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Annual Report 2020

The time for change is now.

#PowerTheChange

#PowerTheChange

The time for change is now. In our common quest to create a cleaner, safer and more sustainable future, we must take ownership and accountability.

Content

  • Key figures
  • 3

  • 6
  • Where we are

  • Highlights
  • 7

  • CEO Introduction
  • 8

Board of Directors' Report Consolidated Financial Statements Parent Company Financial Statements Independent Auditor's Report Alternative Performance Measures
10 25
104 121 126

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3

AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES

Key figures*

  • 2020
  • 2019

ORDERS AND RESULTS

Order backlog December 31 Order intake
NOK million NOK million NOK million NOK million Percent
37,979 34,163 29,396
1,539
5.2
33,083 26,155 38,163
2,711
7.1

34,163 29,396

Revenue EBITDA

  • ORDER INTAKE
  • REVENUE

  • NOK million
  • NOK million

EBITDA margin EBITDA margin ex. special items EBIT

  • Percent
  • 4.3
  • 7.3

NOK million Percent

  • -776
  • 988

  • EBIT margin
  • -2.6
  • 2.6

1,539 5.2

EBIT margin ex. special items Net income

  • Percent
  • -0.2
  • 3.6

EBITDA

NOK million

EBITDA MARGIN

Percent

  • NOK million
  • -1,520
  • 283

CASHFLOW

  • Cashflow from operational activities
  • NOK million
  • 501
  • 360

  • 4.3
  • -776

BALANCE SHEET

Net interest-bearing debt Equity ratio
NOK million Percent
-456 29.5
-986 32.2

EBITDA MARGIN EXCL. SPECIAL ITEMS

Percent

EBIT

NOK million

  • Liquidity reserve
  • NOK million
  • 8,171
  • 8,883

SHARE

Share price December 31 Basic earnings per share
NOK NOK
16.45 -3.13 n/a*

  • -2.6
  • -0.2

0.49

  • EBIT MARGIN
  • EBIT MARGIN EXCL.

SPECIAL ITEMS

Percent

EMPLOYEES

Percent

  • Total employees December 31
  • Own employees
  • 14,494
  • 18,789

HSSE

Lost time incident frequency** Total recordable incident frequency** Sick-leave rate**

  • Per million worked hours
  • 0.18

1.28 3.02
0.3
1.29
2.5
Per million worked hours Percentage of total working hours

* Aker   Solutions and Kvaerner merged in November 2020, and share price at end of 2019 not comparable

Note: 2019 figures are restated to reflect the merger between Aker Solutions and Kvaerner

** 2020 numbers are Aker Solutions and Kvaerne r , b ut 2019 numbers are only Aker Solutions

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AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES

Key figures*

  • Revenue
  • EBITDA and EBITDA margin ex. special items
  • Order intake and backlog

  • Amounts in NOK billion
  • Amounts in NOK billion and percent
  • Amounts in NOK billion

50 40 30 20 10
0

10

50 40 30 20 10

3.0 2.5 2.0 1.5 1.0 0.5 0.0
86420

0

  • 2020
  • 2019

  • 2020
  • 2019

  • 2020
  • 2019

  • EBITDA (NOK billion)
  • EBITDA margin (percent)
  • Intake
  • Backlog
  • Revenue

*2019 figures are restated to reflect the merger between Aker Solutions and Kvaerner

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AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES

Segment key figures*

Renewables and Field Development

Electrification, Maintenance and Modifications

Subsea

Amounts in NOK billion and percent
Amounts in NOK billion and percent
Amounts in NOK billion and percent

  • Revenue
  • Revenue
  • Revenue

15 12
9

15 12
9

15 12
9

6

6

6

3

3

3

0

0

0

  • 2020
  • 2019

  • 2020
  • 2019

  • 2020
  • 2019

  • Revenue
  • Revenue
  • Revenue

  • EBITDA and EBITDA margin ex. special items
  • EBITDA and EBITDA margin ex. special items
  • EBITDA and EBITDA margin ex. special items

