash flow hedges, deferred tax	9, 23	0	2
Cash flow hedges, discontinued operations	23	0	-40
Translation differences including OCI related to equity accounted investees	24, 26	497	-231
Translation differences related to other foreign operations		490	329
Recycling of translation differences, discontinued operations	27	0	-1,392
Total		990	-1,305

Items that will not be reclassified to profit or loss:
Remeasurements of defined pension obligations	18	-28	-36
Remeasurements of defined pension obligations, deferred tax asset	9	6	8
Change in fair value of equity investments	24, 26	-2	-6
Total		-24	-34
Other comprehensive income (loss), net of tax		966	-1,339
Total comprehensive income		3,631	10,186

Total comprehensive income (loss) attributable to:
Equity holders of the parent company		3,637	10,295
Non-controlling interests		-6	-109
Total comprehensive income		3,631	10,186

Total comprehensive income (loss) attributable to owners arises from:
Continuing operations		3,631	77
Discontinued operations		0	10,109
Total comprehensive income		3,631	10,186



111	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Balance Sheet

Consolidated statement as of December 31


Amounts in NOK million	Note	2024	2023

Assets
Non-current assets
Property, plant and equipment	10, 12	4,053	3,487
Intangible assets including goodwill	11, 12	3,487	3,563
Right-of-use assets and investment property	12, 17	1,807	1,911
Deferred tax assets	9	225	491
Lease receivables	17	445	529
Equity accounted investees	26	7,870	6,555
Investments in companies	21, 24, 26	16	19
Interest-bearing receivables	24	193	197
Other non-current assets	27	187	506
Total non-current assets		18,281	17,258

Current assets
Current tax assets		106	75
Inventories		46	44
Trade receivables	3, 13, 24	6,208	5,268
Customer contract assets and other receivables	3, 13, 24	4,925	2,317
Prepayments		1,288	1,214
Derivative financial instruments	23, 24	105	258
Interest-bearing receivables	14, 17, 24	142	3,103
Financial investments	14, 24	2,197	5,714
Cash and cash equivalents	15, 21	2,860	6,003
Total current assets		17,876	23,996
Total assets		36,157	41,253

Fornebu, March 31, 2025


Amounts in NOK million	Note	2024	2023

Equity and liabilities
Equity
Share capital	16	532	532
Share premium		3,687	3,687
Reserves	16	1,243	251
Retained earnings		5,807	14,611
Total equity attributable to the parent		11,270	19,082
Non-controlling interests	25	-144	-129
Total equity		11,126	18,953

Non-current lease liabilities	17	2,637	2,921
Pension obligations	18	945	978
Deferred tax liabilities	9	304	140
Other non-current liabilities		0	36
Total non-current liabilities		3,886	4,074

Current tax liabilities		122	62
Current lease liabilities	17	708	619
Provisions	19	3,690	3,405
Trade payables	20, 24	2,769	2,554
Other payables	20	9,411	6,550
Customer contract liabilities	3	4,428	4,831
Derivative financial instruments	23, 24	17	204
Total current liabilities		21,146	18,226
Total liabilities		25,031	22,300
Total equity and liabilities		36,157	41,253



Leif-Arne Langøy	Øyvind Eriksen	Kjell Inge Røkke	Birgit Aagaard-Svendsen	Hilde Karlsen	Jan Arve Haugan
Chairman	Deputy Chairman	Director	Director	Director	Director

Elisabeth H. Tørstad	Lone Fønss Schrøder	Arne Christian Rødby	Stian Pettersen Sagvold	Line Småge Breidablikk	Kjetel Digre
Director	Director	Director	Director	Director	Chief Executive Officer



112	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Cash Flow

Consolidated statement for the year ended December 31


Amounts in NOK million	Note	2024	2023

Cash flow from operating activities
Net income from continuing operations		2,665	-15
Net income from discontinued operations	27	0	11,540
Net income from total operations		2,665	11,525

Adjustment for:
Income tax	9	684	641
Net finance cost	7	39	392
Depreciation, amortization and impairment	10, 11, 12, 17	1,180	1,361
Other (profit) loss on disposals and non-cash effects		-1,003	-9,723
Net income after adjustments		3,565	4,196
Changes in operating assets and liabilities		-270	2,287
Cash generated from operating activities		3,295	6,483
Income taxes paid		-188	-267
Net cash from operating activities		3,107	6,216

Cash flow from investing activities
Interest received		435	395
Dividends received		137	34
Acquisition of property, plant and equipment	10	-1,396	-1,833
Payments for capitalized development	11	-51	-388
Acquisition of subsidiaries, net of cash	25	-66	-13
Sale of subsidiaries, net of cash	27	3,292	621
Proceeds from sale of property, plant and equipment		5	12
Proceeds from sale of intangible assets		32	0
Change in interest-bearing receivables		76	-95
Sale/acquisition of shares and funds	14	3,291	-3,000
Cash collection from lease receivables	17	122	119
Net cash from investing activities		5,876	-4,147


Amounts in NOK million	Note	2024	2023

Cash flow from financing activities
Interest paid		-189	-245
Repayment of borrowings		0	-967
Payment of lease liabilities	17	-671	-774
Paid dividends to equity holders of the parent company	8	-11,018	-489
Payment for treasury shares under share buy-back programs	8	-501	0
Paid dividends to minority interests		-8	-8
Net cash from financing activities		-12,387	-2,483
Net increase (decrease) in cash and bank deposits		-3,404	-415

Cash and cash equivalents at the beginning of the period		6,003	6,170
Effect of exchange rate changes on cash and bank deposits		261	248
Cash and cash equivalents at the end of the period	15	2,860	6,003



113	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Equity

Consolidated statement of changes in equity


Amounts in NOK million	Notes	Share capital	Share premium	Treasury share reserve	Retained earnings	Hedging reserve	Translation reserve	Fair value reserve	Equity attributable to parent	Non-controlling interests	Total equity

Equity as of January 1, 2023		532	3,687	-4	3,539	10	1,556	-76	9,244	-4	9,240
Net income		0	0	0	11,637	0	0	0	11,637	-112	11,525
Other comprehensive income		0	0	0	-28	-11	-1,297	-6	-1,343	3	-1,339
Total comprehensive income		0	0	0	11,609	-11	-1,297	-6	10,295	-109	10,186
Dividends		0	0	0	-489	0	0	0	-489	0	-489
Sale (purchase) of treasury shares	16	0	0	1	54	0	0	0	56	0	56
Employee share purchase program	5	0	0	0	8	0	0	0	8	0	8
Realization of equity investment		0	0	0	-78	0	0	78	0	0	0
Taxes on equity transactions	9	0	0	0	-17	0	0	0	-17	0	-17
Dividends to non-controlling interests	25	0	0	0	0	0	0	0	0	-8	-8
Change in non-controlling interests from acquisition of shares	25	0	0	0	11	0	0	0	11	-11	0
Other changes to equity		0	0	0	-25	0	0	0	-25	3	-21
Equity as of December 31, 2023		532	3,687	-3	14,611	-1	259	-4	19,082	-129	18,953

Net income		0	0	0	2,656	0	0	0	2,656	9	2,665
Other comprehensive income		0	0	0	-22	3	1,002	-2	982	-16	966
Total comprehensive income		0	0	0	2,634	3	1,002	-2	3,637	-6	3,631
Dividends		0	0	0	-11,018	0	0	0	-11,018	0	-11,018
Sale (purchase) of treasury shares	16	0	0	-11	-420	0	0	0	-431	0	-431
Employee share purchase program	5	0	0	0	27	0	0	0	27	0	27
Taxes on equity transactions	9	0	0	0	-28	0	0	0	-28	0	-28
Dividends to non-controlling interests	25	0	0	0	0	0	0	0	0	-8	-8
Equity as of December 31, 2024		532	3,687	-14	5,807	2	1,261	-6	11,270	-144	11,126



114	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Notes to the Consolidated

Financial Statements

For the year ended December 31

Note 1 Company Information

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. The company had about 11,800 own employees and was present in 15

countries at the end of 2024.

The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo

Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the

financial performance and position of the company and its subsidiaries collectively referred to as “the

group” or “the company” and separately as group companies.



115	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 2 Basis of Preparation

Statement of Compliance

The consolidated financial statements have been

prepared in accordance with IFRS® Accounting

Standards as adopted by the EU, their

interpretations adopted by the International

Accounting Standards Board (IASB) and the

additional requirements of the Norwegian

Accounting Act as of December 31, 2024.

The consolidated financial statements were

approved by the Board of Directors and the chief

executive officer (CEO) on March 31, 2025. The

consolidated financial statements will be

authorized at the Annual General Meeting on

April 28, 2025. Until this date the Board of

Directors has the authority to amend the

financial statements.

Basis of Measurement

The consolidated balance sheet has been

prepared on the historical cost basis except for

certain financial assets and liabilities as

presented in note 24 measured at fair value on

each reporting date. The consolidated financial

statements are presented in Norwegian Kroner

(NOK) and have been rounded to the nearest

million (NOK million), therefore the subtotals and

totals in some tables may not equal the sum of

the amounts shown.

Consolidation

The consolidated financial statements comprise

the parent company Aker Solutions ASA and its

subsidiaries. Intra-group balances and

transactions, and any unrealized gains and

losses or income and expenses arising from

intra-group transactions, are eliminated in the

consolidated financial statements.

Aker Solutions contributed in all material aspects

the entire Subsea segment into a new entity

formed with SLB on October 2, 2023. Aker

Solutions holds a non-controlling interest of 20

percent in the new entity OneSubsea. For

historical figures, Aker Solutions’ subsea

business has been restated as discontinued

operations. For more information about the

transaction and the investment in OneSubsea,

see note 26 Investments in Companies and note

27 The Subsea Transaction and Discontinued

Operations.

Translation of Foreign Currency

Assets and liabilities of subsidiaries that have a

different functional currency are translated to

NOK using the exchange rate on the balance

sheet date. Income and expenses are translated

using the average exchange rate for the year,

calculated on the basis of 12 monthly rates.

Foreign exchange differences arising from these

translations are recognized in other

comprehensive income, and presented as a

separate component in equity (translation

reserve). The translation differences are

reclassified to the income statement upon

disposal or liquidation of the related operations.

Exchange differences arising from non-current

monetary receivable or payable by a foreign

operation where settlement is neither planned

nor likely in the foreseeable future, forms part of

the net investment in that entity and are also

recognized in other comprehensive income.

Judgments and Estimates

The preparation of consolidated financial

statements in conformity with IFRS requires

management to make judgments, estimates and

assumptions each reporting period that affect

the income statement and balance sheet. The

accounting estimates will by definition seldom

precisely match actual results. The main areas

where judgments and estimates have been made

are described in each of the following notes:

◼ Note 9 Income Tax

◼ Note 10 Property, Plant and Equipment

◼ Note 11 Intangible Assets and Goodwill

◼ Note 12 Impairment of Assets

◼ Note 13 Trade and Other Receivables

◼ Note 17 Leases and Investment Property

◼ Note 18 Pension Obligations

◼ Note 19 Provisions and Contingent Liabilities

The main area where significant judgment has

been made is described in:

◼ Note 3 Revenue

Aker Solutions acknowledge that climate change

represents an element in the application of

methodologies and models used in estimates

used in valuations and measurement of certain

accounting items. This is further described in

note:

◼ Note 12 Impairment of Assets

◼ Note 30 Climate Risk

New or Changed Financial

Reporting Principles

Some amendments to standards and

interpretations have become effective in 2024.

These changes did not have a material impact on

the consolidated financial statements.

IFRS 18 “Presentation and Disclosure in Financial

Statements” was issued in 2024, effective for

annual reporting period beginning on or after

January 1, 2027. The impact of changes

resulting from implementation of IFRS 18 has not

yet been assessed.



116	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 3 Revenue

The revenue in Aker Solutions consists of large

engineering, procurement and construction

(EPC) contracts within the renewables and oil

and gas energy sector. The company also has

engineering contracts and frame agreements for

maintenance of various energy installations. The

compensation format is both reimbursable and

lump sum, and the contracts often include

various incentive mechanisms. Project execution

is a key component of all deliveries.

Financial Reporting Principles

Customer contracts are assessed using the five-

step model. Only approved customer contracts

with a firm commitment are basis for revenue

recognition. Variation orders are included when

they have been approved, either verbally, in

writing or implied by customary business

practice. The deliveries in the contracts are

reviewed to identify distinct performance

obligations. For the vast majority of the identified

performance obligations, control has been

assessed to be transferred to the customer over

time as the performance obligation is satisfied.

Revenue is recognized over time using a cost

based progress method, or as time and materials

are delivered to the customer. The cost progress

method is commonly used on reimbursable - and

lump sum contracts when scope of work is firm.

The time and materials method is more

commonly used for reimbursable contracts with

less firm scope. These methods are used to best

reflect the pattern of transfer of control of goods

and services to the customer.

Variable considerations, such as incentive

payments, are included in revenue when they are

highly probable. Expected liquidated damages

(LDs) are recognized as a reduction of revenue

unless it is highly probable that LDs will not be

incurred. The transaction price of performance

obligations is adjusted for significant financing

components to reflect the time value of money.

Profit is not recognized until the outcome of the

performance obligations can be measured reliably,

usually at 20 percent progress. The full loss is

recognized immediately when identified on loss-

making contracts. The loss is determined based on

revenue less direct cost (i.e. labor, subcontractor

and material cost) and an allocation of overhead

that relate directly to the contract or activities

required to fulfil the contract. Customer financed

assets required to execute the projects are

presented gross in the financial statements.

Judgments and Estimates

It can be challenging to estimate the expected

revenue and cost in the company's customer

contracts, in particular if there are operational

challenges. The most significant judgments and

estimates in the customer contracts are

described below.

Performance Obligations

Significant management judgment is sometimes

required in order to identify distinct performance

obligations in customer contracts. This includes

an analysis of the customer contract to

determine if the goods or services are distinct

deliveries or input to an overall promise to deliver

a combined system of products and services. As

most of the contracts represent a single,

combined output for the customers, contracts

will normally contain one performance obligation.

Variable Consideration

Incentive payments are integral and significant

parts of contract revenue on certain

reimbursable contracts. They can also be

present in lump sum contracts. Incentive

payments include key performance indicators,

bonuses, target sum mechanisms and

productivity measures and can potentially both

increase and decrease revenue. Most incentives

are estimated using the most likely amount.

Revenue from variable consideration is included

only when it is highly probable that the revenue

will not be reversed. There is a risk that the

actual payment of incentives may differ from the

estimated amount.

Liquidated Damages (LDs)

LDs are penalties for not achieving defined

milestones on time. LDs are common in

construction contracts, but can also be present

in service contracts. If a project does not meet

the defined milestone in a contract, a provision

reducing the transaction price is made unless it

is highly probable that LD will not be imposed.

The estimated LD provision is highly judgmental.

The assessment of the LD provision is based on

experience from similar LD situations in addition

to client relationship, contractual position and

status on negotiations.

Total Contract Cost

The estimates of total contract cost can be

judgmental and sensitive to changes. The cost

estimates can significantly impact revenue

recognition for contracts using cost progress,

particularly in lump sum construction contracts. The

forecasting of total project cost depends on the

ability to properly execute the engineering and

design phase, availability of skilled resources,

manufacturing capacity, productivity and quality

factors, performance of subcontractors and

sometimes also weather conditions. Experience,

systematic use of the project execution model and

focus on core competencies reduce, but do not

eliminate, the risk that cost estimates may change

significantly.

Note 3 continues on next page



117	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 3 Revenue cont.

Different Types of Customer Contracts

The revenue in Aker Solutions arise from various contracts for the engineering, procurement,

construction, modification and maintenance within the oil and gas and renewables energy sector.

Renewables and Field Development

Deliveries include facilities for carbon capture, offshore wind and traditional oil and gas installations,

topside modules, substructures, floating production units (FPSOs), decommissioning, hook-up services

and marine operations. Most contracts last between three to five years. The contracts include a

combination of FEED, engineering, procurement, construction and installation (EPCI) of equipment. Each

contract is usually assessed as one performance obligation as the deliveries are combined in one output.

The contracts may be reimbursable, lump sum, target cost or a combination. The contracts regularly

include incentives for achievement of key performance indicators (KPIs) or penalties for late delivery.

Payment terms are normally 30-45 days according to predefined milestones or monthly billing.

The following table shows a selection of the largest projects in the segment:


Project	Customer	Award year	Estimated delivery

Hugin A Platform	Aker BP	2022	2026
Valhall PWP Platform	Aker BP	2022	2026
Norfolk Vanguard East HVDC1	RWE	2025	2028
Norfolk Vanguard West HVDC1	RWE	2025	2027
Hugin B Platform	Aker BP	2022	2026
East Anglia 3 HVDC	ScottishPower	2022	2025
Fenris UI	Aker BP	2022	2026
Sunrise Wind HVDC	Ørsted & Eversource	2021	2025
Rosebank FPSO	Altera	2023	2025
Jackdaw WHP	Shell	2022	2025
Johan Castberg FPSO	Equinor	2017	2025

1) Awarded in January 2025.

Life Cycle

Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas

installations. The contracts are mainly reimbursable, but can also include lump sum elements. The

majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms, key

performance indicators and productivity measures. Each contract or purchase order under a frame

agreement (FA) is usually assessed as a separate performance obligation. The contracts usually last from

one to five years. Payment terms are normally 30 days after time and materials are delivered.

The following table shows a selection of the largest projects in the segment:


Project	Customer	Award year	Estimated delivery

Mongstad Waste Water Treatment Plant upgrade	Equinor	2024	2026
Draugen Electrification	OKEA	2023	2027
Equinor H (FA)	Equinor	2016	2026
Vår Energi M&M	Vår Energi	2020	2029
Valhall PWP tie-in	Aker BP	2023	2028
ConocoPhillips M&M (FA)	ConocoPhillips	2016	2026
Berling tie-in to Åsgard B	Equinor	2023	2028
Skarv Satellites Project	Aker BP	2023	2027
Shell Modification Contract (FA)	Shell	2017	2028
Angola EPC Services	Azule Energy	2018	2027
Aker BP EMM/Modific. Alliance (FA)	Aker BP	2015	2026
Troll Phase 3 Stage II EPCIC	Equinor	2024	2027
Bestla tie-in to Brage EPCI	OKEA	2024	2027
Troll West, electrification	Equinor	2021	2026

Note 3 continues on next page



118	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 3 Revenue cont.

Revenue by segment

The following tables show the revenue from customer contracts by segment. Revenue by country is

shown in note 4 Segments.


Amounts in NOK million	2024	2023

Renewables and Field Development	38,011	21,472
Life Cycle	13,188	13,025
Other	1,002	1,384
Total revenue from customer contracts	52,202	35,882

Timing of Revenue

The satisfaction of performance obligations in customer contracts vary from a few months to as long as

five years. The order backlog as of December 31, 2024 was NOK 60.9 billion, compared to NOK 72.7

billion the year before. The table below shows the expected timing of future revenue for ongoing and not

yet started performance obligations at year-end.


Amounts in NOK billion	2025	2026	2027	2028 and later	Total backlog

Backlog phasing of ongoing performance obligations	42.1	13.3	3.3	2.0	60.8
Backlog phasing of performance obligations not yet started	0.0	0.0	0.0	0.0	0.1
Total backlog	42.1	13.4	3.4	2.0	60.9

Revenue recognized in 2024 for performance obligations satisfied in prior years was NOK -5 million,

compared to NOK 0 million the year before.

Contract Balances

The company has recognized the following assets and liabilities related to contracts with customers:


Amounts in NOK million	Note	December 31, 2024	December 31, 2023

Trade receivables	13	6,208	5,268
Customer contract assets	13	4,721	2,113
Customer contract liabilities		-4,428	-4,831

Customer contract assets relate to consideration for work completed, but not yet invoiced at the

reporting date. The contract assets are transferred to trade receivables when the right to payment

become unconditional and invoices are issued to the customers. Customer contract liabilities relate to

advances from customers for work not yet performed.

The change in contract assets and liabilities relates to the natural progression of the project portfolio, as

well as the current project mix. Of the amount of NOK -4,831 million recognized in contract liabilities at

the end of prior year, NOK 4,780 million has been recognized as revenue in 2024.

The bad debt provision included in trade receivables at December 31, 2024 was NOK 161 million,

compared to NOK 116 million the year before. No impairment has been recognized on customer contract

assets.

Note 3 continues on next page



119	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 3 Revenue cont.

Net Income Equity Accounted Investees

The company has recognized the share of net income from investments accounted as equity accounted

investees. As the activities of the investees are closely related to Aker Solutions operating activities, the

share of net income is reported as part of revenue and other income.


Amounts in NOK million	Note	2024	2023

Share of net income OneSubsea		789	172
Share of net income other equity accounted investees		1	34
Profit from equity accounted investees	26	790	205

Other Income

Other income includes revenue that is not derived from regular customer contracts such as leasing

revenue.


Amounts in NOK million	Note	2024	2023

Revenue from operating leases	17	172	155
Other		37	20
Total other income		209	175

See note 4 for more information about revenue per segment and per country

See note 13 for more information about trade and other receivables

See note 17 for more information about leasing revenue

See note 20 for more information about trade and other payables

See note 26 for more information about equity accounted investees



120	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 4 Segments

Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.

Renewables and Field Development

The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas

platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities. The

objective of the segment is to add value by improving efficiency and reducing carbon footprint in oil and

gas deliveries. Furthermore accelerating the transition to renewables and become a key supplier to

renewables and carbon capture solutions by building execution and collaboration through a digital value

chain.

The Renewables and Field Development reporting segment includes two operating segments in Aker

Solutions that are organized separately and provide individual management reporting to the CEO. The

following two operating segments are included: (1) New Build and (2) New Energies. The operating

segments have been aggregated in the external reporting as they share resources and production

capacity, and engineering is often an integrated scope of the customer contracts in both operating

segments. The operating segments have similar commercial risks, they operate in the same economic

climate and markets, and have similar customers. They also have similar operational characteristics and

use the same type of KPI's to monitor the business.

Life Cycle

The Life Cycle segment provides optimized field life solutions driven by decarbonization and

environmentally sound offerings both for offshore and onshore facilities. The segment provides a full-

range offering of maintenance and modification services including electrification projects, digitally

enabled asset integrity services, hook-up and installation services as well as late-life and

decommissioning activities. The segment has a global presence across regions with main execution in

Norway, UK, Canada, Brazil, Brunei and Angola.

Other

The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad businesses

and the group effect of hedges not qualifying for hedge accounting. The Other segment also includes

impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken by the

corporate center. The number of employees in corporate functions and finance support functions are reported

in the Other segment while the related cost is allocated to the segments.

Note 4 continues on next page



121	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 4 Segments cont.

