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The oil and gas industry will remain Aker Solutions' biggest market, but over the next decade the company will have a more balanced portfolio of products and technologies that either generate renewable energy or removes or substantially reduces CO2 emissions.
"The world will continue to see rising energy demand and the challenge for our industry is the need to deliver this with significantly lower carbon emissions," said Luis Araujo, chief executive officer of Aker Solutions. "No company is better positioned than Aker Solutions to deliver the solutions to realize renewable energy offshore and at the same time decarbonize the oil and gas industry."
In all forward-looking scenarios, the industry will need to provide more energy, with a lower carbon footprint. The pace of the energy transition will be dictated by a number of drivers, such as electrification, efficiency gains, low-emission fuels and accelerated cost reductions of renewables. Still, demand for oil and gas is expected to grow over the next decade, although not as fast as the expected growth in renewable energy.
In its updated enterprise strategy, Aker Solutions set out its growth ambitions within the energy industry and beyond. The company aims to derive 20 percent of its revenue from renewable energy and 25 percent from distinct low-carbon solutions by the year 2030. Summarized, the update is labelled "20/25/30".
The renewable energy solutions will primarily come from floating wind while the low carbon segment is a set portfolio of existing Aker Solutions offerings, including: carbon capture, utilization and storage (CCUS), subsea gas compression, electrification of production assets and unmanned platforms.
Aker Solutions has developed and invested in renewable energy and low carbon solutions for many years, and the company has delivered or is involved in several projects in these segments, including:
"Growth in segments such as renewables and CCUS increases the addressable market for Aker Solutions," said Araujo. "Our ambition is to become the recognized leader in low carbon offerings and sustainable solutions. We will achieve this through realizing our long-term ambition of 20/25/30."
Aker Solutions helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future. Aker Solutions employs approximately 16,000 people in more than 20 countries.
This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com