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Aker Solutions Awarded Maintenance and Modifications Work for ConocoPhillips in Norway

OSLO, Norway, June 1, 2022 /PRNewswire/ -- Aker Solutions has secured a significant1 three-year contract extension to an existing framework agreement for work at North Sea fields operated by ConocoPhillips Skandinavia AS ("ConocoPhillips").

Aker Solutions will continue as ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement runs from January 2024 until the end of 2026.

The contract value will be determined by future call-offs for maintenance and modifications work and could range between NOK 500 million and NOK 800 million per year. This estimate does not represent a minimum or maximum amount and is subject to change.

"We are pleased to continue our longstanding relationship with ConocoPhillips and look forward to continue to deliver our solutions and services to one of the largest maintenance and modifications portfolios offshore Norway," said Paal Eikeseth, executive vice president and head of Aker Solutions' electrification, maintenance and modifications business.

The work will be managed and executed by Aker Solutions' office in Stavanger and fabrication yard in Egersund, as well as providing work for the company's offshore employees.

The contract will be booked as order intake in the second quarter of 2022 in the Electrification, Maintenance and Modifications segment.

1Aker Solutions defines a significant contract as being between NOK 1.5 billion and NOK 2.5 billion.

CONTACT:

Media Contact:
Odd Naustdal, mob: +47 905 76 079, email: odd.naustdal@akersolutions.com

Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-solutions-asa/r/aker-solutions-awarded-maintenance-and-modifications-work-for-conocophillips-in-norway,c3578502