Segment Performance 2024


Amounts in NOK million	Notes	Renewables and Field Development	Life Cycle	Total operating segments	Other	Intra-group eliminations	Total

Income statement
Revenue from customer contracts	3	38,011	13,188	51,199	1,002	0	52,202
Net profit equity accounted investees	26	0	0	0	790	0	790
Other income		21	8	29	180	0	209
External revenue		38,032	13,196	51,228	1,972	0	53,201
Inter-segment revenue		58	52	110	2	-113	0
Total revenue		38,090	13,249	51,339	1,975	-113	53,201

Operating income before depreciation, amortization and impairment		3,097	920	4,016	552	0	4,568
Depreciation and amortization	10, 11, 17	-782	-137	-920	-239	0	-1,158
Impairment	10, 11, 12, 17	-2	0	-2	-20	0	-22
Operating income		2,312	782	3,095	293	0	3,388

Assets and Liabilities
Property, plant and equipment	10	3,515	46	3,561	492	0	4,053
Intangible assets	11	1,623	1,304	2,927	560	0	3,487
Right-of-use assets	17	465	58	523	1,284	0	1,807
Current operating assets		7,794	3,496	11,289	1,318	-36	12,572
Operating assets		13,396	4,904	18,301	3,654	-36	21,919
Current operating assets		7,794	3,496	11,289	1,318	-36	12,572
Current operating liabilities		13,829	3,054	16,883	3,574	-36	20,421
Net current operating assets		-6,035	442	-5,593	-2,255	0	-7,848

Cash flow
Cash flow from operating activities		3,052	739	3,791	-684	0	3,107
Acquisition of property, plant and equipment	10	-1,287	-22	-1,309	-87	0	-1,396
Capitalized development	11	-22	0	-22	-29	0	-51

Other key figures
Order intake		24,011	14,951	38,962	1,288	-165	40,085
Order backlog		37,508	22,454	59,961	988	-65	60,885
Own employees		6,449	4,134	10,583	1,194	0	11,777

Note 4 continues on next page



122	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 4 Segments cont.

Segment Performance 2023


Amounts in NOK million	Notes	Renewables and Field Development	Life Cycle	Total operating segments	Other	Intra-group eliminations	Total

Income statement
Revenue from customer contracts	3	21,866	13,025	34,891	991	0	35,882
Net profit equity accounted investees	26	29	0	29	176	0	205
Other income		2	7	10	165	0	175
External revenue		21,898	13,032	34,930	1,332	0	36,262
Inter-segment revenue		622	40	662	-131	-531	0
Total revenue		22,520	13,072	35,592	1,201	-531	36,262

Operating income before depreciation, amortization and impairment		973	686	1,659	-492	0	1,166
Depreciation and amortization	10, 11, 17	-376	-120	-496	-188	0	-684
Impairment	10, 11, 12, 17	0	0	0	-60	0	-60
Operating income		597	565	1,162	-740	0	422

Assets and Liabilities
Property, plant and equipment	10	2,995	52	3,047	440	0	3,487
Intangible assets	11	1,631	1,309	2,940	623	0	3,563
Right-of-use assets	17	470	79	548	1,363	0	1,911
Current operating assets		4,132	3,306	7,438	1,710	-230	8,918
Operating assets		9,227	4,746	13,973	4,137	-230	17,880
Current operating assets		4,132	3,306	7,438	1,710	-230	8,918
Current operating liabilities		10,167	2,769	12,936	4,697	-230	17,403
Net current operating assets		-6,035	537	-5,498	-2,986	0	-8,484

Cash flow
Cash flow from operating activities		3,832	237	4,069	2,147	0	6,216
Acquisition of property, plant and equipment	10	-1,482	-39	-1,521	-313	0	-1,833
Capitalized development	11	-30	0	-30	-359	0	-388

Other key figures
Order intake		22,523	11,781	34,304	1,146	-147	35,303
Order backlog		51,405	20,579	71,984	710	-15	72,680
Own employees		6,121	4,220	10,341	1,132	0	11,473

Note 4 continues on next page



123	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 4 Segments cont.

Reconciliation of Information on Reporting Segments to IFRS Measures


Amounts in NOK million	2024	2023

Assets
Total operating assets	21,919	17,880
Deferred tax assets	225	491
Lease receivables	445	529
Equity accounted investees	7,870	6,555
Investments in companies	16	19
Derivative financial instruments	105	258
Current interest-bearing receivables	142	3,103
Financial investments	2,197	5,714
Non-current interest-bearing receivables	193	197
Other non-current assets	187	506
Cash and cash equivalents	2,860	6,003
Total assets	36,157	41,253

Liabilities
Total operating liabilities	20,421	17,403
Non-current lease liabilities	2,637	2,921
Pension obligations	945	895
Deferred tax liabilities	304	140
Other non-current liabilities	0	119
Current lease liabilities	708	619
Derivative financial instruments	17	204
Total liabilities	25,031	22,300

Major Customer

The reporting segments delivered to two major customers; one large Norwegian oil company which

represented 44 percent of total revenue in 2024 (2023: 17.8 percent) and one large international oil

company which represented 23 percent of total revenue in 2024 (2023: 42 percent). Aker Solutions has

long-term contracts with these customers.

Geographical Information

External revenue is presented on the basis of geographical location of the selling company. Non-current

assets and capital expenditures are based on the geographical location of the company owning the

assets.


	Revenue from customer contracts		Non-current operating assets		Capital expenditure PPE
Amounts in NOK million	2024	2023	2024	2023	2024	2023

Norway	47,830	31,782	8,429	8,079	1,381	1,640
Canada	1,326	973	59	73	5	19
USA	1,088	1,024	11	2	0	5
Brunei	858	874	8	15	2	6
UK	624	472	590	550	0	9
Malaysia	118	286	36	44	0	16
Angola	169	264	1	1	1	2
India	108	80	202	195	5	16
Other countries	82	127	10	4	3	121
Total	52,202	35,882	9,347	8,962	1,396	1,833

See note 3 for more information about revenue

See note 27 for more information about the subsea transaction



124	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 5 Personnel Expenses

Personnel Expenses


Amounts in NOK million	2024	2023

Salaries and wages including holiday allowance	9,616	8,544
Social security contribution	1,351	1,188
Pension cost	867	795
Other employee benefits	269	229
Personnel expenses	12,103	10,757

Total number of employees as of December 31	11,777	11,473
Average number of employees	11,553	11,289

Employee Share Purchase Program

In 2024 , 1,675 employees participated in the share purchase programs in Aker Solutions. Employees

received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up

for shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum

20 percent of annual salary. The original agreement was that employees that are still working in the

company three years after completion of the program will receive one bonus share for every two shares

still held by the employee. In December 2024, Aker Solutions paid an extraordinary dividend of NOK 21

per share. The historic employee share purchase programs including 2024 have therefore been amended

and the employees receive one bonus share for every one share still held by the employee. Costs related

to the bonus shares are expensed over the vesting period. Aker Solutions expensed a total of NOK 11

million excluding social security contribution in 2024 related to share purchase programs (NOK 12 million

in 2023, including NOK 4 million related to compensation of the employees in the Subsea segment).

There were no loans to employees as of December 31, 2024, same as in the previous year.

See note 18 for more information about the pension cost and obligations

See note 28 for more information about compensation to key management

Note 6 Other Operating Expenses


Amounts in NOK million	2024	2023

Rental of equipment, IT systems and support	1,556	1,369
Operating and maintenance expenses for property	1,039	808
External consultants including audit fees	549	526
Travel expenses	530	343
Insurance	186	190
Other expenses	210	343
Other operating expenses	4,070	3,578

See note 17 for more information about leasing costs

See note 29 for more information about audit fees



125	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 7 Financial Income and Expenses

Financial Reporting Principles

Interest income and expenses include effects from using the effective interest rate method where fees,

interest paid, transaction costs and other premiums are deferred and amortized over the life of the

instrument.

Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not

hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to

operating activities such as trade receivables and payables are included in operating expenses before

depreciation, amortization and impairment. However, the currency gains and losses are offset by the

effects from hedging derivatives. Translation of operational monetary assets and liabilities in countries

with hyperinflationary or non-convertible currencies are presented as financial items. Translation of

assets and liabilities related to general financing of the entity are included as financial income and

expenses. Foreign exchange gains and losses also include effects from translating monetary assets and

liabilities denominated in foreign currencies at the balance sheet date. The profit or loss on foreign

exchange forward contracts include effects from derivatives that do not qualify for hedge accounting,

embedded derivatives and the ineffective portion of qualifying hedges.

Financial Income and Expenses


Amounts in NOK million	Notes	2024	2023

Interest income from lease receivables	17	26	28
Other interest income		371	325
Interest income		397	353

Interest expense on lease liability	17	-156	-155
Interest expense on financial liabilities measured at amortized cost		-59	-32
Interest expense on financial liabilities measured at fair value		-37	-39
Interest expense		-252	-227

Net foreign exchange gain (loss)		-40	-116
Profit (loss) on foreign currency forward contracts		0	33
Loss on marketable shares1		-487	-453
Other financial income		355	86
Other financial expenses		-12	-3
Net other financial items		-184	-453
Net finance cost		-39	-328

1)Unrealized loss on shares in SLB.

See note 14 for more information about financial investments

See note 17 for more information about lease receivables and liabilities

See note 18 for more information about pension obligations

See note 23 for more information about foreign exchange and hedging

See note 26 for more information about financial assets and liabilities

See note 26 for more information about investments in companies



126	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 8 Earnings per Share and Dividends

Earnings per Share (EPS)


	2024	2023

Income from continuing operations attributable to ordinary shares (NOK million)	2,656	97
Income from discontinued operations (NOK million)	0	11,540
Income from total operations attributable to ordinary shares (NOK million)	2,656	11,637
Weighted average number of issued ordinary shares for the year adjusted for treasury shares	481,905,159	488,829,434
Basic and diluted earnings per share from continuing operations (NOK)	5.51	0.20
Basic and diluted earnings per share from discontinued operations (NOK)	0.00	23.61
Basic and diluted earnings per share from total operations (NOK)	5.51	23.81

Employees participating in Aker Solutions’ employee share purchase program may, given certain criteria,

be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in December

2024 employees will receive one bonus share, instead of the original 0.5, for every share purchased in

the programs for 2021 to 2024. The bonus shares do not represent a material dilutive effect and diluted

earnings per share has not been adjusted.

Dividends

Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given

the company’s solid financial position and positive outlook, the Board has proposed a dividend per share

of NOK 3.30 for 2024. The proposed dividend amounts to NOK 1,582 million based on outstanding

shares as of December 31, 2024. Aker Solutions had a liquidity buffer of NOK 5.9 billion as of December

31, 2024 compared to NOK 9.0 billion as of December 31, 2023.

In 2024, Aker Solutions distributed ordinary dividend to its shareholders of NOK 2 per share with a total

amount of NOK 970 million. In addition, the group paid an extraordinary dividend of NOK 21 per share

with a total amount of NOK 10 billion and bought back own shares for a value of NOK 501 million during

2024.

See note 5 for more information about the employee share purchase program

See note 16 for more information about share capital and treasury shares

Note 9 Income Tax

Judgments and Estimates

The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when

determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of

taxes payable from prior periods.

Management judgment is required when assessing valuation of unused losses, tax credits and other

deferred tax assets. The recoverability is assessed by estimating taxable profits in future years taking into

consideration also expected changes in temporary differences. The profits are compared to book value of

the tax assets. The estimate of future taxable profits is sensitive to future market development for the

projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified

prospects in addition to expected service revenue. Changes in the assumptions related to the expected

prospects and services can have a significant impact on the forecasted cash flows. Economic conditions

may change and lead to a different conclusion regarding recoverability, and such changes may affect

future reporting periods.

The Pillar Two legislation, also known as “Global minimum tax” or GloBE has been enacted in Norway and

in many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1,

2024 and Aker Solutions is required to comply.

Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting

requirements and the transitional safe harbor rules. This assessment shows that several jurisdictions with

limited activity will meet the "de minimis test”. However, the jurisdictions that do not meet the "de minimis

test” all have a reported effective tax rate exceeding 15 percent for the year 2024. No top-up tax has

been included in the tax expense for 2024.

IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall

not recognize or disclose information about deferred tax assets and deferred tax liabilities related to the

Pillar Two legislation, which Aker Solutions applies.

Note 9 continues on next page



127	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 9 Income Tax cont.

Deferred tax assets

The deferred tax assets are recognized only to the extent it is considered probable that future taxable

profits will be available to utilize the tax losses and credits. The forecasted future taxable profits are

based on firm orders in the backlog and identified prospects in addition to expected service revenue. The

forecasted taxable profits reflect organic growth only. Other parameters in the assessment are the

predicted long-term investment level by companies in the renewable and oil and gas energy sector, mix of

projects and services and level of operating expenses.

Income Tax Expense


Amounts in NOK million	2024	2023

Current income tax
Current year	184	89
Prior year adjustment	22	10
Total current income tax	206	99

Deferred income tax
Origination and reversal of temporary differences	468	-34
Non-recognition of tax losses and temporary differences	18	35
Change in tax rates	17	0
Adjustment for prior periods	-24	9
Total deferred income tax	479	11
Total income tax	684	110

Taxes in OCI and Equity


Amounts in NOK million	2024	2023

Cash flow hedges, deferred tax	0	-2
Remeasurement of defined benefit pension plans	-6	-8
Income taxes included in OCI	-6	-10

Effective Tax Rate

The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.


Amounts in NOK million	2024		2023

Income before tax from continuing operations	3,349		95
Income tax when applying Norwegian tax rate of 22 percent	737	22.0%	21	22.1%

Tax effects of:
Effect of different tax rates in other jurisdictions	22	0.7%	9	9.5%
Non-taxable income	-172	-5.1%	-47	-49.5%
Non-deductible expenses	27	0.8%	29	30.5%
Effect of withholding tax	50	1.5%	44	46.3%
Current tax adjustments related to prior years	22	0.7%	10	10.5%
Deferred tax adjustments related to prior years	-24	-0.7%	9	9.5%
Previously unrecognized tax losses used to reduce payable tax	-11	-0.3%	0	0.0%
Non-recognition of deferred tax assets	18	0.5%	35	36.8%
Impact of change in tax rate	17	0.5%	0	0.0%
Other	-1	0.0%	0	0.0%
Income tax and effective tax rate	684	20.4%	110	115.8%

Note 9 continues on next page



128	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 9 Income Tax cont.

Deferred Tax Assets and Liabilities


	Assets		Liabilities		Net
Amounts in NOK million	2024	2023	2024	2023	2024	2023

Property, plant and equipment	24	10	-62	-46	-39	-36
Pensions	190	190	0	0	190	190
Projects under construction	33	66	-1,167	-1,880	-1,134	-1,814
Tax loss carry-forwards	209	1,591	-1	0	208	1,591
Intangible assets	5	5	-13	-16	-9	-11
Provisions	435	281	0	0	435	281
Derivatives	0	1	-5	-41	-5	-40
Tax credits and other	488	448	-214	-259	273	189
Total before offsetting	1,384	2,592	-1,462	-2,242	-79	351
Offsetting	-1,159	-2,101	1,159	2,101	0	0
Total	225	491	-304	-140	-79	351

Note 9 continues on next page



129	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 9 Income Tax cont.

Change in Net Recognized Deferred Tax Assets and Liabilities


Amounts in NOK million	Total

Balance as of January 1, 2023	125
Disposal of Subsea	623
Recognized in profit and loss1	-420
Prior year-adjustments booked in equity	-25
Recognized in other comprehensive income (OCI)	10
Prepaid withholding tax	14
Reclassification between categories	0
Currency translation differences	25
Balance as of December 31, 2023	351

Business acquisition	15
Recognized in profit and loss	-479
Prior year-adjustments booked in equity	0
Recognized in other comprehensive income (OCI)	8
Prepaid withholding tax	17
Reclassification between categories	0
Currency translation differences	10
Balance as of December 31, 2024	-79

1)Includes NOK 410 million in 2023 related to the disposed subsea business.

Note 9 continues on next page



130	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 9 Income Tax cont.

Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)


Amounts in NOK million	Tax losses carry-forwards						Other tax assets
	Expiry within 5 years	Expiry 5-20 years	Indefinite expiration	Total	Of which is unrecognized	Of which is recognized	Unrecognized

Norway	0	0	254	254	0	254	93
Europe excluding Norway	1	0	454	455	454	1	44
North America	0	28	1,522	1,550	832	718	0
South America	0	0	808	808	808	0	0
Africa	25	0	0	25	25	0	0
Asia Pacific	242	580	0	823	823	0	61
Total	268	608	3,039	3,915	2,942	973	198

See note 19 for more information about tax provisions



131	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 10 Property, Plant and Equipment

Property, plant and equipment mainly relates to the yards within the Renewables and Field Development

segment. Historically, the majority of property, plant and equipment related to the disposed subsea

business’ manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK.

Property, plant and equipment also include furniture and fittings in office buildings.

Financial Reporting Principles

Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:

◼ Machinery and equipment: 3-15 years

◼ Buildings: 4-30 years

◼ Land: No depreciation

Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been

identified.

Judgment and Estimates

Judgment is involved when determining the depreciation period and when assessing impairment or

reversal of impairment. Impairment is assessed for individual assets and for cash generating units. The

impairment testing involves judgmental assumptions about future market development, cash flows,

determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may

change over time.

Commitments

Aker Solutions has entered into contractual commitments for the acquisition of property, plant and

equipment amounting to NOK 133 million as of December 31, 2024, all of which is expected to be paid

during 2025. Contractual commitments were NOK 871 million per December 31, 2023.

Note 10 continues on next page



132	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 10 Property, Plant and Equipment cont.

Property, Plant and Equipment


Amounts in NOK million	Notes	Buildings and sites	Machinery and equipment	Under construction	Total

Historical cost
Balance as of December 31, 2022		3,010	8,070	530	11,610
Additions1		17	25	1,979	2,021
Acquisition of subsidiaries		25	3	0	28
Reclassification from assets under construction		80	238	-318	0
Disposal of subsea operations		-1,140	-5,060	-337	-6,537
Disposal and scrapping		-4	-110	0	-115
Currency translation differences		152	429	26	608
Balance as of December 31, 2023		2,139	3,595	1,879	7,614
Additions1		188	269	668	1,125
Reclassification from assets under construction		562	1,470	-2,032	0
Disposal and scrapping		-273	-925	0	-1,198
Currency translation differences		52	56	0	109
Balance as of December 31, 2024		2,670	4,471	510	7,651


Amounts in NOK million	Notes	Buildings and sites	Machinery and equipment	Under construction	Total

Accumulated depreciation and impairment
Balance as of December 31, 2022		-1,351	-6,658	-6	-8,015
Depreciation for the year2		-91	-274	0	-365
Impairment3	12	-93	-55	0	-148
Disposal of subsea operations		437	4,260	0	4,697
Disposal and scrapping		1	92	0	93
Currency translation differences		-55	-335	0	-389
Balance as of December 31, 2023		-1,152	-2,969	-5	-4,127
Depreciation for the year		-210	-360	0	-570
Impairment	12	-4	-2	0	-5
Disposal and scrapping		275	921	0	1,196
Reclassification between categories		0	-6	6	0
Currency translation differences		-39	-54	0	-93
Balance as of December 31, 2024		-1,129	-2,469	0	-3,598

Book value as of December 31, 2023		987	626	1,874	3,487
Book value as of December 31, 2024		1,541	2,002	510	4,053

1)Excludes NOK 270 million in paid investments that were capitalized in 2023. NOK 160 million related to discontinued

operations in 2023.

2)Includes NOK 138 million in depreciation in 2023 related to discontinued operations.

3)Includes NOK 148 million in impairment in 2023 related to discontinued operations.

See note 17 for more information about right-of-use lease assets



133	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 11 Intangible Assets and Goodwill

Intangible assets mainly relate to capitalized technology development in addition to goodwill. The

technology development programs are closely monitored to secure the desired technological

achievements in time and at acceptable cost levels. Technology development programs that meet certain

criteria are capitalized and amortized over the expected useful lives.

Financial Reporting Principles

Capitalized Development

The technology development at Aker Solutions is graded according to a Technology Readiness Level

(TRL) consisting of eight phases. Research and development costs are expensed as incurred until a

program has completed the concept phase. Development cost is only capitalized if the product or process

is technically and commercially feasible and the business case shows a positive net present value.

Capitalized development mainly includes internal labor costs in addition to materials for the development

program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized

development is normally amortized over five years on a straight-line basis, but certain programs with a

clear differentiating offering and a longer economic benefit may be amortized up to seven years. For

development projects in progress, a full impairment test is performed annually or when impairment

indicators are identified. Assets are written down to recoverable amount if lower than book value.

Goodwill

Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business

combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when

impairment indicators are identified.

Other

Other intangible assets include IT systems and technology development acquired through business

combinations.

Judgments and Estimates

The decision to capitalize a development program involves management judgment. There are strict

internal rules defining what qualifies for capitalization, and the documentation of the assessment is

monitored centrally. Management makes assessment of future market opportunities, ability to

successfully achieve the desired technological solution and the time and cost it takes to develop it. These

factors may change over time.

Judgment is involved when determining the amortization period and when assessing impairment or

reversal of impairment. Impairment indicators are assessed for individual development projects, other

intangible assets, and for cash generating units including goodwill. Impairment testing is performed when

impairment indicators have been identified. In addition, goodwill and capitalized development programs

that have not been completed are subject to an annual impairment test. The impairment testing involves

judgmental assumptions about future market development, cash flows, determination of weighted

average cost of capital (WACC), growth rate, and other assumptions that may change over time.

Note 11 continues on next page



134	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 11 Intangible Assets and Goodwill cont.

Intangible Assets


Amounts in NOK million	Capitalized development	Goodwill	Other	Total

Historical cost
Balance as of December 31, 2022	3,599	5,598	384	9,581
Additions from internal development1,2,3	361	0	6	367
Acquisition of subsidiaries	0	13	0	13
Reclassification between categories	7	0	-7	0
Disposal of subsea operations	-2,981	-1,842	-2	-4,825
Disposal of assets	-4	0	-1	-4
Currency translation differences	145	14	16	174
Balance as of December 31, 2023	1,127	3,783	396	5,306
Additions from internal development1,2	46	0	0	46
Acquisition of subsidiaries	0	0	30	30
Reclassification between categories	41	0	-41	0
Disposal of subsidiaries and assets	-426	-81	-202	-708
Currency translation differences	2	-2	6	6
Balance as of December 31, 2024	790	3,700	190	4,680

1) Development cost funded by third-party totaled NOK 11 million in 2024 (NOK 37 million in 2023, of which nil related to the

disposed subsea business).

2) Excludes NOK 5 million in paid investments that were capitalized in 2023.

3) Includes NOK 47 million in capital expenditure in 2023 related to discontinued operations.

4) Includes NOK 109 million in amortization in 2023 related to discontinued operations.

