Aker Solutions Secures Extension of Maintenance and Modifications Agreement from OKEA

OSLO, March 11, 2022 - Aker Solutions has been awarded a substantial¹ seven-year contract extension (3+2+2 years) of an existing maintenance and modifications 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. 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.

"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.

"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.

Media Contact:

Torbjørn Andersen, mob: +47 928 85 542, email: torbjorn.andersen@akersolutions.com

Investor Contact:

Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com

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