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Glossary of Terms

Explaining the language and terms used on the website and in our reports.
Term  Definition 
ACC Aker Carbon Capture
ACH Aker Clean Hydrogen
AIM Asset Integrity Management
AKSO Aker Solutions' ticker at the Oslo Stock Exchange
ANSI American National Standards Institute
AOA Angolan Kwanza (Currency)
AOW Aker Offshore Wind
APAC Asia Pacific
API American Petroleum Institute
AVP Approved Vendor List
BIC Business Integrity and Compliance
BOD Board of Directors
BRL Brazilian Real (Currency)
CAPEX Capital Expenditure
CCO Chief Compliance Officer
CCUS Carbon Capture, Utilization and Storage
CDP Carbon Disclosure Project
CEO Chief Executive Officer
CERT Corporate Emergency Response Team
CHARM Chemical Hazard Assessment and Risk Management
CO2 Carbon Dioxide
CO2e Carbon Dioxide Equivalent
COSO Committee of Sponsoring Organizations of the Treadway Commission
CPI Corruptions Perception Index
CRC Corporate Risk Committee
CRN Country Risk Notification
CSR Corporate Social Responsibility
D&I Diversity and Inclusion
DE&I Diversity, Equality and Inclusion
EAC Energy Attribute Certificate
EAP Employee Assistance Program
EBIT Earnings Before Interest and Taxes
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization
EIA Environmental Impact Assessment
EMEA Europe, Middle East and Africa
EMM Electrification, Maintenance and Modifications
EMS Enterprise Management System
EMT Executive Management Team
EOR Enhanced Oil Recovery
EPCI Engineering, Procurement, Construction and Installation
EPS Earnings Per Share
ERC Enterprise Risk Committee
ERM Enterprise Risk Management
ERT Emergency Response Team
ESG Environmental, Social and Governance
ESP Employee Share Purchase Program
EU European Union
EUR Euro (Currency)
EVP Executive Vice President
FA Frame Agreement
FEED Front-End Engineering and Design
FPSO Floating Production, Storage and Offloading Vessel
GBP Great British Pound (Currency)
GBS Gravity-Based Structure
GHG Greenhouse Gas
GO Guarantee of Origin
GRI Global Reporting Initiative
GSOC Global Security Operations Center
GWC Global Works Council
HAZID Hazard Identification Study
HAZOP Hazard and Operability Study
HSSE Health, Safety, Security and Environment
HVDC High-Voltage, Direct Current
IBA Important Bird Area
ICFR Internal Controls over Financial Reporting
IDD Integrity Due Diligence
IEA International Energy Agency
IFRS International Financial Reporting Standards
ILO International Labor Organization
IOGP International Association of Oil and Gas Producers
IOR Increased Oil Recovery
IPIECA International Petroleum Industry Environmental Conservation Association
IR Investor Relations
I-REC International Renewable Energy Certificate
ISO International Standards Organization
IT Information Technology
ITB Invitation to Bid
ITT Invitation to Tender
IWOCS Intervention and Workover Control System
JIP Joint Industry Program
JSA Job Safety Analysis
JV Joint Venture
KAM Key Account Manager
KPI Key Performance Indicator
KVA Kilovolt-Ampere
LARS Launch and Recovery System
LCA Lifecycle Assessment
LCI Life Cycle Information
LDs Liquidated Damages
LINCCS Linking Carbon Capture and Storage
LMS Learning Management System
LNG Liquefied Natural Gas
LOI Letter of Intent
LTI Lost Time Incident
LTIF Lost Time Incident Frequency
MBOE Million Barrels of Oil Equivalent
MIPS Method Integrated Project System
MSP Major Subsea Projects
MVA Megavolt-Ampere
MWH Megawatt hours
NCGB Norwegian Corporate Governance Board
NCS Norwegian Continental Shelf
NGO Non-Governmental Organization
NIST National Institute of Standards and Technology
NOC National Oil Companies
NOIA National Ocean Industries Association
NOK Norwegian Krone (Currency)
OCI Other Comprehensive Income
OPEX Operating Expenses
P&O People and Organization
P&T Performance and Transformation
PEM Project Execution Model
PPA Power Purchase Agreement
PPE Personal Protective Equipment
Q&CI Quality and Continuous Improvement
QVL Qualified Vendor List
R&D Research and Development
REC Renewable Energy Certificate
SBT Science-based Target
SBTi Science Based Targets initiative
SDG Sustainable Development Goals
SIF Serious Incident Frequency
SLS Subsea Lifecyle Services
SVP Senior Vice President
TCFD Task Force on Climate-Related Financial Disclosures
TCO Total Cost of Ownership
TES Tender and Execution Safeguarding
TLP Tension-Leg Platform
TRG The Resource Group
TRIF Total Recordable Incident Frequency
TRL Technology Readiness Level
UK United Kingdom
UN United Nations
UNSPSC United Nations Standard Products and Services Code
U.S. United States
USD United States Dollar (Currency)
WACC Weighted Average Cost of Capital
WEC Working Environment Committee
WTW Wheel to Wheel