10 8

10 8

10 8

1.2 1.0 0.8 0.6 0.4 0.2 0.0

1.2 1.0 0.8 0.6 0.4 0.2 0.0

1.2 1.0 0.8 0.6 0.4 0.2 0.0

6

6

6

4

4

4

2

2

2

0

0

0

  • 2020
  • 2019

  • 2020
  • 2019

  • 2020
  • 2019

  • EBITDA (NOK billion)
  • EBITDA margin (percent)
  • EBITDA (NOK billion)
  • EBITDA margin (percent)
  • EBITDA (NOK billion)
  • EBITDA margin (percent)

  • Order intake and backlog
  • Order intake and backlog
  • Order intake and backlog

15 12
9

18 15 12
9

15 12
9

6

6

6

3

3

3

0

0

0

  • 2020
  • 2019

  • 2020
  • 2019

  • 2020
  • 2019

  • Intake
  • Backlog
  • Intake
  • Backlog
  • Intake
  • Backlog

*2019 figures are restated to reflect the merger between Aker Solutions and Kvaerner

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AKER SOLUTIONS ANNUAL REPORT 2020 WHERE WE ARE

Sweden
Finland
Norway
Russia

Canada

United Kingdom

Italy
Cyprus

Saudi Arabia
United States
China
Qatar

UAE
India
Ghana
Brunei
Nigeria

Malaysia
Republic of Congo

Angola
Brazil

Australia

Where we are

Operations in about 20 countries.

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AKER SOLUTIONS ANNUAL REPORT 2020 HIGHLIGHTS

Highlights

  • HSSE
  • Front-End

Aker Solutions is committed to a goal of zero harm to people, assets and the environment. The cornerstone of this objective is a strong, structured and companywide HSSE system, setting clear standards for HSSE management and leadership.
Front-End work was in strong demand in 2020, with a total of 159 orders for studies and projects. Of these, 23 percent were for projects related to the energy transition. Several of the ongoing studies are expected to lead to FEEDS in the second half of 2021.

  • Pandemic/ COVID-19
  • Growth for Renewable and Low Carbon Energy Solutions

Protecting health and life of the people working for and with Aker Solutions has been on top of the agenda through 2020. Thorough procedures have made it possible to maintain progress on ongoing contracts in spite of the pandemic. Still, the financial results were negatively impacted by the unprecedented situation. The COVID-19 will also through 2021 continue to influence both private lives as well as ongoing operations. Through close collaboration with customers and authorities, Aker Solutions aims to continue to demonstrate that progress for projects under execution can be continued.
Aker Solutions will maintain the already strong position as a supplier to the oil and gas market, and simultaneously grow the activities in the markets for sustainable energy production. The target has been set for renewables and low-carbon solutions to constitute one-third of the revenues by 2025, and to become two-thirds of the revenues by 2030. The complimentary offerings and capabilities in the merged Aker Solutions and Kvaerner company are some of the main enablers for this acceleration.

  • Merger
  • Divestments

In 2020, the merger of the previous Aker Solutions and Kvaerner organizations was completed. The new organization now represents a focused supplier company with the foundation to build an even more solid financial platform. The planned synergy effects have been implemented during the merger process and will be followed up through 2021.
Aker Solutions spun-off its Carbon Capture and Offshore Wind businesses unlocking significant value to its shareholders. As independent companies, they can reach their full potential for further growth in a more significant way than they could as an integrated part of Aker Solutions.

  • Key Projects for Decarbonization Already in Execution
  • A Solid Neighbor in Many Local Communities

The Hywind Tampen for Equinor is the world’s largest project for offshore wind power based on floating units. Aker Solutions has the EPC contract for delivery of the 11 hulls and the construction has already commenced in our Stord yard. In the fourth quarter, the company secured three milestone contracts related to the Norwegian Longship project for full scale carbon capture and storage (CCS).
At the University Agostinho Neto, Aker Solutions delivered a new library as part of our USD 5 million investment and long term commitment to Angola. The engineering school library is now remodeled and equipped with new furniture, academic books, computers and internet access. In a year where local communities worldwide have struggled to handle the pandemics, Aker Solutions has collaborated with authorities and provided practical support as well as donations of equipment and funds to the health care organizations.

