Aker Solutions to Provide Subsea Production System for Aker BP's Ærfugl

December 11, 2017 - Aker Solutions was awarded a contract from Aker BP to deliver the subsea production system for the first phase of the Ærfugl development offshore Norway.

The award was made on behalf of the Skarv Unit and is subject to government approval of the plan for development and operation (PDO) of Ærfugl.

The subsea system will include wellheads, vertical subsea trees, a tie-in module and an umbilical riser base. The contract includes an option for Ærfugl Phase 2.

"We are pleased to have secured this contract," said Executive Vice President Knut Sandvik, who heads Aker Solutions' projects delivery center. "Our vertical subsea tree sets a new standard for safe and cost-efficient offshore operations."

The work will begin immediately and will involve Aker Solutions facilities in Norway, Malaysia and the UK.

Ærfugl is a gas condensate field about 210 kilometers offshore Sandnessjøen in Norway. It will be connected back to the Skarv floating production, storage and offloading vessel operated by Aker BP.

The first phase of Ærfugl includes three production wells and is scheduled to start in the fourth quarter of 2020.

The parties agreed to not disclose the financial value of the contract, which will be booked in fourth-quarter orders.

ENDS

Media Contact:
Stina Kildedal-Johannessen, tel: +47 55 22 28 00, mob: +47 934 12 301, e-mail: stina.kildedal-johannessen@akersolutions.com

Investor Contact:
Fredrik Berge, tel: +47 22 94 62 19, mob: +47 450 32 090, e-mail: fredrik.berge@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 14,000 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.