Aker Solutions and Baker Hughes to Cooperate on Early-Phase Oil and Gas Studies

June 19, 2015 - Aker Solutions and Baker Hughes agreed to cooperate on early-phase studies to help customers improve the overall economics and value of oil and gas field developments.

Aker Solutions' Front End Spectrum unit and Baker Hughes' Reservoir Development Services group will provide customers with development concept studies that address the entire value chain - from reservoir understanding and well design to subsea and topsides facilities, including flow assurance and risk management. Each company has expertise from the full spectrum of field development. Initial customer studies are already under way.

"Our ability to maximize value is greatest when we can enter a project early at the appraisal and feasibility stages and evaluate the potential of a field's total development instead of parts of it," said Henning Østvig, head of Front End Spectrum at Aker Solutions. "This greatly increases our success in finding solutions that improve the overall economics and value of a development by optimizing capital expenditure and production."

"While we always want to find the best solutions for our customers, the current market environment gives us an added sense of urgency," said Scott Reeves, president of Reservoir Development Services at Baker Hughes. "No tool is more powerful than an early, integrated approach to field design. This helps ensure that all parts of a project are designed to work together throughout the life of the field."

The new agreement comes after Aker Solutions and Baker Hughes in 2014 formed the Subsea Production Alliance to develop solutions that will boost output, increase recovery rates and reduce costs at subsea fields. The alliance uses Aker Solutions' capabilities in subsea production and processing and Baker Hughes' expertise in well completions and artificial-lift technology to deliver integrated in-well and subsea systems solutions. The importance of cooperating during the early phase of a project was recognized quickly in the alliance.

The Front End Spectrum unit and Reservoir Development Services group maintain independent offices in Houston, Oslo, London, Aberdeen, Kuala Lumpur, Perth, Dubai, Abu Dhabi and Moscow.

Aker Solutions' Front End Spectrum unit provides expertise in subsea and topsides systems, life-of-field production management and flow assurance. Baker Hughes' Reservoir Development Services group uses its subsurface expertise to improve reservoir understanding and determine efficient methods to capture a field's full potential.

ENDS

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 17,000 people in about 20 countries. For more information about Aker Solutions, visit: www.akersolutions.com

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and Natural Gas industry. The company's 53,000 employees work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes, visit: www.bakerhughes.com

For further information, please contact:

Aker Solutions:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59 42 71, Mob: +47 480 27 575, Email: bunny.nooryani@akersolutions.com

Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel: +47 22 94 74 52, Mob: +47 99 62 12 13, Email: anne.cecilie.lund-andersen@akersolutions.com

Investor relations:
David Phillips, Head of Industry & Investor Relations, Aker Solutions. Tel: +44 208 811 7111, Mob: +44 7788 338 887, Email: david.phillips@akersolutions.com

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194, Email: lasse.torkildsen@akersolutions.com

Baker Hughes:

Media:
Melanie Kania, Enterprise Media Relations, Baker Hughes. Tel: +1 713-439-8303, Email: melanie.kania@bakerhughes.com

Investor relations:
Alondra Oteyza, Director Investor Relations, Baker Hughes. Tel: +1 713-439-8822, Email: alondra.oteyza@bakerhughes.com

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