Aker Solutions to Deliver Concept Study on Future Johan Sverdrup Phases

February 10, 2016 - Aker Solutions will deliver a concept study on a new processing platform for future phases of the Statoil-operated Johan Sverdrup North Sea field, Norway's largest oil find in three decades.

"Johan Sverdrup is of major importance to Norway's oil industry and we're very pleased to expand our involvement through work on future phases," said Valborg Lundegaard, head of engineering at Aker Solutions. "We've worked closely with Statoil to bring down costs and increase the overall efficiency of the development and will continue to push for further improvements."

The study is being carried out under the framework engineering agreement awarded to Aker Solutions for Johan Sverdrup in 2013. The company is in the second year of a five-year engineering, procurement and management assistance (EPMA) assignment for the topsides of the first phase's processing and riser platforms and the overall design integrity of the field. At its peak this work is expected to involve more than 1,000 employees at engineering hubs in Oslo, London and Mumbai.

Johan Sverdrup is estimated to hold 1.7 billion to 3 billion barrels of oil equivalents. It's expected to produce 550,000 - 650,000 barrels of oil equivalents a day when fully developed, equal to about a quarter of current domestic output. Production is slated to start in late 2019 and is predicted to last for about 50 years. The first development phase will consist of four platforms linked by bridges.

Statoil is operator for the development, which spans three licenses. Other partners include Lundin Norway, Petoro, Maersk Oil and Det norske oljeselskap.

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.