Annual Report 2020 2 Home Explore Adjust Search

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Content

Aker Offshore Wind in Brief 2 CEO Letter 6 Board of Directors’ Report 7 Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group Financials and Notes 44 Aker Offshore Wind AS Financials and Notes 61 Auditor’s Report 68

Content Aker Offshore Wind in Brief

Aker Offshore Wind in Brief 2 Aker Offshore Wind is an offshore wind developer striving to create a sustainable future – one driven by clean, green CEO Letter 6 energy. We aim to drive the industrialization of deepwater and floating offshore wind and take early mover positions in Board of Directors’ Report 7 the development of large-scale deepwater wind farms across the globe. We have resources at our disposal to become Board of Directors 16 a leading deepwater independent power producer, including five decades worth of offshore expertise, industry-leading Sustainability Report 2020 18 technology and powerful alliances. Aker Offshore Wind Group Financials and Notes 44 Aker Offshore Wind AS Financials and Notes 61 Auditor’s Report 68

Aker Offshore Wind is a pure play Aker Offshore Wind aims to deploy cost- Aker Offshore Wind’s portfolio includes offshore wind developer headquartered effective solutions based on decades of development projects and prospects in in Norway, focusing on assets in deep offshore experience, in close cooperation South Korea, the US, Norway and the UK. waters. The company aims to source, with leading global partners. develop and operate offshore wind projects. 3 Home Explore Adjust Search

Content Aker Offshore Wind Operations

California, US Scotland, UK Norway South Korea 60% renewable electricity Targets net zero emissions by Authorities preparing to open areas Renewables to account for generation by 2030 Carbon 2045 8-11GW offshore wind for offshore wind development 20 percent by 2030. neutrality by 2045. by 2030. from 2021. 12GW offshore wind by 2030.

Our Portfolio

Estimated gross Country Project / Prospect Region capacity

South Korea KF Wind ~1,500MW Ulsan

Redwood Coast USA ~150MW California Offshore Wind Vestavindar and Utsira North, Norway ~1,700MW Sønnavindar Southern North Sea II

Scotland ScotWind >500MW TBA 4 Home Explore Adjust Search

Content An Effective Renewable Energy Source

Aker Offshore Wind in Brief 2 CEO Letter 6 Board of Directors’ Report 7 Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group Virtually unlimited potential Superior wind conditions Smaller footprint Financials and Notes 44

Aker Offshore Wind AS About 80 percent of the Wind capacity factors: Increased adaptability to Financials and Notes 61 offshore wind resources are in 30-40 percent Onshore wind ensure sustainable co- Auditor’s Report 68 waters deeper than 60 meters 45-50 percent Offshore Bottom-fixed existence with fisheries, marine 50-60 percent Offshore Floating life, shipping routes and more 5 Home Explore Adjust Search

Content Value Creation

Aker Offshore Wind in Brief 2 The offshore deepwater wind segment is at the very beginning of its growth. We are an early mover and our portfolio is CEO Letter 6 positioned at the front of the first wave of commercial scale floating deepwater projects. The value creation is larger in Board of Directors’ Report 7 the project development and execution phases, as risk is reduced when the project matures into the operational phase. Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group Financials and Notes 44 Illustrative Deepwater Wind Development Timeline and Value Profile Aker Offshore Wind AS Financials and Notes 61 Auditor’s Report 68

Aker Offshore Commercial Operation Date Wind development portfolio

3.5 to 8 years

Final Investment Desicion Project value Project

Site licenses

PROJECT DEVELOPMENT EXECUTION OPERATION 2-8 years 1-3 years 30+ years 6 Home Explore Adjust Search

Content CEO Letter

Aker Offshore Wind in Brief 2 and is now ready to truly scale in a new Aker group of companies, from Cognite to CEO Letter 6 segment. AkerBP, is a benefit to Aker Offshore Wind and About 80 percent of the world’s offshore supports its sustainable growth. Board of Directors’ Report 7 wind acreage lies in water deeper than 60 This annual report contains Aker Offshore Board of Directors 16 meters, unsuitable for traditional bottom- Wind’s first reporting on sustainability related fixed foundations. This is where our heritage topics. Sustainability at Aker Offshore Wind Sustainability Report 2020 18 from developing deepwater energy projects is about operating and making decisions that Aker Offshore Wind Group come into play. Aker Offshore Wind draws minimizes negative impact on ecosystems Financials and Notes 44 on the extensive offshore expertise of the and adds value to the company, its Aker Offshore Wind AS broader Aker group. We have been involved stakeholders and society. The company works Financials and Notes 61 in the design and deployment of floating proactively to ensure sustainability, integrity structures and deepwater power systems and responsibility in its operations. Auditor’s Report 68 in harsh environments across the globe for I am thankful to all our employees at more than four decades. Now we are ready Aker Offshore Wind. We have put together a to leverage technology and industrialization great team of global talent, combining Aker’s to scale up projects and drive down costs, legacy offshore expertise with new recruits adding value to the communities we engage who excel in a range of disciplines relevant with, along with all our stakeholders. to offshore wind. Our ambition is to build a We are at the front end of a new wave of forceful and capable company culture that commercial scale deepwater development thrives on diversity and opportunity for all. projects. Our portfolio of projects and We launched the company in the midst prospects span from South Korea to of a global pandemic, and with a series of California, where we are part of consortia necessary restrictions imposed on office that have already taken early but firm steps life, conditions were far from ideal. However, 2020 was an extraordinary year, as the towards developing deepwater wind projects. I have been thoroughly impressed with the world battled a global pandemic, the energy Last year, we also worked tirelessly to prepare attitude and mindset expressed by the entire industry saw the renewable power revolution for the lease processes in Scotland and team, which makes me excited and positive gather speed – and Aker Offshore Wind was Norway, where we see great opportunities. about our future. Together with our partners created and listed with more than 20,000 Our company was formally established and suppliers, and with the backing of the shareholders. last summer following an incubation period Aker group, we are in a great position to make Aker Offshore Wind is a company that of a few years at what was once a traditional a major positive impact and contribute to strives for a sustainable future – one driven oil services company. A series of agreements creating a sustainable future for our company by clean, green energy. The realization of between Aker Solutions and Aker Offshore and a world that requires renewable power. deepwater offshore wind farms – and floating Wind ensures continued access to global wind in particular – can and will make a offshore expertise. The platform of Aker material contribution to meeting the world’s Horizons has provided the company with future energy needs. Offshore wind has another set of critical skills and support in Astrid Skarheim Onsum matured significantly over the past 15 years the start-up phase. The network of the wider CEO 7 Home Explore Adjust Search

Content Board of Directors’ Report

Aker Offshore Wind in Brief 2 OVERVIEW including an intention to distribute shares of the wind farm. Installation of turbines is CEO Letter 6 Aker Offshore Wind is a pure-play offshore in the new company – Aker Offshore Wind generally less weather dependent than oil and wind developer headquartered in Norway, – to Aker Solutions’ shareholders. A private gas installations as turbines and foundations Board of Directors’ Report 7 focusing on global assets in deep waters. The placement was completed, raising NOK 500 can be assembled and pre-commissioned Board of Directors 16 company develops and executes offshore million, with a subsequent listing on Euronext quayside with onshore facilities, before being wind projects in Norway and internationally, Growth. On August 26, 2020, the initial towed offshore. This also reduces the need Sustainability Report 2020 18 and the current portfolio consists of trading of the shares in Aker Offshore Wind for specialized vessels, improving the cost Aker Offshore Wind Group development projects and prospects located commenced. See note 3 in the consolidated and risk profile of the installation phase. Financials and Notes 44 in South Korea, the US, Norway and the UK. accounts for more information about the Aker Offshore Wind brings with it five Aker Offshore Wind AS Aker Offshore Wind’s ambition is to develop internal restructuring that took place related decades of experience from offshore Financials and Notes 61 into a full-fledged Independent Power to the spin off. engineering, operations and execution of Producer (IPP) as the deepwater offshore major industrial projects at sea. The Aker Auditor’s Report 68 wind segment matures, while retaining STRATEGY AND DEVELOPMENT group has been involved with the design and flexibility to divest assets to maximize Approximately 80 percent of all offshore global deployment of more than half of the shareholder value. wind resources are in waters of 60 meters semi-submersible platforms in the global oil The offshore wind market can broadly be and deeper, where the simplest bottom- and gas industry. categorized into two main segments based fixed foundations are technically infeasible on the technologies used: bottom-fixed and or economically unattractive. Floating ORGANIZATION floating. The water depth will determine foundations for offshore wind turbines are The company was established with a core which of the technologies are applicable. a natural response to this challenge and team of experts, with background and Bottom-fixed technology uses foundations represent a rapidly maturing technology. expertise from designing and developing connected to the seabed, whilst floating Floating offshore wind holds some offshore and wind technology in Aker. Astrid technology uses floating structures that key advantages compared with bottom- Skarheim Onsum was appointed CEO of Aker are moored to the seabed. Aker Offshore fixed, particularly in terms of placement Offshore Wind in July 2020, after leading the Wind is focused on developing the floating for optimum wind resources and reduced business since 2018. Skarheim Onsum draws wind market, but may also selectively seek impact on external stakeholders. Further on more than 20 years of experience from opportunities to develop bottom-fixed from shore, potential challenges such as executive management roles in the energy projects that would typically be deeper than visual pollution are reduced. Locating wind industry. 60 meters. farms away from fishing zones and outside During the autumn of 2020, the During 2020, market interest in floating of traditional shipping routes also limit the company initiated a build-up of several key wind developments continued to increase potential for conflicting interests and negative departments to strengthen the company’s significantly. In order to pursue market environmental impact. capabilities across the group and build a opportunities, the Board of Directors of Aker Due to location further from shore, floating foundation for growth. The company ended Solutions decided to spin off the offshore wind farms can tap into areas with generally the year with a core organization in place wind business into a separate company and higher and more consistent wind speeds. All and several new hires signed. Establishing list the company on Euronext Growth, a else equal, increased wind speeds and more company governance, including management trading platform at the Oslo Stock Exchange. consistent wind will increase the overall systems, Code of Conduct and internal The plans were announced on July 17, 2020, capacity factor and the energy production reporting structure took priority in the first 8 Home Explore Adjust Search

phase of the company’s young life. During installed LiDARs offshore Ulsan. The LiDARs, Content 2020, the company also established an or Light Detection and Ranging buoys, operational hub in the US, the first outside of perform wind measurements and are Norway. scheduled to stay in place for at least one Aker Solutions was an important resource year to collect data from the area, as part of base for Aker Offshore Wind, while the the process to proceed to the next regulatory company grew its permanent workforce step and applying for an Electricity Business Aker Offshore Wind in Brief 2 rapidly from its inception. At the end of 2020, License. CEO Letter 6 Aker Offshore Wind employed a total of 40 The United States is seen as a potentially employees, including contractors. major market for floating offshore wind. The Board of Directors’ Report 7 most promising opportunities are located on Board of Directors 16 PROSPECTS AND PROJECTS the West Coast and in Hawaii due to large On a net basis, Aker Offshore Wind holds water depths and limited shallow acreage Sustainability Report 2020 18 projects and prospects of more than 1.5GW close to shore. Aker Offshore Wind Group of potential capacity, which could produce In December 2020, the Redwood Coast Financials and Notes 44 more than 7.0TWh annually when all farms Offshore Wind LLC company was formed as a Aker Offshore Wind AS are in full operation. Regions in which Aker project consortium of Aker Offshore Wind and Financials and Notes 61 Offshore Wind is developing projects include Ocean Winds aiming to develop approximately South Korea, the US (California), Scotland and 150MW of floating offshore wind (currently Auditor’s Report 68 Norway. Aker Offshore Wind made progress approximately 75MW net for the Group). in its portfolio of development projects The project is sized to fit current local grid and prospects during 2020, supported by capacity. operational developments in the consortiums In June 2020, the Norwegian government the company is part of. announced the opening of two areas for Political ambitions and local conditions offshore wind development: Utsira Nord and make South Korea an attractive market for Sørlige Nordsjø II. The areas were announced floating offshore wind. The government has to have a combined potential capacity of set a target of 20 percent renewable power about 4.5GW. While the two areas were generation by 2030, including 12GW offshore officially opened on January 1, 2021, the wind. Aker Offshore Wind owns a 30.6 percent government announced towards the end of stake in the Korean entity KFWind. The other 2020 that a new set of guidelines, outlining partners are Ocean Winds, a joint venture the license application process, would be between EDPR and Engie, and Wind Power released in the spring of 2021. Korea Co., Ltd. (WPK). The areas are located close to several In January 2019, KFWind signed an MoU producing oil and gas facilities which can with Ulsan City which secures KFWind three be electrified with power produced from potential floating sites for development in the offshore wind. In October 2020, Aker Offshore Ulsan region with a potential combined gross Wind and Aker BP announced a cooperation capacity up to 1.5GW. The first phase of the agreement aimed at accelerating the process project includes the development of a 500MW of decarbonizing oil and gas assets and floating offshore wind farm. The project is realizing offshore wind in Norway at large targeting a financial investment decision (FID) scale. in 2024 and commencement of commercial As a part of the United Kingdom, Scotland operation in 2026. has a well-developed leasing, consenting and In October 2020, KFWind successfully application system, managed by the Crown 9 Home Explore Adjust Search

Estate Scotland. The ScotWind leasing round the Euronext guidance on ESG reporting and hospitality and human rights. The Code of Content opened in early 2021 and aims to provide of January 2020. This includes reporting Conduct is available at areas suitable for up to 10GW in capacity. according to the Global Reporting Initiative www.akeroffshorewind.com. A significant proportion of deepwater sites (GRI) Standards. Aker Offshore Wind’s strategy Aker Offshore Wind in 2020 prepared a suitable for floating projects have been supports the UN Sustainable Development set of policies providing business practice identified by Marine Scotland in their Sectoral Goals. More information is available in the guidance within several key areas. These Marine Plan for Offshore Wind. Aker Offshore company’s section for sustainability reporting policy documents define commitment and Aker Offshore Wind in Brief 2 Wind and an unidentified industrial partner in for 2020 on starting on page 17. express the expected behavior across the CEO Letter 6 2020 prepared plans to enter the ScotWind company within areas such as Sustainability, licensing round, with an ambition to develop CORPORATE GOVERNANCE HSSE and Quality. Board of Directors’ Report 7 more than 500MW in gross capacity. Sound corporate governance at Aker Offshore See more in the governance section of Board of Directors 16 Wind will ensure sustainable operations the annual report’s section for Sustainability MARKET OUTLOOK and value creation over time to the benefit Reporting. Sustainability Report 2020 18 The market for floating offshore wind is in of shareholders and other stakeholders. Aker Offshore Wind Group an early phase of development, compared Corporate governance is a framework of GROUP FINANCIAL PERFORMANCE Financials and Notes 44 to bottom-fixed, but is expected to grow processes, mechanisms and responsibilities Aker Offshore Wind presents its consolidated Aker Offshore Wind AS significantly in the coming years. Growth for managing the business and to ensure financial statements in accordance with the Financials and Notes 61 projections continue to be raised year over the right objectives and strategies are set International Financial Reporting Standards year and the potential is vast. Many countries and implemented with results that can be (IFRS) as adopted by the European Union. Auditor’s Report 68 are setting ambitious targets for developing measured and followed up. All amounts below refer to the consolidated offshore wind. They see offshore wind as an The management and the board of financial statements for the group, unless increasingly attractive source of renewable directors are responsible for ensuring that otherwise stated. The financial statements energy, and as an opportunity to develop the company conducts business using sound cover the period from incorporation on July 8, new industry and aid in a green transition for corporate governance and set the standards 2020 to December 31, 2020. existing suppliers. for corporate governance. In the period, the company had revenues Most of the growth is expected to The board holds exclusive authority of NOK 1.7 million. Operating loss ended at take place in Asia and Europe. However, under the company’s authorization matrix to negative NOK 59.9 million. Financial items projections for North America are also approve matters of significance. The board of amounted to negative NOK 3.8 million growing. Due to the current immaturity of the directors regularly receives extensive reports and share of loss from equity-accounted industry, different market forecasts have yet from the chief executive officer and the investees were recognized by NOK 5.9 million. to converge on a narrow band of expected chief financial officer on key aspects of the Loss for the period was negative by NOK 69.6 installed capacity for the years and decades business. These reports reflect underlying million, resulting in loss per share of NOK 0.13. to come. reporting to executive management from the Total assets of the group amounted to In addition to Aker Offshore Wind’s current business operations. NOK 885.3 million as of December 31, 2020, projects in South Korea, California, Scotland Aker Offshore Wind’s Code of Conduct of which NOK 474.5 million was cash and and Norway, further prospective markets are outlines the company’s commitments and cash equivalents. Investments in equity- identified in both Europe and Asia. requirements for ethical business practices accounted investees were NOK 364.3 million, and personnel conduct. The Code of representing the shareholding in Principle SUSTAINABILITY Conduct describes what Aker Offshore Wind Power Inc. Net current operating assets ended The company’s commitment to human expects from its employees, subsidiaries, at negative NOK 29.5 million. The company and labor rights is covered by the Global subcontractors, representatives and other has no interest-bearing debt. Total equity Framework Agreement between Aker ASA and partners and explains the company’s policies amounted to NOK 830.6 million at year-end the Norwegian and international trade unions in a number of areas of particular importance 2020, giving an equity ratio of 94 percent. Fellesforbundet, IndustriALL Global Union, such as corruption, including bribery and Cash flows from operating activities ended NITO and Tekna. Aker Offshore Wind follows facilitation payments, conflict of interest, gifts at negative NOK 22.8 million, significantly 10 Home Explore Adjust Search

lower than operating loss of negative NOK to develop next generation technologies Content 59.9 million due to cost accruals in the for offshore floating wind farms, including period. Cash flows from investing activities monitoring of its impact on the environment were negative by NOK 283.1 million, reflecting via live data streaming, with computer vision the increased shareholding in Principle for wildlife detection. Power Inc. in December 2020. Cash flows Towards the end of 2020, Aker Offshore from financing activities of NOK 780.4 million Wind increased its ownership in Principle Aker Offshore Wind in Brief 2 include the two share issues of NOK 500 Power Inc. from approximately 20 percent to CEO Letter 6 million in August 2020 and NOK 300 million about 47 percent. in November 2020 respectively, reduced by Principle Power is established as the Board of Directors’ Report 7 related transaction costs of NOK 18.7 million. industry leading provider of floating wind Board of Directors 16 foundation technology, with more than INVESTING IN RESEARCH, INNOVATION AND 100MW of installed capacity by 2022. Principle Sustainability Report 2020 18 TECHNOLOGY Power has an established track record from Aker Offshore Wind Group The market for floating offshore wind is in several years of offshore operations and Financials and Notes 44 an early phase of development, compared to 34,000 operating hours with its WindFloat Aker Offshore Wind AS bottom-fixed offshore wind. Aker Offshore foundation. In 2020, a 9.5MW Turbine Financials and Notes 61 Wind invests in innovation and developing designed by Principle Power was installed in technology to accelerate the industrialization the Kincardine project in the UK, the biggest Auditor’s Report 68 of deepwater offshore wind. The key floating wind turbine in the world to date. technologies exist and have been proven Three 8.4MW WindFloat turbines were also in pre-commercial projects. Aker Offshore successfully brought into operations in the Wind utilizes the Aker groups capabilities WindFloat Atlantic project off the coast of and experience from the offshore oil and Portugal. gas industry to accelerate industrial scale Aker Offshore Wind will work with Principle offshore wind projects. Power and the other shareholders to further The company last year introduced an develop technology and drive down costs ambition to reduce the Levelized Cost of across the value chain to ensure the most Energy (LCoE) from about €150 based on competitive offering globally. the pre-commercial projects to date for Separately, in November 2020, Aker floating wind, to about €50 in 2030. This is a Offshore Wind announced it had been key priority for the company. Aker Offshore awarded a grant from Enova, Norway’s Wind’s established a Technology Roadmap to innovation fund for environmentally friendly drive and concentrate its resource allocation technologies, for a pre-project that aims towards realizing the LCoE ambition. to reduce costs and increase maturity in Digitalization is a key improvement important technical segments of offshore driver and a differentiating factor. Aker floating wind. The overall objective is to better Offshore Wind works closely with partners understand how technical solutions can like Cognite, Aker’s industrial software enable use and development of a Norwegian company, to improve efficiency and cost by supply chain and drive down costs over time. developing new tools and processes. In the NextWind Real Time Condition Monitoring PARENT COMPANY AND ALLOCATION project, supported by the California Energy OF NET LOSS Commission, Aker Offshore Wind partnered The parent company Aker Offshore Wind with Cognite, H.T. Harvey and MarineSitu AS is the ultimate parent company in the 11 Home Explore Adjust Search

