Aker Solutions signs LOI with OKEA for the Draugen Electrification Project

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Dec 15, 2022, 08:44 ET

LYSAKER, Norway, Dec. 15, 2022 /PRNewswire/ -- Aker Solutions has signed a Letter of Intent (LOI) with OKEA for the Draugen Electrification project, offshore Norway. The project is planned to involve major modifications of the existing platform to enable it to receive power from shore via an electrical power cable. This will replace the current power generation from gas turbines at the platform and reduce CO2 emissions by about 200,000 tonnes per year.

Aker Solutions expects the LOI to be converted to a full Engineering, Procurement, Construction and Installation (EPCI) contract during the first quarter of 2023. The company expects to book a substantial¹ order intake related to this contract in the first quarter of 2023 in the Electrification, Maintenance and Modifications (EMM) segment, subject to regulatory approvals.

The award of the LOI follows completion of front-end engineering and design (FEED) work performed by Aker Solutions.

¹Aker Solutions defines a substantial contract as between NOK 2.5 billion and NOK 4.0 billion.

ENDS

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