  • Collaboration
  • Digitalization

At Aker Solutions, we are strong believers in collaboration, and the best results are achieved when a supplier and a customer work together as one team. It allows the most efficient development concept, that brings the greatest value, to be selected. Aker Solutions will continue to drive this collaboration and actively pursue new partnerships in existing markets, as well broadening current oil and gas partnerships into the emerging energy markets.
Data and digitalization are valuable tools that Aker Solutions can use to drive value for the customers through the life of an energy asset. Aker Solutions is collaborating with strong players like Cognite, SAP, Google and Siemens to accelerate the development of digital solutions to drive efficiencies through the value chains of the industry.

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AKER SOLUTIONS ANNUAL REPORT 2020 CEO INTRODUCTION

In August, I started my new role as Chief Executive Officer at Aker Solutions. At the same time, we announced that we already, during last autumn, would make significant structural and strategic changes to transform the company. This included spinning off Aker Carbon Capture and Aker Offshore Wind, thereby unlocking significant value to shareholders. We also completed merging Aker Solutions and Kvaerner to create a leading execution partner for both existing and emerging energy industries.

CEO Introduction

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AKER SOLUTIONS ANNUAL REPORT 2020 CEO INTRODUCTION

The merger has strengthened the size and resilience of the company. We have a simplified and leaner organizational structure, and the offering is well tailored to our markets. The targeted cost savings were fully implemented during 2020, which has further enhanced competitiveness. In 2021, we are making further improvements. employees have done a fantastic job in adhering to the regulations we implemented across our locations. This has been key to keep operations going and to minimize the negative potential of the situation. In close collaboration with our customers, partners and national authorities, we have in spite of the pandemic managed to maintain a strong progress on ongoing, important projects around the world. production such as offshore wind power or hydrogen production plants. Some prospects look to combine oil and gas production with development of renewable power generation.

Aker Solutions already has a strong offering for oil and gas projects. For execution of renewable projects and decarbonization solutions, our offering is built upon our proven expertise and execution models. In the emerging markets, we also see that energy companies, end customers and key contractors can take new roles and establish new business models. From Aker Solutions, we are actively driving for a development for increased used of partnerships, alliances and other collaboration models, and we have already established several key strategic agreements. In essence, we are creating a stronger and more optimized supplier company with a focused strategy.

The merger has strengthened the size and resilience of the company.

In June 2020, the Norwegian government and parliament decided on a temporary tax incentive package. This tax relief was aimed at increasing the sanctioning of new oil and gas projects at the Norwegian Continental Shelf. This has resulted in some immediate new contracts last year, as well as creating more studies for our front-end business. This will create a pull-through effect and materialize in more work in the months and years to come.
During last year, the effects of the COVID-19 pandemic and the market volatility were noticeable within the company. The revenue and EBITDA fell as a result of the challenging backdrop, but the order backlog grew 15 percent compared to 2019, ending at NOK 38 billion. The outlook for project sanctioning improved for the coming years.
The world will continue to demand oil and gas as well as the by-products for a long time. We will maintain our position as one of the leading international suppliers to the oil and gas companies.
Increased use of digital solutions and technologies across all work processes will, both in 2021 and in the subsequent years, be an essential enabler for our

  • development and growth.
  • The COVID-19 pandemic also introduced new HSSE

challenges. I am pleased with how we as a company have managed this situation. We are committed to a goal of zero harm to our employees, not just through accident prevention, but also through safeguarding employee’s physical and mental health. Even before this was declared as a pandemic, we mobilized our emergency response and crisis management teams to safeguard our employees’ well-being and ensure that business continuity was maintained.
In parallel, the shift towards low-carbon and renewables is prominent. The energy transition continues to evolve from high level international and national ambitions to materializing into industrial company strategies, ours included. We are using this market development to grow our business for deliveries to a more sustainable energy production. Our backlog within low-carbon, oil and gas and renewable business is steadily increasing.
Even though 2020 was a challenging year for us all, we have pulled together as a company and a new organization. From my background on the customerside and now seeing the company from the inside, I am confident that Aker Solutions is the best partner for energy companies to succeed in the market we see ahead – and to deliver value for shareholders. I am looking forward to what we will achieve together in 2021.

