Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Content
Key figures 3 Helping the World Meet its
Where we are
Highlights
7
8
Energy Needs.
CEO Introduction 9 At Aker Solutions, our purpose is to solve energy challenges for future
generations. It shapes our enterprise strategy and connects our
Board of Directors' Report 11 sustainability agenda to the way we operate. We see sustainability as a
strategic differentiator for us, and this is reflected in our activities, in
Sustainability Performance 30 dedicated efforts for improving solutions and in further development of
our technologies and competencies. Hence, we also welcome the
continuous increase in expectations and standardization within ESG
Consolidated Financial Statements 78 reporting. It helps us and the rest of the industry to be more transparent
and build trust in our transition journey.
Parent Company Financial Statements 159
Independent Auditor's Report 176
Alternative Performance Measures 178
Appendix 184

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

36,262 1,166 422

REVENUE EBITDA EBIT
NOK million NOK million NOK million

35,303 3.2% 1.2%

ORDER INTAKE EBITDA MARGIN EBIT MARGIN
NOK million

30.4% 1.29 391

FEMALE TOP TRIF tCO2 EMISSIONS
MANAGEMENT Per million worked Per million worked
1
Percent hours hours

1
Includes scope 1 and scope 2 emissions only, market-based.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Key Figures
2023 2022 2023 2022
ORDERS AND RESULTS BALANCE SHEET
Order backlog December 31 NOK mill 72,680 72,784 Net interest-bearing debt NOK mill -6,003 -5,147
Order intake NOK mill 35,303 67,811 Equity ratio Percent 45.9 27.9
Revenue NOK mill 36,262 27,500 Liquidity reserve NOK mill 9,003 11,170
EBITDA NOK mill 1,166 647
EBITDA margin Percent 3.2 2.4 SHARE
EBITDA ex. special items NOK mill 1,295 669 Share price December 31 NOK 42.0 37.4
EBITDA margin ex. special items Percent 3.6 2.4 Basic earnings per share NOK 23.81 2.42
EBIT NOK mill 422 109 Basic earnings per share ex. special items NOK 5.20 2.53
EBIT margin Percent 1.2 0.4
EBIT ex. special items NOK mill 611 102 EMPLOYEES
EBIT margin ex. special items Percent 1.7 0.4 Total employees December 31 Own employees 11,473 11,004
Net income (loss) from continuing operations NOK mill -15 -142 Our workforce Nationalities 92 96
Net income (loss) from discontinued operations NOK mill 11,540 1,312 Female top management Percent 30.4 30.5
Net income from total operations NOK mill 11,525 1,170
Net income total operations ex. special items NOK mill 2,428 1,225 HSSE
Lost time injury frequency Per million worked hours 0.20 0.13
CASH FLOW Total recordable injury frequency Per million worked hours 1.29 1.07
Cash flow from operating activities NOK mill 6,216 4,518 Sick-leave rate Percent of total working hours 3.37 3.59
2
CO2 Emissions Intensity tCO2e per million worked hours 391 461

2
Includes scope 1 and scope 2 emissions only, market-based.

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Key Figures cont.

Revenue EBITDA and EBITDA margin Order Intake and Backlog
NOK billion NOK billion and percent NOK billion

1.2

36 0.6 72.7 67.8 72.8

28
3.2%
2.4%
35.3

2023 2022 2023 2022 2023 2022

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

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Segment Performance
Renewables and Field Development
4.4%
3.3%

22.1 1.0 51.4 51.4 50.8

0.5
14.9 22.5
2023 2022 2023 2022 2023 2022
Revenue (NOK billion) EBITDA (NOK billion) EBITDA margin (percent) Intake (NOK billion) Backlog (NOK billion)

Life Cycle
5.5%

5.2%
13.1 20.6 21.6
12.2 16.2
11.8
0.7 0.7
2023 2022 2023 2022 2023 2022
Revenue (NOK billion) EBITDA (NOK billion) EBITDA margin (percent) Intake (NOK billion) Backlog (NOK billion)

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LOCATIONS

Together we
Make a Difference

Angola Brazil Brunei Canada China

Operations in 15 countries Finland France India Malaysia Norway
3
As of December 2023 Saudi Arabia Sweden UAE UK USA

3
Establishment in UAE ongoing.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Highlights

People HSSE Financials Backlog Tendering Transition

During 2023, Aker Solutions Safety is a core priority. Revenues in 2023 increased Backlog at year-end stood Tender pipeline at year-end Key project wins within
welcomed more than 1,650 Aker Solutions delivered by 32 percent from 2022, at NOK 73 billion, was more than NOK 74 Renewables and
new employees. The good HSSE performance with EBITDA margins, dominated by projects under billion, which is higher than Transitional Energy
company was ranked as the especially considering the excluding special items the well-proven alliance before the record-intake in Solutions such as the
nd
2 most attractive employer increased workload and improving from 2.4 percent model with Aker BP. December of 2022. Norfolk HVDC contracts and
by engineering and increased proportion of to 3.6 percent. Draugen electrification.
computer science students skilled workers in risk-
in Norway. exposed roles.

