Aker Solutions ASA: Aker Solutions Signs Two Subsea Framework Contracts With BP

October 27, 2016 - Aker Solutions secured two five-year framework agreements for potential future deliveries of subsea production systems and lifecycle services at BP-operated oil and gas fields globally.

The first five-year contract covers engineering, procurement and construction of subsea production systems for new and maturing developments worldwide. Aker Solutions would bid for work under the contract, which sets out the terms and conditions that would need to be met. The companies also agreed on a five-year servicing agreement, coinciding with the first contract, for any equipment delivered under the first contract and to support previously installed subsea hardware. Both contracts started in August 2016.

"This further expands our long-standing relationship with BP, which spans more than twenty years," said Luis Araujo, chief executive officer of Aker Solutions. "We look forward to working together to find sustainable solutions for securing needed energy resources from BP's subsea fields around the world."

The contracts allow Aker Solutions to bid for work as one of four preferred suppliers for BP's development portfolio across the world.

The size of the framework agreements depend on the amount of work necessary and orders will be booked as they come in.

ENDS

For further information, please contact:

Media:
Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel: [phone], Mob: [phone], E-mail: [e-mail] (mailto:[e-mail])

Investors:
Per Christian Olsen, Analyst, Investor Relations, Aker Solutions. Tel: [phone], Mob: [phone], E-mail: [e-mail] (mailto:[e-mail])

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 13,000 people in about 20 countries. Go to http://akersolutions.com (http://akersolutions.com/) for more information on our business, people and values.

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

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Source: Aker Solutions ASA via Globenewswire