Aker Solutions ASA: Major Step Forward for Norfolk Offshore Wind Project

For the project, Aker Solutions and Siemens Energy will provide the grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm. This includes the engineering, procurement, construction and installation (EPCI) of the high voltage direct current (HVDC) offshore platform, onshore substation and connection to the National Grid.

The project is subject to regulatory approvals and the customer’s final investment decision (FID) expected during the second quarter of 2023. Aker Solutions will at this stage book a sizeable¹ order intake reflecting the compensated work that is to be performed until the expected FID next year. Further to this, Aker Solutions estimates a contract value for the company following FID to be in the range of NOK 2.5 to 3.5 billion.

“The development of Norfolk Offshore Wind Zone could require up to three HVDC platforms in succession, which would provide more long-term predictability and positive repeat effects and standardization for the supplier industry. Together with Siemens Energy, we are proud to support a project which meets the dual objective of developing local content while delivering low cost, green electricity to homes and businesses across the UK,” said Kenneth Simonsen, Senior Vice President of Offshore Wind at Aker Solutions. 

“We are very proud to announce this agreement. Developing state of the art HVDC technology and having such strong partners on board clearly underlines our position as one of Europe’s leading developers in offshore wind. It is also a significant boost for local communities and UK companies that will be able to benefit from opportunities in the supply chain to help deliver one of the largest offshore wind zones in the world,” said Helene Biström, Head of Business Area Wind at Vattenfall.

About Norfolk Offshore Wind
Located more than 47 kilometers off the Norfolk coast and with an installed capacity of 1.4GW, Norfolk Boreas is the first phase of Vattenfall’s Norfolk Offshore Wind Zone and comes ahead of the Norfolk Vanguard Offshore Wind Farm. This first phase of the Norfolk Zone will deliver first power in the mid-to-late-2020s. Once complete, the Zone will produce enough renewable electricity to power more than four million homes and save around six million tonnes of CO2.

The contract will be booked as order intake in the third quarter of 2022 in the Renewables and Field Development segment.

¹Aker Solutions defines a sizeable contract as being between NOK 0.5 billion and NOK 1.5 billion

ENDS

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 14,000 people in more than 20 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 Daniel Ingebricson, Communications, Aker Solutions, on October 1, 2022 at 9:15 CEST.