Aker Solutions Secures Preferred Supplier Status for Carbon Capture and Storage Project
Tuesday, Jan 28, 2025 5:49 am ET
3min read Aker Solutions, a leading provider of integrated solutions, products, and services to the global energy industry, has been selected as the preferred supplier for a carbon capture and storage (CCS) project. The company's expertise in enabling low-carbon oil and gas production and developing renewable solutions has positioned it as a key player in the transition to sustainable energy production.
The project, valued between NOK 1.5 billion and NOK 2.5 billion, is a significant contract for Aker Solutions, as it falls within the company's definition of a significant contract. The scope of work includes engineering, procurement, and construction, with the contract award conditional upon the client's final investment decision (FID) and necessary governmental approvals. Following the final award, Aker Solutions expects to book the contract as order intake in the Renewables and Field Development segment in the first quarter of 2025.
The CCS project aligns with Aker Solutions' strategy to accelerate the transition to sustainable energy production by combining innovative digital solutions and predictable project execution. The company's strong performance in the Renewables and Field Development segment, coupled with the expected order intake from the CCS project, is likely to enhance its overall financial outlook.
Preben Ørbeck, Head of Investor Relations at Aker Solutions, stated, "We are pleased to have been selected as the preferred supplier for this CCS project. This contract is a testament to our expertise in delivering integrated solutions and our commitment to enabling low-carbon energy production."
Kjetel Digre, CEO of Aker Solutions, added, "This project is a significant opportunity for us to contribute to the reduction of greenhouse gas emissions and create value for both industry and society. We look forward to working with our partners to deliver a successful CCS project."
In conclusion, Aker Solutions' selection as the preferred supplier for the CCS project is a significant milestone for the company, as it demonstrates its commitment to sustainable energy production and its ability to deliver integrated solutions to the global energy industry. The project's potential impact on the company's order intake and revenue growth in 2025 is substantial, and Aker Solutions is well-positioned to capitalize on this opportunity to drive growth and enhance its financial outlook.
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