Aker Offshore Wind group and its business prevention combined with safeguarding security professionals operates a 24/7 Centre, Content is the ownership and management of its employees’ physical and mental health. servicing all Aker-group companies. No subsidiaries. Aker Offshore Wind AS has Aker Offshore Wind’s recorded sick leave for security incidents were reported in 2020. outsourced all company functions to its the five months till the end of 2020 was 0 subsidiaries, mainly Aker Offshore Wind percent, well below the target of 3 percent. CYBERCRIME Operating Company AS. In 2020, the COVID-19 pandemic had Cybercrime can be a major threat to Aker Offshore Wind AS has a net loss of an adverse impact on working life at Aker operations. Aker Offshore Wind continually Aker Offshore Wind in Brief 2 NOK 2.2 million in period from incorporation Offshore Wind. The company implemented monitors the threat landscape and takes the CEO Letter 6 on July 8 to December 31, 2020. The company a series of measures, in accordance with necessary steps to safeguard employees, is currently in a growth phase and not in national recommendations and Aker systems, information and products. Phishing Board of Directors’ Report 7 a position to pay any dividends. The board group-wide requirements, to reduce the emails remain the most important vector Board of Directors 16 thereby proposes the following allocation of spread of the virus while maintaining for cyber-attacks and further measures net loss (amounts in NOK million): productivity. Throughout long periods, all have been taken to secure email, improve Sustainability Report 2020 18 or most employees worked from home, capabilities to identify ongoing malicious Aker Offshore Wind Group Dividends: 0 communicating digitally. Due to the effort activities and increase employee awareness Financials and Notes 44 and flexibility of the entire organization, Aker of cyber threats. With smarter products From share premium: 2.2 Aker Offshore Wind AS Offshore Wind has been able to perform at connected to the internet, there is an Financials and Notes 61 Total allocated: 2.2 a high level and move forward during this increased risk to these devices and the extraordinary period. systems they are connected to. Precautions Auditor’s Report 68 HEALTH, SAFETY, SECURITY AND In these working conditions, emphasis have been taken to protect Aker Offshore ENVIRONMENT was placed on mental health issues among Wind and its assets. Aker Offshore Wind aims to develop and the work force. The Aker group implemented operate deepwater offshore wind farms at various support measures, including EMERGENCY PREPAREDNESS AND RESPONSE industrial scale. The first major industrial anonymous helplines and free consultancy by The company’s capabilities within crisis projects could commence operation from medical professionals, which also provided management were set up in 2020. A dedicated 2025 onwards, so the company’s activities support to Aker Offshore Wind. A series resource was assigned to advise and assist were predominantly office based throughout of initiatives were introduced to ensure management on development of systems 2020, and this is expected to continue for the employees stayed connected. and structure of emergency response and next few years. business continuity. An Aker Offshore Wind Aker Offshore Wind is committed to SAFETY emergency number has been established, keeping people and environment safe and Aker Offshore Wind operates with a zero- allowing all employees to easily report serious healthy. The cornerstone of this objective is a harm mindset and the belief that all incidents incidents and receive immediate assistance. strong, structured and company-wide HSSE can be prevented. The current operating Aker Offshore Wind also implemented RAYVN, system, setting clear standards for HSSE environment- office based turned home a cloud-based system for managing critical management and leadership. Regular audits based- results in few safety-related risks to events. The roll-out of the system included will identify, isolate and address potential employees. A low-threshold reporting system introductory training sessions and desktop shortcomings. At Aker Offshore Wind, every for notification of safety-related incidents is drills for key members of the company and individual is personally committed to HSSE: under development. management. with a focus on behavior and care for one another. SECURITY ENVIRONMENT Aker Offshore Wind’s commitment towards The Code of Conduct sets out the principles HEALTH AND WORKING ENVIRONMENT safeguarding employees, assets and according to which Aker Offshore Wind Aker Offshore Wind is committed to a goal reputation was demonstrated by early manages its environmental impact. The of zero harm to its employees. The company connection to the Aker Global Security code states that Aker Offshore Wind shall aims to achieve this through accident Operations Centre (GSOC). This core team of act responsibly with an ambition to reduce 12 Home Explore Adjust Search

direct and indirect negative influences on Aker Offshore Wind has a procedure Content the external environment. The company for handling whistleblower cases, and it shall adhere to relevant international is followed with respect to investigating and local laws and standards, strive to discrimination allegations. It ensures all minimize its environmental impact and take allegations are investigated and feedback a sustainable approach in its day-to-day provided to the whistleblowers where identity operations. Aker Offshore Wind’s aim is to is known. At the end of 2020 no such cases Aker Offshore Wind in Brief 2 support its customers and the industry to had been reported. For more information on CEO Letter 6 be better environmental performers through the whistleblower channel, see the chapter its products and services. The company is Conducting our Business with Integrity in the Board of Directors’ Report 7 focused on reducing waste, reducing carbon sustainability section.

Board of Directors 16 dioxide (CO2) emissions and improving the environmental mind-set amongst its LEADERSHIP, TALENT AND PERFORMANCE Sustainability Report 2020 18 employees. More details can be found in the Aker Offshore Wind’s ambition is to offer Aker Offshore Wind Group sustainability reporting section of the annual professional development, worldwide career Financials and Notes 44 report. opportunities, competitive pay and benefits Aker Offshore Wind AS and a healthy work-life balance for all its Financials and Notes 61 SAFEGUARDING DIVERSITY AND EQUAL employees. OPPORTUNITY The COVID-19 pandemic has led to new Auditor’s Report 68 Aker Offshore Wind had 18 permanent ways of working and collaborating and Aker employees and 22 contract staff at Offshore Wind has a digitally connected, the end of 2020. Aker Offshore Wind is collaborative and mobile workplace for strongly committed to the principles of all employees. This will enhance end-user non-discrimination and equal opportunity, collaboration and communications through regardless of gender, nationality or other an agile, mobile and secure computing factors. Men have traditionally dominated platform, in this case the Microsoft Office 365 the industry. This continues to be reflected set of tools. Employees can be onboarded in our organization, where around 11 percent and will continue to work in a more digitally of employees are women. The percentage of connected, collaborative and mobile world. women in leadership roles was 11 percent in Our performance process is built upon 2020. frequent performance conversations between Aker Offshore Wind’s workforce comprises managers and employees to ensure that we five nationalities and offers a range of all work towards common goals, accelerate competencies and insights, benefitting both performance and help people grow and its partners and the business. develop. The dialogues are mandatory for all Aker Offshore Wind seeks to promote employees and kept simple to make them diversity in its workforce through clear efficient and impactful for both leader and recruitment requirements and the employee. development of individuals and programs supporting equal opportunity, in accordance RISK FACTORS with its people policy and recruitment Aker Offshore Wind aims to build a global procedures. More information regarding the footprint and have operations in an emerging company’s commitment to equality and market segment. This exposes the company diversity is available in the annual report’s to regulatory changes and immature market 2020 sustainability reporting section. conditions which provides both opportunities 13 Home Explore Adjust Search

and risks. These risks may affect the and may impact Aker Offshore Wind in the National governments around the world have Content company’s operations, performance, finances, following manner: established such schemes to take leading reputation and share price. It is evident that roles in developing what is expected to be external risk factors such as pandemics, Personnel may not be able to work due to large profitable and subsidy-free business market risk, price volatility, ethical and illness, quarantines, travel restrictions and over time. However, in its current state the political risks and climate related risks may social distancing deepwater wind market, and floating wind have a significant adverse impact on the Office buildings and suppliers’ fabrication in particular, rely on the support of national Aker Offshore Wind in Brief 2 company, in addition to internal risk factors yards and locations may as a result be and regional authorities and a shift in such CEO Letter 6 such as operational risks and financial risks. shut down support represent a risk factor for the These risk factors are further described Supplies from vendors may be delayed and company. Board of Directors’ Report 7 below. lead to delay of project completion Some of the principal factors that Board of Directors 16 Partners could face delays and losses contribute to market risk are outlined below: PANDEMICS and may claim reimbursement from Aker Sustainability Report 2020 18 The outbreak of COVID-19 has resulted Offshore Wind and/or their suppliers Instability in the world economy as a result Aker Offshore Wind Group in a global pandemic and has severely Long-term impact on the global economy of pandemics Financials and Notes 44 impacted companies and markets globally. may result in loss and impairment of the Local requirements, legislative restrictions Aker Offshore Wind AS It is currently not possible to predict the assets and/or prohibitions on offshore wind Financials and Notes 61 consequences for the company, its business Available future market development activities in countries of existing or partners, Norway or the other countries the could slow down if governments postpone planned operations Auditor’s Report 68 company operates in, the offshore wind projects, and/or regulatory steps and Uncertainty regarding future contract industry or global business and markets deadlines awards and their impact on future earnings – other than potentially adverse negative and profitability effects that may be long-term. MARKET RISK Climate change and speed of the energy Such consequences may also impact Aker The profitability of the company will largely transition to renewables and lower Offshore Wind and its current and planned depend on the volume and cost of the carbon economy, including environmental operations and prospects/projects – as electricity produced by the offshore wind requirements, could represent both an well as its suppliers of goods and services installation, as well as government fiscal opportunity and risk – including the company’s ability to raise schemes. The future performance of the further capital or secure financing, future company will depend on entering into ETHICAL AND POLITICAL RISKS customers’ ability to buy the company’s power purchase agreements (“PPA”) under The uncertainties and recent downturn of the products at attractive prices, and its which prices may vary according to local global economy and other macroeconomic contractors’ ability to provide goods and market conditions, as well as predictability factors, including but not limited to the services required for Aker Offshore Wind’s in government schemes. Electricity prices ongoing COVID-19 pandemic (as described projects at the agreed terms, or at all. are, inter alia, dependent on substitute or below) could adversely affect the company’s Any future outbreak of COVID-19 or new adjacent commodity prices such as other business. The prospects for global economic pandemics is beyond the company’s control renewable and fossil energy prices, but also growth remain uncertain and this may impact and there is no assurance that any future dependent on meteorological conditions, political stability and decision making, outbreak of COVID-19 or other contagious CO2 pricing and other supply and demand availability of credit and terms thereof, diseases occurring in areas in which the factors going into the clearing of the market liquidity more generally, interest rates and company or its suppliers or partners operate, price of electricity. Low prices on the exchange rates, which in turn could have a or even in areas in which the company does electricity produced could have a material material adverse effect on the company. In not operate, will not seriously interrupt the adverse effect on the company. Financial and addition, volatility in the global economy may industry and hence the company’s business. industrial support schemes and incentives have an adverse impact on the demand for Pandemic outbreaks and other natural are key factors in the future development power in general, the demand for renewable disasters could also occur in the future of deepwater offshore wind markets. energy and the speed of transition from fossil 14 Home Explore Adjust Search

energy to renewable energy. Without a stable CLIMATE RELATED RISKS projects. Content and/or growing global economy, the business Climate related risks are defined within Aker Offshore Wind must also be prepared of the company may therefore be adversely physical, regulatory/liability, technology, to expand its work force and to train, affected. market and reputational risks. These risks motivate and manage additional employees The offshore wind sector is publicly have been covered under other chapters and as the need for additional personnel arises. regulated, and regulation and fiscal regimes in the sustainability report. The company’s personnel, facilities, systems, differ across geographies and may change The company is exposed to risks and procedures and controls may not be adequate Aker Offshore Wind in Brief 2 over time. This could impact timing, frequency opportunities stemming from climate change to support its future operations. Any failure to CEO Letter 6 and process (e.g. auctions, qualitative and the energy transition to renewables manage future growth effectively could have assessment etc.) of acreage award/ licensing and a lower carbon economy. This includes a material adverse effect on the company’s Board of Directors’ Report 7 rounds, support schemes, timeline and changes in global demand, energy prices business, results of operations, financial Board of Directors 16 required activities for development, local and environmental requirements that could condition, cash flows and/or prospects. content and other terms and conditions for increase demand for the company’s offerings The development phase of offshore wind Sustainability Report 2020 18 offshore wind development. Thus, there is and increase growth opportunities. Negative farms includes obtaining several consents, Aker Offshore Wind Group political risk of investments in the offshore aspects could include increase in commodity commercial agreements, permits and licenses Financials and Notes 44 wind sector. prices, reduction of raw material and from relevant authorities and stakeholders to Aker Offshore Wind AS Aker Offshore Wind has established ethical increased logistics and transportation cost secure rights for both onshore and offshore Financials and Notes 61 policies and procedures in order to comply that could potentially negatively impact the construction and operation activities. with applicable standards domestically and company’s earnings. Failure to obtain, delay in obtaining or losing Auditor’s Report 68 internationally. Aker Offshore Wind could, necessary consents, commercial agreements, nevertheless, potentially become involved in OPERATIONAL RISK permits and licenses could result in unethical behaviour, either directly or through The offshore renewable sector is still under termination or delay. third parties and partners. The company may development. Unexpected success in other Further, most of the company’s projects in the future have operations in countries areas of renewable energy may reduce are carried out together with a partner, which associated with high political, corruption and the pressure on the authorities to allow means that the parties must be able to agree human rights risks. Key tools to reduce these for development of offshore wind farms. on key matters to progress the projects. risks will be the company’s code of conduct, Both offshore wind and renewable energy Depending on ownership structure, certain anti-corruption compliance program and generally experience frequent changes and actions may be taken by the partner on the human rights program. developments in technology and business company’s behalf. However, joint execution Risks are managed through country models. Failure or inability by Aker Offshore also gives the consortium broader capabilities analyses, mandatory awareness training, Wind to respond to such changes and and involves risk sharing. compliance reviews and integrity due innovations may render the company’s Examples of conflicts that may arise from diligence. Aker Offshore Wind’s anti- operations non-competitive and may have a development are (but not limited to): corruption program and human rights negative effect on the company’s operational program will be subject to regular reporting to results, financial condition and future Failure to manage environmental legislation the Audit Committee/BoD. prospects. and concerns Aker Offshore Wind has zero tolerance for Aker Offshore Wind is newly established Co-habitation with fisheries, military, corruption and works vigilantly to prevent and currently has a limited number of shipping, ports and local communities such behaviour. The company has control employees. The company is therefore (including unions) systems in place throughout the organization vulnerable to key employees leaving, which Job creation designed to identify and limit the effects of may have a material adverse effect on the Grid interdependencies and grid violations of the code of conduct. Employees operations. The company will also rely on connection violating the code face consequences ranging other third parties, providing the company Radar interference caused by project from a warning to dismissal for violating the with access to certain services and for Commercial agreements for onshore and code of conduct. resources required for execution of its offshore cable crossings 15 Home Explore Adjust Search

Proximity to existing infrastructure income and the value of any financial and to continue the technology development Content Commercial agreements for land rights for instruments held. The objective of financial identified in the company’s strategic roadmap onshore substation and cable route risk management is to manage and control towards a commercially competitive cost of Aker Offshore Wind’s ability to compete financial risk exposures and thereby increase energy production. effectively and maintain market positions the predictability of earnings and minimize and sales volumes potential adverse effects on Aker Offshore GOING CONCERN The company’s capability to successfully Wind’s financial performance. Aker Offshore The world is currently in the middle of the Aker Offshore Wind in Brief 2 commercialize and build its business Wind and its subsidiaries will use financial COVID-19 pandemic, and how this will unfold CEO Letter 6 Partnerships, joint ventures and other derivative instruments to hedge certain risk remains uncertain. Aker Offshore Wind is types of cooperation that expose the exposures and aim to apply hedge accounting continuously monitoring the development and Board of Directors’ Report 7 company to risks and uncertainties outside whenever possible in order to reduce the will continue to take measures to mitigate the Board of Directors 16 its control volatility resulting from the periodic market- negative impacts for the company, including Non-delivery and/or disputes with a key to-market revaluation of financial instruments measures required to meet restrictions Sustainability Report 2020 18 supplier in the income statement. Risk management is from governmental authorities. However, Aker Offshore Wind Group Significant delays or quality issues performed in every project in order to identify, there is a risk that the COVID-19 outbreak Financials and Notes 44 impacting upon project delivery or evaluate and hedge financial risks under may have substantial negative effects on Aker Offshore Wind AS performance policies approved by the board of directors. the global economy which are worse than Financials and Notes 61 Cybercrime and cyber security issues Financial risk management and exposures current estimates, in which case this will leading to system downtime or significant are described in detail in note 15 and capital also have increased negative effects on Auditor’s Report 68 loss of intellectual property management is described in note 14. Aker Offshore Wind. The COVID-19 outbreak entails a degree of uncertainty in the going FINANCIAL RISKS FUTURE EXPECTATIONS concern assumption for most companies. The objective of financial risk management It is the opinion of the Board of Directors that This is also the case for Aker Offshore Wind. is to manage exposure from financial risks the company has developed favorably since However, the company has no external debt to increase predictability of earnings and being established in July 2020. The priorities and a solid liquidity reserve as of December minimize potential adverse effects on for 2021 and beyond will be for the company 31, 2020. Therefore, in accordance with the financial performance. to mature existing projects and prospects Norwegian Accounting Act, the board of Aker Offshore Wind is exposed to a variety towards a future financial investment directors confirms that the going concern of financial market risks such as currency decision. Market drivers remain supportive, assumption, on which the consolidated risk, interest rate risk, tax risk, price risk, as an increasing number of countries launch financial statements have been prepared, is credit and counterparty risk, liquidity risk and ambitions to develop floating wind as part appropriate. capital risk as well as risks associated with of their energy mix. Other priorities include access to and terms of financing. strengthening the organization with key hires The financial risks affect the group’s both at the corporate and regional levels,

Fornebu, March 25, 2021

Henrik Overgaard Madsen Kjell Inge Røkke Nina Jensen Chairman Director Director

Kristian Monsen Røkke Andrew Douglas Garrad Astrid Skarheim Onsum Director Director CEO 16 Home Explore Adjust Search

Content Board of Directors

Aker Offshore Wind in Brief 2 HENRIK O. MADSEN KRISTIAN MONSEN KJELL INGE RØKKE CEO Letter 6 Chairman RØKKE Board Member Board Member Board of Directors’ Report 7 Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group Financials and Notes 44 Aker Offshore Wind AS Financials and Notes 61 Henrik O. Madsen has worked more than Kristian Monsen Røkke has experience Kjell Inge Røkke, Aker ASA’s main owner, has 25 years for DNV/DNV GL in a number from offshore services and shipbuilding in been a driving force in the development of Auditor’s Report 68 of scientific research and management several companies in the Aker group. Prior Aker since the 1990s. Mr. Røkke launched his positions, and served as the President and to assuming his current position as CEO of business career with the purchase of a 69- CEO of the company from 2006 to 2015. He Aker Horizons AS, Røkke served as Chief foot trawler in the United States in 1982, and holds a PhD in civil and structural engineering Investment Officer of Aker ASA. Before that, gradually built a leading worldwide fisheries from the Technical University of Denmark, he served as CEO of Akastor ASA, a publicly business. In 1996, the Røkke controlled where he also serves as adjunct professor. listed oil service investment company and company, RGI, purchased enough Aker shares In 2002, he was appointed a technology prior to this he spent several years in various to become Aker’s largest shareholder, and pioneer by the United States Offshore Energy operational and executive roles at Philly later merged RGI with Aker. Mr. Røkke is also Center’s Technology Hall of Fame. Madsen Shipyard. He has an MBA from The Wharton currently a director of Aker BP, Aker Solutions, was previously chairperson of the Norwegian School of the University of Pennsylvania. Ocean Yield, Aker BioMarine and Aker Energy. Research Council. Kristian Røkke is a board member of several companies, including: Akastor ASA (Chairman), Philly Shipyard ASA (Chairman), American Shipping Company ASA and Aker Offshore Wind AS. 17 Home Explore Adjust Search

Content

Aker Offshore Wind in Brief 2 NINA JENSEN ANDREW GARRAD CEO Letter 6 Board Member Board Member Board of Directors’ Report 7 Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group Financials and Notes 44 Aker Offshore Wind AS Financials and Notes 61 Nina Jensen is the CEO of REV Ocean Andrew Garrad has been professionally and is a tireless champion for promoting involved in wind energy over 40 years. Auditor’s Report 68 environmentally responsible solutions for Dr. Garrad cofounded the Garrad Hassan the world’s ocean. She started this position Group Ltd and was CEO and Chairman of in 2018 after 15 years of positive impact in the company along with some 25 group WWF-Norway (as Secretary-General since companies from 1984 to 2009. He was 2012). Ms. Jensen holds a Master’s degree in President of GL Garrad Hassan 2009 to 2014. Marine Biology from the University of Fishery He has held a number of public appointments Science in Tromsø, and has a background including Chairman of the British Wind Energy in communications and marketing from Association and President of European Wind Ogilvy&Mather. Ms. Jensen is a board member Energy Association. Dr. Garrad has a BA from of The Business for Peace Foundation, The the University of Oxford, a PhD from the Plastic REVolution Foundation, The C4IR University of Exeter and was awarded the Ocean and The Brain Tumour Association. She honorary degree of DEng by University of was named Young Global Leader by the World Bristol in 2009 and the University of Exeter in Economic Forum in 2014. She is also part of 2018. He is a Fellow of the Royal Academy of Friends of Ocean Action and an advisor to Engineering. Dr. Garrad is a British citizen. the High Level Panel for a Sustainable Ocean Economy. 18 Home Explore Adjust Search

Content

Sustainability Report 2020 19 Home Explore Adjust Search

Content 1. About This Report

Aker Offshore Wind in Brief 2 The initiatives highlighted in this report CEO Letter 6 include those that have an impact on our employees, partners, suppliers, investors and Board of Directors’ Report 7 societies where we are present. Board of Directors 16 Detailed information on Aker Offshore Wind’s business model, role in the value chain Sustainability Report 2020 18 and technology can be found in the Board of Aker Offshore Wind Group Directors report. The BoD report also provides Financials and Notes 44 information on our market strategy, growth Aker Offshore Wind AS targets and project pipeline. Financials and Notes 61 GRI STANDARDS Auditor’s Report 68 Aker Offshore Wind reports and communicates on sustainability based on the Global Reporting Initiative (GRI) framework. This report has been prepared in accordance with the GRI Standards: Core Option. Our overview of disclosure according to GRI, including references to sections of the report where GRI indicators are reported upon and the list of material aspects, can be found in the appendix at the end of the report. While preparing the report, we also followed the Euronext guidance on ESG reporting of January 2020.

