Aker Solutions Wins Orders for Liuhua Power Umbilical Systems in China

Oslo, Norway - August 15, 2018. Akastor won orders valued at more than NOK 350 million to deliver power umbilical systems to China National Offshore Oil Corporation's (CNOOC) Liuhua oil fields in the South China Sea, off Hong Kong.

The work scope includes more than 35 kilometers of dynamic and static power umbilicals for the Liuhua 16-2, 20-2 and 21-2 fields, linking the subsea development to a new floating production, storage and offloading (FPSO) unit.

"We are honored to work with CNOOC again to demonstrate our capabilities in China," said Luis Araujo, chief executive officer of Akastor . "Liuhua is an important project and we look forward to providing umbilicals which meet its long-distance power transmission requirements."

Power umbilical systems are bundled cable and fiber optic systems providing distribution of power, control and communication between subsea equipment on the seafloor and platforms or floating production facilities. The static section of the Liuhua 16-2 umbilical will be engineered using Akastor ' advanced manufacturing process called OsciLay.

"OsciLay is a unique manufacturing method which addresses challenges of more extreme tension loads during installation, eliminating splicing of cables due to manufacturing weight limitations," said Greg Ross, Akastor ' vice president of subsea sales in Asia Pacific. "OsciLay allows us to manufacture extremely long or heavy power umbilicals which will otherwise be limited using conventional manufacturing approaches."

The global project will involve Akastor facilities around the world. Akastor ' team in Malaysia will lead the engineering work, while production and manufacturing will take place at Akastor ' umbilical production facility in Mobile, Alabama in the United States. Project delivery is set for the end of 2019 for Liuhua 16-2 and 20-2, and in 2020 for Liuhua 21-2.

Akastor first worked on a subsea project with CNOOC in 2010, and has since provided subsea production system for Liuhua 19-5 and Yacheng 13-4 gas fields.

The order will be booked in the third quarter 2018.

ENDS

Media Contacts:
Wui Wui Yu, mob: +6 017 348 1774, e-mail: wui.wui.yu@akersolutions.com

Tor Odland, mob: +47 990 90 872, e-mail: tor.odland@akersolutions.com

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

Akastor is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 14,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.

Connect Group with Akastor on Facebook, LinkedIn, Twitter, YouTube and Instagram.

This press release may include forward-looking information or statements and is subject to our disclaimer, see http://akersolutions.com