Aker Solutions ASA: Aker Solutions and Siemens Energy awarded full notice to proceed on Norfolk Vanguard West and East

OSLO, Jan. 15, 2025 - Aker Solutions, in a consortium with Siemens Energy, has reached an important milestone by receiving the full notice to proceed from RWE for the Norfolk Vanguard West and East offshore wind farms.

The Norfolk Vanguard West and East represent the first phase of RWE's Norfolk Offshore Wind Zone, which also includes the Norfolk Boreas developments. Once complete, the Norfolk Offshore Wind Zone will produce enough renewable electricity to power more than four million homes.

Aker Solutions has provided work for the projects under a limited notice to proceed announced in November 2023. The full notice to proceed represents a significant milestone, and underscores Aker Solutions' ambition to contribute to the global energy transition.

"We are proud to be a key partner in this important energy project, which represents a significant source of renewable energy and a major step in Europe's energy transformation," said Sturla Magnus, Executive Vice President for Aker Solutions' New Build segment.

"The project also aligns with Aker Solutions' strategy to expand our activities in renewables and energy transition projects, reinforcing our position as a leader in sustainable energy solutions."

The project is being executed through a consortium consisting of Aker Solutions and Siemens Energy. Aker Solutions' scope includes engineering, procurement, construction and installation (EPCI) of the high voltage direct current (HVDC) offshore platform, while Siemens Energy is responsible for the onshore station as well as the high voltage equipment in the offshore substations. The joint venture between Aker Solutions and Drydocks World will deliver the two HVDC platforms. Fabrication of the platform topsides will be executed by Drydocks World in Dubai, UAE, while the fabrication of the substructure will be executed by Aker Solutions' yard in Verdal, Norway.

Project execution has started, with engineering and procurement activities ongoing for both platform topsides and substructures. Fabrication of the Norfolk Vanguard West platform started at Drydocks World in April of this year, while fabrication of the Norfolk Vanguard East platform is scheduled to begin in the second quarter of 2025.

The platforms will be delivered and installed in 2027 and 2028. Before offshore installation, they will be towed to Aker Solutions' Stord yard for final preparations, including transfer from transportation vessel to heavy lift vessel.

The contract has a balanced risk-reward profile based on principles for long-term collaboration with aligned incentives for efficient and safe delivery.

Aker Solutions will at this stage book the award as a major¹ order intake in the first quarter of 2025, in the Renewables and Field Development segment, representing the remaining contract value for the two projects.

¹ Aker Solutions defines a major contract as being between NOK 8.0 billion and NOK 12.0 billion

CONTACT:

Preben Ørbeck
investor relations
preben.orbeck@akersolutions.com
+47 470 10 611

Odd Naustdal
media contact
odd.naustdal@akersolutions.com
+47 905 76 079

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