REPORT BOUNDARIES The report boundary is, in general, drawn specified in the Norwegian Accounting Act that provides division of roles between around companies under the operational (“regnskapsloven”). shareholders, the Board of Directors and control of Aker Offshore Wind. However, we executive management more comprehensively also provide information on some aspects NCGB than is required by legislation. Although not where we have the potential to influence but Aker Offshore Wind is guided by the listed on the main index of the Oslo Stock do not have direct control. Norwegian Code of Practice for Corporate Exchange, Aker Offshore Wind strives to Governance issued by the Norwegian uphold the standards set by the Code of NORWEGIAN ACCOUNTING ACT Corporate Governance Policy Board (NCGB). Practice. The report seeks to address the legal The objective of the Code of Practice is that requirements for company reporting companies listed on regulated markets in on corporate social responsibility as Norway will practice corporate governance 20 Home Explore Adjust Search

Content 2. Sustainability at Aker Offshore Wind

Aker Offshore Wind in Brief 2 Sustainability at Aker Offshore Wind is CEO Letter 6 about making planet positive business decisions that add value to the company, its Board of Directors’ Report 7 stakeholders and society. The company works Board of Directors 16 proactively to ensure sustainability, integrity and responsibility in its operations. Sustainability Report 2020 18 Sustainability at Aker Offshore Wind means Aker Offshore Wind Group to develop renewable power by developing Financials and Notes 44 new offshore energy markets through Aker Offshore Wind AS responsible and value-driven business Financials and Notes 61 conduct. With a clear focus on environmental, social and governance activities, sustainability Auditor’s Report 68 at Aker Offshore Wind is enacted by:

Committing to powering the climate transition by developing green, clean energy and avoiding emissions of greenhouse gases in every country we operate Taking ownership to create a cleaner, safer and more sustainable future by minimizing negative impact on ecosystems With a responsible business as our starting point we will act to the benefit of our employees, partners and society by practicing sustainability, health and safety throughout the value chain

Image: Principle Power 21 Home Explore Adjust Search

Content 3. Our View

VISION MISSION VALUES

Aker Offshore Wind shall be the global Aker Offshore Wind strives for a Aker Offshore Wind will establish a set leader in the offshore wind market as sustainable future – one driven by of long-term corporate values to be a pure-play deepwater developer. clean, green energy. As 80 percent of the compass that guides our policies, the world’s offshore wind acreage is our operations and our behavior. deeper than 60 meters, we leverage These values will be included in the technology and push boundaries to Sustainability Report for 2021. scale, drive down costs and add value to the communities we engage with and to all our stakeholders. 22 Home Explore Adjust Search

Content 4. Governance

Aker Offshore Wind in Brief 2 Aker Offshore Wind is committed to working officer. to uphold the highest levels of integrity CEO Letter 6 proactively to ensure sustainability, integrity The Board of Directors takes an active and and avoid becoming complicit in unethical and responsibility in its operations. strong approach in identifying and assessing or illegal behaviour. We strive to minimize Board of Directors’ Report 7 Sustainability at Aker Offshore Wind means business risks to ensure the overall risk harm to the environment by providing Board of Directors 16 to develop clean responsible power through profile of the company is understood and environmentally sound technology for our own developing new offshore energy markets sound. Furthermore, the Board of Directors activities and to work with our partners and Sustainability Report 2020 18 by a responsible and value-driven business defines the general level of acceptable risk suppliers to do the same. We recognize our Aker Offshore Wind Group conduct. Sustainability considerations will be for the company and will continuously make responsibility to positively impact societies Financials and Notes 44 integrated in internal processes and business assessments to ensure the risk level is within and will strive to ensure that they benefit Aker Offshore Wind AS operations and tailored to diverse local the parameters set and adopt changes to the from our operations. Financials and Notes 61 contexts and stakeholder expectations. company’s risk profile as and when required. Additionally, Aker Offshore Wind has an The company is a signatory to the UN Information concerning the objectives and integrated global anti-corruption compliance Auditor’s Report 68 Global Compact, and thereby respects principal strategies of the company, and any program. The company’s commitment to and adheres to the precautionary principle changes thereto, as well as business risk human and labor rights is covered by the (Principle 7). aspects, are disclosed to the market in the Global Framework Agreement between Aker Aker Offshore Wind reports and context of the company’s annual report, its ASA and the Norwegian and international communicates on sustainability according quarterly reporting and in designated market trade unions Fellesforbundet, IndustriALL to the Global Reporting Initiative (GRI). We presentations as well as on the company’s Global Union, NITO and Tekna. Aker Offshore also follow the Euronext guidance on ESG website. Aker Offshore Wind will also, from Wind will also follow the Voluntary Principles reporting of January 2020. Aker Offshore time to time, report on such information on Security and Human rights – ensuring Wind’s strategy supports the UN Sustainable in compliance with the requirements for that we operate within a framework and by Development Goals. companies listed on Euronext Growth. standards that encourages respect for human The Board of Directors sets the direction of Aker Offshore Wind has a Code of Conduct rights. the company by determining the objectives, outlining the company’s commitments and Sustainability at Aker Offshore Wind strategy and risk profile of the business requirements for ethical business practices is owned by the chief executive officer, within the parameters of applicable law, the and personnel conduct. The Code of while the Board of Directors is ultimately articles of association and the company’s Conduct describes what Aker Offshore Wind responsible for overseeing and safeguarding adopted rules of procedure for the Board of expects from its employees, subsidiaries, management of the company’s sustainability Directors. The existing business targets and subcontractors, representatives and other (environmental, social, and governance - ESG) strategy are evaluated on an annual basis partners and explains the company’s policies work. by the board through a designated strategy in a number of areas of particular importance Starting with the highest level of the process whereby any significant changes as such as corruption, including bribery and organization specific targets hold leadership, well as goals and guidelines of the company facilitation payments, conflict of interest, gifts managers and employees accountable are adopted. The objectives and business and hospitality and human rights. The Code of for sustainability at Aker Offshore Wind. strategy as defined and approved by the Conduct is available at Objectives and key results (OKRs) are Board of Directors, are executed through www.akeroffshorewind.com. implemented for the company and guides a strategy implementation process in Aker The Code of Conduct is the key governing the performance of executive management Offshore Wind owned by the chief executive document and the foundation of our drive positions. More details on remuneration 23 Home Explore Adjust Search

policies for the highest governance body review mechanisms to ensure operations are responsibility, duties and the distribution Content and senior executives can be found in the conducted in accordance with applicable of roles between the board, the chairman financial section of this report. internal and external regulatory framework. and the chief executive officer. The rules In 2020, the company’s business The policies and procedures are reviewed and of procedure also include provisions on excellence team was responsible for updated regularly and as necessary. Business matters such as convening and chairing board assessing, maintaining and reporting on processes are owned by global functions and meetings, decision making, the duty and sustainability topics while the company’s business owners, who have the responsibility right of the chief executive officer to disclose Aker Offshore Wind in Brief 2 business units were responsible for and authority to standardize and optimize information to the board and the duty of CEO Letter 6 implementing, monitoring and sharing work processes to secure efficient operation. confidentiality. the company’s sustainability work. Each Our policies will be shared on our website. Board of Directors’ Report 7 of the company’s locations is responsible Conflict of Interest Board of Directors 16 for ensuring compliance with local legal CORPORATE GOVERNANCE Aker Offshore Wind applies a strict norm requirements in addition to the corporate Good corporate governance at Aker Offshore as far as independence assessments are Sustainability Report 2020 18 requirements. Wind will ensure sustainable operations concerned, and has prepared guidelines Aker Offshore Wind Group Sustainability is embedded into Aker and value-creation over time to the benefit ensuring that directors and executive Financials and Notes 44 Offshore Wind’s enterprise strategy and is not of the company’s shareholders and other personnel notify the Board of Directors if they Aker Offshore Wind AS a separately developed strategy. stakeholders. Corporate governance is a have any material direct or indirect personal Financials and Notes 61 Decisions are made every day that have framework of processes, mechanisms and interest in any agreement concluded by the an impact across our value chain: they affect responsibilities for managing the business group. Auditor’s Report 68 people, customers and suppliers, as well as and making sure the right objectives and The rules of procedure for the Board the environment and the communities in strategies are set and implemented with of Directors stipulate that neither the which we operate. Some of these decisions results that can be measured and followed board members, the chief executive officer have a short-term impact, while others have up. nor anyone else shall participate in the a long-term effect on stakeholders and the Management and the Board of Directors preparation, deliberation or resolution by environment. Aker Offshore Wind believes are responsible for ensuring that the the board of any matters that are of such that the effects are positive overall, but the company conducts its business using sound special importance to themselves or any company is aware of the difficult trade-offs corporate governance and set the standards of their related parties that the person in and dilemmas that can occur in the value for corporate governance that apply to Aker question is deemed to have a prominent chain or in the countries where we operate. Offshore Wind as a whole. personal or financial interest in these matters. We know that how we conduct ourselves Under Aker Offshore Wind’s authorization The relevant board member or person shall as an employer and as a business has a matrix, the Board of Directors holds exclusive raise the issue of his or her independence profound impact on the company’s ability to authority in matters of material significance to whenever there may be cause to and is the create long-term value for society and for our the company. The company is in the process primary responsible for adopting the correct shareholders. of updating its current authorization matrix. decision as to whether he or she should step Aker Offshore Wind is actively building its The Board of Directors regularly receives down from participating in the discussion of Management System. This will be governed extensive reports from the chief executive the matter at hand. through policies anchored at the highest officer and the chief financial officer on As far as the other officers and employees level of the organization, which describe the key aspects of the business. These reports of Aker Offshore Wind are concerned, intention and direction of the company, as reflect underlying reporting to executive transactions with related parties are formally expressed by top management. The management from the business operations. comprehensively addressed and regulated in policies set the direction for the development the company’s Code of Conduct. of the company’s management system and THE WORK OF THE BOARD OF DIRECTORS certification according to ISO 9001 & 14001 Procedures Meetings during 2021. The management system shall Aker Offshore Wind’s rules of procedure The Board of Directors will hold board contain specific procedures, controls and for the Board of Directors govern areas of meetings whenever needed, but normally 24 Home Explore Adjust Search

six to twelve times a year. The need for Content extraordinary board meetings may typically arise because the internal authorization Governance Structure Sustainability structure of the company requires the board to deliberate and approve material transactions and bids to be submitted by the company. Aker Offshore Wind in Brief 2 Board of Directors CEO Letter 6 Matters Discussed by the Board of Directors The chairman, in cooperation with the chief Board of Directors’ Report 7 executive officer, prepares the agenda for Board of Directors 16 deliberation by the Board of Directors. It CEO is a priority to have matters prepared and Sustainability Report 2020 18 presented in such a way that the board Aker Offshore Wind Group is provided an adequate basis for its Sustainability Team Financials and Notes 44 deliberations. The Board of Directors has Assess | Maintain | Report Aker Offshore Wind AS overall responsibility for the management Financials and Notes 61 of the company and shall, through the chief executive officer, ensure that its activities Auditor’s Report 68 are organized in a sound manner. The Board adopts plans for the business, and keeps Delivery Units itself informed of the financial position of, Implement | Monitor | Share and development within, the company. This Manage encompasses the annual planning process, with the adoption of overall goals and strategic choices as well as financial plans Stewardship and Safeguard Stewardship and forecasts. Countries Ensure compliance 25 Home Explore Adjust Search

Content 5. Stakeholder Engagement

Aker Offshore Wind in Brief 2 Aker Offshore Wind is committed to ongoing institutions and project financiers, project CEO Letter 6 engagement with stakeholders to listen partners and suppliers, governments and to their concerns and understand their national authorities, non-governmental Board of Directors’ Report 7 expectations. The basis and scope of this organizations and local communities, Board of Directors 16 report has been shaped by the materiality and industry groups. The nature of our assessment conducted in 2020, and by our engagement, stakeholders’ key priorities, our Sustainability Report 2020 18 stakeholders’ expectations obtained through corresponding actions and the connection Aker Offshore Wind Group monitoring and dialogue. to Aker Offshore Wind’s material topics are Financials and Notes 44 We interact with employees, unions, presented in the table, below. Aker Offshore Wind AS owners and shareholders, financial Financials and Notes 61

Auditor’s Report 68 Stakeholders Nature of engagement Stakeholders’ key ESG priorities Key company actions to meet AOW’s material ESG topics stakeholder expectations Employees Daily • AOW’s mission is an important part • Building a company culture • Transparent and value-driven of the company’s employee value around the goal of contributing company culture proposition (EVP), and will help attract to solving the climate crisis will and retain talent. capitalise on the company’s EVP. Owners / Daily • Strong investor interest in renewable • Clear communication of market • Develop renewable energy shareholders energy as a solution to climate change strategy in light of investor generation and needed change in the current preferences. Disclosures on • Reduce greenhouse gas energy mix. Expectations related to share of projects that are EU emissions positive impact on climate and the Taxonomy-aligned. • Minimize negative impact on environment. • Appropriate management ecosystems • Expectation of appropriate risk systems for risks and impacts. • Lifecycle perspective on management of environmental impact minimizing waste and pollution and key governance topics, such as • Diversity diversity and compliance. • Human rights and labor rights • Anti-corruption and anti-money laundering • Responsible supply chain management Financial institutions Regular engagement • Private equity firms, investment banks • Develop renewable energy and project financiers in relation to project and commercial banks seek to invest generation development and in renewable energy to meet demand • Reduce greenhouse gas pipeline by own investors, gaining taxonomy- emissions aligned revenue and investments • Minimising negative impact on and as ESG friendly substitute to ecosystems commercial bonds • Diversity • Human rights and labour rights 26 Home Explore Adjust Search

Stakeholders Nature of engagement Stakeholders’ key ESG priorities Key company actions to meet AOW’s material ESG topics Content stakeholder expectations Project partners and Regular engagement • HSSE in the value chain is an • Occupational health and safety • Health and safety in the value suppliers on a project-by-project important part of the safety culture in management system. chain basis the industry. • Supply chain management • Connect local suppliers to green • Suppliers are concerned with building strategy with focus on local growth markets competency and experience in green content. • Coexisting with other marine growth markets. • Responsible and transparent industries Aker Offshore Wind in Brief 2 • Importance placed on project project management and CEO Letter 6 management, and on good execution, in close cooperation cooperation with local stakeholders. with local communities. Board of Directors’ Report 7 Government and Regular engagement • Governments are concerned with • Demonstrate that AOW is • Develop renewable energy Board of Directors 16 national authorities on a project-by-project accelerating the energy transition to providing clean, green and generation basis, and continuous reduce global emissions and building reliable energy, while minimizing • Reduce greenhouse gas Sustainability Report 2020 18 monitoring new value chains for future value the local impact on biodiversity. emissions creation. Through national climate • Demonstrate contribution to • Lifecycle perspective on Aker Offshore Wind Group goals, the energy mix will continuously value creation and innovation. minimizing waste Financials and Notes 44 skew towards renewable sources. • Cooperate actively with other • Minimize negative impact on Aker Offshore Wind AS • Emphasis on reducing potential marine industries. ecosystems Financials and Notes 61 negative impact on ecosystems, as • Create new opportunities in well as on ensuring coordination and green growth markets Auditor’s Report 68 synergies between different offshore • Coexisting with other marine industries. industries Non-governmental Regular engagement • Environmental NGOs and others • Conduct thorough • Minimizing negative impact on organizations and on a project-by-project will pay close attention to the Environmental Impact ecosystems local communities basis, and continuous environmental impact on ecosystems Assessments as basis for • Coexisting with other marine (NGO) monitoring and the sector’s ability to operate decisions. Appropriate industries alongside other marine industries. management of impacts will be • Lifecycle perspective on • Local communities are concerned key to appease stakeholders minimizing waste with industry actors contributing to and reduce opposition to the • Create new opportunities in local value creation. projects. green growth markets • Supply chain management strategy with focus on local content.

Industry groups Regular engagement • Incentivizing and accelerating the • Demonstrate that AOW can • Develop renewable energy and continuous energy transition to provide clean provide clean, green and generation monitoring energy that reduces global emissions reliable energy, while minimizing • Reduce greenhouse gas and enables energy users to reduce the local impact on biodiversity. emissions the emissions from their operations • Demonstrate contribution to • Lifecycle perspective on and value chain. value creation, including job minimizing waste • Interest in building a greater creation. • Create new opportunities in sustainable marine industrial system, green growth markets ensuring local job creation and value • Connect local suppliers to green generation. growth markets 27 Home Explore Adjust Search

Content 6. Materiality Assessment

Aker Offshore Wind in Brief 2 In the second half of 2020, we conducted The assessment considers the level of To secure the independence and integrity CEO Letter 6 a materiality assessment to review our materiality of a topic against two parameters: of the process, the materiality assessment sustainability priorities. The purpose of issues influencing the decision-making of was conducted by a reputable third-party Board of Directors’ Report 7 the materiality assessment is to allocate stakeholders, and/or organization. Board of Directors 16 resources to areas where the potential the significance of (economic, Conducting a materiality assessment is impact is the greatest and to identify which environmental and social) impacts in line with the Euronext guidance on ESG Sustainability Report 2020 18 sustainability topics are material for Aker reporting of January 2020, and NASDAQ as Aker Offshore Wind Group Offshore Wind’s commercial and financial The assessment comprised external and well as the Sustainable Stock Exchange Financials and Notes 44 outlook. This will enable us to better manage internal stakeholders to help evaluate Initiative. It is also a requirement when Aker Offshore Wind AS sustainability risks and opportunities while at decision-making priorities and significance of reporting according to the GRI Standard. Financials and Notes 61 the same time provide our stakeholders with impacts. material disclosures. The topics listed below are the areas Auditor’s Report 68 addressed in the materiality assessment.

