October 30, 2023 - Aker Solutions has delivered another strong quarter with
growth in revenues, margins and cash generation compared to the same period last
year. The outlook for the company remains strong with a solid secured backlog
and high tendering activity. In early October, Aker Solutions announced the
final closing of the OneSubsea joint venture, for which the company will receive
USD 700 million and retain a 20 percent ownership in a larger and stronger
subsea entity.

3Q 2023 Financial Highlights
(excluding special items, including the Subsea segment)

  · Revenue NOK 14.3 billion
  · EBITDA NOK 1.5 billion
  · EBITDA margin 10.6 percent
  · Earnings per share NOK 2.04
  · Net cash position NOK 7.4 billion
  · Order intake NOK 6.8 billion (0.5x book-to-bill)
  · Order backlog NOK 90.0 billion

3Q 2023 Financial Highlights
(excluding special items, IFRS compliant with Subsea presented as discontinued
operations)

  · Revenue NOK 9.1 billion
  · EBITDA NOK 214 million
  · EBITDA margin 2.4 percent
  · Earnings per share NOK 2.18
  · Order intake NOK 5.0 billion (0.5x book-to-bill)
  · Order backlog of NOK 68.9 billion

"Our third-quarter demonstrated that we continue to meet and surpass our
financial targets. After the quarter ended, we announced the closing of the
subsea joint venture transaction which marks a defining moment in our strategy.
We have transitioned from having a stand-alone subsea business to becoming a co
-owner in a world-leading subsea company," said Kjetel Digre, chief executive
officer of Aker Solutions.

"The overall market outlook remains positive despite industry cost inflation,
geopolitical instability and supply chain constraints. With our solid order
backlog and high tendering activity, Aker Solutions is well-positioned to
capitalize on diversifying energy markets, including their longer-term
structural changes," said Digre.

Key Developments

Third-quarter revenue increased to NOK 14.3 billion from NOK 10.0 billion a year
earlier. EBITDA excluding special items increased to NOK 1.5 billion, or 10.6
percent from NOK 0.7 billion a year earlier. Third-quarter revenue, excluding
the Subsea segment, was NOK 9.1 billion with an EBITDA margin of 2.4 percent.

Order intake for the quarter was NOK 6.8 billion, and the secured backlog at the
end of the quarter stood at NOK 90 billion, including NOK 69 billion in segments
outside Subsea, providing high visibility on activity levels for years to come.

Solid operational performance and improved working capital resulted in strong
cash generation. At the end of the quarter, the net cash position was?NOK 7.4
billion. This comes in addition to investments in liquid financial instruments
of NOK 1 billion in the quarter and proceeds from the subsea transaction.

The subsea joint venture transaction was closed on October 2, 2023. Aker
Solutions owns 20 percent of the OneSubsea joint venture and will receive a
total consideration of USD 700 million as part of the transaction.

Outlook

The outlook remains positive for Aker Solutions. Tender activity was high at
about NOK 103 billion, of which 65 percent related to segments outside Subsea.
Moving forward, market activity is expected to increase across the energy
sector. Constrained oil and gas supply from reliable sources will drive the need
for additional investments.

Despite high ambitions, the renewables markets remain immature and profit levels
are insufficient to ensure that the industry makes the required investments to
deliver on government targets. The industry is dependent on authorities and
policy makers taking an active role in developing frameworks that increase
predictability and improves commercial models to ensure industrialization of the
industry. Aker Solutions remains highly selective in these markets, with sole
focus on projects with balanced risk-reward profiles.

Overall, Aker Solutions is well-positioned to capitalize on opportunities
related to emissions reduction and energy security, as well as longer-term
structural changes in energy markets. Based on ongoing projects and our secured
order backlog, the company now expects full-year 2023 revenues, excluding
Subsea, to be around NOK 34 billion. At this early stage, Aker Solutions expects
revenues in these segments to grow by about 10 percent in 2024, with an EBITDA
margin between 6 to 7 percent.

ENDS

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

Hallvard Norum
media contact
hallvard.norum@akersolutions.com
+47 913 80 820

Aker Solutions delivers integrated solutions, products and services to the
global energy industry. We enable low-carbon oil and gas production and develop
renewable solutions to meet future energy needs. By combining innovative digital
solutions and predictable project execution we accelerate the transition to
sustainable energy production. Aker Solutions employs approximately 11,000
people in more than 15 countries.

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This press release may include forward-looking information or statements and is
subject to our disclaimer, see https://akersolutions.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by William Stoichevski, Global Content
Editor, Communications, Aker Solutions, on October 30, 2023 at 07:00 CET.