Aker Solutions Wins Subsea Order for Lingshui Field Development in China

Oslo, Norway - October 23, 2018. Aker Solutions received a notification of award for orders valued at more than NOK 1.7 billion from the China National Offshore Oil Corporation (CNOOC) to provide the subsea production system and umbilicals for the Lingshui 17-2 gas field. 

Lingshui 17-2 is CNOOC's first subsea deepwater project developed by the company with water depths of up to about 1,500 meters. The field is located in the South China Sea, off the Hainan Province. 

The subsea production system for the Lingshui 17-2 field consists of 11 horizontal subsea trees, four manifolds, topside and subsea control system and a vertical tie-in connection system. The work scope also includes more than 70 kilometers of static and dynamic umbilicals, linking the subsea development to a new, semisubmersible platform. 

"We are pleased to extend our partnership with CNOOC in China to the Lingshui gas field and leverage our global deepwater capabilities," said Luis Araujo, chief executive officer of Aker Solutions. "Our complete offering of a subsea production system and umbilicals will enable CNOOC to reduce costs and maximize the production of the field."

The project will further strengthen the supplier base in China. Aker Solutions is committed to developing the supplier industry in China and assist them in unlocking new opportunities in the industry through this project.

The subsea manifold will be manufactured and tested locally by China Offshore Oil Engineering Company (COOEC). The services for installation and commissioning will also be executed in China. 

The global project will involve Aker Solutions' facilities in Malaysia, Norway and the United Kingdom. The delivery for the subsea production system and umbilicals will be from the second half of 2019 to 2020. 

The order will be booked in the fourth quarter of 2018.

ENDS

Media Contacts:
Wui Wui Yu, Asia, mob +6017 3481774, e-mail: wui.wui.yu@akersolutions.com 
Tor Odland, Corporate, mob: +47 990 90 872, e-mail: tor.odland@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 helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future. Aker Solutions employs approximately 14,000 people in more than 20 countries.

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

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