Aker Solutions Secures Extension of Maintenance and Modifications Agreement from OKEA

Aker’s Maintenance and Modifications Agreement

Aker Solutions has been awarded a substantial[1] seven-year contract extension (3+2+2 years) of an existing maintenance and modifications agreement frame agreement with OKEA. The agreement covers work on all installations offshore Norway operated by OKEA.

Maintenance and modifications are crucial to ensure safe and efficient operations of installations and facilities. Aker Solutions has delivered maintenance and modifications services for OKEA since 2018 which will now be further extended to 2028.

Aker Solutions ASA, an engineering company based in Oslo, provides the products, systems and services required to unlock energy from sources such as oil, gas, offshore wind and CO2 capture. The company, founded in 1841, was known as Aker Kværner until 2008. (source: WIKI)

It includes exercising the remaining three options in the agreement. The work scope will cover concept study, engineering, procurement, construction and installation services for all onshore and offshore assets.

Maintenance and Modifications Agreement; Kjetel Digre

“We value the opportunity to build a long-term partnership with OKEA and the trust in our teams to continue delivering safe and efficient operations.

Our experiences working with OKEA in the last few years will enable us to accelerate initiatives towards cost-effective and low-carbon solutions, with a strong emphasis on continuous improvements and increased productivity in the work we deliver,” said Kjetel Digre, chief executive officer of Aker Solutions.

Maintenance and Modifications Agreement; Knut Gjertsen

“We are pleased to continue our collaboration with Aker Solutions in the long term by exercising all three options in the agreement.

I look forward to leveraging the cooperation of the workforce in both companies to maximize production in our fields safely while reducing carbon intensity,” said Knut Gjertsen, senior vice president of OKEA.

Aker Solutions’ teams in Kristiansund and Trondheim will continue to deliver to the agreement with support from other locations, including fabrication in Egersund.

The agreement will be booked as order intake in the first quarter of 2022 in the Electrification, Maintenance and Modifications segment.

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