5) Includes NOK 14 million in impairment in 2023 related to discontinued operations.


Amounts in NOK million	Notes	Capitalized development	Goodwill	Other	Total

Accumulated depreciation and impairment
Balance as of December 31, 2022		-2,778	-560	-293	-3,631
Amortization for the year4		-180	0	-15	-195
Impairment5	12	-19	0	0	-19
Reclassifications between categories		-1	0	1	0
Disposal of subsea operations		2,352	-110	2	2,245
Disposal of assets		3	0	1	3
Currency translation differences		-118	-13	-16	-146
Balance as of December 31, 2023		-741	-683	-319	-1,744
Amortization for the year		-138	0	-13	-151
Impairment	12	-2	0	0	-2
Reclassifications between categories		-38	0	38	0
Disposal of subsidiaries and assets		426	81	202	708
Currency translation differences		-2	3	-6	-5
Balance as of December 31, 2024		-495	-599	-99	-1,193

Book value as of December 31, 2023		386	3,100	77	3,563
Book value as of December 31, 2024		295	3,101	91	3,487

Research and Development Expenses

The research and development expense was NOK 88 million in 2024 compared to NOK 59 million in

2023.



135	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 12 Impairment of Assets

The outlook for the energy industry and Aker Solutions continues to be positive despite geopolitical

uncertainty and volatile energy prices. The group’s offerings and services are in high demand. Aker

Solutions has a solid order backlog of projects, with balanced risk-reward profiles, and high tendering-

and FEED activity. The company had net impairments of NOK 22 million in 2024.

Impairment Testing Method

Individual Assets

Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter

to identify assets that are damaged, no longer in use or will be disposed. Capitalized development is

assessed for impairment triggers every quarter to identify development programs where the technological

development or commercial outlook for that specific technology no longer justify the book value.

Capitalized development programs that have not been completed are subject to annual impairment

testing. The impairment testing of capitalized development includes an update of the future expected

cash flows, assessing status on technical achievements and reviewing cost incurred compared to budget

in order to identify if any of the capitalized cost should be expensed. The assets are written down to

recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets

previously impaired or when reversal of impairment triggers have been identified.

Assets in a Cash Generating Unit (CGU)

Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of

a cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by

the assets. This is usually the lowest level where a separate external market exists for the output from the

CGU. Impairment indicators are reviewed for all assets with assessment of market conditions,

technological development, change in order backlog, change in discount rate and other elements that

may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach

determined by discounting expected future cash flows. Various sensitivity analysis for change in future

cash flows, growth rate and WACC is performed for CGUs with limited headroom in the impairment

testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than

book value.

Goodwill

The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers

have been identified. The company does not have other assets than goodwill with indefinite useful lives.

Judgments and Estimates

The impairment testing of assets is by nature highly judgmental as it includes estimates such as future

market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of

terminal value and other assumptions that may change over time. In particular, future cash flows are

uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price

impacts for example the investment levels in CapEx and maintenance projects by the oil companies.

Carbon taxation impacts the investment levels of carbon capture and offshore wind investments. These

external factors in turn impact the markets in which Aker Solutions operates.

Climate Related Matters

The energy transition may curtail the expected useful lives of oil and gas related assets thereby

accelerating depreciation charges. The group’s assets related to oil and gas are likely to be fully

depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker Solutions’

business activities over this period. Aker Solutions will be engaged in traditional oil and gas projects and

will also be engaged in projects relating to decarbonization solutions and services for existing platforms.

Therefore, Aker Solutions does not expect any changes to the useful lives of our property, plant, and

equipment. Assessment of effect on useful lives is not considered to be a significant accounting

judgment or estimate. Aker Solutions note that assessment of useful lives of future capital expenditure

may be different, and local climate changes in the future may affect useful lives of certain assets.

Under all three climate scenarios (described in note 30 Climate Risk) the group expects an increase in the

frequency and intensity of extreme weather events. This is not expected to lead to any effects on useful

economic life of property, plant and equipment per 2024.

The expected future cash flows used in impairment testing are affected by climate changes as the

projects Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender

for are based on the pipeline of future projects needed to fulfill the energy need in the market. This

market has changed during the last decade, and Aker Solutions renewables and transitional solutions

represented 18 percent of the revenue in 2024, and we continue to see material projects within this

market also in the future. As the cash flows used in the impairment testing are based on current backlog

together with identified prospects, the climate changes have an impact on our impairment testing through

the projects included in the cashflows used for impairment testing.

Note 12 continues on next page



136	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 12 Impairment of Assets cont.

Cash Flow Assumptions

When estimating future cash flows, five years of cash flows for the period 2025 to 2029 have been used

as basis. The forecasted cash flows are based on firm orders in the backlog and identified prospects in

addition to expected service revenue. ROU lease assets are included in the impairment test. Management

has defined the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive

assumptions in the value-in-use calculation. The forecasted cash flows used in the impairment tests

reflect organic growth only. Other parameters in the assessment are the predicted long-term oil price per

barrel, mix of projects and services, level of operating expenses and capital expenditure for maintenance

of the asset portfolio.

Discount and Growth Rate

The WACC used in the impairment testing of goodwill is shown below.


	2024		2023
	Post-tax WACC	Pre-tax WACC	Post-tax WACC	Pre-tax WACC

New Build yards	9.7%	13.4%	10.8%	15.3%
New Energies	10.0%	12.0%	10.9%	13.2%
Life Cycle	10.0%	12.5%	11.7%	14.6%
Benestad	9.6%	11.5%	10.8%	13.1%
Hydropower1	9.9%	9.9%	11.1%	13.1%

1)Hydropower had significant tax losses carry forward in the impairment testing and no tax payments were assumed.

Estimated future cash flows are discounted to their present value using the weighted average cost of

capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk

premium and average beta values of peers within each market. A separate WACC has been calculated for

each of the CGUs taken into consideration country specific risk premiums and long-term risk free interest

rates. A growth rate has been applied to calculate terminal value after the five-year period.

Impairment Testing of Individual Assets and CGUs

The table below summarizes the impairments recognized per group of assets and per segment.


	Renewables and Field Development		Life Cycle		Other		Continuing operations
Amounts in NOK million	2024	2023	2024	2023	2024	2023	2024	2023

Impairment of intangible assets	2	0	0	0	0	5	2	5
Impairment of property, plant and equipment	0	0	0	0	5	0	5	0
Impairment of right-of-use assets	0	0	0	0	15	55	15	55
Total impairment	2	0	0	0	20	60	22	60

The company had impairments of NOK 22 million in 2024 (NOK 60 million in 2023). Impairments in the

year mainly related to right-of-use assets with empty areas available for sublease and intangible assets

where the technology or commercial outlook no longer justified the value.

Note 12 continues on next page



137	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 12 Impairment of Assets cont.

Impairment Testing of Goodwill

The groups of CGUs identified when testing goodwill represent the level where synergies are expected

and goodwill is monitored. ROU lease assets are included in the impairment testing.

The book value of goodwill for the groups of CGUs that include goodwill is shown below.


Amounts in NOK million	2024	2023

New Build yards (Renewables and Field Development)	1,302	1,302
New Energies (Renewables and Field Development)	226	226
Life Cycle (Life Cycle)	1,303	1,302
Benestad (Other)	188	188
Hydropower (Other)	82	82
Total goodwill as of December 31	3,101	3,100

Assumptions

A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method for

illustration purposes only. The forecasted cash flows are based on firm orders and an expected share of

new contracts. When determining the terminal value, a growth rate of 1.5 percent has been used for the

CGUs. The annual impairment testing of goodwill did not result in any impairment losses.

Sensitivities

The impairment testing is affected by changes in demand for Aker Solutions’ products and services.

External factors such as long-term oil prices and governments’ policies regarding renewable energy

sources and decarbonization impact customers’ investment decisions. The testing is also affected by

changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to secure

projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key assumptions in

the value-in-use calculation to evaluate possible adverse changes. This includes changing the discount

rate and growth rate in addition to reducing the expected future cash flows.

Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate

embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,

leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and gas

activities are not assumed to have infinite lives. When material climate risk effects on operations are

identified, impairment assessments will be reassessed. Climate risks are assessed and reported in note

30 Climate Risk and also described in the Sustainability Statement.

The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill

impairment testing both in 2024 and 2023.

See note 10 for more information about property, plant and equipment

See note 11 for more information about intangible assets

See note 17 for more information about right-of-use lease assets

See note 30 for more information about climate scenarios and climate-related risk



138	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 13 Trade and Other Receivables

Judgments and Estimates

Judgment is involved when determining the impairment losses on receivables and customer contract

assets. The impairment is based on individual assessments of each customer and default risk in the

industry and the country in which the customer operates in line with the expected credit loss method

(ECL). The customers of Aker Solutions are mainly large, international energy companies with low credit

risk.

Trade and Other Receivables


Amounts in NOK million	2024	2023

Trade receivables	6,026	4,775
Trade receivables, related parties	342	608
Less bad debt provision	-161	-116
Trade receivables, net	6,208	5,268

Customer contract assets	4,721	2,113
Other receivables	204	204
Customer contract assets and other receivables	4,925	2,317

Bad Debt Provision


Amounts in NOK million	2024	2023

Balance as of January 1	-116	-69
Provisions made during the year	-67	-61
Provisions reversed during the year	31	4
Provisions used during the year	0	5
Disposal of subsea operations	0	10
Currency translation differences	-9	-4
Balance as of December 31	-161	-116

Aging of Trade Receivables


Amounts in NOK million	2024	2023

Not due	5,394	4,584
Past due 0-30 days	270	589
Past due 31-90 days	223	74
Past due 91 days to one year	360	115
Past due more than one year	122	21
Total	6,368	5,383

The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit

risk has not changed significantly, as the majority of customers are large, international energy

companies.

See note 3 for more information about customer contract assets and trade receivables

See note 21 for more information about credit risk and the ECL method

See note 24 for more information about financial assets and liabilities

See note 28 for more information about receivables to related parties



139	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 14 Financial Investments and Interest-Bearing

Receivables

Financial Investments


Amounts in NOK million	2024	2023

Liquid funds	0	3,030
Shares in SLB	2,197	2,684
Total	2,197	5,714

Liquid funds

Aker Solutions’ Investment Strategy allows investments in liquid money market funds with low risk. The

rationale is to diversify the risk among debtors and enhance the return from surplus cash, compared to

the interest rate in the cash pool.

As of December 31, 2023 Aker Solutions had invested NOK 3,030 million in three different funds. After

the company distributed NOK 10 billion in dividend in December 2024, the company has used all its

investments in liquid funds and have no such placements as of December 31, 2024.

Shares in SLB

As part of the consideration from the sale of the subsea business in 2023, Aker Solutions received USD

306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares was subject to a lock-up-

period of 180 days from closing at October 2, 2023.

The shares are measured at fair value through profit and loss. The investment is exposed to currency risk

and share price risk. Part of the currency exposure has been secured with put options during 2024. At

year end 2024 all options have matured. A loss of NOK 114 million for the put option was recognized in

2024 (loss of NOK 126 million in 2023) as part of net foreign exchange gain (loss).

Interest-Bearing Current Receivables


Amounts in NOK million	2024	2023

Vendor note OneSubsea	0	912
Receivable Subsea7	0	1,592
Working capital funding of OneSubsea	0	370
Lease receivable	122	148
Other interest-bearing receivables	20	81
Total current interest-bearing receivables	142	3,103

Vendor note and receivable from Subsea7

The vendor note of USD 87,5 million and receivable from Subsea7 of USD 153 million were hedged with

both call and a put options. Both receivables were settled during 2024 and a loss of NOK 131 million (gain

of NOK 85 million in 2023) was recognized as part of net foreign exchange gain (loss).

See note 21 for more information about financial risk management and exposures

See note 24 for more information about financial assets and liabilities

See note 27 for more information about the subsea transaction



140	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 15 Cash and Cash Equivalents


Amounts in NOK million	2024	2023

Interest-bearing desposits in cash pool	1,854	3,979
Other interest-bearing deposits	1,005	2,018
Non interest-bearing deposits	0	5
Total	2,860	6,003

Available Liquidity

Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0 billion,

compared to NOK 3.0 billion in the prior period. Together with cash and cash equivalents, this gives a

total liquidity buffer of NOK 5.9 billion, compared to NOK 9.0 billion in prior year.

See note 14 for more information about liquid interest funds

See note 21 for more information about cash restrictions and the cash pool arrangement

See note 22 for more information about capital management



141	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 16 Equity

Share Capital

Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 divided into

492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, 2024. All issued

shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal rights for all

shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per

share at general meetings.

Treasury Shares

The group purchases its own shares to meet obligations under employee share purchase programs and

variable pay programs for management. Treasury shares are not included in the weighted average

number of ordinary shares. Earnings per share have been calculated based on an average of 481,905,159

shares outstanding December 31, 2024. Consideration for treasury shares sold in 2024 was NOK 69

million and consideration for treasury shares acquired was NOK 500 million.


Amounts in NOK million	Number of shares

Treasury shares as of December 31, 2023	2,468,935
Purchase	12,303,831
Sale	-1,929,209
Treasury shares as of December 31, 2024	12,843,557

Hedging Reserve

The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in

the income statement. The hedging effects are recognized in the income statement according to the

progress of the underlying customer contract.

Translation Reserve

The currency translation reserve includes foreign exchange differences arising from the translation of the

subsidiaries into the presentation currency of the consolidated financial statements.

Fair Value Reserve

The fair value reserve includes fair value adjustments of equity securities at fair value through other

comprehensive income (FVOCI).

See note 2 for more information about currency translation of subsidiaries

See note 10 in the parent company financial statement for overview of the largest shareholders

See note 23 for more information about hedging

See note 26 for more information about equity securities in the fair value reserve



142	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 17 Leases and Investment Property

The company leases a number of office buildings, manufacturing and service sites in addition to some

machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-

use asset and lease liability unless the lease is short-term or low-value. Vacated leased property made

available for sublease and property with operational subleases are classified as investment property.

Financial Reporting Principles

The lease liability represents the net present value of the lease payments to be made over the remaining

lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,

credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to

impairment testing. Several property leases contain extension options or cancellation clauses. The non-

cancellable lease period is basis for the lease commitment. Periods covered by extension or termination

options are included when it is reasonably certain that the lease period will be extended. When

management has decided to extend the lease period is typically an event that would trigger an updated

assessment of the reasonably certain criteria.

When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is

reclassified as investment property and assessed for impairment. The investment property is measured

using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset

is the basis for measuring the investment property. When testing the investment property for impairment,

the expected future sublease income is discounted to present value and compared to the value of the

investment property. The cost model together with impairment assessments is also an estimate of fair

value of the right-of-use asset classified as investment property.

The company has a number of subleases. Income from operational subleases on investment property is

recognized as other income. Subleases covering the major part of the lease term in the head-lease are

classified as financial subleases. The portion of the right-of-use asset or investment property subject to

financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the

sublease commences.

Judgments and Estimates

Judgment is involved when determining impairment of the investment property. Impairment is assessed

for separable parts of leased buildings that have been or will be vacated in the near future. The

impairment is sensitive to changes in estimated future expected sublease income and sublease period.

Further, judgment is involved when determining whether sublease contracts are financial or operational,

as well as when determining lease term for contracts that have extension or termination options.

Determination of the discount rate also involves judgment.

Note 17 continues on next page



143	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 17 Leases and Investment Property cont.

Right-of-Use (ROU) Assets

The movement in the right-of-use assets is summarized below.


Amounts in NOK million	Land and buildings	Investment property	Machinery, vehicles and other	Total

Historical cost
Balance at January 1, 2023	4,481	1,252	59	5,792
Additions and remeasurement	571	0	18	589
De-recognition through financial sublease	-63	0	0	-63
Disposal of lease contracts	-37	-86	0	-124
Disposal of subsea operations	-1,301	0	-22	-1,322
Transfer between categories	91	-91	0	0
Currency translation differences	95	84	1	181
Balance as of December 31, 2023	3,836	1,159	57	5,052
Additions and remeasurement	263	27	10	299
De-recognition through financial sublease	-2	0	0	-2
Disposal of lease contracts	-726	0	-8	-734
Transfer between categories	55	-55	0	0
Currency translation differences	101	84	0	186
Balance as of December 31, 2024	3,528	1,214	59	4,801


Amounts in NOK million	Land and buildings	Investment property	Machinery, vehicles and other	Total

Accumulated depreciation and impairment
Balance at January 1, 2023	-2,368	-670	-31	-3,069
Depreciation expense1	-379	-60	-9	-447
Impairments2	-167	-36	0	-203
Reversal of impairments this period3	16	0	0	16
Depreciation and impairment on disposal of ROU, acc.	18	34	0	51
Depreciation and impairment on disposal of subsea operations	603	0	19	622
Currency translation difference	-63	-47	-1	-111
Balance as of December 31, 2023	-2,339	-779	-22	-3,141
Depreciation expense	-398	-30	-9	-438
Impairments	-7	-37	0	-44
Reversal of impairments this period	29	0	0	29
Depreciation and impairment on disposal of ROU, acc.	720	0	8	729
Currency translation difference	-74	-56	0	-129
Balance as of December 31, 2024	-2,069	-902	-23	-2,994

Book value as of December 31, 2023	1,497	379	35	1,911
Book value as of December 31, 2024	1,459	312	36	1,807

1)Depreciation expense includes discontinued operations with NOK 75 million for 2023.

2)Impairments include discontinued operations with NOK 135 million for 2023.

3)Reversal of impairments include discontinued operations with NOK 3 million for 2023.

Note 17 continues on next page



144	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 17 Leases and Investment Property cont.

Lease liabilities and Lease Receivables

The movement in lease liabilities and lease receivables related to subleases are shown in the table below.


	Lease liabilities		Lease receivable (sublease)
Amounts in NOK million	2024	2023	2024	2023

Movement of lease liabilities and receivables
Balance as of January 1	3,540	4,413	677	697
Additions and remeasurement	321	566	11	61
De-recognition	-5	-50	-45	0
Disposal of subsea operations	0	-791	0	-14
Interest expense/sublease interest income	156	181	26	28
Lease payments/sublease payments	-827	-956	-149	-146
Currency translation differences	161	176	47	50
Balance as of December 31	3,345	3,540	567	677

Of which current	708	619	122	148
Of which non-current	2,637	2,921	445	529
Balance as of December 31	3,345	3,540	567	677

The weighted-average discount rate applied to calculate lease liability was 4.6 percent in 2024 (4.7

percent in 2023).

The maturity of lease payments and sublease income per December 31 are presented below:


	Lease Payments		Financial sublease income		Operational sublease income
Amounts in NOK million	2024	2023	2024	2023	2024	2023

Maturity within 1 year	837	765	140	173	45	33
Maturity 1-5 years	1,846	2,101	307	397	56	71
Maturity 5-10 years	1,150	1,069	184	165	11	26
Maturity later than 10 years	14	200	1	34	0	0
Total	3,846	4,135	632	769	113	130

Discounting effect	-501	-595	-65	-92	n/a	n/a
Lease liabilities and lease receivable	3,345	3,540	567	677	n/a	n/a

Amounts Recognized in the Income Statement

The following amounts are recognized in the income statement related to leasing:


Amounts in NOK million	2024	2023

Income from operational subleases presented as other income	172	155
Expenses relating to short-term leases presented as operating costs	-512	-552
Expenses relating to low-value leases presented as operating costs	-6	-6
Depreciation of ROU assets	-438	-371
Net impairments of ROU assets	-15	-55
Interest on lease receivables presented as financial income	26	28
Interest on lease liabilities presented as financial expense	-156	-155
Gain/(loss) on termination of lease agreements	-12	-2
Expense relating to variable lease payments not included in lease liabilities	-11	-4
Total effect on profit/(loss) before tax	-952	-963

Short-term leases include storage and accommodation for expats and workers in addition to rental of

tools, machinery, cranes, containers and other equipment used in production.

See note 6 for more information about operating expenses for land and buildings

See note 12 for more information about impairment testing of right-of-use assets

See note 28 for more information about leasing contracts with related parties



145	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 18 Pension Obligations

Aker Solutions operates several pension plans around the world. The most common type of plan is the

defined contribution plan, where Aker Solutions makes contributions to the employee's individual pension

account. Aker Solutions also has a closed defined benefit plan where the impact is gradually reduced.

Pension Plans

Defined Contribution Plans

A defined contribution plan is a type of retirement plan where the employer makes contributions on a

regular basis to the employee’s individual pension account. The benefits received by the employee are

based on the employer contributions and gains or losses from investing the capital. Contributions to

defined contribution pension plans are recognized as an expense in the income statement as incurred.

Defined Benefit Plans

A defined benefit plan is a type of pension plan where the employer promises an annual pension on

retirement based on a percentage of the salary upon retirement and the employee's earnings history,

years of service and age. The calculation of defined benefit obligations is performed annually by a

qualified actuary using the projected unit credit method.

The defined benefit obligation is calculated separately for each plan by discounting the estimated amount

of future benefit that employees have earned in the current and prior periods and deducting the fair value

of any plan assets. The change of the defined benefit obligation as a result of the change of assumptions

(actuarial gains and losses) and the return on plan assets are recognized immediately in other

comprehensive income. Net interest expense and other expenses related to defined benefit plans are

recognized in the income statement. When the benefits of a plan are changed, settled or when a plan is

curtailed, the change relating to past service or the gain or loss on curtailment or settlement is

recognized immediately in the income statement.

Judgments and Estimates

The present value of the pension obligations depends on a number of factors determined on the basis of

actuarial assumptions. These assumptions include financial factors such as the discount rate, expected

salary growth, inflation and return on assets as well as demographic factors concerning mortality,

employee turnover, disability and early retirement. Assumptions about all these factors are based on the

situation at the time the assessment is made. However, it is reasonably certain that such factors will

change over long periods for which pension calculations are made. Any changes in these assumptions

will affect the calculated pension obligations with immediate recognition in other comprehensive income.

Pension Plans in Norway

The main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing

a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian employers are

obliged to provide according to current legislation, represent limited additional pension entitlements. The

occupational plans in Aker Solutions in Norway are described below.

Defined Contribution Plans

All employees in Norway are offered participation in a defined contribution plan. The annual

contributions, premium and administration cost expensed for the Norwegian plans in 2024 were NOK

454 million, compared to NOK 377 million in 2023. The estimated contribution, premium and

administration cost expected to be paid in 2025 is NOK 537 million.

Defined Benefit Plans

The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and

unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway

closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still

members of the closed defined benefit plan. This is a funded plan and represents the funded pension

liability reported in the tables below. Aker Solutions also has various unfunded early retirement plans and

executive pension plans that are partially closed for new members. The estimated premium cost expected

to be paid during 2025 is NOK 74 million. The liability is calculated using a projected unit credit method.

Note 18 continues on next page



146	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 18 Pension Obligations cont.

