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2021-03-05

Aker Solutions ASA: Update on Nordsee Ost Arbitration

March 5, 2021 - Aker Solutions has received the final ruling from an arbitration tribunal in Germany in a proceeding between Aker Solutions and a German multinational energy company. The proceedings concern the legacy project Nordsee Ost which was delivered by Kvaerner in 2013. The ruling entitles Aker Solutions to receive a recoverable cash amount of approximately EUR 67 million, of which approximately EUR 23 million relates to interest. This amount and the financial effects thereof will be recognized in Aker Solutions' accounts when final payment has been received, expected to take place in the near term.

The recoverable cash amount will cover the receivable in the balance sheet, and in addition Aker Solutions will receive approximately EUR 23 million of interest income. The arbitration related to the legacy project Nordsee Ost was filed by Kvaerner in 2012. The arbitration proceedings were initiated regarding compensation for various changes to the work scope.

ENDS

Media Contact:

Torbjørn Andersen, mob: +47 928 85 542, email: torbjorn.andersen@akersolutions.com

Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com

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