Environmental Purpose Social Purpose Governance Purpose

MATERIAL ENVIRONMENTAL TOPICS MATERIAL SOCIAL TOPICS MATERIAL GOVERNANCE TOPICS Renewable energy generation Create new opportunities in green Responsible supply chain Reduce GHG emissions growth markets management Minimising negative impact on Connect local suppliers to green Anti corruption and anti money ecosystems growth markets laundering Lifecycle perspective on Diversity Transparent and value driven minimizing waste and pollution Health and safety in the value company culture chain Coexisting with other marine industries Human rights and labor rights 28 Home Explore Adjust Search

Content 7. Charters and Memberships

Aker Offshore Wind in Brief 2 Aker Offshore Wind is a signatory to the UN CEO Letter 6 Global Compact, the world’s largest corporate sustainability initiative and is committed to Board of Directors’ Report 7 its 10 principles. This report will be our annual Board of Directors 16 Communication on Progress. Aker Offshore Wind officially committed Sustainability Report 2020 18 to the NOIA (National Ocean Industries Aker Offshore Wind Group Association) ESG Network by signing a Financials and Notes 44 Participation Agreement in July 2020. Aker Offshore Wind AS Signatories pledge their companies will Financials and Notes 61 participate in the NOIA ESG effort, providing support to the initiative by encouraging new Auditor’s Report 68 member companies to attend, helping to create content for the events and providing information and resources such as examples of ESG programs and reports. 29 Home Explore Adjust Search

Content 8. UN Sustainable Development Goals

Aker Offshore Wind in Brief 2 Aker Offshore Wind supports the UN CEO Letter 6 Sustainable Development Goals (SDGs), a collection of 17 global goals set by the Our Commitment Board of Directors’ Report 7 United Nations General Assembly in 2015. Board of Directors 16 The goals provide a shared blueprint for peace and prosperity for people and the SDG 5: Our zero tolerance for SDG 13: By investing in Sustainability Report 2020 18 planet, now and into the future. We have discrimination and general renewable energy, Aker Aker Offshore Wind Group prioritized 6 SDGs where we believe we can gender diversity approach Offshore Wind is driving the Financials and Notes 44 have the most impact and where we seek to seek to contribute to target transition to the low carbon 5.5 of ensuring women’s full society. Aker Offshore Wind AS contribute positively. In 2021, we will review and effective participation Financials and Notes 61 this prioritization to make sure the goals are and equal opportunities for SDG 14: Through our aligned with targets and material issues for Auditor’s Report 68 leadership at all levels of environmental management Aker Offshore Wind. decision-making in political, approach, we seek to economic and public life. contribute to the sustainable management and protection SDG 7: By building offshore of marine and coastal wind power generation ecosystems, avoiding capacity globally, Aker significant adverse impacts Offshore Wind is contributing (target 14.2). to target 7.2 of substantially increasing the share of SDG 16: Through our values, renewable energy in the policies and governance global energy mix by 2030. model, we seek to contribute to the building of transparent SDG 8: By building a new and inclusive institutions, sector and value chain in in the fight against illicit floating offshore wind, we financial flows, corruption are contributing to target and bribery. 8.2 of achieving higher levels of economic productivity through diversification, technological upgrading and innovation. 30 Home Explore Adjust Search

Content 9. Risk Management

Aker Offshore Wind in Brief 2 Aker Offshore Wind aims to build a global exposed to risks and opportunities stemming CEO Letter 6 footprint and operations in an emerging from climate change and the energy market segment. This exposes the company transition to renewables and a lower-carbon Board of Directors’ Report 7 to regulatory changes and immature market economy. This includes changes in global Board of Directors 16 conditions which provides both opportunities demand, energy prices and environmental and risks. These risks may affect the requirements that could increase demand for Sustainability Report 2020 18 company’s operations, performance, finances, the company’s offerings and increase growth Aker Offshore Wind Group reputation and share price. External risk opportunities. Negative aspects could include Financials and Notes 44 factors such as pandemics, market risk, increase in commodity prices, reduction of Aker Offshore Wind AS price volatility, ethical and political risks and raw material and increased logistics and Financials and Notes 61 climate related risks may have a significant transportation cost that could potentially adverse impact on the company, in addition negatively impact the company’s earnings. Auditor’s Report 68 to internal risk factors such as operational Other key climate change-related risks and risks and financial risks. Climate-related risks opportunities identified by the company, prior are detailed below. The other risk factors are to the TCFD-aligned climate risk assessment further described in the annual report. The being completed, are outlined below. Board of Directors’ role in identifying and assessing business risks is detailed in chapter 4 of this report. Climate-related risks are an integral part of Aker Offshore Wind’s risk picture. The company will complete a TCFD-aligned climate-risk assessment in the course of 2021 and will publish its findings in a separate report as well in next year’s sustainability report.

CLIMATE-RELATED RISKS Aker Offshore Wind has identified several climate-related risks and their potential business impacts and these will be tracked through our enterprise risk management system. Moving forward, we will carefully monitor climate-related risks especially with regard to regulatory and market changes. Climate-related risks are defined within physical, regulatory/liability, technology, market and reputational risks. The company is 31 Home Explore Adjust Search

Content Risks and Opportunities

Aker Offshore Wind in Brief 2 CEO Letter 6 PHYSICAL RISKS TECHNOLOGY RISKS AND REPUTATIONAL RISKS AND Sea level rise and extreme weather, OPPORTUNITIES OPPORTUNITIES Board of Directors’ Report 7 floods and drought Breakthroughs or incremental The company’s core business is Board of Directors 16 Changes in natural resources improvements in technology that perceived as being part of the Sustainability Report 2020 18 supports the transition to lower- solution to the global climate crisis Potential impacts: carbon, energy-efficient economic The company is perceived as having Aker Offshore Wind Group Harm to employees and damage to systems a negative impact on the local Financials and Notes 44 physical assets environment and biodiversity in its Aker Offshore Wind AS Disruption to operation, supply Potential impacts: project locations Financials and Notes 61 chain, market, public infrastructure Existing technologies becoming Auditor’s Report 68 Degradation or limitation on access obsolete Potential impacts: to resources Required investment in new Strong sense of purpose helping to technologies recruit and retain talent Attracting investors, lenders, and Growing demand for Aker Offshore political goodwill Wind’s technology, and increased Civil society groups or movements competitiveness of the company. may protest, or attempt to sabotage the construction and operation of projects 32 Home Explore Adjust Search

Content 10. Preparing for the EU Taxonomy

Aker Offshore Wind in Brief 2 Aker Offshore Wind is closely monitoring the CEO Letter 6 EU’s work on Sustainable Finance and the EU Taxonomy regulation. The new legislative Board of Directors’ Report 7 and non-legislative actions introduced in the Board of Directors 16 European Green Deal and the EU Sustainable Finance Action plan will require financial Sustainability Report 2020 18 market participants and companies to Aker Offshore Wind Group consider and disclose how they are working Financials and Notes 44 with sustainability in a new and standardized Aker Offshore Wind AS manner. Financials and Notes 61 The EU Taxonomy establishes a classification system with criteria for which Auditor’s Report 68 economic activities can be considered environmentally sustainable. Companies will be required to disclose to what extent their turnover, investments and operational costs align with the EU Taxonomy criteria. The technical screening criteria that operationalize the EU Taxonomy in its current form (20 November 2020 draft) qualifies all wind power production as sustainable. The Taxonomy regulation however, on a general level, requires that an activity must not lead to a lock-in of carbon intensive assets in order for it to be qualified as sustainable. It is therefore unclear whether the supply of wind power to offshore oil production facilities will qualify as sustainable in the taxonomy. Aker Offshore Wind will follow the finalization of technical screening criteria for electricity generation from wind, and related interpretation guidelines from the Platform on Sustainable Finance, closely. Going forward, we plan to analyze and disclose how our operations align with the EU Taxonomy criteria. We will also assess how the framework can be used for internal risk management, financial planning and strategy processes within Aker Offshore Wind. 33 Home Explore Adjust Search

Content 11. Developing Clean, Responsible Power

Aker Offshore Wind in Brief 2 Aker Offshore Wind is powering the climate stakeholders. Further from shore, potential CEO Letter 6 transition by developing green, clean energy. challenges such as visual pollution and Current Fossil Fuel Mix On a net basis, Aker Offshore Wind holds noise emission into the oceans, are reduced. Board of Directors’ Report 7 projects and prospects of more than 1.5GW Locating wind farms away from fishery zones Board of Directors 16 of potential capacity, which could produce and outside of traditional shipping routes more than 7.0 TWh annually, if and when all also limit disturbance to industry. Remote EUROPE Sustainability Report 2020 18 farms are in full operation. We are currently and floating wind projects can also reduce Aker Offshore Wind Group exploring opportunities in South Korea, North the impact on marine ecosystems, limiting Financials and Notes 44 America and Europe. seabed deterioration and achieving a lower 0.706 kg Aker Offshore Wind AS Where our projects deliver power to negative impact on birds and other wildlife Financials and Notes 61 the grid, we will potentially help avoid CO2 compared to onshore or coastal wind. CO2/kWh emissions from the current fossil fuel mix Aker Offshore Wind seeks to work closely Auditor’s Report 68 estimated at 0.706 kg CO2/kWh in Europe, with other marine industries and activities in 0.638 kg CO2e/kWh in North America and the areas where we explore opportunities. A 0.905 kg CO2e/kWh in the Asia Pacific region part of this dialogue is to explore the logistics NORTH AMERICA (2019 data for fossil fuel emission factor, of the area to see where the development U.S. EIA and 2019 data for regional fossil fuel of a wind park will have minimum negative energy mix, BP 2019 Statistical Review of impact on other marine activities. When 0.638 kg World Energy). As we move into operations, impact has been impossible to avoid, we have we will estimate and report avoided GHG settled co-existent agreements with affected CO2e/kWh emissions and the carbon intensity of our industries, e.g. local fishermen. operations. We have a lifecycle perspective on We’re proactively working with research minimizing waste and pollution, and plan ASIA PACIFIC REGION communities, local government and to work to improve resource use from stakeholders to manage and mitigate the procurement throughout the lifecycle of impact on ecosystems. For all projects in wind farms and through to decommissioning. which we hold a stake, we will ensure that Working with our suppliers we will design for 0.905 kg a comprehensive Environmental Impact optimal resource use. Based on the principles Assessment (EIA) has been completed, of the waste management hierarchy, we will CO2e/kWh and its proposed mitigation measures work actively to prevent waste, and reuse, are managed. No EIAs were completed in recycle and recover resources where possible. 2020 due to the maturity of the company’s Our Code of Conduct sets out the projects. principles according to which Aker Offshore As detailed in the annual report, floating Wind manages its environmental impact. offshore wind holds some key advantages The code states that Aker Offshore Wind compared with bottom-fixed, particularly shall act responsibly with an ambition in terms of placement for optimum wind to reduce direct and indirect negative resources and reduced impact on external influences on the external environment. 34 Home Explore Adjust Search

We shall adhere to relevant international Emissions Content and local laws and standards, strive to minimize our environmental impact and take Category Consumption Unit Emissions (tCO2e) a sustainable approach in our day-to-day operations. Our aim is to operate and make decisions that minimize negative impact on Scope 1 ecosystems and adds value to the company, - - - - Aker Offshore Wind in Brief 2 its stakeholders and society. The company Total Scope 1 - CEO Letter 6 works proactively to ensure sustainability, Scope 2 integrity and responsibility in its operations. Electricity consumption offices 58100 kWh 0.988 Board of Directors’ Report 7 We are focused on reducing waste, reducing Purchased district heating 37700 kWh 0.165 Board of Directors 16 carbon dioxide (CO2) emissions and improving the environmental mind-set amongst our Purchased cooling 23400 kWh 0.088 Sustainability Report 2020 18 employees. Total Scope 2 1.2 Aker Offshore Wind Group Scope 3 Financials and Notes 44 It is our responsibility to: Travel Aker Offshore Wind AS Understand and minimize the Business travel (flights) 2764 km 0.429 Financials and Notes 61 environmental impact in our area of work Commuting to/from work 20800 km 1.373 Share environmental best practices in our Auditor’s Report 68 Waste area of work Organic and sludge 331 kg 0.026 Participate actively in environmental programs Paper, cardboard 310 kg 0.341 Encourage partners and ensure suppliers Glass 90 kg 0.086 commit to environmentally sustainable Metal 10 kg 0.002 solutions Soil and various materials 44 kg 0.024 Plastic 36 kg 0.070 GREENHOUSE GAS EMISSIONS Mixed waste 804 kg 0.442 Aker Offshore Wind is committed to Total Scope 3 2.8 minimizing the emissions from its operations Total emissions, Scope 1, 2, 3 4.0 and supply chain to reduce the lifecycle carbon footprint of wind energy generation. Purchased goods, including the material composition of blades and towers, will be key drivers of the carbon footprint of wind project development. In parallel, Aker Offshore Wind focuses on maintaining a responsible business culture to reduce the emissions from its operations, including energy use, business travel and waste generation. Aker Offshore Wind’s GHG emissions from 2020 are limited, reflecting the early stage of the company operations. Gross GHG emissions will increase as the company expands. 35 Home Explore Adjust Search

RESEARCH AND DEVELOPMENT to better area and resource use and create and Circularity of Offshore energy Content Aker Offshore Wind has partnered with third synergies and cooperation, whilst reducing infrastructures. parties to conduct innovative research aimed conflict between marine actors, leading to 4. WinDCollect: As part of a consortium led at reducing the environmental footprint and better coexistence and higher value creation. by SINTEF, Aker Offshore Wind has applied impact on marine ecosystems of offshore The project is planned as a pre-study to for a four-year project under the European wind projects, and to support cooperation a potential pilot project, and will explore Commission Horizon 2020 program aimed with our local stakeholders to manage our available technology, the impact of relevant at demonstrating key grid technologies to Aker Offshore Wind in Brief 2 projects in the best possible way: regulation and stakeholder interests and enable large scale offshore wind energy. CEO Letter 6 expectations. 5. CYBERLAB: Aker Offshore Wind has (a) Enova-funded project on environmentally issued a letter of intent to participate Board of Directors’ Report 7 friendly technologies (NO) (d) NextWind (US) in a project named CYBERLAB with Board of Directors 16 Aker Offshore Wind in November announced In the NextWind project, supported by the SINTEF Ocean, which is leading a joint it had been awarded a grant from Enova, California Energy Commission, Aker Offshore industry consortium developing methods Sustainability Report 2020 18 Norway’s innovation fund for environmentally Wind partnered with Cognite, H.T. Harvey to study parks of floating wind turbines Aker Offshore Wind Group friendly technologies, for a pre-project that and MarineSitu to develop next generation interconnected with shared mooring, and Financials and Notes 44 aims to reduce costs and increase maturity technologies for offshore floating wind farms, more generally large “lattices” of floating Aker Offshore Wind AS in important technical segments of offshore including monitoring of its impact on the energy structures. The ultimate objective of Financials and Notes 61 floating wind. The overall objective is to better environment via live data streaming, with the methods developed in CYBERLAB is to understand how technical solutions can computer vision for wildlife detection. The accurately determine the global response Auditor’s Report 68 enable use and development of a Norwegian transfer of NextWind from Aker Solutions of the whole energy park for reducing the supply chain and drive down costs over time. to Aker Offshore Wind is in the process levelized cost of electricity while ensuring of being formalized with California Energy high reliability of mooring. (b) NorthWind (NO) Commission. In December 2020, the Norwegian Minister of These projects are relevant to Aker Offshore Petroleum and Energy, Tina Bru, announced (e) Wind impact assessment pre-study (NO) Wind’s material topic of coexisting with other an investment of NOK 120 million in a new Innovation Norway and the Centre for the marine industries and contributes to our wind power research center in Norway. Fourth Industrial Revolution (C4IR) are target of developing initiatives to support The NorthWind research center will be at heading up a pre-study to define best other marine industries. the cutting edge of technology, working on practice on impact assessments for offshore innovations to make wind power cheaper, wind. Aker Offshore Wind is an active more efficient, and more sustainable. One of contributor to the project as a key industry the center’s main priorities will be offshore actor. Targets and initiatives for 2021 wind research. The project will be led by Aker Offshore Wind is also supporting Finalize and implement a SINTEF and brings together over 50 partners five additional projects awaiting decision on Sustainability policy from research institutions and industry all public funding applications: Establish an Environmental Impact around the world. Aker Offshore Wind is a Assessment procedure in the proud industry partner in NorthWind. 1. Institute of Marine Research WindFish Business Management System, project on the population level effects of aligned with national regulation and (c) Marine Industrial Parks – New floating wind farms on pelagic fish. best practice Opportunities for Coordination Offshore (NO) 2. Norwegian Institute for Nature Research Complete a TCFD-aligned climate- Together with the Centre for the Ocean and on marine spatial planning and cumulative risk assessment, and publish report the Arctic, Aker Offshore Wind is part of impacts of blue growth on seabirds and this pre-study on marine industrial parks. migratory birds (MARCIMS). The project is based on the understanding 3. A University of Bergen project titled that marine industrial parks can contribute R-DECO, Reutilization, Decommissioning 36 Home Explore Adjust Search

Content 12. A Responsible and Sustainable Supplier Base

Aker Offshore Wind in Brief 2 We develop an open and transparent adhere to our business ethics and values, CEO Letter 6 relationship with our suppliers and require including our standards for health and safety, Targets and initiatives for 2021 them to adhere to our business ethics and human and labour rights, environment, Develop a supply chain strategy Board of Directors’ Report 7 standards. quality management, business integrity and including how to conduct a Board of Directors 16 Ensure our suppliers have a healthy, safe sustainability as described in our Code of responsible supplier base and secure working environment. Conduct, as well as being competent and Sustainability Report 2020 18 including information on managing Ensure our suppliers’ adherence to our trustworthy. environmental impact, impact Aker Offshore Wind Group Code of Conduct. At the current stage of building the Aker assessments, strategies for Financials and Notes 44 Reduce material footprint in our projects. Offshore Wind business, a supply chain selecting suppliers and sourcing Aker Offshore Wind AS Use less materials in design. management organization has not been low-impact technologies. Financials and Notes 61 Standardize design to reduce/ reuse completed. It is foreseen that through our Maturing a supply chain organization materials. international presence, we will establish Auditor’s Report 68 capable of ensuring minimum mutually beneficial relationships with local requirements are met and For the fiscal year 2020, Aker Offshore suppliers and subcontractors. Their local supporting sustainable solutions. Wind’s purchases primarily consisted of presence, knowledge and expertise will be key office supplies and small-scale research to our business. It will enable us to perform projects from specialised consultants and well in a complex industrial landscape and in technical experts. A notable exception is the remote locations. installation of LiDARs offshore Ulsan through Our key focus will be to ensure that the KFWind consortium. The LiDARs, or Light suppliers have proven HSSE- and quality Detection and Ranging buoys, perform wind management processes, including change measurements and are scheduled to stay management. in place for at least one year to collect data from the area. For 2020, the proportion of contracts awarded to local suppliers was 50-60 percent in the UK and in Korea for the LiDAR contract. In Norway and US local content was approx. 100 percent as purchases mainly consisted of hours bought from third parties or conducted by own employees.