Compensation Plans

All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the

defined contribution plan were offered compensation. The compensation amount will be adjusted

annually in accordance with the adjustment of the employees' pensionable income, and accrued interest

according to market interest. If the employee leaves the company voluntarily before the age of 67 years,

the accrued compensation amount will be paid out. The compensation plan is an unfunded plan, and is

included in the unfunded pension liability reported in the tables below. The liability is equal to the

compensation balance.

Tariff Based Pension Agreement (AFP)

Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main

labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information

required to estimate the pension obligation from this defined benefit plan is not available from the plan

administrator. Aker Solutions therefore currently accounts for the plan as if it was a defined contribution

plan. The annual contributions expensed in 2024 were NOK 126 million, compared to NOK 177 million in

2023. The estimated contribution expected to be paid in 2025 is NOK 125 million.

Pension Plans Outside Norway

Pension plans outside Norway are mainly defined contribution plans. The annual contributions expensed

for plans outside Norway in 2024 were NOK 120 million, compared to NOK 101 million in 2023. The

estimated contributions expected to be paid in 2025 is NOK 118 million to the plans outside Norway.

Total Pension Cost


Amounts in NOK million	2024	2023

Defined benefit plans	96	78
Defined contribution plans	808	735
Total	904	813

Note 18 continues on next page



147	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 18 Pension Obligations cont.

Movement in Net Defined Benefit Liability

The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability. Present value obligations include NOK 80 million in pension obligations related to the disposed

subsea business. In 2023, the pension liability related to the disposed subsea business was reported as other non-current liabilities and the numbers for 2023 have been restated.


	Present value of obligation		Fair value of plan assets		Net defined benefit liability
Amounts in NOK million	2024	2023	2024	2023	2024	2023

Balance as of January 1	2,035	2,128	-1,057	-1,096	978	1,031
Current service and administration cost	55	53	4	8	59	60
Interest cost (income)	68	50	-31	-32	37	18
Included in income statement	123	103	-28	-24	96	78

Actuarial loss (gain) arising from financial assumptions	-11	18	0	0	-11	18
Return on plan assets	0	0	65	19	65	19
Actuarial loss (gain) arising from experience adjustments	-27	0	0	0	-27	0
Remeasurements loss (gain) included in OCI	-37	17	65	19	28	36

Contributions paid into the plan	0	0	-77	-86	-77	-86
Benefits paid by the plan	-205	-213	124	131	-81	-81
Other	-205	-213	48	45	-157	-168

Balance as of December 31	1,916	2,035	-971	-1,057	945	978

Note 18 continues on next page



148	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 18 Pension Obligations cont.

The net liability disclosed above relates to funded and unfunded plans as follows:


	Present value of obligation		Fair value of plan assets		Net defined benefit liability
Amounts in NOK million	2024	2023	2024	2023	2024	2023

Net defined benefit liability funded plan	971	1,057	-971	-1,057	0	0
Net defined benefit liability unfunded plans	945	978	0	0	945	978
Balance as of December 31	1,916	2,035	-971	-1,057	945	978

Assets in the Defined Benefit Plan


Amounts in NOK million	2024	2023

Bonds	299	429
Income and equity funds	672	628
Total plan assets at fair value	971	1,057

The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating equal

to AA, but there are few official ratings for these investments. The remaining bond investment is primarily

in the Norwegian market within bonds assumed to be of “Investment Grade” quality. The majority of these

investments do not, however, have an official rating. The fund investments consist of fixed income funds

and equity funds with listed securities where the value is based on quoted prices. The equity securities

are invested globally, and the value is based on quoted price at the reporting date without any deduction

for estimated future selling cost.

Actuarial Assumptions

The information below relates only to Norwegian plans as these represent the majority of the plans. The

following were the principal actuarial assumptions at the reporting date:


	2024	2023

Discount rate	3.30%	3.10%
Asset return	3.30%	3.10%
Salary progression	3.50%	3.50%
Pension indexation funded plans1	0-4 %	0-4%
Mortality table	K2013	K2013
Remaining life expectancy at age 65 for pensioners, males	22.8	22.7
Remaining life expectancy at age 65 for pensioners, females	26.1	26.0

1) Pension indexation for unfunded plans is agreed individually (0-4 percent).

The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with the

terms of the obligations. The assumptions used are in line with recommendations from the Norwegian

Accounting Standards Board.

Note 18 continues on next page



149	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 18 Pension Obligations cont.

Sensitivity Analysis

Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions

constant, would have changed the defined benefit obligation as of December 31

by the amounts shown below.


	2024	2023

Discount rate increase by 1 percent	-83	-94
Discount rate decrease by 1 percent	103	116

Expected rate of salary increase by 1 percent	0	0
Expected rate of salary decrease by 1 percent	0	0

Expected rate of pension increase by 1 percent	96	106
Expected rate of pension decrease by 1 percent	-78	-90

For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation

by only 7 percent. This is because the benefit obligation in Aker Solutions consists mainly of pensioners

and employees over 60 years of age, hence limiting the discounting effect.

See note 5 for more information about personnel expenses



150	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 19 Provisions and Contingent Liabilities

Financial Reporting Principles

A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is

considered probable, the amount can be reliably estimated and the obligation is a result of a past event.

All provisions are presented as short-term as they are part of the operating cycle.

A contingent liability is a possible obligation that arises from past events that typically depends on a

future event outside of the company's control, for example a court decision. A provision is made when it

is considered as probable that cash outflow will take place, and the obligation can be measured reliably.

Judgments and Estimates

The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The

various provisions with assumptions and estimation uncertainties are discussed in the table to the right.

Provisions


Amounts in NOK million	Warranties	Onerous contracts	Other	Total

Balance as of December 31, 2022	464	841	415	1,719
Provisions made during the year	267	983	1,176	2,426
Provisions used during the year	-64	-460	-67	-591
Provisions reversed during the year	-3	-1	-22	-27
Disposal of subsea operations	0	-132	-37	-169
Reclassifications	-12	-4	21	5
Currency translation differences	15	1	27	42
Balance as of December 31, 2023	666	1,227	1,512	3,405
Provisions made during the year	229	1,013	81	1,323
Provisions used during the year	-58	-657	-190	-905
Provisions reversed during the year	-25	-9	-53	-88
Currency translation differences	13	1	-59	-46
Balance as of December 31, 2024	825	1,574	1,291	3,690


Amounts in NOK million	Warranties	Onerous contracts	Other	Total

Expected timing of payments
Payment within one year	180	1,068	360	1,609
Payment after one year	486	158	1,152	1,796
Total as of December 31, 2023	666	1,227	1,512	3,405
Payment within one year	182	1,424	169	1,775
Payment after one year	643	150	1,122	1,915
Total as of December 31, 2024	825	1,574	1,291	3,690

Note 19 continues on next page



151	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 19 Provisions and Contingent Liabilities cont.

Warranties

The provision for warranties relates to expected re-work for products and services delivered to

customers. The warranty period is normally two to five years. The provision is based on the historical

average warranty expense for each type of equipment and an assessment of the value of delivered

products and services currently in the warranty period. The provision can also be a higher or lower

amount following a specific evaluation of the actual circumstances for each contract. The final warranty

cost may differ from the estimated warranty provision. Warranty provisions in 2023 and 2024 includes

amounts related to the disposed subsea business that was contributed into OneSubsea. Aker Solutions

is responsible for possible warranty claims related to subsea deliveries before the transaction.

Onerous Contracts

The provision includes onerous customer contracts with expected losses upon completion. The

provision is mainly driven by legacy renewables projects contracted on lump sum terms and entered

into in 2021. The cost in the projects have been impacted by increased commodity prices and supply

chain constraints driven by the war in Ukraine, changes in designs and increased carry-over work from

a subcontractor.

Other

Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions for

claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring provision

and certain employee benefits.

Other provisions also include provisions related to certain indemnities given in relation to the disposal of

the subsea operations in 2023 of NOK 978 million (NOK 1,093 million in 2023) reported as part of the

result from discontinued operations in 2023. The subsea related provision includes the ICMS tax claim

in Brazil and is dependent on the administrative and legal proceedings. The timing of a final decision is

difficult to determine and it could take five to ten years before a final decision is made. The subsea

related provision also includes provision for unavoidable costs during the next ten years on premises

remaining in Aker Solutions after the disposal of subsea operations.

Contingent Liabilities

Disputes with customers are normally settled during the final negotiations with the customer upon

delivery and provided for in the project’s accounts. However, given the scope of the group’s worldwide

operations there is a risk that legal claims may arise in the future for deliveries where revenue has been

recognized in the past. Legal and tax claims are assessed on a regular basis.

Nordsee Ost Arbitration

In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration process,

and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions recognized

NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK 426 million as

settlement of accounts receivable in 2021. In June 2021, the counterparty RWE submitted an

application for annulment of the arbitration award to the German Courts. After decisions by the court of

first instance in Hamburg in February 2023 and the federal appeal court in October 2023 on the

admissibility of RWE’s annulment application, the annulment application remains in process and has

been redirected to the court of first instance for re-assessment. No provision has been made for this

contingent liability as the probability for a cash outflow is considered remote.

See note 27 for more information about the subsea transaction



152	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 20 Trade and Other Payables

Trade and Other Payables


Amounts in NOK million	2024	2023

Trade creditors	2,744	2,489
Trade creditors, related parties	25	65
Trade payables	2,769	2,554
Accrued operating costs	7,403	4,434
Public duties and taxes	993	873
Other current liabilities	1,015	1,243
Other payables	9,411	6,550
Total	12,180	9,104

Accrued operating costs mainly relate to cost accruals in projects, salary and holiday pay for own

employees and cost for hired in personnel and was impacted by high activity level in 2024. Accrued

operating costs include NOK 1.3 billion related to cost not yet invoiced by joint venture in Dubai at year

end 2024.

Trade creditors include NOK 10 million as of December 31, 2024 (NOK 11 million in 2023)

due after one year.

See note 3 for more information about customer contract liabilities

See note 28 for more information about payables to related parties



153	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 21 Financial Risk Management and Exposures

The objective of financial risk management is to manage and control financial risk exposures to increase the

predictability of earnings and minimize potential adverse effects on the company’s financial performance. The

energy landscape has evolved significantly recent years, as energy markets were strongly impacted by the war

in Ukraine. Aker Solutions uses derivatives to hedge currency risk exposures and aims to apply hedge

accounting whenever possible in order to reduce the volatility resulting from the periodic market-to-market

revaluation of financial instruments in the income statement. The company is also exposed to interest rate risk,

credit risk, liquidity risk and price risk.

Risk Management

Risk management of financial risks is performed in every project and is the responsibility of the project

manager. They cooperate with local finance managers and corporate treasury to identify, evaluate and

hedge financial risks under policies approved by the Board of Directors. The company has well-

established procedures for overall risk management, as well as policies for the use of derivatives and

financial investments.

Geopolitical unrest

The continuous unstable geopolitical situation have affected financial markets over the recent years,

leading to volatile commodity prices, fear of inflation and global supply chain constraints. The unstable

situation generally increase financial risk.

◼ Currency risk: Over the recent years we have seen increased volatility in the currency market.

Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency

buffer included in tender prices, and currency options are used to mitigate contingent currency

exposures in tenders.

◼ Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and the

ongoing transition towards renewable energy has increased credit risk in the energy sector. Due to a

predominance of large international energy companies with a relatively low credit risk in its customer

base, the exposure for Aker Solutions to this increased credit risk is limited.

◼ Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order

backlog and strong cash generation from operations have contributed to a strong balance sheet and

visibility.

Currency Risk

Aker Solutions has international operations and is exposed to currency risk on commercial transactions,

assets and liabilities when payments and revenues are denominated in a currency other than the

functional currency of the respective entity. The company's exposure to currency risk is primarily related

to USD, EUR and GBP. The company's primary translation risk is related to USD, EUR and GBP.

Use of Currency Derivatives

The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all

contracts. Aker Solutions manages the currency risk in the tender period either by including currency

clauses in the tender, entering into derivative instruments or including a contingency in the tender price.

All entities identify and hedge their exposure with the Corporate treasury department. The Corporate

treasury department manages the overall currency exposures based on well established currency risk

strategy and procedures.

Note 21 continues on next page



154	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 21 Financial Risk Management and Exposures cont.

Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow hedges

or as hedges of separate embedded derivatives. Corporate treasury enters into external foreign exchange

contracts separately for revenue and cost exposure. The overarching strategy is that 80 percent of the

value of the hedging instruments shall either qualify for hedge accounting or be hedges of separate

embedded derivatives. However, due to significantly lower total currency exposure in projects following

the divestment of the Subsea segment, the qualifying portion of hedges was 67 percent as of December

31, 2024. Corporate treasury monitors hedges not qualifying for hedge accounting and non-qualifying

hedges are reported in the "other" segment. Currency exposure from long-term investments in foreign

currencies is only hedged when specifically instructed by management. Treasury hedged parts of the

currency exposure from USD denominated proceeds received in 2024 from the OneSubsea formation

with financial derivatives. A net-investment hedge to mitigate the foreign exchange risk associated with

parts of Aker Solutions’ equity denominated in USD was also established in 2024.

Non-Convertible Currencies

Aker Solutions operates in some jurisdictions where regulations and requirements may limit the

convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to minimize the

currency exposure. However, Aker Solutions has historically experienced currency exposures in such

jurisdictions where no means of hedging has been available.

Exposure to Currency Risk

Corporate treasury is allowed to hold positions within an approved trading mandate. The net exposure as

of December 31 is shown in the following table. A bank deposit in a currency different than the functional

currency of the entity represent an exposure for the group. A negative amount on bank deposits

represent an overdraft for the entities. Estimated forecasted cash flows in the table are calculated based

on the entity's hedge transactions through corporate treasury, as these are considered to be the best

estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by

corporate treasury.


	2024			2023
Amounts in million	USD	EUR	GBP	USD	EUR	GBP

Bank deposits	-150	-128	-165	-1	-49	-173
Intercompany and related parties deposits (+) and loan (-)	-73	0	-1	-51	0	-36
Balance sheet exposure	-223	-128	-166	-51	-48	-209
Forecasted receipts from customers	11	90	22	26	53	29
Forecasted payments to vendors	-31	-64	-14	-49	-84	-19
Cash flow exposure	-20	26	8	-23	-31	10
Forward exchange contracts	240	102	157	75	80	199
Net exposure in currency	-3	0	-1	1	1	1
Net exposure in NOK	-30	-4	-13	6	7	13

The currency exposures in USD, EUR and GBP per December 31, 2024 and 2023, were within the trading

mandate.

Note 21 continues on next page



155	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 21 Financial Risk Management and Exposures cont.

Sensitivity Analysis - Fair Value of Financial Instruments

The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against other

currencies is shown below. A 15 percent weakening would have had the equal, but opposite effect. This

sensitivity analysis shows the impact on financial instruments denominated in a foreign currency per

December 31 and assumes that all other variables, in particular interest rates, remain constant. The

analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect

from translation of subsidiaries. Revaluation of equity accounted investees in USD is included in the

sensitivity analysis on equity, but does not include any effect on the balancesheet of the investee itself.


	2024		2023
Amounts in NOK million	Income (loss) before tax	Equity increase (decrease)	Income (loss) before tax	Equity increase (decrease)

USD - 15 percent strengthening	501	1,290	307	317
EUR - 15 percent strengthening	188	194	72	115
GBP - 15 percent strengthening	92	91	-9	-13

The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations, choices of

locations, suppliers and other strategic decisions. Such effects are not systematically hedged and are not

included in the sensitivity analysis.

Sensitivity Analysis - Currency Translation of Subsidiaries

A change in foreign currency rates will also impact the income statement and balance sheet when

translating the Aker Solutions companies into the presentation currency which is NOK. The effect of

change in the various currencies will impact the consolidated financial statements in the following

manner:


	2024
Amounts in NOK million	Revenue increase (decrease)	EBIT increase (decrease)	Profit (loss) before tax	Equity increase (decrease)

USD - 15 percent strengthening	234	21	36	285
EUR - 15 percent strengthening	3	1	4	43
GBP - 15 percent strengthening	75	-8	6	166

Interest Rate Risk

The company’s interest exposure mainly arises from the group’s cash position. Currently Aker Solutions

has no external debt. In 2023 and 2024, Corporate Treasury has invested surplus liquidity in time

deposits and liquid funds to distribute risk among counterparties and enhance the return compared to the

interest rate in the cash pool. Funds were sold during 2024 to free up cash to pay extraordinary dividend.

In previous years the company’s interest exposure mainly arose from any external funding in bank and

debt capital markets. The company’s risk management strategy is that 30-50 percent of the interest

exposure on any borrowings shall be fixed interest rate for the duration of the debt. The company has

used interest rate swaps to achieve the desired fixed/floating ratio of the external debt.

As the company has no significant interest-bearing operating assets, operating income and operating

cash flow are substantially independent of changes in market interest rates.

Note 21 continues on next page



156	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 21 Financial Risk Management and Exposures cont.

Interest Rates Sensitivity

An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and

loss by the amounts shown on the table below. This analysis assumes that all other variables, in

particular foreign currency rates, remain constant.


	2024		2023
Amounts in NOK million	Income (loss) before tax	Equity increase (decrease)1	Income (loss) before tax	Equity increase (decrease)1

Interest on cash and interest-bearing receivables	121	0	78	0
Interest on borrowings	0	0	-5	0
Effect of interest rate swap	-2	0	-1	0
Cash flow sensitivity (net)	119	0	73	0

1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.

A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the

amounts, on the basis that all other variables remain constant.

Credit Risk

Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and

financial instruments fails to meet contractual obligations.

Investment Instruments and Derivatives

Investment instruments, loans, credit facilities and derivatives are only conducted with approved

counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation).

All approved banks are participants in the Aker Solutions loan syndicate and have investment grade

ratings. Credit risk related to investment securities and derivatives is therefore considered to be low.

Trade Receivables and Contract Assets

Assessment of credit risk related to customers and subcontractors is an important requirement in the

bid phase and throughout the contract period. Such assessments are based on credit ratings, income

statement and balance sheet reviews and using credit assessment tools available (e.g. BvD

Procurement Catalyst). Revenues are mainly related to large and long-term projects closely followed up

in terms of payments in accordance with agreed milestones. Normally, lack of payment is due to

disagreements related to project deliveries and is solved together with the customer.

Aker Solutions’ major customers are highly rated energy companies where the credit risk is considered

to be limited. Risk related to lower rated companies is monitored closely. The maximum exposure to

credit risk at the reporting date equals the book value of each category of financial assets. The

company does not hold collateral as security.

Measurement of Expected Credit Losses (ECLs)

Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company

considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to the

company in full. ECLs are estimated probability-weighted net present value of future expected credit losses.

ECLs are discounted at the effective interest rate of the financial asset. Loss allowances for trade

receivables, contract assets and lease receivables are always measured at an amount equal to lifetime ECLs.

Twelve month ECLs are used for interest-bearing receivables and bank balances for which credit risk has not

increased significantly since initial recognition.

At each reporting date, the company assesses whether any financial assets are credit-impaired.

Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days past

due without agreed postponement, knowledge of significant financial difficulty of the customer or

debtor or other forward-looking information. The gross carrying amount of a financial asset is written off

(either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally

the case when the company determines that the debtor does not have assets or sources of income that

could generate sufficient cash flows to repay the amounts subject to write-off.

Note 21 continues on next page

Note 21 Financial Risk Management and Exposures cont.



157	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Liquidity Risk

Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have

sufficient liquidity reserves to meet its liabilities when due.

Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Management

monitors rolling weekly and monthly forecasts of the company’s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury maintains flexibility in

funding by maintaining availability under committed credit lines in addition to cash and liquid investments.

Financial Liabilities and the Period in which they Mature


2024
Amounts in NOK million	Book value	Total cash flow1	6 months and less	6-12 months	1-2 years	2-5 years	More than 5 years

Net derivative financial instruments	89	89	75	16	-1	-3	0
Trade and other payables	12,180	12,180	12,170	1	0	10	0
Lease liabilities	3,345	3,846	443	393	621	1,225	1,163
Total liabilities	15,614	16,115	12,688	410	620	1,231	1,163


2023
Amounts in NOK million	Book value	Total cash flow1	6 months and less	6-12 months	1-2 years	2-5 years	More than 5 years

Net derivative financial instruments	54	54	-91	139	6	0	0
Trade and other payables	9,104	9,104	9,078	16	1	10	0
Lease liabilities	3,540	4,135	400	365	699	1,402	1,269
Total liabilities	12,698	13,292	9,387	519	706	1,411	1,269

1) Nominal currency value including interest.

Note 21 continues on next page



158	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 21 Financial Risk Management and Exposures cont.

Cash Pool Arrangements

The company policy for the purpose of optimizing availability and flexibility of cash within the company

is to operate centrally managed cash pooling arrangements. Such arrangements are either organized

with a bank as a service provider, or as a part of the operation of corporate treasury. An important

condition for the participants (entities) in such cash pooling arrangements is that Aker Solutions as an

owner of such pools is financially viable and is able to prove its capability to service its obligations

concerning repayment of any net deposits made by entities. The company policy is not applied in

countries where local laws prohibit international cash pool arrangements, such as Malaysia and India.

Price Risk

The company is exposed to fluctuations in market prices both in the investment portfolio and in the

operating businesses related to individual contracts. The units are exposed to changes in market prices

for raw materials, equipment and development in wages. This is managed in the bid process by locking

in committed prices from key vendors as basis for offers to customers or through escalation clauses

with customers.

Guarantees

The company has provided the following guarantees on behalf of wholly owned subsidiaries and related

parties as of December 31 (all obligations are per date of issue):

◼ Non-financial parent company guarantees related to project performance on behalf of group

companies

◼ Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and loans

were NOK 7.6 billion (NOK 10.6 billion in 2023)

◼ Financial guarantees including counter guarantees for bank/surety bonds and guarantees for

pension obligations to employees were NOK 6.2 billion (NOK 7.1 billion in 2023)

Guarantee on Behalf of Akastor

Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability

according to Norwegian law. If an obligation that arose prior to the completion of the demerger is not

met by either party, the other party will have secondary joint liability for such obligation. The remaining

value of the financial guarantees where Aker Solutions has a secondary joint liability was NOK 0.9

billion per December 31, 2024, compared to NOK 1.3 billion per December 31, 2023. There is only one

guarantee remaining which expires end of September 2027. There are no provisions related to the

guarantee as the likelihood of any payments related to the joint liability is considered to be low.

See note 13 for more information about trade and other receivables

See note 15 for more information about cash and available credit facility

See note 17 for more information about lease liabilities

See note 20 for more information about trade and other payables

See note 23 for more information about derivatives

See note 24 for more information about financial assets and liabilities



159	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 22 Capital Management

The objective of Aker Solutions' capital management policy is to optimize the capital structure to ensure

sufficient and timely funding over time to finance its activities at the lowest cost, in addition to investing

in projects and businesses which will increase the company's return on capital employed over time.