In cooperation with local health authorities, we implemented several measures to safeguard employees, suppliers and local societies to prevent the spread of the virus. Our focus was on the health and safety of the people and, I am pleased to say our
Best Regards,
We see that our customers, for almost all upcoming oil and gas projects, want solutions for reduction of climate footprint on their installations. We also see customers demanding solutions for sustainable energy
Kjetel Digre

CEO, Aker Solutions

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10 AKER SOLUTIONS ANNUAL REPORT 2020 BOARD OF DIRECTORS' REPORT

Board of Directors' Report

2020 was an important year for the development of Aker Solutions. During the year, Aker Solutions made significant structural and strategic changes to transform the company and enhance shareholder value. This included spinning off Aker Carbon Capture and Aker Offshore Wind. In addition, the merger between Kvaerner and Aker Solutions was completed in November 2020 and created a leading execution partner for both existing and emerging energy industries. The historical figures have been restated to reflect the merger between Aker Solutions and Kvaerner.

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11 AKER SOLUTIONS ANNUAL REPORT 2020 BOARD OF DIRECTORS' REPORT

The year was characterized by how the COVID-19 pandemic, volatility in markets and in macroconditions caused global disruption, increased risk and reduced activity levels. Despite these headwinds, Aker Solutions delivered a growing order intake and increased order backlog in 2020. carbon capture and storage facilities, hydrogen production plants, electrification of oil and gas offshore production platforms, and more.

Aker Solutions had about 14,500 own employees and was present in more than 20 countries at the end of 2020. The head office is at Fornebu, Norway. Aker

  • Solutions ASA is listed on the Oslo Stock Exchange.
  • Aker Solutions’ revenue for 2020 was NOK 29.4 billion.

This was a decrease of approximately 23 percent from the record high level in 2019, due to the finalization of several large projects. The EBITDA was lower due to the reduced activity level, effects of COVID-19 and provision of approximately NOK 500 million related to non-recurring project adjustments. Impairments in 2020 was NOK 1 billion, mainly related to right-of-useassets.

Strategy and Organizational Development

In 2020, Aker Solutions and Kvaerner joined forces to create a leading execution partner for delivering low carbon oil and gas and renewables projects around the globe. The merger of equals combined complementary offerings with significant synergies to support value creation for customers, shareholders, employees and the societies surrounding the operations.

Overview

Building on nearly two centuries of technological and engineering excellence, Aker Solutions is committed to finding solutions to bring energy resources safely and cost effectively into production, maximizing recovery, and minimizing the environmental footprint.
There are considerable changes in Aker Solutions’ global markets, including the energy transition trends. COVID-19 has negatively impacted oil and gas demand, spending and sanctioning of new projects in 2020. Going forward, significant shifts in the global energy markets are anticipated, with accelerated growth in renewables energy production. This trend is strongly supported by governmental targets, policies and stimulus packages, supportive financial markets and technology developments driving down the relative cost of renewable energy. Oil and gas demand is likely to decline over time. However, these markets will need significant investments in new production over the years to come to bridge gap to the natural decline.

14,500

The company provides products, systems and services ranging from concept studies and frontend engineering to subsea production systems and services for enhancing and extending the life of a field. The main customers are international, national and independent oil and gas and energy companies. In addition, the company serves customers owning and operating renewable energy or process facilities. Deliveries to renewable energy business and low-carbon oil and gas projects include concept development, engineering, procurement, construction, installation (EPCI), and operation support. Key segments are offshore wind power installations,

OWN EMPLOYEES

20

COUNTRIES

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12 AKER SOLUTIONS ANNUAL REPORT 2020 BOARD OF DIRECTORS' REPORT

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  • Equity Derivatives October 2019