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CEO Introduction
I am pleased to report that 2023 was another successful year for Aker Solutions. We have
delivered significant revenue growth, improved profitability, and progressed well on our
transformation journey and strategy.

Across our organization, 2023 has been a year of high activity, executing some of the most
interesting and challenging energy projects in the world. From oil and gas to offshore wind,
carbon capture and storage, hydrogen and hydropower, Aker Solutions’ competences and
solutions are in high demand.

In October 2023, we closed the transaction to create the new OneSubsea entity together
with SLB. This marks a milestone for Aker Solutions, transitioning from having a stand-alone
subsea business to becoming a proud co-owner of a world-leading subsea company. We are
also making significant headway in our digital initiatives, as well as growing our energy
consulting business.

Overall, we met our priority targets and delivered a solid foundation for executing our
strategy moving forward.

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Change is the only constant, which is true both projects mainly under the well proven ‘Alliance ensuring that our people have the right skills to
for Aker Solutions and the energy landscape “ In Aker Solutions, safety Model’ with Aker BP and our strategic delivery solve future energy challenges.
we operate in. The year has seen continued
geopolitical disruptions with the wars in
is our first priority. partners. These project delivery models align
partners around common drivers to reduce In early October 2023, we closed the
Ukraine and Gaza creating massive human time to first oil, which results in value creation announced transaction to create the leading
suffering. for both customers, contractors, our subsea company together with SLB. The new
shareholders and our company. OneSubsea brings together deep reservoir
The energy markets continue to be impacted domain and engineering design expertise; an
by the trilemma of energy security, affordability We are also progressing well on our transition extensive field-proven subsea production and
and sustainability. Oil and gas will continue to journey. We are on-track to deliver on our 2030 processing technology portfolio; world-class
play an important role in the energy mix and is ambition of deriving two-thirds of our revenues manufacturing scale and capabilities and a
a key input factor for industrial processes. The from renewables and transitional energy comprehensive suite of life-of-field solutions to
oil and gas industry is actively seeking ways to solutions. Key milestone projects in 2023 were customers all over the world.
reduce carbon emissions, an area where Aker the contracts for electrification of the Troll
Solutions offers unique competences and West, Njord and Draugen offshore platforms;
solutions to help our customers reach their offshore wind projects for Sunrise Wind and “ Aker Solutions is well
energy and emission targets. East Anglia 3; and joint work with clients and
partners in executing the Longship carbon
positioned to capitalize on
At the same time, the global climate objectives
In Aker Solutions, safety is our first priority. We
capture and storage project (CCS) in Norway. the structural changes in
show the importance of a rapid increase in
work hard every day to prevent accidents and
sustainable energy production. The energy
to make sure all employees return safely home
Digitalization has become a vital part of how world energy markets.
transition is a large undertaking that will we are executing our projects, improving
from work. During the year Aker Solutions has
require new ways of working across industries, efficiency, safety and collaboration. Together To summarize, Aker Solutions took important
delivered solid HSSE performance especially
together with investors, developers and with our partners, Microsoft, Cognite, Aize and steps to deliver on our ambitions and strategy
considering the high workload.
regulators, in order to succeed. Accenture, we are making good progress on during 2023. The market outlook remains
our digital journey, delivering real results to positive and Aker Solutions is well positioned
In 2023, we delivered on both our financial and clients such as Aker BP and ExxonMobil.
For more than 50 years, Aker Solutions has to capitalize on the structural changes in world
operational targets. Turnover grew more than
been a leading supplier of a comprehensive energy markets.
32 percent from 2022, while margins and cash
specter of services and solutions to 2023 was also a milestone year for the
generation improved. Our solid order backlog
international oil and gas projects. We see that development of our organization. Aker Together, we will #PowerTheChange!
provides good visibility for future activity level
our vast experiences and broad capabilities are Solutions welcomed more than 1,650 new
and a good basis for long-term profitable
needed to help accelerate the energy employees across the globe. In Norway, we Best Regards,
growth.
transition. This corresponds well with our were rated as the second most attractive
purpose: “to solve global energy challenges for employer among engineering and computer
future generations”. The bulk of our backlog of work relates to science students. Competence development
projects under the Norwegian Continental Shelf programs continued across the company
tax incentives agreement, also known as the Kjetel Digre
‘activity package’. We will deliver on these CEO, Aker Solutions