Investment Policy

Aker Solutions’ capital management is based on a rigorous investment selection process which considers

not only Aker Solutions’ weighted average cost of capital and strategic orientation, but also external

factors such as market expectations and extrinsic risk factors. This selection process is coupled with a

centralized approval process for all capital expenditures to be incurred by the group.

Funding Policy

Liquidity Planning

Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term and to

ensure solvency for its financial obligations long-term. The group’s internal guideline is to have a

minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit facilities. As per

December 31, 2024 the liquidity reserve amounted to NOK 5.9 billion compared to NOK 9.0 billion in the

prior year. It was composed of an undrawn committed credit facility, cash in bank accounts and bank

deposits. The cash position in Aker Solutions is still robust after the distribution of extraordinary dividend

of NOK 10 billion in December 2024.

Funding of Operations

Aker Solutions’ funding policy states that all operating units will be funded through corporate treasury.

This ensures optimal availability and transfer of cash within the group, improved control of the group's

capital structure and optimized terms and conditions on funding of the group’s operations. The group

policy is not applied in countries where local laws prohibit international cash pool arrangements.

Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance

between liquidity risk and refinancing risk. In this perspective, any loans and other external borrowings

will be renegotiated well in advance of their due date.

Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.

These funding sources may include:

◼ The use of banks based on syndicated credit facilities or bilateral agreements

◼ The issue of debt instruments in the Norwegian debt capital market

◼ The issue of debt instruments in international capital markets

As per December 31, 2024 Aker Solutions did not have any drawn debt.

Debt Covenants

During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion senior

unsecured floating rate bond loan due June 2024 and bank loans and facilities related to Hydropower

which was acquired in 2022.

The group has an undrawn NOK 3 billion Revolving Credit Facility (RCF), maturing January 30, 2028. The

facility is provided by a syndicate of ten banks which contains financial covenants based on gearing and

interest cover ratios. The terms and conditions include restrictions which are customary for these kind of

facilities, including inter alia negative pledge provisions, financial covenants and restrictions related to

acquisitions, disposals and mergers. There are also certain provisions of change of controls included in

the agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest

terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The margin

applicable to the facility is determined by leverage ratio. Utilization fee applies based on utilized portion

of credit facility. Commitment fee is 35 percent of the margin. The loan agreement has an uncommitted

provision that allows the maximum amount to be increased to NOK 5 billion (accordion). In 2024 the

accordion facility deadline was extended from January 30, 2025 to January 30, 2026.

All debt covenants are based on IFRS excluding the impact of IFRS 16. At year-end 2024, all ratios were

well within the covenants in the RCF.

Aker Solutions has the following debt covenants for the RCF:

◼ The company’s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA

◼ The company’s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA to net

finance cost

Note 22 continues on next page



160	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 22 Capital Management cont.

Gearing and Interest Cover Ratios at December 31


Amounts in NOK million	2024	2023

Gearing ratios
Non-current interest-bearing borrowings	0	0
Current interest-bearing borrowings	0	0
Gross interest-bearing debt	0	0
Cash and cash equivalents	2,860	6,003
Net debt	-2,860	-6,003

EBITDA excl. IFRS 161	3,973	477
Restructuring and other special items as defined in the loan agreement	41	181
Adjusted EBITDA	4,014	658
Gross interest-bearing debt/adjusted EBITDA	0	0
Net debt/adjusted EBITDA	-0.7	-9.1

Interest cover
Adjusted EBITDA excl. IFRS 161	4,014	658
Net interest expense as defined in the loan agreement	291	240
Adjusted EBITDA/Net finance cost	13.8	2.7

1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.

See note 21 for more information about financial risk management

See note 23 for more information about interest rate derivatives

See note 24 for more information about financial assets and liabilities

See note 27 for more information about proceeds from the subsea transaction



161	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 23 Derivative Financial Instruments

Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are the

most commonly used derivative to hedge such exposures. The risk management policy states that all

foreign exchange exposure shall be hedged, and the overarching strategy is that 80 percent of the value

of the hedging instruments shall either qualify for hedge accounting or be hedges of separate embedded

derivatives. Aker Solutions’ interest rate exposure mainly arises from its cash position. Aker Solutions has

no external debt or interest rate swaps after settling bonds in 2023 and interest rate swaps matured

during 2024.

Financial Reporting Principles

Cash Flow Hedges of Foreign Currency

Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In

addition, currency options are sometimes used to hedge exposures. In case of changes in the expected

maturity dates, currencies or amounts of the hedged items corresponding derivatives are routinely

adjusted (pre-matured or rolled over), usually by means of currency swaps.

The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable

future transactions expected to occur at various dates during the next one to four years, depending on

progress of the projects and firm commitments. The derivatives are recognized initially and subsequently

at fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in

other comprehensive income as a hedge reserve.

Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and

applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and timing of

the forward exchange contracts to align with the hedged item. The existence of an economic relationship

between the hedging instrument and hedged item is determined based on matching critical terms of their

respective cash flows. In addition, an assessment is made to determine whether the derivative designated

in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash

flows of the hedged item by the hypothetical derivative method.

In these hedge relationships, the main sources of ineffectiveness are:

◼ any sequential change of timing of the hedged item;

◼ change in the total amount of the hedge item; and

◼ significant change in the counterparty's and Aker Solutions' credit risk

Aker Solutions does not designate any net positions in a hedging relationship. Some hedged transactions

are not accounted for by applying hedge accounting, primarily because internal hedged transactions are

grouped and netted before external hedge transactions are established. Changes in the fair value of

derivatives will be reported as financial income or expenses. Remaining derivatives not applying hedge

accounting include derivatives used by corporate treasury to hedge the residual exposure of the

company as part of its risk mandate. As of December 31, 2024, these hedging instruments include

currency forwards and foreign exchange swaps. In addition, Aker Solutions ASA has hedged the foreign

exchange risk associated with parts of Aker Solutions’ equity denominated in USD.

Hedge accounting is discontinued with immediate recognition in finance income and expenses in the

income statement when a hedge no longer qualifies for hedge accounting, for example upon sale,

expiration, termination or when a forecasted transaction is no longer probable. The derivative financial

instruments are classified as current assets or liabilities as they are part of the operating cycle.

Foreign Currency as Embedded Derivatives

Embedded derivatives may exist in contracts with a currency other than the currency of the contracting

partners. The embedded derivative will under certain circumstances be separated and recognized at fair

value in the balance sheet and changes recognized in the income statement. These entries will result in

corresponding and opposite effects compared to the hedging instrument.

Aker Solutions applies the following separation criteria for embedded derivatives:

◼ The embedded derivative needs to be separated if the agreed payment is in a currency different from

any of the major contract parties' own functional currency, or

◼ that the contract currency is not considered to be commonly used for the relevant economic

environment

Cash Flow Hedges of Interest Rates

Aker Solutions' interest exposure in 2024 has mainly been from the cash position and investments in

liquid funds. During 2024, Treasury has invested surplus liquidity in time deposits and liquid funds to

distribute the risk among debtors and enhance the return compared to the interest rate in the cash pool.

In preparation for the distribution of NOK 10 billion in dividend in December 2024, the company realized

its investments in liquid funds and have no such investments as of December 31, 2024. One interest rate

swap related to the former bond loan matured in June 2024.

Note 23 continues on next page



162	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 23 Derivative Financial Instruments cont.

Fair Values and Maturity

The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are cash neutral,

this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the project. This may result in

differences between cash flow and revenue recognition.


	2024					2023
Amounts in NOK million	Instruments at fair value1	6 months or less	6-12 months	1-2 years	Over 2 years	Instruments at fair value1	6 months or less	6-12 months	1-2 years	Over 2 years

Assets
Cash flow hedging instruments	56	3	52	1	0	43	24	8	11	0
Fair value adjustments to hedged instruments	-38	-2	-36	0	0	-17	-12	-2	-4	0
Fair value of currency options2	0	0	0	0	0	197	45	152	0	0
Embedded derivatives in ordinary commercial contracts	5	5	0	0	0	6	5	1	0	0
Financial instruments not hedge accounted	83	77	6	0	0	23	22	1	0	0
Total forward foreign exchange contracts	106	83	22	1	0	251	85	160	7	0

Cash flow hedges interest rate assets	0	0	0	0	0	7	7	0	0	0
Total financial instrument assets	106	83	22	1	0	258	92	160	7	0

Liabilities
Cash flow hedging instruments	-31	-11	-16	-2	-3	-38	-35	-2	-1	0
Fair value adjustments to hedged instruments	12	3	9	0	0	5	3	1	1	0
Fair value of currency options2	0	0	0	0	0	-18	0	-18	0	0
Embedded derivatives in ordinary commercial contracts	-1	-1	0	0	0	-4	-2	-2	0	0
Financial instruments not hedge accounted	3	1	1	0	0	-149	-149	0	0	0
Total forward foreign exchange contracts	-17	-8	-6	-2	-3	-204	-182	-21	-1	0

Cash flow hedges interest rate liability	0	0	0	0	0	0	0	0	0	0
Total financial instrument liabilities	-17	-8	-6	-2	-3	-204	-182	-21	-1	0

Net financial instruments	89	75	16	-1	-3	54	-91	139	6	0

1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.

2) The proceeds from the subsea transaction represented a significant currency exposure, and Aker Solutions entered into FX put options contracts to hedge for a part of the exposed proceeds. As of December 31, 2024, all currency options related to settlements

from the OneSubsea formation has been settled.

Note 23 continues on next page



163	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 23 Derivative Financial Instruments cont.

Unsettled Hedges

The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).


	2024			2023
Amounts in NOK million	Fair value of all hedging instruments	Recognized in profit and loss	Deferred in equity (the hedge reserve)	Fair value of all hedging instruments	Recognized in profit and loss	Deferred in equity (the hedge reserve)

Forward exchange contracts (cash flow hedges)	24	22	2	4	11	-7
Interest rate swaps	0	0	0	7	1	6
Total	24	22	2	11	12	-1

The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates. Revenue and

expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 22 million (NOK 11 million in 2023) of the value of the forward contracts have

already impacted the income statement. The NOK 2 million (NOK -7 million in 2023) that are currently recorded in the hedge reserve, will be reclassified to the income statement over the next years.

The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest rates of the

swaps, tax and deferred settlements related to matured instruments. As of December 31, 2024, Aker Solutions does not have any external liabilities or interest rate swaps. One fixed interest rate swap of NOK 500

million matured June, 2024.

Note 23 continues on next page



164	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 23 Derivative Financial Instruments cont.

Hedge Reserve Movement

The table below shows the movement in the hedge reserve from changes in the cash flow hedges.


Amounts in NOK million	Hedge reserve

Balance as of January 1, 2023	10
Forward currency	35
Interest rate swaps	-4
Total changes in fair value	31
Forward currency contracts	-4
Interest rate swaps	-1
Total amount reclassified to profit or loss	-5
Tax on movements on reserves during the year	2
Disposal of subsea operations	-40
Balance as of December 31, 2023	-1

Forward currency contracts	-16
Interest rate swaps	-7
Total changes in fair value	-23
Forward currency contracts	25
Interest rate swaps	1
Total amount reclassified to profit or loss	26
Tax on movements on reserves during the year	0
Balance as of December 31, 2024	2

See note 24 for more information about financial assets and liabilities

Note 24 Financial Assets and Liabilities

The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair

value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an

active market, whereas level three fair values are based on assumptions made by the company in the

absence of quoted prices.

The Fair Value Hierarchy

The following table shows the carrying amounts and fair values of financial assets and financial liabilities,

including their levels in the fair value hierarchy. It does not include fair value information for financial

assets and financial liabilities not measured at fair value if the carrying amount is a reasonable

approximation of fair value.

For financial instruments measured at fair value, the levels in the fair value hierarchy are:

◼ Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.

◼ Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from

observable market transactions in an active market for identical assets or liabilities. Level 2 includes

currency or interest derivatives and interest bonds, typically when the group uses forward prices on

foreign exchange rates or interest rates as inputs to valuation models.

◼ Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in

the absence of quoted prices from an active market or other observable price inputs.

Note 24 continues on next page



165	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 24 Financial Assets and Liabilities cont.

Financial Instruments as of December 31, 2024


	Carrying value						Fair value
Amounts in NOK million	Hedging instruments at FVOCI1	Financial assets at FVTPL1	Amortized cost	Equity investments at FVOCI1	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total

Other investments2	0	0	0	16	0	16	3	0	14	16
Non-current receivables	0	0	824	0	0	824	0	0	0	0
Trade and other receivables	0	0	6,412	0	0	6,412	0	0	0	0
Forward foreign exchange contracts	101	0	0	0	0	101	0	101	0	101
Fair value of currency options	0	0	0	0	0	0	0	0	0	0
Fair value embedded derivatives	5	0	0	0	0	5	0	5	0	5
Current interest-bearing receivables	0	0	142	0	0	142	0	0	0	0
Financial investments	0	2,197	0	0	0	2,197	2,197	0	0	2,197
Cash and cash equivalents	0	0	2,860	0	0	2,860	0	0	0	0
Financial assets	105	2,197	10,237	16	0	12,556	2,200	105	14	2,319

Trade and other payables3	0	0	0	0	-6,456	-6,456	0	0	0	0
Lease liabilities	0	0	0	0	-3,345	-3,345	0	0	0	0
Forward foreign exchange contracts	-16	0	0	0	0	-16	0	-16	0	-16
Financial liabilities	-17	0	0	0	-9,801	-9,818	0	-17	0	-17

1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.

2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial

purchase price.

3) Trade and other payables that are not financial liabilities at negative NOK 5,724 million in 2024 are not included.

Note 24 continues on next page

Note 24 Financial Assets and Liabilities cont.



166	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Financial Instruments as of December 31, 2023


	Carrying value						Fair value
Amounts in NOK million	Hedging instruments at FVOCI1	Financial assets at FVTPL1	Amortized cost	Equity investments at FVOCI1	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total

Other investments2	0	0	0	19	0	19	5	0	14	19
Non-current receivables	0	0	1,231	0	0	1,231	0	0	0	0
Trade and other receivables	0	0	5,472	0	0	5,472	0	0	0	0
Forward foreign exchange contracts	50	0	0	0	0	50	0	50	0	50
Fair value of currency options	0	197	0	0	0	197	0	197	0	197
Fair value embedded derivatives	4	0	0	0	0	4	0	4	0	4
Interest rate instruments	7	0	0	0	0	7	0	7	0	7
Current interest-bearing receivables	0	0	3,103	0	0	3,103	0	0	0	0
Financial investments	0	5,714	0	0	0	5,714	5,714	0	0	5,714
Cash and cash equivalents	0	0	6,003	0	0	6,003	0	0	0	0
Financial assets	61	5,911	15,808	19	0	21,799	5,719	258	14	5,991

Trade and other payables3	0	0	0	0	-6,462	-6,462	0	0	0	0
Lease liabilities	0	0	0	0	-3,540	-3,540	0	0	0	0
Forward foreign exchange contracts	-185	0	0	0	0	-185	0	-185	0	-185
Fair value of currency options	0	-18	0	0		-18		-18		-18
Fair value embedded derivatives	-1	0	0	0	0	-1	0	-1	0	-1
Financial liabilities	-186	-18	0	0	-10,002	-10,206	0	-204	0	-204

1) FVOCI is short for fair value through other comprehensive income.

purchase price.

3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.

See note 13 for more information about trade and other receivables

See note 14 for more information about financial investments

See note 20 for more information about trade and other payables

See note 21 for more information about financial risk management

See note 23 for more information about derivatives

See note 26 for more information about other investments



167	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 25 Subsidiaries and NCIs

Subsidiaries: Aker Solutions has 62 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15 . The group holds the majority of the shares in all

subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.


Company	Location	Country	Percent
Aker Solutions Enterprises, LDA	Luanda	Angola	49
C.S.E. Mecânica e Instrumentaçâo Ltda	Curitiba	Brazil	100
Aker Solutions Sdn Bhd	Kuala Belait	Brunei	100
PTAS Aker Solutions Sdn Bhd	Kuala Belait	Brunei	75
Aker Solutions Asset Integrity and Management Canada Inc.	Newfoundland	Canada	100
Aker Solutions Canada Inc	Vancouver	Canada	100
Aker Solutions Marine Contractors Limited	St John's	Canada	100
Aker Engineering & Technology (Beijing) Co., Ltd	Beijing	China	100
Aker Solutions Hydropower Hangzhou Co Ltd	Hangzhou	China	100
Aker Solutions Congo SA	Point-Noire	Congo	70
Aker Solutions Finland Oy	Ulvila	Finland	100
Aker Solutions SAS	Paris	France	100
Aker Solutions Ghana Ltd	Accra	Ghana	90
Aker Solutions Ghana Holding Ltd	Accra	Ghana	100
Aker Solutions Deepwater Ghana Ltd	Accra	Ghana	80
Aker Powergas Pvt Ltd	Mumbai	India	100
Aker Engineering International Sdn Bhd	Kuala Lumpur	Malaysia	100
Aker Engineering Malaysia Sdn Bhd	Kuala Lumpur	Malaysia	100
Aker Solutions APAC Sdn Bhd	Kuala Lumpur	Malaysia	48
Aker Solutions India Sdn Bhd	Kuala Lumpur	Malaysia	100
Aker Solutions Malaysia Sdn Bhd	Kuala Lumpur	Malaysia	100
Aker Solutions BV	Zoetemer	Netherlands	100
Aker Installation FP AS	Fornebu	Norway	100
Aker Insurance Services AS	Fornebu	Norway	100
Aker Security AS	Fornebu	Norway	100
Aker Solutions AS	Fornebu	Norway	100
Aker Solutions Contracting AS	Fornebu	Norway	100
Aker Solutions Financial Holding AS	Fornebu	Norway	100
Aker Solutions Holding AS	Fornebu	Norway	100
Aker Solutions Middle East AS	Fornebu	Norway	100
Alma Clean Power AS	Bergen	Norway	100
Benestad Solutions AS	Lierskogen	Norway	100


Company	Location	Country	Percent
Kværner Resources AS	Fornebu	Norway	100
Norwegian Contractors AS	Lysaker	Norway	100
Aker Solutions Hydropower AS	Tranby	Norway	100
Unitech Power Systems AS	Stavanger	Norway	100
Rainpower Peru S.A.C.	Lima	Peru	100
Aker Solutions Poland Sp. z o.o.	Warsaw	Poland	100
Aker Solutions Gulf Services WLL	Doha	Qatar	49
Aker Solutions Saudi Arabia Co. Ltd.	Al-Khobar	Saudi Arabia	100
Aker Solutions Korea Co. Ltd	Geoje	South Korea	100
Aker Solutions Hydropower AB	Kristinehamn	Sweden	100
K Water AB	Örnsköldsvik	Sweden	100
Aker Solutions Hydropower Switzerland AG	Vaud	Switzerland	100
Aker Solutions Tanzania Ltd	Dar es Salaam	Tanzania	100
Aker Solutions Hydro Enerji Limited Sirketi	Istanbul	Turkey	100
Aker Engineering and Technology Ltd	London	UK	100
Aker Engineering Malaysia Ltd	Leeds	UK	100
Aker Offshore Partner Ltd	Aberdeen	UK	100
Aker Solutions DC Trustees Ltd	London	UK	100
Aker Solutions EAME Limited	Aberdeen	UK	100
Aker Solutions Enterprises International (UK) Limited	London	UK	100
Aker Solutions Holding Limited	Aberdeen	UK	100
Aker Solutions Ltd	Maidenhead	UK	100
International Design Engineering and Services Ltd	Aberdeen	UK	100
Kvaerner Contracting Ltd	London	UK	100
Kvaerner Resources Ltd	London	UK	100
Aker Solutions Energy Solutions FZE	Dubai Maritime City	UAE	100
Aker Solutions Inc.	Houston	USA	100
Aker Solutions USA Corporation	Houston	USA	100
Kvaerner Americas Holdings Inc	Canonsburg	USA	100
Kvaerner Renewables US LLC	Canonsburg	USA	100

Note 25 Subsidiaries and NCIs cont.



168	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Subsidiaries where Aker Solutions does not have the Majority of Shares

Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table above

and has control over relevant activities through shareholders agreements. The subsidiaries are fully

consolidated. Non-controlling interest represent equity interest in subsidiaries held by other owners than

Aker Solutions. Non-controlling interest share of profit and equity is presented separately in the income

statement and in the balance sheet.

The following entities are not legally transferred to OneSubsea due to delayed legal transfer or delayed

closing. The subsea business in these entities are not consolidated as Aker Solutions does not have

control of operations or rights to cash generations.


Company	Location	Country
Aker Solutions Congo SA	Point-Noire	Congo
Aker Solutions Ghana Ltd	Accra	Ghana

Note 26 Investments in Companies

Financial Reporting Principles

Joint ventures are those entities where the company has joint control and rights to net assets. Associates

are those entities where the company has significant influence, but not control or joint control (usually

between twenty and fifty percent of the voting power). Interests in joint ventures and associates are

accounted for using the equity method. The investments are initially recognized at cost (including

transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss.

The profit or loss for the equity-accounted investees is presented as part of total revenue when the

operations are closely linked to the current operations of Aker Solutions, otherwise they are presented as

financial income.

Other investments are those entities in which the company does not have significant influence. These are

usually entities where the company holds less than twenty percent of the voting power. Such investments

are designated as equity securities at fair value through other comprehensive income (FVOCI) as they

represent long-term strategic investments. When the investments are sold, the accumulated gain or loss

in equity is not reclassified to the income statement. The loss recognized in OCI in 2024 was NOK 2

million (loss of NOK 6 million in 2023). Unlisted shares are usually measured at cost less impairment, as

this is assumed to be the best estimate of fair value.

Investments in Companies

The company has recognized the following balances for its investment in other companies:


Amounts in NOK million	2024	2023

Joint Ventures and Associates	7,870	6,555
Other investments	16	19
Total investment in companies	7,886	6,574

Joint Ventures and Associates (Equity Accounted Investees)

The company had 15 equity-accounted investments as of December 31, 2024. Ownership percentage

equals the percentage of voting shares.