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    LSEDM Monthly Statistics Report: October 2019 Activity Summary - By Product Category October 2019 2019 YTD 2018 YTD Open Interest as at Notional Notional Notional Product Category Volume Volume Volume 31 Oct 2019 ($m) ($m) ($m) 104,908 $929.4 1,087,818 $9,942.5 1,270,714 $12,962.8 53,136 Norwegian Index Futures -8% -11% -14% -23% 40 $0.1 BIST30 Index Futures 93,675 $74.4 745,881 $945.4 IOB DR Futures -87% -92% 76,953 Norwegian Stock Futures Total Futures 104,908 $929.4 1,181,493 $10,016.8 2,016,635 $13,908.3 130,089 -8% -11% -41% -28% 1,931 $17.2 120,502 $1,104.2 237,257 $2,357.5 155,803 Norwegian Index Options -83% -83% -49% -53% 83,647 $99.7 562,288 $839.9 558,250 $1,077.1 317,821 Norwegian Stock Options +66% +34% +1% -22% 491,185 $458.0 2,962,805 $4,261.0 IOB DR Options -83% -89% Total Options 85,578 $116.9 1,173,974 $2,402.0 3,758,312 $7,695.5 473,624 +39% -33% -69% -69% 190,486 $1,046.3 2,355,467 $12,418.8 5,774,947 $21,603.9 603,713 Total Derivatives +8% -14% -59% -43% All statistics include both on & off book trading. The open interest data for Norwegian products includes both LSEDM & Oslo Børs. Percentages reflect changes compared to prior period. Volume & Open Interest Evolution: Last 12 Months LSEDM Monthly Statistics Report: October 2019 Activity Summary - Top 10 LSEDM Instruments by Notional ($M) October 2019 2019 YTD % % % % Issuer Name Volume Change Notional ($m) Change Volume Changes Notional ($m) Changes (MoM) (MoM) (YoY) (YoY) YARA INTL 8,415 +156% $34,388,496.74 +139% 59,775 -21% $261,889,853.40 -26% EQUINOR 15,506 +15%
  • Third-Quarter Results 2014 6 November 2014 Third-Quarter Results 2014

    Third-Quarter Results 2014 6 November 2014 Third-Quarter Results 2014

    Third-Quarter Results 2014 6 November 2014 Third-Quarter Results 2014 Key events 3Q 2014 Revenue NOK million 5 096 z Demerger completed, listed on Oslo 4 234 Stock Exchange as Akastor ASA (AKA). z New organization and governance model established 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 z Aker Wayfarer: Secured 5-year contract of NOK 3 billion with Petrobras EBITDA z NOK million 852 Skandi Santos: Secured 5-year contract extension of NOK 2.5 billion with Petrobras 354 z Challenging rig market for MHWirth, but stable after-market activity 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 z Net interest bearing debt of NOK 3.6 billion, of which NOK 1.4 billion Capital Employed related to re-classification of Aker NOK million Wayfarer 12 949 11 886 z EBITDA of NOK 228 million, ex reversal of provision of NOK 624 million 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 Share price 29.09 - 05.11 26 23 20 2 Akastor ASA - Third-Quarter Results 2014 “Akastor established as an oilfield services investment company” Akastor ASA (Akastor) has operated as an oilfield services investment company since September 29th 2014, following the split of Aker Solutions ASA into two separate companies. Key management positions have been filled and the organisational structures and governance models are in place. Establishment of revised value creation plans for each portfolio company is underway, with a mandate to maximize long-term shareholder value. The third quarter EBITDA of NOK 852 million were significantly impacted by a reclassification leading to a non-cash reversal of a provision of NOK 624 million on the Aker Wayfarer, as well as a number of non-recurring items related to the demerger.
  • Starter Gun Fired for Sverdrup 2

    Starter Gun Fired for Sverdrup 2

    Tuesday 28 August 2018 upstreamonline.com Visit us at Visit us at Stand 7740, Stand 7740, Hall 7 TODAY Hall 7 OFFICIAL SHOW DAILY PRODUCED BY UPSTREAM IN THIS ISSUE Conference programme & highlights Page 10 Industry needs to adapt and innovate Pages 12&13 Distinguished Service Award Page 14 Duo highlight effort to reduce carbon emissions Page 15 Royal visitor tours ONS Page 16 Starter gun fired for Lundin increases Rolvsnes resources Pages 4&5 Sverdrup 2 UK set for rise in project sanctions Page 6 Point eyes Balder and Ringhorne drive Page 7 Equinor and Aker BP push rival Noaka concepts Page 8 EQUINOR and its partners in the giant Johan Sverdrup field have submitted their development plan for the Ambitious offshore Nkr41 billion ($4.9 billion) plan shows Dutch second phase to Norwegian courage Pages 22&23 authorities, with the operator saying the joint venture now Get up to speed with the expects to recover 2.7 billion latest news from the world of oil and gas. Visit us at barrels of oil from the whole Hall 5, Stand 5785 Equinor chief executive Eldar Saetre or log on to Photo: CARINA JOHANSEN / NTB SCANPIX project. Pages 2&3 www.upstreamonline.com New name. Still renewing. Todays dialogue session: Statoil has changed its name to Equinor. 13:00 - 13:20 Let’s discuss the future at ONS, Hall 8, stand 8000. Can solar and wind become the new big oil? equinor.com 2 Show Daily Tuesday 28 August 2018 NORWAY Partners get ball rolling on Johan Sverdrup 2 PDO Equinor and fellow licence holders submit plan for next phase of North Sea field OLE KETIL HELGESEN Stavanger EQUINOR and its partners in the giant Johan Sverdrup field in the North Sea have submitted their development plan for the Nkr41 billion ($4.9 billion) second phase to Norwegian authorities, with the operator saying the joint ven- ture now expects to recover 2.7 billion barrels of oil from the whole project.
  • Aker's 175 Anniversary

