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Aker Solutions signs LOI with OKEA for the Draugen Electrification Project

December 15, 2022

Aker Solutions has signed a Letter of Intent (LOI) with OKEA for the Draugen Electrification project, offshore Norway. The project is planned to involve major modifications of the existing platform to enable it to receive power from shore via an electrical power cable. This will replace the current power generation from gas turbines at the platform and reduce CO2 emissions by about 200,000 tonnes per year. Photo: OKEA

Aker Solutions expects the LOI to be converted to a full Engineering, Procurement, Construction and Installation (EPCI) contract during the first quarter of 2023. The company expects to book a substantial¹ order intake related to this contract in the first quarter of 2023 in the Electrification, Maintenance and Modifications (EMM) segment, subject to regulatory approvals.

The award of the LOI follows completion of front-end engineering and design (FEED) work performed by Aker Solutions.

¹Aker Solutions defines a substantial contract as between NOK 2.5 billion and NOK 4.0 billion.

ENDS

Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 15,000 people in more than 20 countries.

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

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Daniel Ingebricson, Communications, Aker Solutions, on December 15, 2022 at 14:06 CEST.