Reference is made to the stock exchange release published on January 28, 2025.

Northern Lights Phase 1 is part of Norway's Longship project that will establish a full-scale value chain for CO2 capture, transport, and storage services. The first phase development of Northern Lights is completed and ready to receive CO2 from Norwegian and European industrial emitters. Phase 2 of Northern Lights will increase the transport and storage capacity from 1.5 million to a minimum of 5 million tonnes of CO2 per year and is enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme.

Aker Solutions' scope of work includes the engineering, procurement, and construction (EPC) of the onshore facilities, and will include work for our locations at Fornebu and Stord, Norway and Mumbai, India. The contract award demonstrates that Aker Solutions is a trusted partner with execution capabilities and commitment to advancing the Northern Lights project, building on the experience gained from Phase 1 of the project.

"This contract is significant for Aker Solutions and aligns well with our strategy and ability to deliver standardized solutions for projects in the CCUS value chain. This is the fourth project with CO2 storage solutions which we are executing, and this journey has enabled us to continuously reduce costs. Northern Lights strengthens Norway's position as a leader in CCS projects globally, and we are proud to be part of this important initiative", says Henrik Inadomi, Executive Vice President for New Energies at Aker Solutions.  

The project will start in the second quarter of 2025 and is expected to be completed in 2028. The contract has a balanced risk-reward profile with aligned incentives for efficient and safe delivery. Aker Solutions will book the contract as order intake in the Renewables and Field Development segment in the first quarter of 2025.

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

ENDS