Aker BPs Board Approves Field Development Projects Offshore Norway

Subsea7 recognises that on 1st December 2022, Aker BP’s board of directors decided that Aker BP will vote for the approval of amongst others the NOAKA field development project, the Valhall PWP-Fenris project and the Skarv Satellite project. Aker BP is the operator of these development projects, which are planned to be executed together with Aker BP’s partners.

The final decisions to submit the Plan for Development and Operation (PDO) to Norwegian authorities are scheduled to take place in the respective license partnerships during the first half of December. If the PDOs are approved by the respective license partnerships the plan is to submit the PDOs to the authorities for approval before year-end.

Subsea7 has, through the Aker BP Subsea Alliance¹, executed the Front-End Engineering and Design (FEED) work for these projects, under a single source supplier framework. Subsea7 expects that the above-mentioned projects could lead to the following contract awards, subject to the PDO submission in mid-December 2022:

• A major² contract for NOAKA field development project
• A large³ contract for Skarv Satellite project
• A substantial⁴ contract for Valhall PWP-Fenris project

The contracts will be recorded in backlog upon signature by all parties, expected to occur mid-December 2022.

^{1. The Aker BP Subsea Alliance is a partnership between Aker BP, Subsea7 and Aker Solutions.}

^{2. Subsea7 defines a major contract as being over USD 750 million.}

^{3. Subsea7 defines a large contract as being between USD 300 million and USD 500 million.}

^{4. Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.}