A RESPONSIBLE SUPPLY CHAIN Our commitment to sustainability includes our external operations, such as those related to our suppliers and partners, as well as our internal operations. We are committed to engaging only with suppliers that meet our expectations. Suppliers are expected to 37 Home Explore Adjust Search

Content 13. Conducting our Business with Integrity

Aker Offshore Wind in Brief 2 Doing business with integrity is imperative human and labour rights. area of responsibility. CEO Letter 6 at Aker Offshore Wind. Our Code of Conduct In 2021 Aker Offshore Wind plans to Aker Offshore Wind’s governing body is is the company’s main governing document. develop a group-wide business integrity the Board of Directors of Aker Offshore Wind. Board of Directors’ Report 7 The Code of Conduct describes Aker Offshore strategy/program to increase awareness and The Board of Directors are responsible for Board of Directors 16 Wind’s commitments and requirements reduce integrity risk in future operations. safeguarding, implementing and overseeing regarding ethical business practices and This program will be subject to monitoring the management of business integrity. All Sustainability Report 2020 18 personal conduct. It describes the behaviour by the Board of Directors and progress will directors will be included in mandatory Aker Offshore Wind Group the company expects from its employees, be reported monthly to the chief executive annual e-learning, where they confirm that Financials and Notes 44 as well as what employees and business officer. they have read and understood the Code Aker Offshore Wind AS partners can expect from Aker Offshore Wind. Continuous focus on awareness of of Conduct. The Board composition of Aker Financials and Notes 61 We are committed to operating with the compliance and business integrity is Offshore Wind was formed at the time of highest standards of integrity, respecting the important to ensure that our employees listing in August 2020. All directors completed Auditor’s Report 68 laws, cultures, dignity and rights of individuals know what to do if they find themselves in the eLearning this year. everywhere and always. a difficult situation. Although our business In 2020, all employees and direct hired-ins integrity program, policies and procedures are completed the mandatory e-learning where DIVERSITY applicable globally, we place importance on they confirmed to have read and understood Aker Offshore Wind aims to take a leading interacting with employees on the ground to Aker Offshore Wind’s Code of Conduct. role in diversity and equality in the ensure that the local context is considered in traditionally male-dominated energy and our communication and training material. This BUSINESS PARTNERS industry sectors. Aker Offshore Wind’s efforts is to ensure that expectations of business For Aker Offshore Wind, alliance / joint to safeguard diversity and equal opportunity conduct are understood in the context venture / consortium partners represent the is detailed in the Board of Directors Report. applicable to where the training is conducted. highest risk of being involved in or associated All employees in Aker Offshore Wind with corrupt activities and are therefore BUSINESS INTEGRITY TRAINING will be requested on an annual basis to subject to more targeted awareness activities. The Code of Conduct is supported by internal confirm by signing the Annual Statement When entering into such a partnership, policies and procedures, which outlines of Compliance that they have read and evaluation of the partner’s existing business Aker Offshore Wind’s commitment to key familiarized themselves with the Code of integrity program is part of the integrity due areas such as anti-corruption, human rights, Conduct. In addition, they must confirm that diligence process, and awareness activities integrity risk management, integrity training they for the previous year have conducted all are designed to match the level of maturity and continuous improvement. tasks and responsibilities in accordance with of the partner as well as the degree of Training of employees and partners is the requirements set forth in this governing integration and type of activity performed by the main tool for ensuring that business document. the partner on Aker Offshore Wind’s behalf. is conducted in a transparent and ethical Leaders in Aker Offshore Wind are References to the Code of Conduct as well manner. The business integrity program expected to communicate the requirements as applicable anti-corruption legislation are includes components that aim to reduce in the Code of Conduct to all their direct always included in the partner agreements. the risk of becoming involved in unethical reports. Managers are also responsible for An individual follow-up plan is developed or illegal behaviour, with particular focus on promoting and monitoring compliance with for all medium- and high-risk partners, and anti-corruption and respect and support for the Code of Conduct within their respective activities will be monitored by the audit 38 Home Explore Adjust Search

committee through quarterly reporting. At may decide not to go for potential prospects Content year-end 2020, Aker Offshore Wind had no if the risks are deemed too high or implement Targets and Initiatives for 2021 active medium- or high-risk partners. project-specific activities to mitigate Restart projects to further digitalize In 2020, neither Aker Offshore Wind nor integrity risk if the market entry is seen as key business integrity work any employee faced legal action related viable. The process aims to protect Aker processes to corruption. No contracts with partners Offshore Wind against the risk of becoming Evaluate business integrity training were terminated or allowed to expire due to complicit in illegal or unethical practices. As program with a view to provide Aker Offshore Wind in Brief 2 violations related to corruption. There are no part of the process, the company assesses more risk-based targeted training, CEO Letter 6 legal actions pending for anti-competitive, risks of corruption, human or labor rights adapt training to be delivered online anti-trust or monopoly violations where Aker infringements, environmental damage and the and enable assessment of training Board of Directors’ Report 7 Offshore Wind is identified as a participant, potential resulting reputational risks. effectiveness Board of Directors 16 nor were any such legal actions completed Provide annual Code of Conduct during 2020. Reporting Concerns training to all company personnel Sustainability Report 2020 18 Aker Offshore Wind’s whistleblowing channel Simplify and digitalize employee Aker Offshore Wind Group INTEGRITY RISK ASSESSMENTS: [email protected] reporting of incidents and concerns Financials and Notes 44 Operations and Projects allows anyone to report incidents, breaches Aker Offshore Wind AS Aker Offshore Wind current activities are or suspected breaches of the Code of Financials and Notes 61 mainly in four countries. These are Norway, Conduct, other internal policies, or laws and UK, US and South Korea. None of which have regulations. The whistleblowing channel is Auditor’s Report 68 scores on internationally recognized indexes managed by a third party and designed to that indicate high inherent integrity risk. The secure reports and all related data, as well aim is that most locations complete business as protect the identity of the whistle-blower. integrity self-assessments on an annual basis. This includes offering the possibility of Transparency International’s Corruption anonymous dialogue between the whistle- Perceptions Index (CPI) scores and ranks blower and the investigator. countries / territories based on how corrupt Reports are received and managed by Aker a country’s public sector is perceived to be Offshore Wind’s legal department. All reports by experts and business executives. It is a are treated with strict confidentiality. When a composite index, a combination of 13 surveys case is substantiated, responses may lead to and assessments of corruption, collected internal disciplinary actions, dismissal or even by a variety of reputable institutions. The criminal prosecution. CPI is the most widely used indicator of The company maintains a “lessons- corruption worldwide. The CPI scores for the learned” database to share key learnings four countries where Aker Offshore wind is within the organization. present are shown in the map on the next No cases were reported in 2020. page. The legal department is responsible for In addition to local presence, Aker Offshore deciding when investigation of a whistle- Wind seeks opportunities for new projects blower report and related activities shall be globally. This requires a proactive approach closed. The closing of the whistle-blower and assessment of potential prospects report is subject to monitoring by the Board in markets potentially associated with of Directors and the audit committee. high integrity risks. The assessments are performed in the market development phase, before making any commitments. Based on the results of the assessments, the company 39 Home Explore Adjust Search

Content Transparency International’s Corruption Perceptions Index (CPI)

Aker Offshore Wind in Brief 2 CEO Letter 6 Board of Directors’ Report 7 Board of Directors 16 Sustainability Report 2020 18 Aker Offshore Wind Group CORRUPTIONFinancials and Notes 44 Aker Offshore Wind AS Financials and Notes 61 PERCEPTIONSAuditor’s Report 68 CORRUPTION INDEX 2020 PERCEPTIONS

2017 CPI Score INDEX 2020 Very 90 - 100 Clean 80 - 89 The perceived levels of public sector 70 - 79 2017 CPI Score corruption in 180 countries/territories 60 - 69 Very 90 - 100 Clean around the world. 50 - 59 80 - 89 The perceived levels of public sector 40 - 49 70 - 79 corruption in 180 countries/territories 30 - 39 60 - 69 around the world. 20 - 29 50 - 59 Curruption Risk Picture 10 - 19 40 - 49 Highly Score Country #cpi2020Rank Corrupt 0 - 9 30 - 39 SCORE 84 Norway 7 No data 20 - 29 Highly Very www.transparency.org/cpi 10 - 19 Corrupt Clean 77 United Kingdom 11 Highly Corrupt 0 - 9 0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90-100 No data This work from Transparency67 International United (2020) States is licensed of America under CC BY-ND 4.0 25 #cpi2020 SCORE No data Highly Very 61 South Korea 33 Corrupt Clean www.transparency.org/cpi Curruptions Perceptions Index 2020 and global map by Transparency 0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90-100 No data International (2020) is licensed under CC BY-ND 4.0 This work from Transparency International (2020) is licensed under CC BY-ND 4.0 40 Home Explore Adjust Search

Content Appendix: GRI Index

Aker Offshore Wind in Brief 2 In order to report on all of Aker Offshore Wind’s material ESG topics, we have defined seven own disclosures (OD). The CEO Letter 6 indicators and their definitions are detailed here: Board of Directors’ Report 7 Board of Directors 16 Indicator code Indicator Definition Material topic Section in report Sustainability Report 2020 18 OD1 MWh of renewable energy Sum of annual capacity of Develop renewable energy Chapter 11, Introduction Aker Offshore Wind Group capacity in the project pipeline projects in the pipeline. generation Financials and Notes 44 OD2 Cooperation with research Description of projects and Coexisting with other marine Chapter 11, Research and Aker Offshore Wind AS communities and government initiatives to develop stronger industries development Financials and Notes 61 stakeholders cooperation and better coexistence with other marine Auditor’s Report 68 industries. OD3 R&D initiatives to drive the Description of relevant Lifecycle perspective on Chapter 11, Research and transition to clean and R&D projects the company minimizing waste and pollution development responsible power contributed to or participates (Advance greentech solutions) in. OD4 Initiatives to support other Description of projects and Coexisting with other marine Chapter 11, Introduction and marine industries initiatives to support other industries Research and development marine industries.

OD5 Engagement of local marine Description of concerns raised Coexisting with other marine Chapter 11, Introduction stakeholders by stakeholders and responses industries to these or actions taken. OD6 Environmental impact Description of EIA processes Minimising negative impact on Chapter 11, Introduction assessments conducted undertaken and the ecosystems management of these. OD7 Good governance Description of compliance with Other governance disclosures Chapter 1, NCGB the NCGB code. 41 Home Explore Adjust Search

102 General disclosures Section in report Governance Content Organizational profile 102-18 Governance structure Chapter 13; Corporate Governance sec- 102-1 Name of the organisation Chapter 1, Report Boundaries tion in BoD report 102-2 Activities, brands, prod- Annual report, Overview Stakeholder engagement ucts, and services 102-40 List of stakeholder Chapter 5 102-3 Location of headquarters Annual report, Overview groups 102-4 Location of operations Annual report, Overview 102-41 Collective bargaining 100% of non-executive employees are Aker Offshore Wind in Brief 2 agreements covered by collective bargaining agree- 102-5 Ownership and legal Aker Offshore Wind AS is a limited ments. CEO Letter 6 form company (“aksjeselskap”). The company 102-42 Identifying and selecting Chapter 5 Board of Directors’ Report 7 is majority-owned by Aker Horizons, and its stocks are traded on Oslo Euronext stakeholders Board of Directors 16 Growth (AOW-ME). 102-43 Approach to stakeholder Chapter 5 engagement Sustainability Report 2020 18 102-6 Markets served Aker Offshore Wind is currently not producing power and is therefore not 102-44 Key topics and concerns Chapter 5 Aker Offshore Wind Group serving any markets as of yet. raised Financials and Notes 44 102-7 Scale of the organisation At the end of 2020, Aker Offshore Wind Reporting practice Aker Offshore Wind AS employed a total of 40 employees, in- 102-45 Entities included in the Financial statement for Group and for Financials and Notes 61 cluding contractors. consolidated financial entities Information on the company’s scale statements Auditor’s Report 68 in financial terms can be found in the financial statement. 102-46 Defining report content Chapter 1, Report Boundaries and topic Boundaries 102-8 Information on employ- At the end of 2020, Aker Offshore Wind ees and other workers employed a total of 40 employees, in- 102-47 List of material topics Chapter 6 cluding contractors. 102-48 Restatements of infor- N/A, as this is the company’s first report. 102-9 Supply chain Chapter 12, Introduction mation 102-10 Significant changes to Seeing as Aker Offshore Wind was es- 102-49 Changes in reporting N/A, as this is the company’s first report. the organisation and its tablished in 2020, there have not been 102-50 Reporting period Financial year 2020. supply chain significant changes to its supply chain. 102-51 Date of most recent N/A, as this is the company’s first report. 102-11 Precautionary principle Chapter 4, Introduction report or approach 102-52 Reporting cycle Annual. 102-12 External initiatives Chapter 4, Introduction; Chapter 7 102-53 Contact point for Tove Røskaft, Chief of Staff and Business 102-13 Membership or associ- Chapter 7 questions regarding the Excellence. Email: tove.roskaft@akeroff- ations report shorewind.com. Strategy 102-54 Claims of reporting in Chapter 1, GRI Standards 102-14 Statement from the key Annual report, CEO letter accordance with the GRI decision-maker standards 102-15 Key impacts, risks and Chapter 9; Chapter 4; Annual report 102-55 GRI content index Page 40 - 45 opportunities 102-56 External assurance No. Ethics and integrity 102-16 Values, principles, Chapter 3 standards and norms of behaviour 42 Home Explore Adjust Search

Specific disclosures Decent work and economic growth: Create new opportunities in green Content Clean and affordable energy: Develop renewable energy generation growth markets 103- Management approach Chapter 11, Introduction 103- Management approach A key aspect of Aker Offshore Wind’s 1,2,3 1,2,3 contribution to the energy transition is the creation of value and employment OD1 MWh of renewable ener- Chapter 11, Introduction opportunities in a new, sustainable gy capacity in the project industry. This enables the application pipeline of oil and gas sector expertise to a new Aker Offshore Wind in Brief 2 Climate action: Reduce greenhouse gas emissions market segment. Moving forward, we will CEO Letter 6 103- Management approach Chapter 11, Introduction work to maximize this positive contribu- 1,2,3 tion, and report on progress made. Board of Directors’ Report 7 305-5 Reduction of GHG emis- Chapter 11, Introduction 203-2 Significant indirect eco- For the financial year 2020, AOW had Board of Directors 16 sions nomic impacts: Green created 18 fulltime jobs in its own jobs created organisation, 40 in total with hired con- Life below water: Minimize negative impact on marine ecosystems Sustainability Report 2020 18 tractors. As the company continues to 103- Management approach Chapter 11, Introduction grow, our impact on green job creation Aker Offshore Wind Group 1,2,3 will increase, and we will provide more Financials and Notes 44 OD2 Cooperation with re- Chapter 11, Introduction detailed reporting on this topic. We have Aker Offshore Wind AS search communities and an ambition to reach 70 FTEs in our own Financials and Notes 61 government stakeholders organisation in 2021. Auditor’s Report 68 Climate action: Minimize lifecycle waste and pollution Decent work and economic growth: Connect local suppliers to green growth markets 103- Management approach Chapter 11, Introduction and Greenhouse 1,2,3 gas emissions 103- Management approach Chapter 12 1,2,3 305-1 Direct (Scope 1) GHG Chapter 11, Greenhouse gas emissions emissions 201-2 Direct economic value Consolidated financial statement generated and distrib- 305-2 Energy indirect (Scope 2) Chapter 11, Greenhouse gas emissions uted GHG emissions 204-1 Proportion of spending Chapter 12, Introduction 305-3 Other indirect (Scope 3) Chapter 11, Greenhouse gas emissions on local suppliers GHG emissions Decent work and economic growth: Health and safety in the value chain OD6 Environmental impact Chapter 11, Introduction assessments conducted 103- Management approach Chapter 12 1,2,3 OD3 R&D initiatives to drive Chapter 11, Research and development the transition to clean 403-9 Work-related injuries LTIF: 0. and responsible power TRIF: 0. 403-10 Work-related ill health Sick leave in 2020: 0%. Target of <3%. Decent work and economic growth: Coexisting with other marine industries 103- Management approach Chapter 11 1,2,3 OD5 Engagement of local Chapter 11, Introduction marine stakeholders OD4 Initiatives to support Chapter 11, Introduction and Research other marine industries and development 43 Home Explore Adjust Search

Decent work and economic growth: Human rights and labour rights Peace, justice and strong institutions: Transparent and value-driven compa- Content 103- Management approach Chapter 13 ny culture 1,2,3 103- Management approach Chapter 3 412-1 Operations that have Chapter 13; no operations were subject 1,2,3 been subject to human to human rights reviews or impact as- 102-16 Values, principles, Chapter 3 rights reviews or impact sessments in 2020 as the company only standards and norms of assessments had low-risk suppliers in this period. behaviour Aker Offshore Wind in Brief 2 Gender equality: Diversity 102-22 Composition of the high- Chapter 4 est governance body and CEO Letter 6 103- Management approach Board of Directors’ Report, Safeguarding 1,2,3 Diversity and Equal Opportunity its committees Board of Directors’ Report 7 405-1 Diversity of governance Board of Directors’ Report, Safeguarding 102-35 Remuneration policies Note 18 Management Remuneration in a. Financial Statement Board of Directors 16 bodies and employees Diversity and Equal Opportunity Peace, justice and strong institutions: Responsible supply chain management 102-35 Remuneration policies Chapter 4 Sustainability Report 2020 18 b. 103- Management approach Chapter 12 Aker Offshore Wind Group 1,2,3 OD7 Good governance Chapter 1, NCGB Financials and Notes 44 308-1 New suppliers that were Chapter 12; no suppliers were screened Aker Offshore Wind AS screened using environ- on environmental criteria in 2020 as the Financials and Notes 61 mental criteria company only awarded low-risk contracts in this period. Auditor’s Report 68 308-2 Negative environmental Chapter 12; no suppliers were audited impacts in the supply on environmental performance in 2020 chain and actions taken as the company only awarded low-risk contracts in this period. 414-1 New suppliers that were Chapter 12; no suppliers were screened screened using social on social criteria in 2020 as the company criteria only awarded low-risk contracts in this period. 414-2 Negative social impacts Chapter 12; no suppliers were audited on in the supply chain and social performance in 2020 as the com- actions taken pany only awarded low-risk contracts in this period. Peace, justice and strong institutions: Anti corruption and anti money laundering 103- Management approach Chapter 13 1,2,3 205-1 Diversity of governance Board of Directors’ Report, Safeguarding bodies and employees Diversity and Equal Opportunity 205-2 Communication and Chapter 13, Business integrity training training about anti-corruption policies and procedures 205-3 Confirmed incidents of Chapter 13, Reporting concerns corruption and actions taken 44 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Financials and Notes

Income Statement 42 Consolidated financial statements Other Comprehensive Income 43 Income Statement 42 Balance Sheet 44 Other Comprehensive Income 43 Statement of Changes in Equity 45 Balance Sheet 44 Cash Flow Statement 46 Statement of Changes in Equity 45 Note 1 Reporting entity 47 Cash Flow Statement 46 Note 2 Basis of accounting 47 Notes Note 3 Acquisition of business 48 Note 4 Revenues 48 Note 1 Reporting entity 47 Note 5 Expenses 48 Note 2 Basis of accounting 47 Note 6 Tax 49 Note 3 Acquisition of business 48 Note 4 Revenues 48 Note 7 Earnings per share 50 Note 5 Expenses 48 Note 8 Equity-accounted investees 50 Note 6 Tax 49 Note 7 Earnings per share 50 Note 9 Interest-bearing receivables 51 Note 8 Equity-accounted investees 50 Note 10 Current operating Note 9 Interest-bearing receivables 51 assets and liabilities 51 Note 10 Current operating assets and liabilities 51 Note 11 Leases 52 Note 11 Leases 52 Note 12 Employee benefits 53 Note 12 Employee benefits 53 Note 13 Capital and reserves 53 Note 13 Capital and reserves 53 Note 14 Capital management 53 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 15 Financial risk management and Note 16 Group companies 55 exposures 54 Note 17 Related parties 55 Note 16 Group companies 55 Note 18 Management remuneration 57 Note 17 Related parties 55 Note 18 Management remuneration 57 45 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Income Statement Consolidated statement for the period July 8 to December 31

