Aker Solutions Wins Subsea Orders for Troll and Askeladd Projects

January 23, 2018 - Aker Solutions was awarded contracts from Statoil to provide subsea production systems and services for the Troll Phase 3 and Askeladd natural-gas developments offshore Norway.

The company will deliver a subsea production system consisting of two manifolds and nine trees for the Troll development in the North Sea. The system for Askeladd in the Barents Sea will be comprised of two manifolds and four trees. Both orders include installation and commissioning support services.

The contracts have a total estimated value of between NOK 1.5-2 billion kroner and will be booked in the first quarter. Work starts this month, with final deliveries scheduled for 2020.

"We look forward to working with Statoil on these fields, which are key to further developing Norway as a major gas supplier," said Aker Solutions Chief Executive Officer Luis Araujo. "We expect to generate significant synergies by building on our work on another major ongoing Statoil project, the delivery of the subsea production system for the Johan Castberg field in the Barents Sea."

Work on the two systems will involve facilities in Norway, Brazil, the UK and Malaysia. Initial deliveries are scheduled for the second quarter of 2019. Aker Solutions' facilities in Ågotnes on the west coast of Norway and Hammerfest, located on the country's northern tip, will provide the subsea services for Troll and Askeladd.

Troll, which contains about 40 percent of Norway's offshore gas reserves, is expected to continue producing for decades to come. Askeladd is slated to come on stream after 2020, helping to further develop Norway's newest oil and gas region in the far North. It is located about 180 kilometers from the Melkøya onshore plant, where the gas will be processed.

ENDS

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