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Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Board of
Directors’ Report
2023 was an important year in the development of Aker Solutions. Revenues grew
by more than 32 percent year-on-year with improved profitability. The outlook for
the company is positive, with a solid backlog of secured projects and high tendering
activity across energy markets.

In October 2023, the transaction to create the leading subsea company with SLB
and Subsea7 was completed. Aker Solutions will own 20 percent of the new
company and will receive a total consideration of USD 700 million as part of the
transaction.

All in all, Aker Solutions is well positioned to continue delivering value to its people,
shareholders and the broader society.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Aker Solutions delivered revenue of NOK 36.3 production of oil and gas, and renewable ◼ They are Safeguarders that commit to
billion in 2023, a 32 percent increase from energy.
Attitudes Health, Safety, Security and Environment
2022. EBITDA excluding special items Aker Solutions is powered by Attitudes. They (HSSE) and quality, acting with integrity.
increased from NOK 0.7 billion to NOK 1.3 The head office is at Fornebu, Norway. Aker describe who the company is, what it does and ◼ They are Solutioneers that solve the hardest
billion improving the EBITDA margin from 2.4 Solutions ASA is listed on the Oslo Stock how it will deliver its purpose. The Attitudes challenges for their customers with
percent to 3.6 percent. Further, Aker Solutions Exchange under the ticker AKSO. also define what the company’s employees optimism and determination.
secured an order intake of NOK 35 billion in expect and encourage from each other to ◼ They are experienced Changemakers
2023, resulting in an order backlog at year-end succeed. It is how they #PowerTheChange. challenging accepted truths, accelerating
of NOK 73 billion, reflecting a continued strong Who is Aker Solutions the transformation.
energy market outlook and high demand for
For nearly 200 years, Aker Solutions has ◼ They are Co-creators that mobilize their
the company’s products and services.
played a significant role in driving some of the collective capabilities and respect each
world’s most complex and strategically other’s views.
Overview important energy projects to completion. By
leveraging its experience and capabilities to
Building on nearly two centuries of meet the world’s growing demand for
technological and engineering excellence, Aker sustainable, dependable, and affordable
Solutions is a digitally driven engineering and energy, the company is accelerating the
project execution company. The company transition towards sustainable energy
enables oil and gas production with reduced production. Aker Solutions employs
emissions and develops renewable solutions to approximately 11,500 people in 15 countries.
meet future energy needs. By combining
innovative digital solutions and predictable Aker Solutions’ purpose is to solve global
project execution, it accelerates the transition energy challenges for future generations. In all
to sustainable energy production. that the company does, it is guided by a
sustainability mindset. The company ensures
Aker Solutions provides products, systems and safe operations for its people and the
services ranging from concept studies and environment, and has robust social and
front-end engineering to integrated project governance programs in place. Aker Solutions’
execution and services for enhancing and Climate Action Plan provides a pathway to
extending the life of a field. Aker Solutions also ensure that it meets emissions targets,
delivers consultancy and engineering services supports clients in their ambitions, and further
as well as technical solutions to support energy develop renewable and transitional energy
transition projects within offshore wind, solutions. Read more about the company on its
electrification, hydrogen, carbon capture and website.
storage (CCS) and hydropower. The main
customers are international, national and
independent energy companies involved with