Income Statement 42 Amounts in NOK thousand Note Jul 8 - Dec 31, 2020 Other Comprehensive Income 43 4 Balance Sheet 44 Revenues 1 704 Statement of Changes in Equity 45 Salary and other personnel costs 12 (17 480) Cash Flow Statement 46 Other operating expenses 5 (42 497) Note 1 Reporting entity 47 Depreciation 11 (1 601) Note 2 Basis of accounting 47 Operating profit (loss) (59 874) Note 3 Acquisition of business 48 Financial income 1 331 Note 4 Revenues 48 Financial expenses (5 134) Note 5 Expenses 48 Net financial items (3 803) Note 6 Tax 49 Share of profit (loss) equity-accounted investees 8 (5 903) Note 7 Earnings per share 50 Profit (loss) before tax (69 580) Note 8 Equity-accounted investees 50 Income tax benefit (expense) 6 (4) Note 9 Interest-bearing Profit (loss) for the period (69 584) receivables 51

Note 10 Current operating Earnings (loss) per share in NOK (basic and diluted) 7 (0.13) assets and liabilities 51 Note 11 Leases 52 Note 12 Employee benefits 53 Note 13 Capital and reserves 53 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 46 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Other Comprehensive Income Consolidated statement for the period July 8 to December 31

Income Statement 42 Amounts in NOK thousand Jul 8 - Dec 31, 2020 Other Comprehensive Income 43 Balance Sheet 44 Profit (loss) for the period (69 584) Statement of Changes in Equity 45 Other comprehensive income Cash Flow Statement 46 Note 1 Reporting entity 47 Items that may be reclassified subsequently to profit or loss: Note 2 Basis of accounting 47 Translation differences - foreign operations (17 677) Other comprehensive income (loss) (17 677) Note 3 Acquisition of business 48 Total comprehensive income (loss) (87 261) Note 4 Revenues 48 Note 5 Expenses 48 Note 6 Tax 49 Note 7 Earnings per share 50 Note 8 Equity-accounted investees 50 Note 9 Interest-bearing receivables 51 Note 10 Current operating assets and liabilities 51 Note 11 Leases 52 Note 12 Employee benefits 53 Note 13 Capital and reserves 53 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 47 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Balance Sheet Consolidated statement for the period ended December 31

Income Statement 42 Amounts in NOK thousand Note 2020 Amounts in NOK thousand Note 2020 Other Comprehensive Income 43 Balance Sheet 44 Assets Equity and liabilities

Statement of Changes in Equity 45 Non-current assets Equity Cash Flow Statement 46 11 Right-of-use assets 11 228 Share capital 678 745 Note 1 Reporting entity 47 Equity-accounted investees 8 364 281 Other paid-in capital 169 498 Total non-current assets 375 509 Note 2 Basis of accounting 47 Reserves (17 677) Note 3 Acquisition of business 48 Total equity 13 830 567 Current assets Note 4 Revenues 48 Interest bearing receivables 9 24 867 Non-current liabilities Note 5 Expenses 48 Current operating assets 10 10 385 Pension liabilities 12 2 581 Note 6 Tax 49 Cash and cash equivalents 474 499 Non-current lease liabilities 11 8 475 Note 7 Earnings per share 50 Total current assets 509 751 Total non-current liabilities 11 056 Note 8 Equity-accounted Total assets 885 260 investees 50 Current liabilities Note 9 Interest-bearing Current lease liabilities 11 3 746 receivables 51 Current operating liabilities 10 39 891 Note 10 Current operating Total current liabilities 43 637 assets and liabilities 51 Total equity and liabilities 885 260 Note 11 Leases 52 Note 12 Employee benefits 53 Note 13 Capital and reserves 53 Note 14 Capital management 53 Fornebu, March 25, 2021 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Henrik Overgaard Madsen Kjell Inge Røkke Nina Jensen Chairman Director Director Note 17 Related parties 55 Note 18 Management remuneration 57 Kristian Monsen Røkke Andrew Douglas Garrad Astrid Skarheim Onsum Director Director CEO 48 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Statement of Changes in Equity Consolidated statement for the period July 8 to December 31

Income Statement 42 Share Other paid-in Currency Other Comprehensive Income 43 Amounts in NOK thousand Note capital capital translation reserve Total equity Balance Sheet 44 Profit (loss) for the period (69 584) - (69 584) Statement of Changes in Equity 45 Other comprehensive income - (17 677) (17 677) Cash Flow Statement 46 Total other comprehensive income (69 584) (17 677) (87 261) Note 1 Reporting entity 47 Equity at incorporation July 8, 2020 30 - - 30 Note 2 Basis of accounting 47 Reduction of shares (30) - - (30) Note 3 Acquisition of business 48 Contribution-in-kind 271 943 169 292 - 441 235 Note 4 Revenues 48 Share issues 406 803 393 197 - 800 000 Note 5 Expenses 48 Transaction costs, share issues - (18 715) - (18 715) Continuity difference 3 - (304 692) - (304 692) Note 6 Tax 49 Equity as of December 31, 2020 13 678 745 169 498 (17 677) 830 567 Note 7 Earnings per share 50 Note 8 Equity-accounted investees 50 Note 9 Interest-bearing receivables 51 Note 10 Current operating assets and liabilities 51 Note 11 Leases 52 Note 12 Employee benefits 53 Note 13 Capital and reserves 53 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 49 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Cash Flow Statement Consolidated statement for the period July 8 to December 31

Income Statement 42 Amounts in NOK thousand Note Jul 8 - Dec 31, 2020 Other Comprehensive Income 43 Balance Sheet 44 Profit (loss) before tax (69 580) Statement of Changes in Equity 45 Adjustment for: Cash Flow Statement 46 Depreciation 11 1 601 Note 1 Reporting entity 47 Share of profit equity-accounted investees 8 5 903 Note 2 Basis of accounting 47 Accrued interest and foreign exchange (534) Changes in net current operating assets 39 807 Note 3 Acquisition of business 48 Paid tax (4) Note 4 Revenues 48 Cash flow from operating activities (22 808) Note 5 Expenses 48 Note 6 Tax 49 Investments in equity-accounted investees 8 (265 564) Increase in interest-bearing receivables (17 542) Note 7 Earnings per share 50 Cash flow from investing activities (283 106) Note 8 Equity-accounted investees 50 Payment of lease liability 11 (872) Note 9 Interest-bearing Proceeds from share issues 800 000 receivables 51 Transaction costs related to share issues (18 715) Note 10 Current operating Cash flow from financing activities 780 413 assets and liabilities 51 Net cash flow in the period 474 499 Note 11 Leases 52

Note 12 Employee benefits 53 Cash and cash equivalent at the beginning of the period - Note 13 Capital and reserves 53 Cash and cash equivalent at the end of the period 474 499 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 50 Home Explore Adjust Search

Content AKER OFFSHORE WIND GROUP Notes

Income Statement 42 Note 1 Reporting entity Functional and presentation currency The consolidated financial statements are presented in NOK, which is Other Comprehensive Income 43 Aker Offshore Wind AS is a limited liability company incorporated and Aker Offshore Wind AS’s functional currency. When the functional currency Balance Sheet 44 domiciled in Norway and whose shares are traded on Euronext Growth. The in a reporting unit is changed, the effect of the change is accounted for registered office is located at Oksenøyveien 8, Bærum, Norway. The largest prospectively. Statement of Changes in Equity 45 shareholder is Aker Renewable Power AS (a 100% owned subsidiary of Aker All financial information presented in NOK has been rounded to the nearest Cash Flow Statement 46 Horizons Holding AS) and the ultimate parent company is The Resource Group TRG AS. thousand (NOK thousand), except when otherwise stated. The subtotals and Note 1 Reporting entity 47 totals in some of the tables in these consolidated financial statements may The consolidated financial statements of Aker Offshore Wind AS and its not equal the sum of the amounts shown due to rounding. Note 2 Basis of accounting 47 subsidiaries (collectively referred as Aker Offshore Wind or the group, and Note 3 Acquisition of business 48 separately as group companies) for the year ended December 31, 2020 Basis of measurement were approved by the board of directors and CEO on March 17, 2021. The The consolidated financial statements have been prepared on the historical Note 4 Revenues 48 consolidated financial statements will be authorized by the Annual General cost basis. Meeting on April 20, 2021. Note 5 Expenses 48 Cash flow statement Note 6 Tax 49 Aker Offshore Wind is a Norwegian offshore wind developer with operations The statement of cash flow is prepared according to the indirect method. in Norway and internationally. The business of the Group is to source, develop Cash and cash equivalents include cash, bank deposits and other short-term Note 7 Earnings per share 50 and structure offshore wind projects, primarily focused on wind farms in liquid investments. deepwaters. The main office is at Fornebu, Norway. Aker Offshore Wind AS was Note 8 Equity-accounted established on July 8, 2020 as a fully owned subsidiary of Aker Solutions ASA. Standards issued but not yet effective investees 50 On August 26, 2020 the company was listed on Euronext Growth under the A number of new standards are effective for annual periods beginning after Note 9 Interest-bearing ticker AOW-ME. January 1, 2020 and earlier application is permitted; however, the group receivables 51 has not early adopted the new or amended standards in preparing these Information on the group’s structure is provided in Note 16 Group companies. consolidated financial statements and they are not expected to have a Note 10 Current operating Information on other related party relationships of the group is provided in significant impact on the group’s consolidated financial statements. assets and liabilities 51 Note 17 Related parties. Note 11 Leases 52 Judgments and estimates The preparation of consolidated financial statements in conformity with Note 12 Employee benefits 53 Note 2 Basis of accounting IFRS requires management to make judgements, estimates and assumptions each reporting period that affect the income statement and balance sheet. Note 13 Capital and reserves 53 Statement of compliance The accounting estimates will by definition seldom precisely match actual Note 14 Capital management 53 The consolidated financial statements have been prepared in accordance with results. The main areas where judgements and estimates have been made are International Financial Reporting Standards as adopted by the European Union described in each of the following notes: Note 15 Financial risk (IFRS), their interpretations adopted by the International Accounting Standards management and Board (IASB) and the additional requirements of the Norwegian Accounting Act Note 6 Tax exposures 54 as of December 31, 2020. Note 8 Equity accounted investees Note 11 Leasing Note 16 Group companies 55 Going concern basis of accounting Note 17 Related parties 55 The consolidated financial statements have been prepared on a going concern basis. Note 18 Management remuneration 57 51 Home Explore Adjust Search

Content Note 3 Acquisition of business Note 4 Revenues Acquisition of Aker Offshore Wind business from Aker Solutions The revenue in Aker Offshore Wind relates to delivery of services related On July 17, 2020, an Asset Purchase Agreement with Aker Solutions was to development projects within the offshore wind industry, primarily in entered into for the acquisition of Aker Solutions’ ownership in Principle Power deepwaters utilizing floating foundations as well as deep-water bottom-fixed Inc, a global service and technology provider to the offshore wind industry, and technologies. Early parts of the development process include concept studies, development projects and prospects in, amongst others, South Korea (Ulsan) environmental studies, wind studies and grid studies. Subject to the positive and the US (California), as well as approximately 12 employees. Purchase price outcome of such studies and business case assessments, Aker Offshore Wind Income Statement 42 was NOK 441 million. advances to discussions and formal processes concerning licensing and lease agreements with appropriate authorities, often in the form of local, regional Other Comprehensive Income 43 The transaction is booked as a common control transaction out of scope or national government bodies. Final investment decision (“FID”) is eventually Balance Sheet 44 from IFRS 3 Business Combinations as Aker Solutions were the sole undertaken when Aker Offshore Wind, together with its partners, deems the shareholder at the time of the transaction. This means that Aker Solutions’ project in question attractive for development. Following FID and financial Statement of Changes in Equity 45 book values of acquired assets and liabilities were continued in Aker Offshore close, the project moves into the execution and construction phase. Revenue Wind consolidated accounts. The difference between the fair value of the is recognized over time using a cost progress method or according to delivered Cash Flow Statement 46 transaction and the net assets acquired has been booked as continuity time and materials. Note 1 Reporting entity 47 difference towards equity. Nature of performance obligations Note 2 Basis of accounting 47 Fair value of acquired assets and liabilities Service revenue is generated from rendering of services to customers. The Note 3 Acquisition of business 48 Fair value customers simultaneously receive and consume the benefits provided by Amounts in NOK thousand Note Book value adjustment1) Fair value these services. The invoicing is usually based on the service provided at Note 4 Revenues 48 regular basis. Under some service contracts, the invoices are based on hours or days performed at agreed rates. The group has assessed that these Note 5 Expenses 48 Equity-accounted investees 8 122 928 254 558 377 486 performance obligations are satisfied over time. Note 6 Tax 49 Shares in subsidiaries2) 135 (45) 90 Other investments 6 866 - 6 866 Financial reporting principles Note 7 Earnings per share 50 Service revenue is recognized over time as the services are provided. The Interest-bearing receivables, current 6 514 - 6 514 revenue is recognized according to progress or using the invoiced amounts Note 8 Equity-accounted Goodwill - 50 179 50 179 when the invoiced amounts directly correspond with the value of the services investees 50 Net assets acquired at book value 136 443 304 692 441 135 that are transferred to the customers. The progress is normally measured Note 9 Interest-bearing using an input method, by the reference of costs incurred to date relative to receivables 51 1) The fair value adjustments have been booked towards equity as continuity difference in a the total estimated costs. common control transaction. Note 10 Current operating 2) Nordavindar Offshore Wind AS, Vestavindar Offshore AS and Sønnavindar Offshore Wind AS. assets and liabilities 51 Note 5 Expenses Note 11 Leases 52 Expenses by nature Note 12 Employee benefits 53 Amounts in NOK thousand Jul 8 - Dec 31, 2020 Note 13 Capital and reserves 53 Note 14 Capital management 53 IT 2 736 Note 15 Financial risk External consultants and hired-ins inclusive 37 098 1) management and audit fees exposures 54 Other operating expenses 2 663 Note 16 Group companies 55 Other operating expenses 42 497 Note 17 Related parties 55 1) See note 17 for information about hired-ins from related parties Note 18 Management Development expenses remuneration 57 Development costs relate to costs incurred in relation to the exploration of project opportunities in advance of the point at which they can be capitalised, and amounts to NOK 11 million in the period. 52 Home Explore Adjust Search

Fees to KPMG Effective tax reconciliation Content Aker Offshore Other group Amounts in NOK thousand Jul 8 - Dec 31, 2020 Amounts in NOK thousand Wind AS1) companies Total

Profit before tax (69 580) Audit 366 209 575 Expected tax expense 22.0% 15 308 Other assurance services 53 68 121 Total 419 277 696 Income Statement 42 Tax effects of: 1) Audit services include NOK 205 thousand related to listing process on Euronext Growth and is Permanent differences 2.8% 1 923 Other Comprehensive Income 43 reported directly to equity. Difference due to continuity method1) 1.3% 921 Balance Sheet 44 No recognition of deferred tax assets (26.0%) (18 121) Statement of Changes in Equity 45 Effect of tax rate different than 22% 0% (30) Note 6 Tax Cash Flow Statement 46 Withholding tax 0% (4) Note 1 Reporting entity 47 Financial reporting principles Total income tax benefit (expense) (4) Income tax in the income statement consists of current tax, effect of change 1) The acquisition of business from Aker Solutions in July 2020 is recognised at fair values in Note 2 Basis of accounting 47 in deferred tax positions and withholding tax. Income tax is recognized in the statutory accounts, see Note 3 Business combination. Note 3 Acquisition of business 48 income statement except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Deferred tax positions Note 4 Revenues 48 Current Tax Amounts in NOK thousand 2020 Note 5 Expenses 48 Current tax is the expected tax payable or receivable on the taxable income Note 6 Tax 49 or loss for the year, using tax rates enacted or substantially enacted at the Intangible assets (5 279) reporting date that will be paid during the next 12 months. Current tax also Note 7 Earnings per share 50 includes any adjustment of taxes from previous years and taxes on dividends Tax loss carry forwards 87 786 recognized in the year. Total deferred tax positions 82 507 Note 8 Equity-accounted investees 50 Not recognized in the balance sheet1) (82 507) Deferred Tax Deferred tax asset (liability) - Note 9 Interest-bearing Deferred tax is recognized for temporary differences between the carrying receivables 51 amounts of assets and liabilities for financial reporting and the amounts used 1) No deferred tax has been recognized as the companies are newly founded and have no history for taxation purposes. Deferred tax is measured at the tax rates expected to of taxable profits. Note 10 Current operating be applied to temporary differences when they reverse, based on the laws that assets and liabilities 51 have been enacted or substantively enacted at the reporting date. Deferred tax Note 11 Leases 52 is not recognized for goodwill identified in business combinations. Deferred tax assets and liabilities are offset if there is a legally enforceable right to Note 12 Employee benefits 53 offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority. Deferred tax assets are recognized for unused tax Note 13 Capital and reserves 53 losses, tax credits and deductible temporary differences. The deferred tax Note 14 Capital management 53 asset is only recognized to the extent it is considered probable that future taxable profits will be available to utilize the credits. Note 15 Financial risk management and Judgements and estimates exposures 54 Income tax expense is calculated based on reported income in the different legal entities. Deferred income tax expense is calculated based on the temporary Note 16 Group companies 55 differences between the assets’ carrying amount for financial reporting purposes Note 17 Related parties 55 and their respective tax basis. The total amount of income tax expense and allocation between current and deferred income tax requires management’s Note 18 Management interpretation of complex tax laws and regulations in the tax jurisdictions remuneration 57 where the group operates. Valuation of deferred tax assets is dependent on management’s assessment of future recoverability of the deferred tax benefit. 53 Home Explore Adjust Search

Note 7 Earnings per share See Note 17 Related parties for more information about transactions and Content balances between Aker Offshore Wind and equity-accounted investees. Aker Offshore Wind holds 678 745 473 ordinary shares as of December 31, 2020. The company holds no treasury shares. Investments in equity-accounted investees

Amounts in NOK thousand Jul 8 - Dec 31, 2020 Amounts in NOK thousand Ownership 2020

Income Statement 42 Profit (loss) for the period (69 584) Principle Power Inc 47.1% 364 281 Other Comprehensive Income 43 Korea Floating Wind Power Co., Ltd. 30.6% - Basic/ diluted earnings per share (NOK) Balance Sheet 44 Redwood Coast Offshore Wind LLC 50.0% - Statement of Changes in Equity 45 Total 364 281 Issued ordinary shares at incorporation 30 Cash Flow Statement 46 Effect of shares issued in July 2020 21 631 784 Principle Power Inc Effect of shares issued in August 2020 354 727 490 Note 1 Reporting entity 47 Principle Power Inc (PPI) is an innovative technology and services provider Effect of shares issued in November 2020 142 690 810 Note 2 Basis of accounting 47 for the offshore deepwater wind energy market. PPI’s proven technology, the Weighted average number of issued ordinary shares for the year 519 050 114 WindFloat - a floating wind turbine foundation – enables a change in paradigm Note 3 Acquisition of business 48 for the industry in terms of reduced costs and risks for the installation and Earnings (loss) per share in NOK (basic and diluted) 0.13 operations of offshore wind turbines. PPI is not publicly listed. Aker Offshore Note 4 Revenues 48 Wind increased its ownership in PPI from 18% to 47% in December 2020 and Note 5 Expenses 48 total investment amounted to NOK 264 million. The company is accounted for as an associated company. Note 6 Tax 49 Note 8 Equity-accounted investees Korea Floating Wind Power Co., Ltd. Note 7 Earnings per share 50 Financial reporting principles Aker Offshore Wind holds 30.6% in Korean Floating Wind Power Co., Ltd. The group’s interests in equity-accounted investees comprise interests in (KFWind). KFWind is one of five consortiums with an MoU in place with Ulsan Note 8 Equity-accounted associates and joint ventures. investees 50 City for the development of offshore wind in the region. KFWind is accounted An associate is an entity in which the group has significant influence, but not for as an associated company. Aker Offshore Wind has provided funding to Note 9 Interest-bearing KFWind which is included in interest-bearing receivables (see Note 9 Interest- receivables 51 control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the group holds between 20 and 50 bearing receivables). No material impairment loss has been identified related Note 10 Current operating percent of the voting power of another entity, but this is assesses on a to this receivable. The interest-bearing receivable granted to KFWind is short- assets and liabilities 51 case-by-case basis. A joint venture is an arrangement in which the group term in nature and is expected to be paid back in 2021 as such the amount has joint control, whereby the group has rights to the net assets of the has not been considered as part of the investment. As of 31 December 2020, Note 11 Leases 52 arrangement, rather to its assets and obligations for its liabilities. Joint control the Group had a negative investment balance related to its investment in KFWind. As the Group is not liable for KFWind’s obligations, no investment Note 12 Employee benefits 53 is established by contractual agreement requiring unanimous consent of the ventures for strategic, financial and operating decisions. balance has been recognized in the balance sheet. Note 13 Capital and reserves 53 Interests in associates and joint ventures are accounted for using the equity Redwood Coast Offshore Wind LLC Note 14 Capital management 53 method. They are initially recognized at cost. Subsequent to initial recognition, The Redwood Coast Offshore Wind Project was established in 2018 as a consortium with EDP Renewables (now Ocean Winds). The company was Note 15 Financial risk the consolidated financial statements include the group’s share of the profit selected in a competitive process to enter into a public-private partnership to management and and loss and other comprehensive income of the equity-accounted investees. pursue the development of an offshore wind energy project off the Northern exposures 54 The group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. When the group’s share of losses exceeds California coast. In December 2020, the company was established as a Note 16 Group companies 55 its interest in an equity-accounted investee, the carrying amount of that separate vehicle. Aker Offshore Wind holds 50% of the company and accounts interest, including any long-term investments, is reduced to zero, and further for the investment as a joint venture. As of December 31, 2020, the group has Note 17 Related parties 55 losses are not recognized except to the extent that the group incurs legal or not made payments into the joint venture, but has made payments of NOK 6 316 thousand on behalf of the joint venture. The amount is reported in Current Note 18 Management constructive obligations or has made payments on behalf of the investee. operating assets, see Note 10 Current operating assets and liabilities. remuneration 57 54 Home Explore Adjust Search

