LYSAKER, Norway, Nov. 8, 2023 /PRNewswire/ -- Aker Solutions has been awarded a limited notice to proceed contract from Vattenfall for the Norfolk Vanguard West Offshore Wind Farm off the coast of Norfolk, UK. The contract has a balanced risk-reward profile based on principles for long-term collaboration.

Located more than 47 kilometers from the Norfolk coast and with an installed capacity of 1.4 gigawatts, Norfolk Vanguard West will be the first phase of Vattenfall's Norfolk Offshore Wind Zone, which also includes the Norfolk Vanguard East and Norfolk Boreas developments. Once complete, the Norfolk Offshore Wind Zone will produce enough renewable electricity to power more than four million homes.

The Norfolk Vanguard West Offshore Wind Farm is subject to regulatory approvals and Vattenfall's final investment decision.

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 development of the entire Norfolk Offshore Wind Zone could ultimately require up to three HVDC platforms in succession, which would improve the long-term predictability and give positive repeat effects and standardization within the supplier industry," said Sturla Magnus, Executive Vice President of New Build at Aker Solutions.

Aker Solutions will at this stage book a contract value of about NOK 4 billion in the fourth quarter of 2023 in the Renewables and Field Development segment, reflecting the compensated work that is to be performed until the expected final investment decision. Following the final award, the total contract value for Aker Solutions is estimated to be about NOK 6 billion. The contract has a balanced risk-reward profile and aligned incentives for efficient and safe delivery.

ENDS

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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