#Norway #Oslo #Aker Solutions #Maydan Mahzam #PTSC M&C

Aker Solutions Receives Major Engineering Award

In a significant development for the oil industry, Aker Solutions has received a Letter of Award (LOA) from PTSC Mechanical and Construction Limited Company (PTSC M&C) for an important contract focused on the detailed design work related to the strategic redevelopment of the Maydan Mahzam oil field, situated offshore Qatar. This contract is essential for enhancing the operational capabilities and extending the longevity of an oil field rich in history.

The Maydan Mahzam oil field, located approximately 100 kilometers northeast of Qatar's coastline and 28 kilometers southeast of Halul Island in depths reaching about 40 meters, has been a key player in the region's oil production since its discovery in the 1960s. Production began in 1965, cementing its importance in the regional energy landscape. Now, QatarEnergy, the operator, is embarking on a significant redevelopment project designed to upgrade the field's infrastructure and operational efficiency based on modern standards and technologies.

The scope of the project awarded to Aker Solutions involves comprehensive detail design services for various offshore installations, including the development of three major topsides and four jackets, as well as brownfield tie-ins. This work will be facilitated by Aker's expert engineering teams based in Kuala Lumpur, Malaysia, and Mumbai, India, who bring with them extensive experience and knowledge specializing in offshore oil and gas projects.

Guro Rausand, Executive Vice President of New Build at Aker Solutions stated, “This award reflects the strength of our engineering organization and our long track record of delivering complex offshore projects.” He emphasized the collaborative efforts between the Kuala Lumpur and Mumbai teams and their dedication to ensuring the successful execution of the Maydan Mahzam project.

This LOA is contingent upon the signing of the final contract. Aker Solutions anticipates being able to report a sizeable order intake, projected to fall within the range of NOK 0.5 billion to NOK 1.5 billion, in the Renewables and Field Development segment once the final contract is signed. The sizeable nature of this contract highlights Aker's commitment to sustainable energy development as well as its role in the evolving landscape of global oil and gas production.

As this project progresses, stakeholders will closely monitor the developments surrounding the Maydan Mahzam oil field, which is poised to not only boost Qatar's energy production rates but also embody advancements in engineering technologies pertinent to the sector. Further announcements will follow as Aker Solutions and its partners move forward in the redevelopment initiative aimed at revitalizing this vital resource.

Media Contacts:
Preben Ørbeck
Investor Relations
Email: [email protected]
Phone: +47 470 10 611

Odd Naustdal
Media Contact
Email: [email protected]
Phone: +47 905 76 079

For more information on Aker Solutions and this latest development, visit their corporate website or reach out through the provided contacts.