Content Summary of financial information for equity-accounted investees Note 9 Interest-bearing receivables Principle Korea Floating Wind Financial reporting principles Amounts in NOK thousand Power Inc Power Co., Ltd.2) Interest-bearing receivables are generally classified as financial assets measured at amortized costs. Such financial assets are recognized initially at fair value and subsequent measurement at amortized cost using the effective Revenue 83 165 989 interest method, less any impairment losses. Depreciations and amortisations (7 823) - Income Statement 42 Interest income 440 235 Amounts in NOK thousand Note 2020 Other Comprehensive Income 43 Interest expense (6 874) (1 302) Balance Sheet 44 Income tax expense - - Receivable on equity-accounted investees 17 24 867 Statement of Changes in Equity 45 Total comprehensive income (100%) (57 323) (46 267) Total 24 867 1) Cash Flow Statement 46 Group's share of total comprehensive income (3 806) (13 996) Note 1 Reporting entity 47 Note 10 Current operating assets and liabilities Current assets 213 545 26 819 Note 2 Basis of accounting 47 Cash and cash equivalents 170 873 25 146 Financial reporting principles Note 3 Acquisition of business 48 Non-current assets 162 755 237 Current operating assets Trade and other receivables are recognized at the original invoiced Note 4 Revenues 48 Current liabilities (26 945) (86 087) amount, less impairment losses. The invoiced amount is considered to be Note 5 Expenses 48 Current financial liabilities (excluding trade and (1 840) 74 981 approximately equal to the value derived if the amortized cost method would other payables and provisions) have been used. Impairment losses are estimated based on the expected Note 6 Tax 49 Non-current liabilities (47 396) - credit loss method (ECL) for trade receivables, contract assets (with or without a significant financing component) and other receivables. Note 7 Earnings per share 50 Non-current financial liabilities (excluding trade (47 396) - and other payables and provisions) Note 8 Equity-accounted Current operating liabilities investees 50 Net assets (100%) 301 959 (59 031) Trade and other payables are recognized at the original invoiced amount. The AOW's share of net assets 141 951 (18 078) invoiced amount is considered to be approximately equal to the value derived Note 9 Interest-bearing if the amortized cost method would have been used. receivables 51 Goodwill 222 330 - Share of loss not recognized - (18 078) Note 10 Current operating Judgments and estimates assets and liabilities 51 AOW's carrying amount of the investment 364 281 - Judgment is involved when determining the impairment losses on doubtful receivables. The impairment is based on individual assessments of each Note 11 Leases 52 1) The group has included share of total comprehensive income from July 17, 2020. customer and default risk in the industry and the country in which the 2) The group has only recognized loss to bring book value of investment to zero, negative customer operates. Note 12 Employee benefits 53 NOK 2 096 thousand. Note 13 Capital and reserves 53 Note 14 Capital management 53 Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 55 Home Explore Adjust Search

Trade and other receivables The lease term assessment requires management’s judgment and is made at the commencement of the leases. The lease term is reassessed if an Content Amounts in NOK thousand Note 2020 option is actually exercised or the group becomes obliged to exercise it. The assessment of reasonable certainty is only revised if a significant event or a Trade receivables 2 652 significant change in circumstances occurs, which affects this assessment, and that is within the group’s control. Public duty and tax refund 1 331 Other receivables 17 6 316 Income Statement 42 Prepaid expenses 87 Right-of-use assets (ROU) Other Comprehensive Income 43 Trade and other receivables 10 385 Amounts in NOK thousand 2020 Balance Sheet 44 Trade and other payables Additions 12 829 Statement of Changes in Equity 45 Amounts in NOK thousand 2020 Depreciation (1 601) Cash Flow Statement 46 Total 11 228

Note 1 Reporting entity 47 Trade payables 8 236 Note 2 Basis of accounting 47 Accrued expenses 18 410 Lease liability Other current liabilities 13 245 Amounts in NOK thousand 2020 Note 3 Acquisition of business 48 Trade and other payables 39 891 Note 4 Revenues 48 Additions 12 829 Note 5 Expenses 48 Note 11 Leases Lease payments (872) Note 6 Tax 49 Accrued interest 263 The company leases offices at Fornebu, Norway. The contract is for two years, Note 7 Earnings per share 50 with option for one additional year. See Note 17 Related parties for more Total 12 220 information about the lease contract. Note 8 Equity-accounted Current lease liability 3 746 investees 50 Financial reporting principles Non-current lease liability 8 474 Note 9 Interest-bearing The lease liability represents the net present value of the lease payments receivables 51 to be made over the remaining lease period. The right-of-use asset is depreciated over the lease term and is subject to impairment testing. The Note 10 Current operating cash outflows for leases under IFRS 16 is presented as repayment of lease assets and liabilities 51 liabilities within financing activities in the cashflow statement. Interest paid is still classified as cash outflows within operating activities. Note 11 Leases 52 Note 12 Employee benefits 53 Judgments and estimates The property lease, in which the group is a lessee, contain extension or Note 13 Capital and reserves 53 termination options exercisable before the end of the noncancellable period. These options are used to provide operational flexibility for the Note 14 Capital management 53 group. In determining the lease term, the group considers all facts and Note 15 Financial risk circumstances that create an economic incentive to exercise an extension management and option, or not exercise a termination option. Extension options (or periods exposures 54 after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The most relevant Note 16 Group companies 55 factors to be considered as “creating economic incentive” include significant Note 17 Related parties 55 leasehold improvement, alternatives for the leased property and the costs and business disruption required to replace the leased assets. The option for one Note 18 Management additional year has been included in the lease term per the reporting date, remuneration 57 as management has determined that the company is reasonably certain to exercise such options. 56 Home Explore Adjust Search

Content Note 12 Employee benefits Total pension liability

Salary and other personnel costs Amounts in NOK thousand 2020

Amounts in NOK thousand Jul 8 - Dec 31, 2020 Compensation plan 2 581 Total 2 581 Income Statement 42 Salaries and wages 14 719 Other Comprehensive Income 43 Social security costs 1 933 Pension costs 661 Note 13 Capital and reserves Balance Sheet 44 Other employee benefits 167 Share Capital Statement of Changes in Equity 45 Salary and other personnel costs 17 480 The total number of outstanding shares is 678 745 473 at par value NOK 1.00 Cash Flow Statement 46 per share. All issued shares are fully paid. Aker Offshore Wind AS has one The company has 18 full-time employees as of December 31, 2020. class of shares, ordinary shares, with equal rights for all shares. The holders of Note 1 Reporting entity 47 ordinary shares are entitled to receive dividends and are entitled to one vote Pension plans Note 2 Basis of accounting 47 per share at general meetings. Financial reporting principles Note 3 Acquisition of business 48 A defined contribution plan is a type of retirement plan where the employer Other paid-in capital makes contributions on a regular basis to the employees individual pension Other paid-in capital include share premium net of transaction costs, negative Note 4 Revenues 48 account. The benefits received by the employee are based on the employer NOK 304 692 thousand in continuity difference from the common control Note 5 Expenses 48 contributions and gains or losses from investing the capital. Contributions transaction (see Note 3 Acquisition of business) and retained earnings. to defined contribution pension plans are recognized as an expense in the Note 6 Tax 49 income statement as incurred. Other reserves The translation reserve comprises all foreign currency differences arising from Note 7 Earnings per share 50 The group’s pension plans the translation of the financial statements of foreign operations. Upon the Note 8 Equity-accounted The company does not have any defined benefit plans. disposal of investments in foreign operations or liquidation of such entities, investees 50 the accumulated currency translation differences related to these entities are Defined contribution plan reclassified from the currency translation reserve to the income statement. Note 9 Interest-bearing All employees are offered participation in a defined contribution plan. The annual receivables 51 contributions expensed for the Norwegian plans in 2020 were NOK 418 thousand. Note 10 Current operating The estimated contribution expected to be paid in 2021 is NOK 1 124 thousand. Note 14 Capital management assets and liabilities 51 Compensation plan The objective of Aker Offshore Wind’s capital management is to optimize Note 11 Leases 52 Employees in Aker Offshore Wind that were employed by Aker Solutions the capital structure to ensure sufficient and timely funding over time to in 2008 when the company changed to defined contribution plan are part finance its activities at the lowest cost, in addition to investing in projects and Note 12 Employee benefits 53 of a compensation plan. The compensation amount is adjusted annually in technology which will increase the company’s return on capital employed over Note 13 Capital and reserves 53 accordance with the adjustment of the employees’ pensionable income, and time. accrued interest according to market interest. The compensation plan is an Note 14 Capital management 53 unfunded plan and is calculated using a earned balance method. Investment policy Aker Offshore Wind’s capital management is based on a rigorous investment Note 15 Financial risk Tariff based pension agreement (AFP) selection process which considers the weighted average cost of capital management and Employees in Norway have a tariff based lifelong retirement arrangement (AFP) and strategic orientation in addition to external factors such as market exposures 54 organized by the main labour unions and the Norwegian state. The pension expectations and extrinsic risk factors. Note 16 Group companies 55 can be withdrawn from the age of 62. The information required to estimate the pension obligation from this defined benefit plan is not available from the Liquidity planning Note 17 Related parties 55 plan administrator. Aker Offshore Wind therefore currently accounts for the Aker Offshore Wind has a strong focus on its liquidity situation in order to Note 18 Management plan as if it was a defined contribution plan. The company will account for meet its short-term working capital needs. Aker Offshore Wind had a liquidity remuneration 57 it as a defined benefit plan if information becomes available from the plan reserve at December 31, 2020 of NOK 474 499 thousand being cash and cash administrator. equivalents. 57 Home Explore Adjust Search

Note 15 Financial risk management and exposures carrying amount of a financial asset is written off (either partially or in full) Content to the extent that there is no realistic prospect of recovery. This is generally The objective of financial risk management is to manage and control financial the case when the company determines that the debtor does not have assets risk exposures to increase the predictability of earnings and minimize potential or sources of income that could generate sufficient cash flows to repay the adverse effects on the company’s financial performance. The company is or amounts subject to write-off. may be exposed to currency risk, credit risk, interest rate risk, liquidity risk and price risk. Liquidity risk Liquidity risk is the risk that the company is unable to meet the obligations Income Statement 42 Risk management associated with its financial liabilities. The company’s approach to managing Risk management of financial risks is performed in every development project liquidity is to ensure, as far as possible, that it will always have sufficient Other Comprehensive Income 43 and is the responsibility of the project manager. They cooperate with finance liquidity reserves to meet its liabilities when due. Balance Sheet 44 managers to identify, evaluate and perform necessary hedging when necessary. Price risk Statement of Changes in Equity 45 Currency risk The group is exposed to fluctuations in market prices in the operational areas The group operates internationally and is exposed to currency risk on related to contracts, including changes in market prices for raw materials, Cash Flow Statement 46 commercial transactions, recognized assets and liabilities and net investments equipment and development in wages. These risks are to the extent possible Note 1 Reporting entity 47 in foreign operations. Commercial transactions and recognized assets and managed in bid processes by locking in committed prices from vendors as a liabilities are subject to currency risk when payments are denominated in a basis for offers to customer or through escalation clauses with customers. Note 2 Basis of accounting 47 currency other than the respective functional currency of the group company. Guarantees Note 3 Acquisition of business 48 Currency exposures from investments in foreign currencies are only hedged Aker Offshore Wind AS has not provided any parent company guarantees on Note 4 Revenues 48 when specifically instructed by management. As of December 31, 2020, the behalf of its subsidiaries or related parties. group had no net investment hedges. Note 5 Expenses 48 Note 6 Tax 49 Credit risk Credit risk is the risk of financial losses if a customer or counterparty to Note 7 Earnings per share 50 financial receivables and financial instruments fails to meet contractual obligations. Note 8 Equity-accounted investees 50 Trade receivables and contract assets Note 9 Interest-bearing Assessment of credit risk related to customers and subcontractors is an receivables 51 important requirement in the bid phase and throughout the contract period. Such assessments are based on credit ratings, income statement and Note 10 Current operating balance sheet reviews and using credit assessment tools available (e.g. Dun assets and liabilities 51 & Bradstreet). Revenues are mainly related to large and long-term projects Note 11 Leases 52 closely followed up in terms of payments up front and in accordance with agreed milestones. Normally, lack of payment is due to disagreements related Note 12 Employee benefits 53 to project deliveries and is solved together with the customer.

Note 13 Capital and reserves 53 Measurement of Expected Credit Losses (ECLs) Note 14 Capital management 53 Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company considers a financial asset to be in default Note 15 Financial risk when the borrower is unlikely to pay its credit obligation to the company in management and full. ECLs are estimated probability-weighted net present value of future exposures 54 expected credit losses. ECLs are discounted at the effective interest rate of the financial asset. Loss allowances are always measured at an amount Note 16 Group companies 55 equal to lifetime ECLs. At each reporting date, the company assesses whether Note 17 Related parties 55 any financial assets are credit-impaired. Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days past due Note 18 Management without agreed postponement, knowledge of significant financial difficulty remuneration 57 of the customer or debtor or other forward-looking information. The gross 58 Home Explore Adjust Search

Note 16 Group companies Resource Group TRG AS are considered related parties to Aker Offshore Wind Content AS and referred to as “Aker entities” in the table below. Financial reporting principles The consolidated statements include all entities controlled by Aker Offshore Aker Solutions ASA was the sole shareholder from incorporation until listing of Wind AS. The group controls an entity when it is exposed to, or has rights the company on Euronext Growth on August 26, 2020 and transactions with to, variable returns from its involvement with the entity and has the ability Aker Solutions Group until listing are reported as internal. to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial Summary of transactions and balances with significant related parties Income Statement 42 statements from the date control commences until the date control ceases. Related Aker parties to Joint Other Comprehensive Income 43 Amounts in NOK thousand entities Aker Associates Ventures Total Group companies Balance Sheet 44 Aker Offshore Wind AS has six group companies in two countries at the reporting date. If not stated otherwise, ownership equals the percentage of Income statement Statement of Changes in Equity 45 voting shares. Revenues - 165 1 539 - 1 704 Cash Flow Statement 46 Operating expenses (6 023) (22 410) - - (28 433) Company Location Country Percent Note 1 Reporting entity 47 Depreciations (ROU (1 601) - - - (1 601) assets) Note 2 Basis of accounting 47 Aker Offshore Wind Operating Company AS Oslo Norway 100 Interest income - - 486 - 486 Note 3 Acquisition of business 48 Aker Offshore Wind USA AS Oslo Norway 100 Interest expense lease (263) - - - (263) Note 4 Revenues 48 Sønnavindar Offshore Wind AS Oslo Norway 100 liability Nordavindar Offshore Wind AS Oslo Norway 100 Note 5 Expenses 48 Vestavindar Offshore Wind AS Oslo Norway 100 Balance sheet Note 6 Tax 49 Aker Offshore Wind USA LLC Houston USA 100 Right-of-use asset 11 228 - - - 11 228 Note 7 Earnings per share 50 (ROU assets) Note 8 Equity-accounted Interest-bearing 24 867 24 867 receivables investees 50 Note 17 Related parties Trade and other - 907 1 539 6 316 8 762 Note 9 Interest-bearing Financial reporting principles receivables receivables 51 Related party relationships are those involving control (either direct or Trade and other payables (3 029) (21 909) - - (24 938) Note 10 Current operating indirect), joint control or significant influence. Related parties are in a position Lease liabilities (12 220) - - - (12 220) assets and liabilities 51 to enter into transactions with the company that would not be undertaken between unrelated parties. Note 11 Leases 52 Note 12 Employee benefits 53 Aker Offshore Wind AS is a parent company with control of the subsidiaries as listed in Note 16 Group companies. Any transactions between the parent Note 13 Capital and reserves 53 company and the subsidiary are shown in the separate financial statements of the parent company, and are eliminated in the consolidated financial Note 14 Capital management 53 statements. Note 15 Financial risk management and Remunerations and transactions with directors and executive officers are exposures 54 summarized in Note 18 Management remunerations. Note 16 Group companies 55 The largest shareholder of Aker Offshore Wind is Aker Renewable Power AS (a 100% owned subsidiary of Aker Horizons Holding AS) which in turn is Note 17 Related parties 55 controlled by Kjell Inge Røkke through TRG Holding AS and The Resource Note 18 Management Group TRG AS. The Resource Group TRG AS is the ultimate parent company remuneration 57 of Aker Offshore Wind AS. In this respect, all entities controlled by Aker ASA and entities which Kjell Inge Røkke and his close family controls through The 59 Home Explore Adjust Search

Significant Related Parties Transactions Aker BP ASA Content Acquisition of business from Aker Solutions The group has enter into a Cooperation Frame Agreement with Aker BP ASA On July 17, 2020, the Asset Purchase Agreement with Aker Solutions was concerning decarbonizing oil and gas production assets with renewable power entered into for the regarding the purchase of assets, rights and liabilities from offshore wind. The two companies collaborate on concepts for efficient that were part of Aker Solutions’ wind development business. The agreement development of large offshore wind parks to enable effective offtake to oil included the purchase of shares in Principle Power Inc. and Korea Floating and gas producing assets on the NCS. Aker Offshore Wind is taking a role to Wind Power Co., Ltd. As part of the Asset Purchase Agreement, several develop and operate the wind parks. Aker BP will contribute with industry contracts related to the offshore wind business were assigned from Aker and technology competence and be a potential customer of electricity from Income Statement 42 Solutions to the Aker Offshore Wind in relation to the group’s wind business, offshore wind along with other operators. such as agreements related to projects, portfolios, biddings and memorandum Other Comprehensive Income 43 of understandings. Agreements with associated companies Balance Sheet 44 Korea Floating Wind Power Co., Ltd. The purchase price was NOK 441 million. The acquisition is considered a The group has provided shareholder loans to the associated company Korea Statement of Changes in Equity 45 common control transactions and differences between fair values and book Floating Wind Power Co., Ltd. The receivables are interest-bearing (interest values are reflected as continuity difference in equity. See Note 3 Acquisition rate 3.5% per annum). Further, the companies have entered into a Shareholder Cash Flow Statement 46 of business for more information about the transaction. Services Agreement whereby Aker Offshore Wind will provide services to the Note 1 Reporting entity 47 Associate on demand. See more information about the equity-accounted Agreements with related parties to Aker investee in note 8. Note 2 Basis of accounting 47 Aker Solutions Note 3 Acquisition of business 48 On July 17, 2020, the Transitional Services Agreement was entered into with Aker Solutions regarding services to be rendered to the group. Such services Note 4 Revenues 48 include, inter alia, access to employees who possess information necessary for the business and operations, assistance with financials, tax, legal, IT and Note 5 Expenses 48 human resources, and other similar services that ensure a smooth transition. Note 6 Tax 49 The term of the agreement is six months with an option for the Aker Offshore Wind to extend for further three months. Note 7 Earnings per share 50 In addition, the group has entered into Ancillary Agreements with Aker Note 8 Equity-accounted Solutions consisting of a personnel hire agreement, license agreement, investees 50 technical services agreement, fabrication services agreement, agreement for Note 9 Interest-bearing sale of goods, EPCI agreement and an alliance agreement. The agreements receivables 51 provide the Group with, among other things, unique access to Aker Solutions’ deep-water capabilities. The ancillary agreements is entered into on terms and Note 10 Current operating conditions considered in line with prevailing practice for similar agreements. assets and liabilities 51 Agreements with Aker entities Note 11 Leases 52 Aker Horizons Holding AS Note 12 Employee benefits 53 Aker Offshore Wind has entered into a cooperation and shared service agreement with Aker Horizons Holding AS. The agreement includes CFO, Note 13 Capital and reserves 53 financing and accounting services, business development and M&A support Note 14 Capital management 53 and other support functions. Note 15 Financial risk Further, the group has entered into a sublease agreement with Aker Horizons management and Holding AS for its headquarter offices at Fornebu. The contract term is two exposures 54 years starting August 17, 2020, with option for one additional year.

