Aker Solutions Secures FEED Contract for Johan Sve

March 21, 2017 - Aker Solutions secured a front-end engineering and design (FEED) contract from Statoil for the second phase of the major Johan Sverdrup development offshore Norway.

The FEED work is for a new processing platform and the bridge that will connect it to the development's riser platform. The contract also includes the design of a module and the work to integrate this with the riser platform. The FEED will build on experience from the development's first phase and involve more than 250 Aker Solutions employees in Oslo and Stavanger. It will be delivered in the first quarter of 2018.

"We've worked closely with Statoil on significantly bringing down costs and increasing the overall efficiency of this major development,'' said Luis Araujo, chief executive officer of Aker Solutions. "We're very pleased to continue supporting our customer in driving forward this landmark industrial project."

The FEED work is part of the 10-year framework engineering agreement awarded to Aker Solutions for Johan Sverdrup in 2013. The contract includes options for continued maturing of the design as well as engineering, procurement and management assistance (EPMA) work.

The contract is valued at about NOK 300 million and will be booked as part of Aker Solutions' first-quarter order intake.

Johan Sverdrup is estimated to hold 2 billion to 3 billion barrels of oil equivalents. It's expected to produce up to 660,000 barrels of oil equivalents a day when fully developed in 2022, 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 Aker BP.

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

Investors: Per Christian Olsen, Analyst, Investor Relations, Aker Solutions. Tel: +47 67 51 36 58, Mob: +47 900 29 077, E-mail: per.christian.olsen@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.

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