Aker Solutions Awarded Two MMO Contracts From ConocoPhillips in Norway

February 1, 2016 - Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured two contracts for work at North Sea fields operated by ConocoPhillips.

The company received a framework agreement for a fixed period of five years to become ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement may be extended by up to three years and covers work on all installations at the Ekofisk and Eldfisk fields offshore Norway, starting in February.

The contract value depends on how much maintenance and modifications work is undertaken over the next five years and could range between NOK 1 billion and NOK 3 billion in that period. The range neither represents a minimum nor a maximum amount but serves to illustrate a realistic, yet uncertain range.

Aker Solutions was also one of three companies awarded a contract to compete for work on large, complex modifications projects at these fields. This contract has the same fixed period and option as the framework agreement. 

"We're very pleased to secure these two major agreements with ConocoPhillips, which build on the strengths of our operations in Norway and our expertise in complex modifications," said Luis Araujo, chief executive officer of Aker Solutions. 

Work on both contracts will be managed and executed by Aker Solutions' MMO unit in Stavanger and fabrication yard in Egersund. The agreements will also provide work for offshore employees. 

"The Ekofisk and Eldfisk installations comprise one of the largest maintenance and modifications portfolios offshore Norway and these contracts will help secure jobs in key parts of our Norwegian MMO business," said Per Harald Kongelf, head of Aker Solutions' Norwegian operations.

ENDS

For further information, please contact:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59 42 71, Mob: +47 480 27 575, E-mail: 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, E-mail: anne.cecilie.lund-andersen@akersolutions.com

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

Lasse Torkildsen, Senior Advisor, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194, E-mail: lasse.torkildsen@akersolutions.com

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 15,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.

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

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.