Name of company	Office	Percent	Type

Kiewit-Kvaerner Contractors (KKC)	Newfoundland, Canada	50.0%	Joint venture
KDS JV AS	Fornebu, Norway	50.0%	Joint venture
EPE Eigedom AS	Stord, Norway	50.0%	Joint venture
Eldøyane Næringspark AS	Stord, Norway	50.0%	Joint venture
Rosebank JV Ltd	Dubai, United Arab Emirates	50.0%	Joint venture
AKSO DDW HVDC JV Limited	Dubai, United Arab Emirates	50.0%	Joint venture
Concrete Structures AS	Fornebu, Norway	50.0%	Associate
Siva Verdal Eiendom AS	Trondheim, Norway	46.0%	Associate
Bemlotek AS	Fornebu, Norway	24.6%	Associate
Kværnhuset Industri-inkubator AS	Egersund, Norway	33.0%	Associate
Windstaller Alliance AS	Fornebu, Norway	33.3%	Associate
Team Aker Dæhli AS	Fornebu, Norway	33.3%	Associate
OneSubsea LLC	Houston, USA	20.0%	Associate
OneSubsea Processing AS	Sandsli, Norway	20.0%	Associate
OneSubsea Investments UK Ltd	London, UK	20.0%	Associate

Note 26 continues on next page



169	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 26 Investment in Companies cont.

The following table provides a summary of changes in carrying value for Aker Solutions joint ventures and

associates.


	2024			2023
Amounts in NOK million	OneSubsea	Other	Total	OneSubsea	Other	Total

Equity accounted investees per January 1	6,468	88	6,555	0	103	103
Acquisition	0	35	35	6,549	0	6,549
Share of net income included in other income	789	1	790	172	34	205
Other comprehensive income	-170	0	-170	53	0	53
Reclassification from other investments	0	-14	-14	0	-10	-10
Sale	0	0	0	0	-6	-6
Dividends received	-77	-2	-78	0	-34	-34
Currency translation differences1	751	1	752	-306	1	-305
Equity accounted investees per December 31	7,761	109	7,870	6,468	88	6,555

1)NOK 751 million (NOK -306 million in 2023) consist of NOK 666 million (NOK -284 million in 2023) in translation

differences of the equity accounted investees, while the remaining NOK 84 million (NOK -22 million in 2023) relates to

translation of Aker Solutions Inc which hold the investment in OneSubsea US and is reported as translation differences

related to other foreign operations in OCI.

Significant associates

Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the subsea

business and consists of three separate legal entities; OneSubsea LLC, OneSubsea Processing AS and

OneSubsea Investments UK Ltd. The legal entities are established in the US, Norway and the UK. These

entities are considered material for Aker Solutions. Aker Solutions Inc owns the partnership interests in

OneSubsea LLC which is a transparent entity for income tax purposes in the US.

The following table summarizes financial information for the entities at a consolidated level. The figures

are at the same basis as used in the group financial statements and represents an IFRS conversion of

OneSubsea’s consolidated income statement and balance sheet prepared in accordance with US GAAP.

The financial information includes allocation of excess values recognized from assets contributed by SLB

and Aker Solutions. All amounts are for the consolidated entities at a 100 percent basis.


Amounts in NOK million	2024	2023

Current assets	33,140	28,677
Non-current assets	38,206	33,386
Current liabilities	27,147	26,250
Non-current liabilities	5,385	3,474
Net assets	38,814	32,339
Aker Solutions' share of equity (20%)	7,761	6,468

	2024	4Q 2023
Revenue	41,878	10,744
Net income	3,952	852
Other comprehensive income	-849	263
Total comprehensive income	3,103	1,115

See note 3 for more information about other income

See note 7 for more information about financial income and expense

See note 27 for more information about the subsea transaction



170	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 27 The Subsea Transaction and Discontinued Operations

On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation agreement and

agreed to establish a new entity where Aker Solutions and SLB contributed their subsea businesses.

The subsea business was classified as held for sale when final approval came from regulatory authorities,

August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions and SLB

contributed their subsea businesses into the entity with respectively 40 and 60 percent of the values. Aker

Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their shares to Subsea7 as

part of the agreement. Following these transactions, the entity is owned by SLB (70 percent), Aker

Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up period of three years for the shares

in the entity before any of the parties can sell their shares.

Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent

ownership in the entity.

Financial reporting of the transaction

The 20 percent ownership in OneSubsea is presented as an Investment in associates using the equity

method as a non-current asset in the balance sheet. The share of the investee’s net profit or loss is

presented as a separate line and included in the group revenue and other income in the Income

Statement.

The historical results for the subsea business are reported separately under the caption discontinued

operations in 2023. The gain on sale of the subsea business is also reported in this line item in 2023.

Income and expenses from discontinued operations are excluded from specifications presented in other

notes unless otherwise stated.

Some of the transactions were not legally completed by year end 2023 but accounted for as transferred

assets in the group accounts. Transactions related to Malaysia and US was settled in 2024, two

transactions still remain to be legally completed. Cash for settled transactions and settlement of the

closing accounts for the group was received in 2024.

The financial data for discontinued operations are as follows:

Profit (loss)


Amounts in NOK million	2023

Revenue	14,807
Depreciation, amortization and impairment	-336
Other expenses	-12,035
Operating income	2,435
Financial income (expense), net	-65
Income before tax	2,370
Income tax expense	-553
Income from discontinued operations	1,817
Gain on disposal (net of tax)	9,723
Net income from discontinued operations	11,540

Cash flow


Amounts in NOK million	2023

Net cash provided by operating activities	2,410
Net cash provided by investing activities	-86
Net cash used in financing activities	-195
Foreign currency effects on cash	27
Net cash provided by discontinued operations1	2,155

1)Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.



171	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Net proceeds


Amounts in NOK million	2023

Consideration received	1,640
Cash in divested subsidiaries	-623
Loans given to OneSubsea	-396
Net proceeds from sale of subsidiaries	621

Gain on disposal

The fair value of the Aker Solutions’ subsea business was in the transaction agreement valued at NOK

13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea business.

The accounting treatment was a sale of 100 percent of the subsea business following a purchase of 20

percent of OneSubsea at fair value. Aker Solutions recognized a gain in connection with the sale of the

subsea business of NOK 9.7 billion. The gain was calculated as the difference between the fair value of

the consideration received, the net book value of the disposed business and the reclassification of

foreign currency translation reserve.


Amounts in NOK million	2023

Fair value of subsea business1	14,370
Carrying amount of net assets sold and assumed liabilities	-6,039
Reclassification of foreign currency translation reserve	1,392
Gain on disposal	9,723

1)NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in

value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also

included NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all

transactions are completed and revaluation of shares in SLB before closing of the transaction. Transferred cash to

OneSubsea was settled in 2024.

See note 26 for more information about other investments

Note 28 Related Parties and Key Management

Compensation

Financial Reporting Principles

Related party relationships are defined to be entities under joint control or significant influence by Aker

Solutions, and companies outside the Aker Solutions group that are under control (either directly or

indirectly) or joint control by the owners having significant influence over Aker Solutions. The

management and the Board of Aker Solutions are also related parties.

Related Parties of Aker Solutions

The largest shareholder of Aker Solutions is Aker Holdings AS, which is wholly-owned by Aker ASA. Aker

Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities which Kjell Inge

Røkke and his close family controls through The Resource Group TRG AS are considered related parties

to Aker Solutions. These entities include companies like Aker Horizons, Aize and Cognite and are

referred to as Aker entities in this note. Companies that are associates of Aker ASA or The Resource

Group TRG AS are not considered related parties of Aker Solutions, such as Akastor and Aker BP.

Related party relationships also include entities under joint control or significant influence by Aker

Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-controlling

interests with significant influence are also considered as related parties of Aker Solutions.

Related parties are in a position to enter into transactions with the company that would potentially not be

undertaken between unrelated parties. Transactions with related parties are based on negotiations

between the parties, and management believes that the agreed prices is a fair approximation to arms

length prices.

Note 28 continues on next page



172	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 28 Related Parties cont.

Transactions and Balances with Related Parties1


	2024			2023
Amounts in NOK million	Aker and TRG companies	Joint ventures and associates	Total	Aker and TRG companies	Joint ventures and associates	Total

Income statement
Operating revenues	77	3,221	3,299	302	1,108	1,410
Operating costs	-486	-567	-1,053	-1,007	-623	-1,631
Depreciation and impairment of ROU assets	-36	-14	-50	-38	-18	-56
Net financial items	89	0	89	35	0	35

Balance sheet
Right-of-use (ROU) assets	298	53	351	389	63	452
Trade receivables	5	337	342	51	556	608
Non-current interest-bearing receivables	191	0	191	195	0	195
Current interest-bearing receivables	0	19	19	10	1,410	1,420
Other current receivables	0	0	0	0	405	405
Non-current leasing liabilities	0	-490	-490	0	-463	-463
Other non-current liabilities	0	0	0	0	-81	-81
Trade payables	-1	-24	-25	-16	-49	-65
Current leasing liabilities	0	-68	-68	0	-45	-45

1)Subsea not classified as discontinued operations in 2023.

Note 28 continues on next page



173	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 28 Related Parties cont.

Significant Related Parties Transactions

Aker Solutions has transactions with related parties on a recurring basis as part of normal business. In

2024, Aker Solutions purchased Alma Clean Power AS from Clara Venture AS, a company owned by Aker

Capital AS of NOK 28.6 million. In 2023, Aker Solutions purchased software applications from Aize of

NOK 265 million. Aker Solutions also leases industrial properties owned by Kjell Inge Røkke through TRG

AS which amounted to NOK 71 million in 2024 (NOK 68 million in 2023). In addition, Aker Solutions

supported the group's union representative function with NOK 820,000 in 2024 (NOK 780,000 in 2023).

Compensation to Key Management

The key management personnel of Aker Solutions include the Board of Directors and the executive

management team. Refer to further description about management compensation in the Management

Remuneration Report available at www.akersolutions.com/corporate-governance.


Amounts in NOK million	2024	2023

Salaries and wages including holiday allowance	58	64
Social security contributions	9	10
Pension cost	2	2
Termination benefits	0	0
Share-based payments	3	3
Other employee benefits	0	1
Total compensation to key management personnel	71	79

The below table shows the shareholding of Aker Solutions’ Board of Directors and the President and

Chief Executive Officer per December 31, 2024.


Name	Role	Shareholding as of December 31, 20241	Shareholding as of December 31, 20231

Kjetel Digre	President and Chief Executive Officer	166,527	133,657
Leif-Arne Langøy	Chairman	159,426	159,426
Øyvind Eriksen2	Deputy Chairman	0	0
Kjell Inge Røkke3	Director	0	0
Birgit Aagaard-Svendsen	Director	90,000	90,000
Lone Fønss Schrøder	Director	0	0
Elisabeth Tørstad	Director	2,000	2,000
Jan Arve Haugan	Director	136,527	136,527
Hilde Karlsen	Director, employee elected	29,849	32,774
Line Småge Breidablikk	Director, employee elected	1,755	1,755
Stian Pettersen Sagvold4	Director, employee elected	515	246
Arne Christian Rødby5	Director, employee elected	2,090	1,822
Total		588,689	558,207

1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.

2)Øyvind Eriksen owned 219,072 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA,

through a subsidiary owns 39 percent of Aker Solutions.(not adjusted for shares owned by Aker Solutions)

4)Replaced Sigurd Sævareid in April 2023.

3)Kjell Inge Røkke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a

subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).

4)Replaced Sigurd Sævareid in April 2023.

5)Replaced Tommy Angeltveit in October 2023.

See note 13 for more information about customer contract assets and receivables

See note 17 for more information about leasing contracts

See note 20 for more information about trade and other payables

See note 25 for more information about subsidiaries

See note 26 for more information about joint arrangements and associates



174	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 29 Audit Fees

PwC is the auditor of the group. The table below presents expenses for audit and other services to the

auditor. 2023 include expenses related to the disposed subsea business.


	Aker Solutions ASA		Subsidiaries		Total
Amounts in NOK million (excl. VAT)	2024	2023	2024	2023	2024	2023

Audit	3.8	3.7	9.7	14.5	13.5	18.2
Other assurance services	1.6	1.4	1.3	1.8	2.9	3.1
Tax services	0.0	0.0	0.4	0.1	0.4	0.1
Other non-audit services	1.2	0.0	6.5	2.0	7.7	2.0
Total	6.6	5.1	17.9	18.4	24.5	23.4



175	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 30 Climate Risk

Aker Solutions delivers integrated solutions, products, and servic es to the global energy industry. We

enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs.

The oil and gas industry has been identified as high risk by the Task Force on Climate-Related Financial

Disclosures (TCFD), and Aker Solutions has conducted a climate-related scenario analysis in order to

improve company strategy resilience.

Scenario Analysis

Together with an external consulting partner, Aker Solutions has developed three customized climate

scenarios tailored to consider our full value chain in oil and gas and renewable energy markets such as offshore

wind, hydrogen and carbon capture and storage (CCS). These scenarios were based on publicly available

scenarios published by the International Energy Agency and the intergovernmental Panel on Climate Change

and titled Net Zero 2050 (1.5°C), Announced Pledges (1.7-2°C), and Stated Policies (2.4-3°C). The scenarios

are described in detailed in the “Climate Change” chapter under the Sustainability Statement.

Environmental Objectives

Aker Solutions has an emissions reduction target of 50 percent of own emissions by 2030, compared to

2023. The goal is to be net zero by 2050.

Effects on Aker Solutions’ Financial Statements

In the net zero 2050 scenario, demand for oil and gas falls to levels that do not necessitate new oil and

gas field developments beyond those already approved. However, investment in existing fields remains.

In all three scenarios, the demand for North Sea oil and gas supply decreases.

Following the climate-related scenario analysis and workshop, both risks and opportunities related to the

energy transition are identified. The different scenarios and risks that are assessed are not considered to

entail significant changes in the market or regulatory environment in which Aker Solutions operates in the

short or medium term. There are no significant changes in plans for assets as there is currently not

identified any risk factors related to climate change that will lead to material reductions in recoverable

amounts of assets.

There has not been identified any material impacts on judgments and estimates in the 2024 financial

report. Aker Solutions has considered the impact of climate change on going concern and capital

expenditure commitments. While there are no identified immediate or short-term impacts from climate

change, Aker Solutions is aware of the ever-changing risks and opportunities related to climate change.

We will regularly assess these risks against judgments and estimates made in preparation of the group’s

financial statements.

Renewable Energy Certificates

Aker Solutions purchases energy attribute certificates (EACs) to reduce scope 2 emissions. The purchase

is based on estimated energy consumption. In 2024, a total of 118,087 megawatt hours was purchased

for our Norwegian locations (125,300 MWh in 2023). The cost is included in the yard rate at our locations

and reflected as operating expenses in the income statement.

See note 2 for more information about accounting judgments and estimates

See note 12 for more information about impairment



176	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Parent Company

Financial Statements

Aker Solutions ASA

December 31, 2024



177	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Notes to the Parent Company Financial Statements

Note 1 Company Information

Note 2 Operating Revenue and Expenses

Note 3 Financial Income and Expenses

Note 4 Tax

Note 5 Investments in Group Companies

Note 6 Receivables and Borrowings from Group Companies

Note 7 Financial Risk Management and Financial Instruments

Note 8 Financial Investments

Note 9 Shareholders' Equity

Note 10 Shareholders

Note 11 Guarantees

Note 12 Related Parties

Income Statement

For the year ended December 31


Amounts in NOK million	Note	2024	2023

Operating revenues	2	57	41
Operating expenses	2	-103	-87
Operating loss		-46	-46

Income from subsidiaries	3	2,515	9,600
Net financial items	3	-600	-376
Income before tax		1,869	9,178
Income tax	4	-399	84
Net income		1,470	9,262

Net income (loss) for the period distributed as follows:
Extraordinary dividend		10,048	0
Proposed dividends		1,582	979
Other equity		-10,166	8,283
Net income		1,470	9,262



178	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Balance Sheet

Statement as of December 31


Amounts in NOK million	Note	2024	2023

Assets
Deferred tax asset	4	13	412
Investments in group companies	5	16,357	16,357
Other investments	5	3	9
Non-current interest-bearing receivables from group companies	6	51	39
Other non- current assets		15	8
Other non-current interest-bearing receivables		0	10
Total non-current assets		16,438	16,835

Current interest-bearing receivables from group companies	6	218	10
Non interest-bearing receivables from group companies	6	2,583	9,644
Financial instruments	7	169	304
Financial investments	8	0	3,030
Other current receivables		0	135
Cash and cash equivalents	6	1,854	4,997
Total current assets		4,824	18,121
Total assets		21,262	34,956

Fornebu, March 31, 2025

Board of Directors of Aker Solutions ASA


Amounts in NOK million	Note	2024	2023

Equity and liabilities
Issued capital		532	532
Other equity		4,227	14,804
Total equity	9, 10	4,759	15,336

Current borrowings from group companies	6	14,626	18,303
Non interest-bearing liabilities from group companies	6	26	15
Financial instruments	7	86	249
Provisions for dividend	9	1,582	979
Other current liabilities		184	74
Total current liabilities		16,503	19,620
Total liabilities		16,503	19,620
Total equity and liabilities		21,262	34,956



Leif-Arne Langøy	Øyvind Eriksen	Kjell Inge Røkke	Birgit Aagaard-Svendsen	Hilde Karlsen	Jan Arve Haugan
Chairman	Deputy Chairman	Director	Director	Director	Director

Elisabeth H. Tørstad	Lone Fønss Schrøder	Arne Christian Rødby	Stian Pettersen Sagvold	Line Småge Breidablikk	Kjetel Digre
Director	Director	Director	Director	Director	Chief Executive Officer



179	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Cash Flow

Statement for the year ended December 31


Amounts in NOK million	2024	2023

Earnings (loss) before tax	1,869	9,178

Income tax payable	-1	-6
Profit (loss) on foreign currency forward contracts	129	135
Changes in other operating assets and liabilities	-42	-103
Net cash from operating activities	1,955	9,204

Sale/acquisition of shares and funds	3,030	-3,030
Impairment shares	6	0
Net cash used in investing activities	3,036	-3,030

Changes in borrowings to group companies	0	-9,600
Changes in borrowings from group companies	3,164	4,994
Changes in outstanding bonds	0	-914
Changes in borrowings external	145	-135
Shares issued to employees through share purchase program	67	54
Repurchase of treasury shares	3	1
Sale of own shares	-501	0
Cash flow hedge	-5	-4
Net investment hedge	9	0
Payment dividends	-11,017	-489
Net cash from financing activities	-8,135	-6,093

Net increase (decrease) in cash and cash equivalents	-3,144	82

Cash and cash equivalents at the beginning of the period	4,997	4,916
Cash and cash equivalents at the end of the period1	1,853	4,997

1) Unused credit facilities amounted to NOK 3,000 million as of December 31, 2024 (NOK 3,000 million as of December 31, 2023).

The cash flow statement has been prepared using the indirect method.



180	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Notes to the Parent Company

Financial Statements

For the year ended December 31

Note 1 Company Information

Aker Solutions ASA is the parent company and owner of Aker Solutions Holding AS. Aker Solutions ASA

is domiciled in Norway and listed on the Oslo Stock Exchange. The financial statements of the parent

company are prepared in accordance with Norwegian legislation and Norwegian Generally Accepted

Accounting Principles.

Note 2 Operating Revenue and Expenses

Revenue

Operating revenue consists of NOK 56 million in income from Parent Company Guarantees (PCG),

compared to NOK 41 million in the previous year. The PCGs are invoiced annually over the lifetime of the

guarantee.

Expenses

There are no employees in Aker Solutions ASA and hence no personnel expenses. Executive

management and corporate staff are employed by other Aker Solutions companies. Costs for their

services as well as other parent company costs are recharged proportionally to Aker Solutions ASA and

presented as operating expenses. For further description about management compensation to the Board

of Directors and the executive management team, refer to the Management Remuneration Report

available at www.akersolutions.com/corporate-governance.

The below table shows the shareholding of Aker Solution’s Board of Directors and the President and

Chief Executive Officer per December 31, 2024.


Name	Role	Shareholding as of December 31, 20241	Shareholding as of December 31, 20231
Kjetel Digre	President and Chief Executive Officer	166,527	133,657
Leif-Arne Langøy	Chairman	159,426	159,426
Øyvind Eriksen2	Deputy Chairman	0	0
Kjell Inge Røkke3	Director	0	0
Birgit Aagaard-Svendsen	Director	90,000	90,000
Lone Fønss Schrøder	Director	0	0
Elisabeth Tørstad	Director	2,000	2,000
Jan Arve Haugan	Director	136,527	136,527
Hilde Karlsen	Director, employee elected	29,849	32,774
Line Småge Breidablikk	Director, employee elected	1,755	1,755
Stian Pettersen Sagvold4	Director, employee elected	515	246
Arne Christian Rødby5	Director, employee elected	2,090	1,822
Total		588,689	558,207

1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.

2)Øyvind Eriksen owned 219,072 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA,

through a subsidiary owns 39 percent of Aker Solutions.(not adjusted for shares owned by Aker Solutions)

3)Kjell Inge Røkke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a

subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).

4)Replaced Sigurd Sævareid in April 2023.

5)Replaced Tommy Angeltveit in October 2023.

Audit fees

PwC is the auditor of the group. The table below presents expenses for audit and other services to the auditor


Amounts in NOK million	2024	2023
Audit PwC	3.8	3.7
Other assurance	1.6	1.4
Other non-audit services	1.2	0.0
Total	6.6	5.1

See note 11 for more information about guarantees



181	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 3 Financial Income and Expenses

Financial Reporting Principles

Foreign Currency

Transactions in foreign currencies are translated at the exchange rate at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated

to NOK at the exchange rate on the closing date.

Foreign Currency Derivatives

Subsidiaries have entered into internal financial derivative contracts with the parent company to hedge

their currency exposure. The parent company uses foreign exchange contracts with external banks to

mitigate the currency exposure from the internal derivative contracts with the subsidiaries. All hedges

related to the currency exposure from USD denominated proceeds from the One Subsea JV formation

matured during 2024. Aker Solutions ASA does not apply hedge accounting and financial assets and

liabilities related to foreign currency contracts are measured at fair value with changes recognized in the

income statement.

Interest Rate Derivatives

Aker Solutions enters into interest rate derivatives (interest rate swaps) to avoid unbalanced exposure to

fluctuations in short term interest rates. Per December 31, 2024 Aker Solutions does not have any drawn

debt and no interest derivatives.

Group Contribution

In 2024, Aker Solutions ASA received taxable group contribution from Aker Solutions Holding AS of NOK

514 million, Aker Solutions AS of NOK 1,967 million, Unitech AS of NOK 13 million, Benestad Solutions

AS of NOK 17 million and Aker Insurance Services AS of NOK 4 million. In addition, Aker Solutions ASA

gave a non-taxable group contribution to Aker Insurance Services AS of NOK 0.4 million.

Financial Income and Expenses


Amounts in NOK million	2024	2023

Interest income from group companies	43	60
Interest expense to group companies	-777	-440
Net interest income from group companies	-733	-380

External interest income	42	53
External interest expenses	-20	-23
Net external interest expense	21	30

Loss on loans to group companies	65	-16
Other financial income	296	30
Other financial expenses	-10	-4
Foreign exchange loss	-1,916	-2,814
Foreign exchange gain	1,677	2,778
Net other financial items	112	-26
Net financial income	-600	-376

See note 7 for more information about financial risk management and financial instruments



182	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 4 Tax

Financial Reporting Principles

Tax expenses in the income statement comprise current tax and changes in deferred tax. Deferred tax is

calculated as 22 percent of temporary differences between accounting and tax values as well as any tax

losses carried forward at the year-end. Net deferred tax assets are recognized only to the extent that it is

probable they will be utilized against future taxable profits.