Note 16 Group companies 55 Aker ASA Note 17 Related parties 55 The group has enter into a IT service agreement with Aker ASA for delivery of IT services to the group. Note 18 Management remuneration 57 60 Home Explore Adjust Search

Note 18 Management remuneration According to policy in Aker, fees to directors employed in Aker companies are Content paid to the Aker companies, not to the directors in person. Therefore, board Remuneration to the board of directors fees for Kristian Monsen Røkke and Kjell Inge Røkke are paid to Aker Horizons The board of directors did not receive any other fees than those listed in the Holding AS and The Resource Group TRG AS respectively. table. The members of the board of directors have no agreements that entitle them to any extraordinary remuneration. The fees in the table represent Audit committee expenses recognized in the income statement based on assumptions about Aker Offshore Wind has an audit committee comprising one director, which fees to be approved at the general assembly rather than actual payments held one meeting in 2020. As of December 31, 2020, the audit committee Income Statement 42 made in the year. comprises Kristian Monsen Røkke. No fees have been paid related to the Audit Committee. Other Comprehensive Income 43 Amounts in NOK Period Board fees Balance Sheet 44 Remuneration to the CEO The total remuneration to CEO consists of a fixed base salary, employee Statement of Changes in Equity 45 Henrik Overgaard Madsen (Chairman) Aug-Dec 166 667 benefits and variable pay programs. The CEO participates in the standard pension and insurance schemes applicable to all employees. The table below Cash Flow Statement 46 Kristian Monsen Røkke Aug-Dec 125 000 includes remuneration earned in the period August 1 - December 31, 2020. Note 1 Reporting entity 47 Kjell Inge Røkke Oct-Dec 75 000 Andrew Douglas Garrad Oct-Dec 75 000 Note 2 Basis of accounting 47 Nina Jensen Oct-Dec 37 500 Note 3 Acquisition of business 48 Note 4 Revenues 48 Note 5 Expenses 48 Amounts in NOK Job title Base salary Variable pay Other benefits Total taxable remuneration Pension benefit earned

Note 6 Tax 49 Astrid Skarheim Onsum CEO 1 143 333 896 000 10 536 2 049 869 62 480 Note 7 Earnings per share 50

Note 8 Equity-accounted 1) Pension benefits also include a pension compensation scheme (for transfer from benefit to contribution scheme) investees 50 Note 9 Interest-bearing receivables 51 Directors’ and CEO’s shareholding Note 10 Current operating The following number of shares is owned by the directors and the CEO (and assets and liabilities 51 their related parties) as of December 31, 2020: Note 11 Leases 52 Job title Number of shares Note 12 Employee benefits 53

Note 13 Capital and reserves 53 Henrik Overgaard Madsen Chairman 30 000 Note 14 Capital management 53 The overview includes only direct ownership of Aker Offshore Wind shares. Note 15 Financial risk management and exposures 54 Note 16 Group companies 55 Note 17 Related parties 55 Note 18 Management remuneration 57 61 Home Explore Adjust Search

Content AKER OFFSHORE WIND AS Financials and Notes

Income Statement 59 Parent Company Balance Sheet 60 Income Statement 59 Cash Flow Statement 61 Balance Sheet 60 Note 1 Company information 62 Cash Flow Statement 61 Note 2 Basis of accounting 62 Note 3 Shareholders’ equity 62 Notes

Note 4 Expenses 63 Note 1 Company information 62 Note 5 Investment in group Note 2 Basis of accounting 62 companies 63 Note 3 Shareholders’ equity 62 Note 6 Related parties 63 Note 4 Expenses 63 Note 7 Tax 64 Note 5 Investment in group companies 63 Note 8 Shareholders 64 Note 6 Related parties 63 Note 7 Tax 64 Note 8 Shareholders 64 62 Home Explore Adjust Search

Content AKER OFFSHORE WIND AS Income Statement Statement for the period July 8 to December 31

Income Statement 59 Amounts in NOK thousand Note Jul 8 - Dec 31, 2020 Balance Sheet 60 4 Cash Flow Statement 61 Operating expenses (2 022) Operating profit (loss) (2 022) Note 1 Company information 62

Note 2 Basis of accounting 62 Financial income (135) Note 3 Shareholders’ equity 62 Net financial items (135) Note 4 Expenses 63 Profit (loss) before tax (2 158) Note 5 Investment in group 7 companies 63 Income tax benefit (expense) - Profit (loss) for the period (2 158) Note 6 Related parties 63 Note 7 Tax 64 Note 8 Shareholders 64 63 Home Explore Adjust Search

Content AKER OFFSHORE WIND AS Balance Sheet Statement for the period ended December 31

Income Statement 59 Amounts in NOK thousand Note 2020 Amounts in NOK thousand Note 2020 Balance Sheet 60 Equity and liabilities Cash Flow Statement 61 Assets

Note 1 Company information 62 Non-current assets Equity Note 2 Basis of accounting 62 Investment in group companies 5 1 196 325 Share capital 678 745 Note 3 Shareholders’ equity 62 Total non-current assets 1 196 325 Other paid-in capital 541 617 Note 4 Expenses 63 Total equity 3 1 220 362 Current assets Note 5 Investment in group companies 63 Current operating assets 584 Current liabilities Note 6 Related parties 63 Cash and cash equivalents 28 036 Current operating liabilities 4 583 Total current assets 28 620 Total current liabilities 4 583 Note 7 Tax 64 Total assets 1 224 945 Total equity and liabilities 1 224 945 Note 8 Shareholders 64

Fornebu, March 25, 2021

Henrik Overgaard Madsen Kjell Inge Røkke Nina Jensen Chairman Director Director

Kristian Monsen Røkke Andrew Douglas Garrad Astrid Skarheim Onsum Director Director CEO 64 Home Explore Adjust Search

Content AKER OFFSHORE WIND AS Cash Flow Statement Statement for the period July 8 to December 31

Income Statement 59 Amounts in NOK thousand Jul 8 - Dec 31, 2020 Balance Sheet 60 Cash Flow Statement 61 Profit (loss) before tax (2 158) Note 1 Company information 62 Changes in operating assets and liabilities 3 999 Note 2 Basis of accounting 62 Cash flow from operating activities 1 841 Note 3 Shareholders’ equity 62 Note 4 Expenses 63 Investment in group companies (755 090) Cash flow from investing activities (755 090) Note 5 Investment in group companies 63 Proceeds from share issues 800 000 Note 6 Related parties 63 Transaction costs related to share issues (18 715) Note 7 Tax 64 Cash flow from financing activities 781 285 Note 8 Shareholders 64 Net cash flow in the period 28 036

Cash and cash equivalent at the beginning of the period - Cash and cash equivalent at the end of the period 28 036 65 Home Explore Adjust Search

Content AKER OFFSHORE WIND AS Notes

Income Statement 59 Note 1 Company information Trade receivables and other receivables are recognized in the balance sheet at nominal value less provision for expected losses. Balance Sheet 60 Aker Offshore Wind AS is the parent company and owner of Aker Offshore Cash Flow Statement 61 Wind Operating Company AS and Aker Offshore Wind USA AS and is domiciled Cash flow statement in Norway. Aker Offshore Wind was listed on Merkur Market operated by the The statement of cash flow is prepared according to the indirect method. Note 1 Company information 62 Oslo Stock Exchange under the ticker “AOW-ME” on August 26, 2020 Cash and cash equivalents include cash, bank deposits and other short-term liquid investments. Note 2 Basis of accounting 62 Note 3 Shareholders’ equity 62 Note 2 Basis of accounting Note 3 Shareholders’ equity Note 4 Expenses 63 The financial statements of the parent company are prepared in accordance Note 5 Investment in group with Norwegian legislation and Norwegian Generally Accepted Accounting Financial reporting principles companies 63 Principles. Repurchase of share capital is recognized at cost as a reduction in equity and is classified as treasury shares. No gain or loss is recognized in the income Note 6 Related parties 63 Financial reporting principles for notes to these financial statements are statement on the purchase or sale of the company’s own shares. included in the relevant notes. For other financial reporting principles, see Note 7 Tax 64 below. Share Other paid-in Note 8 Shareholders 64 Amounts in NOK thousand capital capital Total Functional currency and presentation currency The parent company’s financial statements are presented in NOK, which is Aker Offshore Wind AS’s functional currency. All financial information Equity at incorporation July 8, 2020 30 - 30 presented in NOK has been rounded to the nearest thousand (NOK thousand), Reduction of shares (30) - (30) except when otherwise stated. The subtotals and totals in some of the tables Contribution-in-kind 271 943 169 292 441 235 in these financial statements may not equal the sum of the amounts shown Share issues 406 803 393 197 800 000 due to rounding. Transaction costs, share issues - (18 715) (18 715) Foreign currency Profit (loss) for the period (2 158) (2 158) Transactions in foreign currencies are translated at the exchange rate Total equity 678 745 541 617 1 220 362 applicable at the date of the transaction. Monetary items in a foreign currency are translated to NOK using the exchange rate applicable on the balance sheet The share capital of Aker Offshore Wind AS is divided into 678 745 473 shares date. Foreign exchange differences arising on translation are recognized in the with a nominal value of NOK 1. All issued shares are fully paid. The shares can income statement as they occur. be freely traded. See Note 8 Shareholders for an overview of the company’s largest shareholders. Classification Current assets and current liabilities include items due within one year or items that are part of the operating cycle. Other balance sheet items are classified as non-current assets/debts.

Measurement of borrowings and receivables Financial assets and liabilities consist of investments in other companies, trade and other receivables, cash and cash equivalents and trade and other payables. 66 Home Explore Adjust Search

Note 4 Expenses Investment in group companies Content Amounts in NOK Registered Share Number of Expenses thousand office capital shares held Ownership Book value Aker Offhore Wind AS has no employees and hence no personnel expenses. The CEO is employed by Aker Offshore Wind Operating Company AS. Aker Offshore Fornebu, 120 000 60 100% 1 184 425 Remuneration to and shareholding of CEO and board of directors are Wind Operating Norway described in Note 18 Management Remuneration in the consolidated financial Company AS Income Statement 59 statements of Aker Offshore Wind. Aker Offshore Fornebu, 120 30 100% 11 900 Balance Sheet 60 Wind USA AS Norway Audit fees to KPMG Total 1 196 325 Cash Flow Statement 61 Amounts in NOK thousand Jul 8 - Dec 31, 2020 Note 1 Company information 62 Audit1) 366 Note 6 Related parties Note 2 Basis of accounting 62 Other assurance services 53 Note 3 Shareholders’ equity 62 Related party relationships are those involving control (either direct or Total 419 indirect), joint control or significant influence. Related parties are in a position Note 4 Expenses 63 to enter into transactions with the company that would not be undertaken 1) Audit services include NOK 205 thousand related to listing process on Euronext Growth in between unrelated parties. All transactions with related parties to Aker August 2020 and is reported directly to equity. Note 5 Investment in group Offshore Wind AS have been based on arm’s length terms. companies 63 Note 6 Related parties 63 Note 5 Investment in group companies Transactions with related parties The company provided a short-term loan to Aker Offshore Wind Operating Note 7 Tax 64 Financial reporting principles Company AS in 2020 that was settled before December 31. Interest income of Investments in subsidiaries are measured at cost. The investments are written NOK 374 thousand has been recognized in the period. Note 8 Shareholders 64 down to fair value when the impairment is not considered to be temporary. Impairment losses are reversed if the basis for the impairment is no longer present.

Dividends and other distributions from subsidiaries are recognized in the same year as they are recognized in the financial statement of the provider. If the distributed dividend in the subsidiary exceeds accumulated profits in the ownership period, the payment is treated as a reduction of the carrying value of the investment. 67 Home Explore Adjust Search

Content Note 7 Tax Note 8 Shareholders Financial reporting principles Shareholders with more than 1 percent shareholding per December 31 are Tax expenses in the income statement comprise current tax and changes in listed below. deferred tax. Deferred tax is calculated as 22 percent of temporary differences between accounting and tax values as well as any tax losses carried forward Number of at the year-end. Deferred tax assets are recognized only to the extent it is Company Nominee shares held Ownership probable that they will be utilized against future taxable profits. Income Statement 59 1),2) Calculation of taxable income (loss) Aker Horizons Holding AS 346 262 406 51.0% Balance Sheet 60 Nærings og Fiskeridepartmentet 33 100 085 4.9% Amounts in NOK thousand Jul 8 - Dec 31, 2020 Cash Flow Statement 61 Folketrygdfondet 28 511 677 4.2% Note 1 Company information 62 Nordnet Livsforsikring 11 585 887 1.7% Profit (loss) before tax (2 158) The Bank of New York Mellon SA/NV Nominee 8 482 434 1.2% Note 2 Basis of accounting 62 Permanent differences (18 466) 1) The company changed name from Aker Horizons AS on January 26, 2021. Note 3 Shareholders’ equity 62 Taxable income (loss) (20 624) 2) The shares were transferred to subsidiary Aker Renewable Power AS on January 19, 2021. Note 4 Expenses 63 Aker Offshore Wind AS has not recognized deferred tax asset related to tax loss carry forwards as the group is newly founded and has no history of Note 5 Investment in group taxable profits. companies 63 Note 6 Related parties 63 Note 7 Tax 64 Note 8 Shareholders 64 68 Home Explore Adjust Search

Content Auditor’s report

Aker Offshore Wind in Brief 2 KPMG AS Telephone +47 45 40 40 63 Aker Offshore Wind AS Sørkedalsveien 6 Fax Postboks 7000 Majorstuen Internet www.kpmg.no 0306 Oslo CEO Letter 6 Enterprise 935 174 627 MVA Other information Board of Directors’ Report 7 Management is responsible for the other information. The other information comprises information in the annual report, except the financial statements and our auditor's report thereon.

Board of Directors 16 Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. To the General Meeting of Aker Offshore Wind AS Sustainability Report 2020 18 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Aker Offshore Wind Group financial statements or our knowledge obtained in the audit or otherwise appears to be materially Financials and Notes 44 misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this Aker Offshore Wind AS other information, we are required to report that fact. We have nothing to report in this regard. Financials and Notes 61 Independent auditor’s report Responsibilities of the Board of Directors and the Managing Director for the Financial Statements The Board of Directors and the Managing Director (Management) are responsible for the preparation Auditor’s Report 68 Report on the Audit of the Financial Statements in accordance with law and regulations, including a true and fair view of the financial statements of the Company in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation and true and fair view of the consolidated Opinion financial statements of the Group in accordance with International Financial Reporting Standards as We have audited the financial statements of Aker Offshore Wind AS, which comprise: adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud • The financial statements of the parent company Aker Offshore Wind AS (the Company), which or error. comprise the balance sheet as at 31 December 2020, the income statement and cash flow statement for the period 8 July – 31 December 2020, and notes to the financial statements, In preparing the financial statements, management is responsible for assessing the Company’s and including a summary of significant accounting policies, and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar • The consolidated financial statements of Aker Offshore Wind AS and its subsidiaries (the as it is not likely that the enterprise will cease operations. The consolidated financial statements of the Group), which comprise the balance sheet as at 31 December 2020, the income statement Group use the going concern basis of accounting unless management either intends to liquidate the and other comprehensive income, statement of changes in equity and statement of cash flows Group or to cease operations, or has no realistic alternative but to do so. for the period 8 July – 31 December 2020, and notes to the financial statements, including a summary of significant accounting policies. Auditor’s Responsibilities for the Audit of the Financial Statements

In our opinion: Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that • The financial statements are prepared in accordance with the law and regulations. includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with laws, regulations, and auditing standards and practices • The accompanying financial statements give a true and fair view of the financial position of the generally accepted in Norway, including ISAs will always detect a material misstatement when it Company as at 31 December 2020, and its financial performance and its cash flows for the exists. Misstatements can arise from fraud or error and are considered material if, individually or in period 8 July – 31 December 2020 in accordance with the Norwegian Accounting Act and aggregate, they could reasonably be expected to influence the economic decisions of users taken on accounting standards and practices generally accepted in Norway. the basis of these financial statements.

• The accompanying consolidated financial statements give a true and fair view of the financial As part of an audit in accordance with laws, regulations, and auditing standards and practices position of the Group as at 31 December 2020, and its financial performance and its cash generally accepted in Norway, including ISAs, we exercise professional judgment and maintain flows for the period 8 July – 31 December 2020 in accordance with International Financial professional scepticism throughout the audit. We also: Reporting Standards as adopted by the EU. • identify and assess the risks of material misstatement of the financial statements, whether due Basis for Opinion to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The We conducted our audit in accordance with laws, regulations, and auditing standards and practices risk of not detecting a material misstatement resulting from fraud is higher than for one generally accepted in Norway, including International Standards on Auditing (ISAs). Our resulting from error, as fraud may involve collusion, forgery, intentional omissions, responsibilities under those standards are further described in the Auditor’s Responsibilities for the misrepresentations, or the override of internal control. Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by laws and regulations, and we have fulfilled our other ethical responsibilities in • obtain an understanding of internal control relevant to the audit in order to design audit accordance with these requirements. We believe that the audit evidence we have obtained is sufficient procedures that are appropriate in the circumstances, but not for the purpose of expressing an and appropriate to provide a basis for our opinion. opinion on the effectiveness of the Company's or the Group's internal control.

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

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Aker Offshore Wind in Brief 2 Aker Offshore Wind AS CEO Letter 6 • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists Board of Directors’ Report 7 related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern. If we conclude that a material uncertainty Board of Directors 16 exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. Sustainability Report 2020 18 However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.

Aker Offshore Wind Group • evaluate the overall presentation, structure and content of the financial statements, including Financials and Notes 44 the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

Aker Offshore Wind AS • obtain sufficient appropriate audit evidence regarding the financial information of the entities Financials and Notes 61 or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. Auditor’s Report 68 We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

Opinion on the Board of Directors’ report Based on our audit of the financial statements as described above, it is our opinion that the information presented in the Board of Directors’ report concerning the financial statements, the going concern assumption and the proposed allocation of the result is consistent with the financial statements and complies with the law and regulations.

Opinion on Registration and Documentation Based on our audit of the financial statements as described above, and control procedures we have considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is our opinion that management has fulfilled its duty to produce a proper and clearly set out registration and documentation of the Company’s accounting information in accordance with the law and bookkeeping standards and practices generally accepted in Norway.

Oslo, 25 March 2021 KPMG AS

Vegard Tangerud State Authorised Public Accountant