Aker Solutions Wins Johan Castberg Orders Totaling About NOK 4 Billion

December 5, 2017 - Aker Solutions won key work to help Statoil develop the Johan Castberg field, the largest oil discovery in the Norwegian Barents Sea.

The company will supply the subsea production system and design the topside of the floating production, storage and offloading (FPSO) facility, which will be the largest-ever of its kind offshore Norway. The total value of the work is about NOK 4 billion and will be booked in the fourth-quarter orders.

Aker Solutions has been directly involved in the Johan Castberg development since its earliest phases, providing concept studies and front-end engineering design that have helped drive down costs and make the Arctic project even more viable. 

"Our early involvement and strong collaboration with Statoil have helped halve the development costs, enabling this strategically important project to move forward," said Aker Solutions Chief Executive Officer Luis Araujo. "The field is critical in further developing northern Norway as an oil and gas region."

Subsea System
The subsea production system will consist of 30 wells with vertical subsea trees, wellheads, control systems, 10 templates and manifolds, two satellite structures and tooling. The system was ordered by Statoil as part of a framework agreement awarded today.

Work on the system will start this month and involve facilities in Norway, the UK, India, Malaysia and Brazil. Initial deliveries are scheduled for the second quarter of 2019 with final delivery in the first half of 2023.

Topside Design
The FPSO agreement covers engineering, procurement and management assistance for the detailed design of the Johan Castberg topside. The order comes after Statoil exercised an option in a 2013 engineering contract for Johan Castberg.

The work has already started and will be carried out by Aker Solutions in Norway and India. The detailed design is set to be completed in 2019.

"We are able to generate significant project synergies by building on our work from the early stages of the development and playing on our combined strengths in both subsea and floating installations to optimize the overall solution," said Araujo.

ENDS

Note to Media:
We invite the press to attend the contract signing from 13:00-14:00 CET today at Aker Solutions' headquarters, Oksenøyveien 8, Fornebu, Norway. Aker Solutions Chief Executive Officer Luis Araujo will participate with Executive Vice President Margareth Øvrum of Statoil.

Media Contacts:
Bunny Nooryani, tel: +47 67 59 42 71, mob: +47 480 27 575, e-mail: bunny.nooryani@akersolutions.com

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.