Deferred Tax Asset and Tax Expenses


Amounts in NOK million	2024	2023

Calculation of taxable income
Earnings (loss) before tax	1,869	9,178
Permanent differences	118	-9,634
Change in timing differences	-216	124
Taxable income	1,772	-332

Positive (and negative) temporary differences
Unrealized gain on forward exchange contracts	83	-133
Currency options	0	179
Interest rate swaps	0	6
Net investment hedge	12	0
Tax loss carried forward	-153	-1,926
Basis for deferred tax	-59	-1,874
Deferred tax in income statement	16	414
Deferred tax in equity	-3	-1
Deferred tax asset	13	412

The company has a temporary difference per December 31, 2024 related to the limitation of the

deductibility of interest of NOK 389 million (NOK 389 million in 2023) which is not recognized in the

balance sheet.

The deferred tax asset is recognized only to the extent it is considered probable that future taxable

profits will be available to utilize the tax losses and credits. The forecasted future taxable profits in Aker

Solutions ASA mainly consist of expected taxable group contributions from the subsidiaries.


Amounts in NOK million	2024	2023

Income tax benefit
Origination and reversal of temporary differences	-398	90
Withholding tax	-2	-5
Total tax income	-399	84

Effective Tax Rate


Amounts in NOK million	2024	2023

Income tax 22 percent	-411	-2,019
Tax on permanent differences	13	2,109
Withholding tax	-2	-5
Total tax income	-399	-84



183	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 5 Investments in Group Companies

Financial Reporting Principles

Investments in subsidiaries are measured at cost. The investments are written down to fair value when

the impairment is not considered to be temporary. Impairment losses are reversed if the basis for the

impairment is no longer present.

Dividends and other distributions from subsidiaries are recognized in the same year as they are

recognized in the financial statement of the provider. If the distributed dividend in the subsidiary exceeds

accumulated profits in the ownership period, the payment is treated as a reduction of the carrying value

of the investment.

Investment in Group Companies


Amounts in NOK million	Registered office	Share capital	Number of shares held	Percentage owner-/ voting share	Book value

Aker Solutions Holding AS	Fornebu, Norway	3,600	30	100%	16,357
Aker Solutions Financial Holding AS	Fornebu, Norway	30	30	100%	30
Total investments in group companies					16,387

Other Investments

Aker Solutions ASA has shares in Aker Carbon Capture ASA and Aker Horizon ASA. The shares are

booked at fair value.

Note 6 Receivables and Borrowings from Group Companies

Financial Reporting Principles

Assets and liabilities are presented as current when they are due within one year or if they are part of the

operating cycle. Other assets and liabilities are classified as non-current. Current assets are valued at the

lowest of cost and fair value. Current liabilities are valued at nominal value at the time of recognition.

Non-current receivables are measured at cost less impairment losses that are not considered to be

temporary. Non-current liabilities are initially valued at transaction value less attributable transaction

cost. Subsequent to initial recognition, interest-bearing non-current borrowings are measured at

amortized cost with any difference between cost and redemption value being recognized in the income

statement over the period of the borrowing on an effective interest basis.

Trade and other receivables are recognized at the original invoiced amount less allowances for expected

losses. Provisions for expected losses is considered on an individual basis.

All current receivables and borrowings are due within one year.

Aker Solutions ASA has a centralized cash concentration arrangement (cash pools) with DNB where

balances are consolidated and netted across legal entities and countries. The participants in the cash

pools are jointly and severally liable and it is therefore important that Aker Solutions as a group is

financially viable. In addition cash management arrangements are set up with local banks in Malaysia,

India and other jurisdictions where cash concentration is prohibited. The cash pool and cash management

arrangements cover a majority of the group's geographical footprint and ensure control of and access to

the majority of the group's cash. Participation in the cash pool is vested in the group policy and decided

by each company's board of directors and confirmed by a statement of participation.

The cash pool systems were showing a net balance of NOK 1,854 million per December 31, 2024 (NOK

3,978 million per December 31, 2023). This amount is reported in Aker Solutions ASA's accounts as

short-term borrowings from group companies and as cash in the cash pool system.

Aker Solutions ASA is the group’s central treasury function and enters into borrowings and deposit

agreements with group companies. Deposits and borrowings are agreed at market terms and in

accordance with transfer pricing principles and are dependent on the group companies’ credit quality,

country risk and the duration of the borrowings.



184	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Receivables and Borrowings with Group Companies


Amounts in NOK million	2024	2023

Group companies interest-bearing deposits in the cash pool system	13,716	12,989
Group companies interest- bearing borrowings in the cash pool system	-26	0
Aker Solutions ASAs net borrowings in the cash pool system	-11,836	-9,010
Cash in cash pool system	1,854	3,978

Current interest-bearing receivables from group companies	218	10
Non-current interest-bearing receivables from group companies	51	39
Current interest-bearing borrowings from group companies	-14,626	-18,303
Net interest-bearing borrowings from group companies	-14,357	-18,253

Current non interest-bearing receivables from group companies	2,583	9,644
Current non interest-bearing borrowings from group companies	1,607	994
Net non interest-bearing receivables from group companies	4,191	10,638
Total net borrowings from group companies	-8,312	-3,637

Note 7 Financial Risk Management and Financial

Instruments

Currency Risk

As of December 31, 2024, Aker Solutions ASA has outstanding foreign exchange contracts with other

entities in the group with a gross total value of approximately NOK 2.8 billion (NOK 2.7 billion in 2023).

Large contracts are hedged back-to-back with external banks, while minor contracts are hedged based

on internal matching principles. The overarching strategy is that 80 percent of the value of the hedging

instruments shall either qualify for hedge accounting or be hedges of separate embedded derivatives.

However, due to significantly lower total currency exposure in projects following the divestment of the

Subsea segment, the qualifying portion of hedges was 67 percent as of December 31, 2024. Aker

Solutions ASA does not apply hedge accounting to any of the currency derivatives. All financial assets

and liabilities related to foreign exchange contracts are revalued at fair value in respect to exchange rate

movements each period.

The treasury function within Aker Solutions ASA also has a mandate to hold limited positions in the

currency and interest markets. The mandate has limits that are strictly defined and is operated under a

strict stop-loss regime. In addition to the general mandate, Treasury has hedged parts of the currency

exposure from USD denominated proceeds from the OneSubsea formation with financial derivatives. All

open positions are continuously monitored on a mark to market basis.

The fair value of foreign exchange forward contracts and options is presented in the table below.


	2024		2023
Amounts in NOK million	Assets	Liabilities	Assets	Liabilities

Forward exchange contracts with group companies	30	-58	44	-50
Forward exchange contracts with external counterparts	138	-28	56	-182
Currency options contract with external counterparts	0	0	197	-18
Total	169	-86	297	-249

All instruments are booked at fair value as per December 31.



185	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Interest Rate Risk

In previous years Aker Solutions interest exposure mainly arose from any external funding in bank and

debt capital markets. Aker Solutions risk management strategy is that 30-50 percent of the interest

exposure on any borrowings shall be fixed interest rate for the duration of the debt. The company has

used interest rate swaps to achieve the desired fixed/floating ratio of the external debt. As of December

31, 2024 Aker Solutions has no drawn debt from external lenders or outstanding interest rate swaps with

external counterparties. The revolving credit facility was undrawn at the year-end.

The fair value of interest rate swaps is presented in the table below.


	2024		2023
Amounts in NOK million	Assets	Liabilities	Assets	Liabilities

Interest rate swaps - cash flow hedge (against equity)	0	0	6	0
Total	0	0	6	0

Credit Risk

Credit risk relates to loans to subsidiaries, overdraft in the group cash pool, hedging contracts,

guarantees to subsidiaries and deposits with external banks. Loans to subsidiaries are subject to loan

applications approved by the relevant Senior Vice President. Loss provisions are made in situations where

the company is not expected to be able to fulfill its loan obligations from future earnings. External

deposits and forward contracts are placed with reputable relationship banks, primarily where the

company also has a borrowing relation. The existence of netting agreements between Aker Solutions

ASA and the relationship banks reduces the credit risk.

Liquidity Risk

Liquidity risk relates to the risk that the company will not be able to meet its debt and guarantee

obligations and is managed through maintaining sufficient cash and available credit facilities. The

development in the group's and thereby Aker Solutions ASA's available liquidity is continuously

monitored through weekly and monthly cash forecasts, financial strategy plans and long-term business

forecast.

See note 3 for more information about financial income and expenses

Note 8 Financial Investments

Currency Risk

Aker Solutions’s investment strategy allows investments in liquid money market funds with low risk and

interest period below 6 months and credit duration below 2 years. The rationale is to diversify the risk

among debtors and enhance the return from surplus cash, compared to the interest rate in the cash pool.

In 2023 and 2024, Corporate Treasury has invested surplus liquidity in time deposits and liquid funds to

distribute risk among counterparties and enhance the return compared to the interest rate in the cash

pool. Funds were sold during 2024 to free up cash to pay extraordinary dividend. As of December 31,

2024 all cash in the group was held on cash-pool and non-pool bank accounts.


Amounts in NOK million	2024	2023

Liquid funds	0	3,030
Total	0	3,030



186	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 9 Shareholders' Equity

Financial Reporting Principles

Repurchase of share capital is recognized at cost as a reduction in equity and is classified as treasury

shares. No gain or loss is recognized in the income statement on the purchase or sale of the company's

own shares.

Shareholders' Equity


Amounts in NOK million	Share capital	Share Premium	Treasury Shares	Hedging reserve	Retained earnings	Total

Equity as of December 31, 2023	532	3,687	-3	5	11,115	15,336
Repurchase of treasury shares	0	0	-14	0	-487	-501
Shares issued to employees through share purchase program	0	0	3	0	67	70
Earnings for the period	0	0	0	0	1,470	1,470
Proposed dividend	0	0	0	0	-1,582	-1,582
Extraordinary dividend	0	0	0	0	-10,048	-10,048
Other changes to equity	0	0	0	0	10	10
Net investment hedge	0	0	0	0	9	9
Cash flow hedge1	0	0	0	-5	0	-5
Equity as of December 31, 2024	532	3,687	-14	0	554	4,759

1)The value of interest swap agreements changing interest from floating to fixed is recognized directly in equity and will be

released to income together with the corresponding interest expenses.

Share Capital

Aker Solutions ASA was founded May 23, 2014, and has a nominal share capital of NOK 531,540,456

with a total number of outstanding shares of 492,167,089 at par value NOK 1.08 per share as of

December 31, 2024.

All issued shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal

rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to

one vote per share at general meetings.

Treasury Shares

The group purchases its own shares to meet obligations under employee share purchase programs.

Treasury shares are not included in the weighted average number of ordinary shares. Earnings per share

have been calculated based on an average of 481,905,159 shares outstanding December 31, 2024.

Consideration for treasury shares sold in 2024 was NOK 69 million.


Amounts in NOK million	Number of shares

Treasury shares as of December 31, 2023	2,468,935
Purchase	12,303,831
Sale	-1,929,209
Treasury shares as of December 31, 2024	12,843,557

See note 3 and 7 for more information about the hedging reserve for interest rate swap agreements



187	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Note 10 Shareholders

Shareholders with more than 1 percent shareholding per December 31 are listed below.

2024


Company	Nominee	Numbers of shares held	Ownership
Aker Holding AS		193,950,894	39.41%
Nærings- og fiskeridepartementet		30,092,943	6.11%
Folketrygdfondet		29,507,600	6.00%
Aker Solutions ASA		12,843,557	2.61%
State Street Bank and Trust Comp	NOM	11,371,873	2.31%
The Bank of New York Mellon	NOM	7,024,556	1.43%
J.P Morgan SE		6,626,525	1.35%
JPMorgan Chase Bank, N.A	NOM	5,789,937	1.18%

2023


Company	Nominee	Numbers of shares held	Ownership
Aker Holding AS		193,950,894	39.41%
Nærings- og fiskeridepartementet		30,092,943	6.11%
Folketrygdfondet		27,877,176	5.66%
State Street Bank and Trust Comp	NOM	8,472,339	1.72%
The Bank of New York Mellon	NOM	6,486,092	1.32%
JPMorgan Chase Bank, N.A	NOM	5,622,520	1.14%
The Bank of New York Mellon SA/NV	NOM	5,457,985	1.11%
J.P Morgan Securities PLC	NOM	5,411,361	1.10%
J.P Morgan SE	NOM	5,180,375	1.05%

Note 11 Guarantees


Amounts in NOK million	2024	2023

Parent company guarantees to group companies	122,417	129,859
Counter guarantees for bank/surety bonds	6,200	7,094
Total guarantee liabilities	128,617	136,953

Parent company guarantees are issued on behalf of subsidiaries in contractual obligations towards

customers. The amounts disclosed above represent the total contractual value of the customer contracts

and include guarantees issued on behalf of Related Parties.

Bank guarantees and surety bonds are issued on behalf of Aker Solutions subsidiaries and Related

Parties, and counter indemnified by Aker Solutions ASA.

See note 2 for more information about revenue from guarantees

Note 12 Related Parties

Transactions with subsidiaries and related parties are described in the following notes:


Operating Revenue and Expenses	Note 2
Financial items	Note 3
Investments	Note 5
Cash pool	Note 6
Receivables and borrowings	Note 6
Foreign exchange contracts	Note 7
Guarantees	Note 11

Transactions with related parties are based on negotiations between the parties, and management

believes that the agreed prices are a fair approximation to arm's length terms.



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Independent Auditor’s Report



189	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu



190	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Alternative

Performance

Measures

Aker Solutions discloses alternative performance measures in addition

to those normally required by IFRS as such performance measures are

frequently used by securities analysts, investors and other interested

parties. Alternative performance measures are meant to provide an

enhanced insight into the operations, financing and future prospects

of the company.



191	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Profit Measures

EBITDA and EBIT terms are presented as they are used by financial analysts and investors. Special items

are excluded from EBITDA and EBIT as alternative measures to provide enhanced insight into the

financial development of the business operations and to improve comparability between different periods.


EBITDA	is short for earnings before interest, taxes, depreciation and amortization. EBITDA corresponds to the “operating income before depreciation, amortization and impairment” in the consolidated income statement in the annual report.

EBIT	is short for earnings before interest and taxes. EBIT corresponds to “operating income” in the consolidated income statement in the annual report.

Margins	such as EBITDA margin and EBIT margin are used to compare relative profit between periods. EBITDA margin and EBIT margin are calculated as EBITDA and EBIT divided by revenue.

Special items	may not be indicative of the recurring operating results or cash flows of the company. Profit measures excluding special items are presented as alternative measures to improve comparability of the underlying business performance between periods.

Profit Measures continues on next page



192	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Profit Measures cont.


	Renewables and Field Development		Life Cycle		Other		Aker Solutions
Amounts in NOK million	2024	2023	2024	2023	2024	2023	2024	2023

Revenue	38,090	22,491	13,249	13,072	1,072	494	52,410	36,057
Net profit equity accounted investees	0	29	0	0	790	176	790	205
Non-qualifying hedges	0	0	0	0	-8	-155	-8	-155
Sum of special items excluded from revenue	0	0	0	0	-8	-155	-8	-155
Revenue ex. special items	38,090	22,520	13,249	13,072	1,854	515	53,193	36,107

EBITDA	3,097	973	920	686	552	-492	4,568	1,166
Restructuring cost	1	5	0	0	8	19	9	24
Non-qualifying hedges	0	0	0	0	-3	17	-3	17
Other special items	0	1	0	0	59	87	58	87
Sum of special items excluded from EBITDA	1	6	0	0	63	123	63	128
EBITDA ex. special items	3,097	979	920	686	615	-370	4,632	1,295

EBITDA margin	8.1%	4.3%	6.9%	5.2%			8.6%	3.2%
EBITDA margin ex. special items	8.1%	4.3%	6.9%	5.2%			8.7%	3.6%

EBIT	2,312	597	782	565	293	-740	3,388	422
Sum of special items excluded from EBITDA	1	6	0	0	63	123	63	128
Impairments	2	0	0	0	20	60	22	60
Sum of special items excluded from EBIT	3	6	0	0	83	182	85	189
EBIT ex. special items	2,315	603	783	565	376	-557	3,474	611

EBIT margin	6.1%	2.7%	5.9%	4.3%			6.4%	1.2%
EBIT margin ex. special items	6.1%	2.7%	5.9%	4.3%			6.5%	1.7%

Profit Measures continues on next page



193	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Profit Measures cont.


Amounts in NOK million	2024	2023

Net income (loss) from continuing operations	2,665	-15
Net income from discontinued operations	0	11,540
Net income from total operations	2,665	11,525

Sum of special items excluded from EBIT	85	189
Financial items1	601	455
Non-qualifying hedges	0	-34
Tax effects on special items	-150	-125
Net income continuing operations ex. special items	3,201	469
Gain from disposal of discontinued operations	0	-9,723
Other special items on discontinued operations	0	142
Net income discontinued operations ex. special items	0	1,959
Net income total operations ex. special items	3,201	2,428
Net income to non-controlling interests	-9	112
Net income continuing operations ex. special items and non-controlling interests	3,192	581

Average number of shares (in '000)	481,905	488,829
Earnings per share from continuing operations2	5.51	0.20
Earnings per share from discontinued operations2	0.00	23.61
Earnings per share from total operations2	5.51	23.81
Earnings per share from continuing operations ex. special items3	6.62	1.19
Earnings per share from discontinued operations ex. special items3	0.00	4.01
Earnings per share from total operations ex. special items3	6.62	5.20

1) Financial items related to currency derivatives and shares in SLB.

2) Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares.

3) Earnings per share ex. special items is calculated using Net income ex. special items, adjusted for non-controlling interests, divided by average number of shares.



194	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Order Intake Measures

Order intake, order backlog and book-to-bill ratios are presented as alternative performance measures, as they are indicators of the company’s revenues and operations in the future.


Order intake	includes new agreed customer contracts in the period in addition to expansion of existing contracts. For construction contracts, the order intake includes the value of agreed contracts and options, and value of agreed change orders and options. It does not include potential options and change orders. For service contracts, the order intake is based on estimated customer revenue in periods that are firm in the contracts.

Order backlog	represents the estimated value of remaining work on agreed customer contracts. The order backlog does not include parts of service agreements, which is short-cycled or book-and-turn in nature. The order backlog does also not include potential growth or value of options in existing contracts.

Book-to-bill ratio	is calculated as order intake divided by revenue from customer contracts in the period. A book-to-bill ratio higher than 1 means that the company has secured more contracts in the period than what has been executed in the same period.


	2024			2023
Amounts in NOK million	Order intake	Revenue from customer contracts	Book-to-bill	Order intake	Revenue from customer contracts	Book-to-bill

Renewables and Field Development	24,011	38,069	0.6x	22,523	22,095	1.0x
Life Cycle	14,951	13,240	1.1x	11,781	13,065	0.9x
Other/eliminations	1,123	892		999	722
Aker Solutions	40,085	52,202	0.8x	35,303	35,882	1.0x



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Financing Measures

Alternative financing and equity measures are presented as they are indicators of the company’s ability to obtain financing and service its debts.


Liquidity buffer (liquidity reserve)	is a measure of available cash and is calculated by adding together the cash and cash equivalents and the unused credit facility.


Amounts in NOK million	2024	2023

Cash and cash equivalents	2,860	6,003
Credit facility (unused)	3,000	3,000
Liquidity buffer/reserve	5,860	9,003


Net current operating assets	(NCOA) or working capital is a measure of the current capital necessary to maintain operations. Working capital includes trade receivables, trade payables, accruals, provisions and current tax assets and liabilities.


Amounts in NOK million	2024	2023

Current tax assets	106	75
Inventory	46	44
Customer contract assets and other receivables	4,925	2,317
Trade receivables	6,208	5,268
Prepayments	1,288	1,214
Current tax liabilities	-122	-62
Provisions	-3,690	-3,405
Trade payables	-2,769	-2,554
Other payables	-9,411	-6,550
Customer contract liabilities	-4,428	-4,831
Net current operating assets (NCOA)	-7,848	-8,484


Net interest- bearing debt	is a measure that shows the overall debt situation. Net interest bearing debt is calculated by netting the value of a company's liabilities and debts with its cash and cash equivalents.


Amounts in NOK million	2024	2023

Non-current borrowings	0	0
Current borrowings	0	0
Cash and cash equivalents	-2,860	-6,003
Net interest-bearing debt	-2,860	-6,003


Equity ratio	is a financial ratio indicating the relative proportion of equity used to finance a company's assets and is a measure of the level of leverage used by a company.


Amounts in NOK million	2024	2023

Equity	11,126	18,953
Total assets	36,157	41,253
Equity ratio	30.8%	45.9%



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Independent Auditor’s Report



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2 The definition of minority groups include: Disabled and neurodiverse people, people who identify as LGBTQ+, people of color and people with a foreign background.



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ARP for Norway

(Aktivitets- og Redegjørelsesplikten)

This section complements and elaborates the information on Diversity, Equity and Inclusion in the

Annual Report, to ensure compliance with the specific legal requirements in Norway of ARP (Activity

and Reporting Duty). The information and figures stated in the following relates to our activities in

Norway only unless otherwise indicated.

Aker Solutions is a global company consisting of several legal entities. When describing the Norwegian

part of the organization in this chapter, we are including all legal entities with employees in Norway. With

regards to the threshold in Norwegian reporting obligations on workplace equality and diversity, the

following Norwegian legal entities have more than 50 employees: Aker Solutions AS, Benestad Solutions

AS and Aker Solutions Hydropower AS.

Diversity, Equity and Inclusion

Our people are at the heart of what we do and who we are as a company. Our goal is to make Aker

Solutions a place where everyone can perform at their best by creating opportunities for all.

At the end of 2024, our workforce in Norway consisted of 9,123 permanent employees. We employed 85

different nationalities and our gender balance was 21.5 percent female. During the year, we welcomed

over 1,700 new colleagues.

Our ability to solve challenges and deliver value to our stakeholders is empowered by the diversity of our

workforce. We seek to increase the diversity of our workforce and see people’s differences as a potential

source of creativity, innovation, and a key competitive advantage. To leverage this diversity, we focus on

building a strong inclusive culture where our colleagues feel they can bring their full self to work.

A lack of workforce diversity and unequal treatment of employees can have significant negative social

and economic impacts. As diversity ensures richer perspectives, enhances innovation, and promotes

fairness in the workplace, a homogenous workplace can limit varied inputs and opinions in company

decisions and has a negative social impact. In addition, unequal treatment undermines the work

environment and may negatively impact the overall company morale and productivity.

