Aker Solutions Welcomes Industry Measures

9 June 2020

Aker Solutions welcomes the interim measures for the oil and gas industry, which will help to increase activity on the Norwegian continental shelf during a critical period for the supplier industry.

Aker BP's Hod development in the Valhall area is the first project to be realized as a direct result of the temporary tax changes. The project is expected to generate orders worth around NOK 300 million for Aker Solutions in 2020.

"We are very pleased to see that the new government incentive package will bring several projects to sanctioning in our home market," said Luis Araujo, chief executive officer of Aker Solutions. "We look forward to landing our fair share of these new projects that can secure employment at our locations over the next few years."

Aker Solutions provides engineering services in projects in both the front-end and execution phases of developments. Therefore, new assignments will have immediate effect, and help ensure that valuable resources are maintained in the company.

"Our engineering expertise is among our competitive advantages in international markets, when they reopen, as well as in the development of renewable energy and low-carbon solutions. A strong engineering organization and execution muscle are among the prerequisites for delivering on our 20/25/30 strategy and helping to realize the energy transition," said Araujo.

Aker Solutions aims to generate 20 percent of revenue from renewables including offshore wind, and 25 percent from low-carbon solutions such as carbon capture and electrification by 2030. The large project volumes in some of these segments are still some years ahead, and oil and gas projects are thus particularly important for keeping employment up for the next few years.

Aker Solutions press release