    Aker's 175 Anniversary

    Aker“Aker’s’s 175 175thth anniversary” -- An insight iintonto Aker’Aker´ss DNADNA andand important important events events f fromrom thethe ppastast 2525 Yearsyears Fredrik Raak Dahl SVPRO 4000 -Prosjektforum Sofia Ellen Davidson Mira Sofie H.Iversen 2015 Silje Ingeborg Nordstad Camilla H.Riibe EXECUTIVE SUMMARY Survival is not about being one of many, it is about respecting your legacy, being able to see opportunities when they arise and dare to take a risk where no else does. ! ! In 2016 Aker will be celebrating its 175th anniversary. This report is written in association with this celebration. Its main purpose is to highlight important events that have occurred over the past 25 years. What events are considered to be important? How have these events influenced the environment and Aker’s future? This is what we have attempted to answer in our report. We chose a snowball method which means we performed a few preliminary interviews that guided us to our next interview subjects. After analysing the data we collected from our interviews, combined with our literature, we ended up with several interesting findings. Our findings include: - Aker’s part in the development of the oil and gas industry in Norway - The growth of subsea - New ownership in Aker, an event that occurred in 1996-1997 - Fishing industry becomes a part of Aker’s portfolio in 1996 - Aker Maritime and Kvaerner merge and de-merge, this happened in 2002 and 2011 - Aker ASA goes in a new direction from 2009 - An acquisition in Det norske takes place, and Aker Exploration merges with Det norske 2009 - Ocean Yield is established in 2012 ! We have analysed these events and areas of importance, and attempted to establish how they have impacted Aker’s future and its environment.
  • Pareto Securities 11082021

    Pareto Securities 11082021

    S&T AG Sponsored Research Update 11 August 2021 The 2021 targets are still realistic In Q2, S&T was negatively impacted by the chip crisis as some orders could not be shipped and S&T needed to accept price increases. In addition, it looks increasingly tough for S&T to deliver on its Target price (EUR) 30 acquisition goals due to high valuations of potential targets. Share price (EUR) 19 Notwithstanding, we think that S&T’s objectives for 2021 are still achievable, as long as the current chip shortage does not escalate. Forecast changes We remain buyers of the share, PT EUR 30. % 2021e 2022e 2023e Revenues (4) (4) (1) EBITDA (4) (4) (1) S&T is impacted by the chip shortage EBIT adj (6) (2) (2) EPS reported (7) (3) (2) Although Q2 numbers met consensus expectations, S&T was EPS adj (7) (3) (2) negatively impacted by the chip crisis. Orders worth EUR 38m could Source: Pareto not be shipped in the quarter. Also, S&T needed to accept price increases of ~6% (=EUR 4m impact) in Q2 to mitigate the supply Ticker SANT1.DE, SANT GY shortage. In addition, it looks increasingly tough for S&T to execute Sector Hardware & Equipment on its acquisition strategy as prices of many potential targets are too Shares fully diluted (m) 64.6 Market cap (EURm) 1,258 high in the meantime. Net debt (EURm) -32 Minority interests (EURm) 4 2021 targets still in reach Enterprise value 21e (EURm) 1,230 Notwithstanding, we think that S&T’s objectives for 2021, i.e.