Aker Solutions is committed to the principles of non-discrimination and equal opportunity, regardless of

gender, age, nationality, or other factors. In accordance with our Code of Conduct and People Policy, we

mitigate potential bias in all our personnel processes, through policies, process design and training of our

staff. We also monitor and promote diversity and equal treatment in recruitment, promotions, competency

development and salary reviews. Any allegations of discrimination, harassment or other misconduct is

handled and investigated according to our whistleblowing procedure.

Identifying Risks and Setting Targets

Ensuring a good working environment is essential to our safety and performance. We continuously

monitor and analyze statistics and survey data to get early indicators and focus on resolving any issues

both on a structural and individual level. Aker Solutions builds on our Norwegian traditions for a strong

and engaged collaboration with our employee representatives/trustees/safety delegates in relation to

this work.

Working environment committees (AMU/KAMU), Inclusive Work-life (IA utvalg) and DEI committees are

an integrated part of our organization on all levels and follow an annual structured process for assessing

risks, setting priorities and actions and evaluating the outcome of these.

In the fourth quarter of 2024, we distributed a comprehensive anonymous survey to all our employees, to

help us understand the diversity of our workforce and attempt to measure how inclusive our workplace

really is. The results are shared openly with the organization and will be used throughout 2025 to set,

prioritize and track initiatives across the organization.

The findings reveal that while Aker Solutions is a male dominant workplace (71 percent are men) it can be

described as a diverse one in many other ways. The demographic composition reflects a workplace with

diverse identities and experiences, encompassing gender, neurodiversity, cultural backgrounds, linguistic

diversity and more. On an aggregate level, our employees report a high level of inclusion. 81 percent of

respondents reported feeling very or fairly comfortable being themselves at work, without hiding any

parts of their identity or background.

When comparing the reported levels of inclusion between minority 2 and majority groups, we see

significant differences. Employees that belong to minority groups typically experience less inclusion and

seem more exposed to negative experiences in the workplace. For certain parts of the company, we see

the same differences when comparing men and women. In general, employee experiences vary

significantly depending on job-related factors such as place of work, position in the hierarchy and office

vs non-office roles.



199	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Engagement and Awareness

Throughout 2024, we have arranged global and local events to raise awareness, engagement and

competence on several topics related to DEI. Globally, we have marked the importance of diversity and

inclusion through various internal campaigns such as celebrating International Women’s Day, Pride month

and arranging a global virtual Pride event, as well as workshops and training on mental health and cultural

awareness. During Pride month, we launched a gamified learning experience to raise awareness around

LGBTQ+ and inclusion in general. To date, the game has been played by more than 2,000 of our

employees. Various cultural and religious events such as Diwali and Eid have been marked and

celebrated to show our commitment to a culturally diverse and inclusive workplace.

We launched a series of training modules in the format of digital “micro-learning”, covering inclusive

leadership, privilege awareness, professionalism bias and generational diversity. The purpose of this is to

raise general awareness about how diversity is a strength but dependent on an inclusive culture. Specific

e-learning was also launched this year to address topics such as bullying and harassment in the

workplace, sexual harassment and misogynistic communication.

Gender Balance

In 2024, we announced enterprise gender diversity targets aimed at achieving gender balance, especially

in leadership roles. This balance is essential for fostering an environment where all voices are heard and

valued. Our targets are:

◼ By 2030, gender balance among our top 200 leaders (no gender <40 percent)

◼ By 2025, 15 percent increase in female leaders in both line and project roles

◼ Gender balanced graduate intake in 2024 (no gender <40 percent)

Reaching these targets are largely dependent on our ability to recruit more female colleagues. In the

statistics for higher education in Norway within the Science,Technology, Engineering and Mathematics

(STEM) subjects there is a skewed distribution of the number of female students compared to male

students, which is a challenge when it comes to improving gender balance in our industry. A concrete

action in this regard is that Aker Solutions in Norway is an active partner and sponsor of the female and

non-binary network for students at the Norwegian University of Science and Technology (NTNU), where

we highlight female success stories and employee journeys (internally and externally).

Internally, we have made several efforts to improve the inclusion of women over the course of 2024. In

particular, we have looked into the specific needs related to female health such as menopause and held

awareness workshops and published information internally on this topic. We also installed dispensers of

free female sanitary products at many of our workplaces. Particularly at our yards, where a convenience

store may be far away, this is an important practical step which also signals our commitment to an

inclusive workplace.

A more Inclusive Working Life

Aker Solutions recognizes our societal role in improving equality and providing opportunities for those

who face barriers in reaching their potential in the workplace. Creating an inclusive workplace also means

that we need to scrutinize how we recruit and source talent, removing obstacles and mitigating any bias

in our processes.

We are an active contributor to the Norwegian cooperation on inclusive working life (The IA Agreement),

and work systematically to reduce sick leave and withdrawal from work life. Through our collaboration

and support to the VI foundation (Stiftelsen VI), we focus on the importance of including people who

identify as disabled or neurodiverse. During 2024, we have participated and contributed to several public

webinars and workshops on inclusion arranged by Stiftelsen VI, to share our experience on creating a

more inclusive work-life.

Our yard in Egersund has established an agreement with NAV (the Norwegian Labour and Welfare

Administration) to step up our efforts as an inclusive employer and enable opportunities for people who

are facing barriers in finding a job through regular recruitment. A dedicated role has been established to

work exclusively with this group of candidates, matching them with opportunities and supporting line

managers with onboarding and training towards a goal of permanent employment. During 2024, we

expanded this initiative to our other yards and office locations in Norway and reached our target of hiring

more than 50 employees on temporary or permanent basis In collaboration with NAV. We plan to build on

the lessons learned and continue this collaboration in 2025.

As part of our work to address neurodiversity we have launched an initiative to improve inclusion of

people with dyslexia. The initiative includes training and a toolbox as well as efforts to adapt courses, e-

learnings and internal communication to be increasingly dyslexia-friendly. The initiative will continue in

2025.

Generational Diversity

At Aker Solutions, we recognize the importance of age diversity and value the unique perspectives and

expertise that employees from various age groups bring to the organization. During 2024, we have

engaged in discussions with our employee resource groups on how we can best facilitate collaboration

between the generations, and we launched an e-learning course on generational diversity.

Our commitment to age diversity goes beyond simply acknowledging the different age groups present

within our workforce. We actively encourage collaboration and knowledge-sharing among employees of

all ages, fostering a dynamic and inclusive work environment. Through mentorship programs, reverse

mentoring initiatives, and cross-functional teams, we aim to harness the collective power of a multi-

generational workforce, where everyone can contribute, learn from each other, and grow together.



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Inclusive Recruitment

During 2024 we engaged with an external partner to review our recruitment practices and employer

branding. The objective was to identify and remove barriers to minority groups such as people with a

disability, mitigate bias in recruitment and increase awareness amongst our hiring managers. Our

webpage was tested for universal access, our recruitment process steps were scrutinized and a “mystery

applicant” test was performed to check for bias in our screening and selection. While no discrimination

was uncovered, we identified several improvement areas such as simplification of our job requirements

and job postings, considering flexible workload for all jobs and further educating our recruiters and hiring

managers on inclusive recruitment practices. We will continue the work on these improvement areas in

2025.

Key activities related to the activity duty (aktivitetsplikten) in 2024:


Area	Activities in 2024	Responsibility and status
Recruitment	▪ Review and certification of our recruitment process in partnership with InClue ▪ Target of a gender balanced graduate intake	Responsible: HR Status: Ongoing
Salary and employment terms	▪ Analyzing pay gaps, market levels and any discrepancies ▪ Training leaders and HR on salary placement and our policies to ensure equal pay	Responsible: HR Status: Ongoing, continuous and annual activities
Promotions and development opportunities	▪ Targeting gender balance amongst our top 200 leaders by 2030, and 15 percent increase in female leaders by 2025 ▪ Identifying female successors for all key senior leadership roles ▪ Targeting diverse groups of participants in all nominated learning programs	Responsible: HR Status: Ongoing
Reasonable accommodations	▪ Implementing a digital system for employees to share their accommodation needs with manager/colleagues, ensuring data privacy ▪ Developed a database containing information and guidance to employees and leaders on reasonable accommodation available	Responsible: HR Status: Ongoing
Work-life balance	▪ Updated guidance on flex-work for all office employees, allowing up to three days working from home ▪ Provided webinars, workshops and information in meetings on mental health and physical activity as stress-reducing measure	Responsible: HR/BHT Status: Completed
Bullying, sexual harassment and gender-based violence	▪ Implemented e-learning on preventing bullying and harassment in the workplace ▪ Established survey which polls any experience of bullying, harassment and violence in the workplace	Responsible: HR Status: Completed



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Gender Pay Reporting

Aker Solutions pay philosophy is designed to support the Company's strategic objectives, promote a

people development and performance culture and ensure pay equity and transparency in our approaches.

The Norwegian Equality and Discrimination Act requires Companies to report on gender pay gap among

employees. The key findings from our gender pay analysis are presented below.

Methodology

The data pool in the analysis includes active employees who worked the full year from year end 2023 to

year end 2024, encompassing both permanent and temporary office and non-office workers.

For Norwegian reporting purposes (ARP), figures are broken down by legal entities in Norway.

The Norwegian Equality and Discrimination Act gender pay gap methodology shows the percentage

difference between the average gross salary of men and women by base salary and total compensation,

split into job level categories. The data pool included the following pay components: base salary,

overtime pay, shift premiums, allowances, and bonuses. Total compensation encompasses all the pay

components.

Figures were weighted by female population size to reflect actual gender pay gap disparity. To protect

data confidentiality and ensure a sufficient data pool, at least five employees of each gender must be

present in each job category to be reported.

Gender Pay Gap Findings

The table below shows the gender pay gap findings based on ARP methodology.

◼ The total number of employees in the data pool and the percentage of employees reporting for overall

country base salary and total compensation figures, considering cases where there are fewer than 5

employees in a job category

◼ The overall weighted figures for ARP reporting on base salary and total compensation

Based on the Norwegian reporting requirements, the weighted women’s average salary in percentage of

men’s weighted average salary (including non-office roles) is 96 percent for base salary and 90 percent

for total compensation. There is no base salary pay gap for non-office employees in Norway as they

follow a tariff salary scheme based on education years. For total compensation, the gap is 89 percent as

more overtime, shift and irregular payments related to working time is registered by men.

Aker Solutions consulted with Norwegian employee representatives on the job category breakdown prior

to analysis. Norwegian employee representatives were presented the gender pay gap analysis findings

prior to publishing of the annual report.

Gender Pay Gap Reflections

The energy industry is a male dominated industry. Availability of female candidates with education within

Science, Technology, Engineering and Mathematics (STEM) is increasing, but is still low in most of the

markets where we operate. The uneven gender distribution in the industry influences the pay gap due to

under representation. The 2024 reporting shows less than 27 percent of the workforce in the data pool

were women. The pay gap is higher for total compensation than for base salary reflecting the general

trend that men work more overtime and have more variable compensation elements (e.g., compensation

for shift work or odd hours) than women. The level of temporary and part-time work in the organization is

low, and no involuntary part-time work is identified.

For Norway, the base pay gap remains the same as in 2023, however, improvements are seen in the

Executive and Senior Management levels for base salary and total compensation. For levels below senior

management positions the total compensation gap widens because men work more overtime than women

and have more variable compensation resulting from shift work, irregular hours, etc.

Aker Solutions is committed to fair and equitable pay. Aker Solutions has a mandatory global

compensation procedure to ensure gender-neutral pay and mitigate unconscious bias. This process

includes clear principles for determining base salaries, conducting annual salary reviews, and managing

out-of-cycle adjustments. The annual review is facilitated through our HRIS system, with online training

for managers and HR partners to guide evaluations based on approved principles, country-specific

budgets, union agreements, salary range positioning, and the employee’s combined performance and

development in the role. In addition to transparent and unbiased compensation procedures, Aker

Solutions is introducing more robust reporting capabilities for our Managers and HR business partners to

be able to regularly assess pay gaps and address (if any) accordingly.



202	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu


				Non-Office		Entry and junior professionals		Professionals		Specialists and team leaders		Senior management		Executives		Total weighted country results
	Female headcount	Male headcount	% employees covered in the ARP analysis	Base salary	Total compen sation	Base salary	Total compen sation	Base salary	Total compen sation	Base salary	Total compen sation	Base salary	Total compen sation	Base salary	Total compen sation	Base salary	Total compen sation
Norway	1,682	6,339	98%	100%	89%	n/a	n/a	97%	87%	93%	89%	97%	95%	97%	95%	96%	90%
Aker Solutions AS	1,654	6,230	98%	100%	89%	n/a	n/a	97%	87%	93%	89%	97%	95%	97%	95%
Aker Solutions Hydropower AS	9	72	0%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Benestad AS	19	37	38%	100%	111%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a



203	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Information about our Workforce in Norway

The Norwegian Equality and Discrimination Act requires companies to disclose specific workforce data in

Norway related to gender distribution of the workforce and part-time, temporary work and parental leave.

The sections disclose these figures.

Gender Distribution:

The gender distribution shows that of the data pool used, 75 percent of our office-based employees are

male in Aker Solutions in Norway. Among non-office employees, 93 percent of the employees are male.


	Male	Female

Office Based Roles
Executives	75%	25%
Senior Management	77%	23%
Senior Specialists and Team leaders	73%	27%
Professionals	68%	32%
Entry Level and Junior Professionals	75%	25%

Non-Office Based Roles
Operators and Team Leaders	93%	7%
Total	79%	21%

Temporary Work

The vast majority of our Norwegian employees are employed on permanent employment contracts.

Attracting and developing new competence is critical for Aker Solutions and the employment of

apprentices is an essential part of this effort. Apart from a small number of seasonal workers (summer

interns, etc.) all temporary workers identified are apprentices. A high percentage of our apprentices are

offered permanent employment upon completing their apprentice period. 1.9 percent of male employees

and 0.5 percent of female employees worked on temporary contracts in 2024.

Part-time Work

Aker Solutions had a very low level of part-time work in Norway during 2024. 1.0 percent of male and 0.9

percent of female employees worked part-time. All of them did this because of their own request. No

involuntary part-time work has been identified.

Parental Leave

Parental leave follows legal regulations and individual choices. During 2024, female employees on

parental paid leave took an average of 30 weeks, while male employees took an average of 31 weeks

paid parental leave. There was, however, a higher number of women starting their parental leave in 2023,

hence these days are not counted in the 2024 averages. Aker Solutions pays full salary to employees on

parental leave – including for employees with higher salary than the cap in Norwegian social security

regulations.



204	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Board of Directors

Leif-Arne Langøy

CHAIRMAN

Leif-Arne Langøy (born 1956) has gained senior executive

experience from several companies, including as President and

CEO of Aker Yards and Aker ASA. Langøy has extensive

experience as the chair of non-executive boards from a number of

different industrial companies. He is also deputy chair of both The

Resource Group TRG AS and TRG Holding AS. From 2011 to 2020

he was chair of the board for DNV GL Group AS. Langøy holds an

MSc in economics from the Norwegian School of Economics in

Bergen, Norway. As of Dec 31, 2024, Langøy holds through a

privately owned company 159,426 shares in Aker Solutions and has

no share options. Langøy is a Norwegian citizen. He has been

elected for the period 2023-2025.

Øyvind Eriksen

DEPUTY CHAIRMAN

Øyvind Eriksen (born 1964) is President and CEO of Aker ASA,

which is the main shareholder of Aker Solutions. Eriksen holds a law

degree from the University of Oslo. He is a former Partner, Director,

and Chair of the law firm BAHR. Eriksen currently chairs the boards

of several of the Aker Group’s main industrial and financial

businesses. In addition, he is on the board of a number of non-profit

organizations, including the Norwegian Cancer Society and the

Accenture Global Energy Board.

While Eriksen holds no shares or share options in Aker Solutions

directly, he has an ownership interest by holding 219,072 shares in

Aker ASA and 100,00 B-shares in TRG Holding AS through Erøy

AS, a privately owned company. Eriksen is a Norwegian citizen. He

has been elected for the period 2023-2025.

Kjell Inge Røkke

DIRECTOR

Kjell Inge Røkke (born 1958) is the main owner of Aker ASA and has

been a driving force in the development of Aker since the 1990s.

Røkke began his business career with the purchase of a 69-foot

trawler in the United States in 1982, and gradually built a leading

worldwide fisheries business.

In 1996, the Røkke controlled company, RGI, purchased enough

Aker shares to become Aker’s largest shareholder, and later merged

RGI with Aker. Mr. Røkke is currently Chair of The Resource Group

TRG AS, TRG Holding AS, and Aker ASA, as well as director of

several Aker companies.

As of Dec 31, 2024, Røkke controls 50,673,577 shares (68.2 per

cent) in Aker ASA through his investment company TRG AS and its

subsidiaries, and has no stock options. As of Dec 31, 2024, Røkke

holds no shares in Aker Solutions and he has no share options.

Røkke is a Norwegian citizen and resides in Switzerland. He has

been elected for the period 2023-2025.



205	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Birgit Aagaard-Svendsen

DIRECTOR

Birgit Aagaard-Svendsen (born 1956) has more than 35 years of

international business experience including several years within the

shipping and offshore industries. She served as Chief Financial

Officer of J. Lauritzen shipping company for 18 years and has been

the chairperson of the Danish committee on corporate governance.

She has a Bachelor of Science in engineering from the Technical

University of Denmark and a Graduate Diploma in Business

Administration from the Copenhagen Business School.

Aagaard-Svendsen is a board professional with extensive board

experience. She is Audit Committe Chair of DNV Group, Prosafe

and KommuneKredit (Denmark), and a Board Member of

Copenhagen Malmö Port AB and Otto Mønsted A/S. As of

December 31, 2024, she holds 90,000 shares in the company and

has no share options. Aagaard-Svendsen is a Danish citizen. She

has been elected for the period 2023-2025.

Aagaard-Svendsen is an independent board member.

Lone Fønss Schrøder

DIRECTOR

Lone Fønss Schrøder (1960) is a senior executive and advisor.

Fønss Schrøder is currently vice-chair of Akastor ASA, Volvo Cars

AB, and a director of Aker Horizaons and Geely Sweden Holdings

AB and chair of their audit committees. She is director of Ingka

Holding B.V. (Ikea Group) and Chair of Ikano Bank. Fønss Schrøder

has more than 30 years of international senior executive experience

in the A.P. Møller-Maersk group and as CEO for Wallenius Lines AB,

Star Air and Concordium. She is an experienced director with

former board positions in companies like Vattenfall, Dong

Transmission, CSL Group, Inc., Yara et al. Fønss Schrøder holds a

Master of Law (LL.M.) from the University of Copenhagen, and a

Science degree in Economics and Business Administration from

Copenhagen Business School. She holds no shares in the company

and has no share options. Fønss Schrøder is a Danish citizen. She

has been elected for the period 2024-2026

Fønss Schrøder is an independent board member.

Elisabeth Tørstad

DIRECTOR

Elisabeth Tørstad (born 1965) is CEO of Asplan Viak AS since

March 2019. Prior to this she has more than 15 years of experience

from leadership positions in DNV, where she also was part of the

Executive Board and Council in DNV from 2010 to 2019. Tørstad

holds a cand.scient. degree in structural physics from the University

of Oslo, and also degrees in civil engineering from Oslo

Ingeniørhøgskole and business administration from the Norwegian

School of Management (BI). She has served on several boards and

committees, including in Hexagon Composites, SINTEF and

DitigalNorway. Tørstad is currently member of the board of trustees

of Underwriters Laboratories Inc. As of December 31, 2023, she

holds 2,000 shares in Aker Solutions ASA and has no stock options.

Tørstad is a Norwegian citizen. She has been elected for the period

2022-2024.

Tørstad is an independent board member.



206	Aker Solutions Annual Report 2024	Board of Directors’ Report	Sustainability	Financials	Main menu

Jan Arve Haugan

DIRECTOR

Jan Arve Haugan (born 1957) has more than 40 years of projects-

and operational management experience. He started his

professional career in the Norwegian construction company F.

Selmer (now Skanska) and later as a consultant in Terra Mar Project

Management before he joined Norsk Hydro, a Norwegian industrial

conglomerate, as chief engineer in 1991. He served in several

leading positions in Hydro’s oil and gas projects and operations as

well as in Hydro’s aluminum business including the role as CEO in

Qatalum, Qatar until 2011. Haugan was President & CEO of

Kvaerner ASA from 2011 to 2018, when he assumed the role as

CEO of Aker Energy AS, focusing on ultra-deep-water oil and gas

exploration offshore Ghana. From 2020 to 2021 he was an advisor

to the CEO of Aker Horizons. From early 2021 to March 2024, he

had the role as COO of Freyr Batteries, a NYSE listed startup. He is

currently an industrial advisor at Bulk Industries and chairs the BoD

of Tensio AS, the DSO in Mid-Norway. Haugan holds an MSc in

construction management from the University of Colorado at

Boulder, USA. As of Dec 31, 2024, Haugan holds 136,527 shares in

the company and has no share options. Haugan is a Norwegian

citizen. He has been elected for the period 2024-2026.

Haugan is an independent board member.

Hilde Karlsen

DIRECTOR

Hilde Karlsen (born 1967) was elected by the employees of Aker

Solutions to the board of directors in March 2011. She is a group

union representative for Aker Solutions on a full-time basis and has

been employed by Aker Solutions since 1992. Karlsen has held

various positions at Aker Solutions and is now specialist engineer in

the projects center. She was the employees representative of the

Kværner Oil and Gas Board from 1993-2003. Karlsen has a

Bachelor of Science in mechanical engineering from Norway’s

Narvik University College. As of Dec 31, 2024, Karlsen and related

parties hold 29,849 shares in the company and have no share

options. Karlsen is a Norwegian citizen. She has been elected for

the period 2023-2025.

Arne Christian Rødby

DIRECTOR

Arne Christian Rødby (born 1973) was elected to the board of

directors by the employees of Aker Solutions, and he is the trade

unions' full-time Group representative. He started his employment

with Aker Solutions in 1990 and has held board positions in Aker

Subsea and Aker Solutions, as well as with non-profit organizations.

Rødby is a Norwegian citizen and Reserve officer of the Norwegian

Armed Forces. As of Dec 31, 2024, Rødby holds 2,090 shares in

Aker Solutions. He has been elected for the period 2023-2025.


Key Figures	3
Where we are	6
Highlights	7
CEO Introduction	8
Board of Directors' Report	10
Sustainability Statement	18
Consolidated Financial Statements	107
Parent Company Financial Statements	176
Independent Auditor's Report	188
Alternative Performance Measures	190
ARP for Norway (Aktivitets- og Redegjørelsesplikten)	198
Board of Directors	204