LYSAKER, Norway, Nov. 14, 2023 /PRNewswire/ -- Aker Solutions has been awarded a sizeable¹ contract from Vattenfall for the Norfolk Vanguard East Offshore Wind Farm off the coast of Norfolk, UK. The contract has a balanced risk-reward profile based on principles for long-term collaboration.

The announcement follows the recent award for the Norfolk Vanguard West project, part of the Norfolk Offshore Wind Zone development in the United Kingdom.

The scope of work for Aker Solutions includes the engineering, procurement, construction and installation (EPCI) of the high-voltage, direct-current (HVDC) offshore platform. The fabrication of the topside will be executed in a joint venture with Drydocks World Dubai, and the substructure will be fabricated at Aker Solutions' yard in Verdal, Norway.

The project is subject to regulatory approvals and the customer's final investment decision. Aker Solutions will at this stage book an order intake reflecting the compensated work that is to be performed until the end of the second quarter of 2024. Further to this, Aker Solutions estimates a total contract value for the company following Vattenfall's final investment decision to be in the range of NOK 6.0 to 7.0 billion. The contract has a balanced risk-reward profile and aligned incentives for efficient and safe delivery.

"We are pleased to announce the second award for the Norfolk Offshore Wind Zone development for Vattenfall. We look forward to supporting Vattenfall to deliver one of the largest offshore wind zones in the world," said Sturla Magnus, Executive Vice President of New Build at Aker Solutions.

¹Aker Solutions defines a sizeable contract as being between NOK 0.5 billion and NOK 1.5 billion

CONTACT:

Preben Ørbeck
investor relations
preben.orbeck@akersolutions.com
+47 470 10 611

Odd Naustdal
media contact
odd.naustdal@akersolutions.com
+47 905 76 079

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