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Organization
In April 2023, Aker Solutions’ new The estimated synergy potential in the new
organizational set-up was put into effect. The
Subsea Transaction company is more than USD 100 million per
Global Presence
new structure reflected a fine-tuning of the In early October 2023, Aker Solutions annum in the medium term. The company will Aker Solutions is pursuing international growth
strategy and expected operational synergies announced the closing of the subsea have an attractive dividend policy. in targeted markets, while safeguarding its
related to the execution of the large project transaction with SLB and Subsea7. The new existing market positions. The company is
portfolio and the company’s growth agenda. entity, called OneSubsea, comprise Aker Starting from the third quarter 2023, Aker Solutions represented in major energy hubs around the
The organization was divided into five business Solutions’ and SLB’s subsea businesses. Aker has treated Subsea as discontinued operations. Also world, including the North Sea, North America,
segments; New Build, New Energies, Life Solutions will own 20 percent in the new historical figures have been re-presented Africa and Asia. Aker Solutions has more than
Cycle, Power Solutions, and Subsea. In 4Q, the company, with SLB owning 70 percent and without Subsea. From 4Q 2023 onwards, Aker 11,500 employees at over 35 locations in 15
Subsea segment became part of the new Subsea7 owning 10 percent. Solutions will, in accordance with IFRS, report countries around the world.
OneSubsea entity, where Aker Solutions holds its 20 percent ownership in OneSubsea
a 20 percent share. As part of the transaction, Aker Solutions according to the equity accounting method.
receives a total consideration of USD 700
After the subsea transaction, the company has million for the sale of a 20 percent ownership.
two external reporting segments: Renewables In the fourth quarter 2023, Aker Solutions
and Field Development, and Life Cycle. recognized an accounting gain of NOK 9.7
billion from the transaction.
The organizational changes involved some
adjustments at the executive management OneSubsea will be headquartered in Oslo,
level. Maria Peralta took on a leadership Norway, and Houston, Texas with 11,000
position in OneSubsea. Jo Krabbe was employees working in all key operating regions
appointed executive vice president (EVP) for around the world. Mads Hjelmeland, a
the new segment Power Solutions. Anders Norwegian national previously SLB’s Director
Hannevik stepped down as EVP and into of Subsea Production Systems, has been
another senior role in Aker Solutions. Marianne appointed Chief Executive Officer of
Hagen resigned from the executive OneSubsea.
management team to pursue opportunities
outside Aker Solutions. OneSubsea will be an important contributor to
Aker Solutions profits and cash generation
In November 2023, Marte Mogstad resigned moving forward through the 20 percent
from her role as EVP for the New Energies ownership in a larger and stronger subsea
segment, with Henrik Inadoni acting as interim company.
EVP until Mogstad’s permanent successor is in
place.

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Market Outlook and Strategy

There are considerable changes across Aker Aker Solutions is committed to be a supplier Despite high interest and ambitions, the well as combination of these in integrated
Solutions’ global markets, driven by the energy that accelerates the transition to sustainable renewables industry remains immature. Profit energy systems.
trilemma of balancing the need for energy energy production. The company’s ambition is levels are currently insufficient to ensure that
reliability, affordability and sustainability. that renewables and transitional energy the industry makes the required investments to In 2023, study revenues in the Energy
projects will represent two thirds of its revenue deliver on government targets. The industry is Consulting entity increased almost 50 percent
Going forward, significant shifts in the global by 2030. Aker Solutions has furthermore set dependent on authorities and policy makers compared to 2022. About half of the volume
energy markets are anticipated, with clear emissions reduction targets and is taking an active role in developing frameworks was related to renewables and transitional
accelerated growth in renewable energy working to reduce scope 1 and 2 emissions by that increase predictability and improve energy projects. By engaging early in emerging
4
production. Oil and gas demand is likely to 50 percent by 2030 and become net zero for commercial models to ensure industrialization markets, Aker Solutions is developing new
decline over time, however significant all scopes by 2050. of the industry. customer relationships, deepening its market
investments in existing and new production are insights and growing its position for the future.
needed in the years to come to bridge the gap Aker Solutions’ has a broad offering within Aker Solutions remains selective on which
between demand and natural decline, and to renewables markets, including offshore wind, projects to take on, exclusively focusing on
decarbonize the production. hydrogen production facilities, hydropower customers and projects with balanced risk- Technology & Innovation
generation solutions and installations for carbon reward profiles. In addition, Aker Solutions is Building on a history of technological and
The global oil and gas markets continue to be capture and storage (CCS). working closely with its customers and engineering accomplishments, Aker Solutions
important for Aker Solutions. With a solid order strategic partners to improve delivery models is well positioned to leverage core capabilities
backlog of projects with balanced risk-reward Within offshore wind, Aker Solutions delivers and develop innovative solutions driving down and maintain a strong position in oil and gas,
profiles, Aker Solutions has good visibility on solutions and services for full field the cost of energy. while growing its offering within renewables
activity levels in the years to come. In addition, developments, including foundations, and transitional energy solutions.
the company had a tender pipeline of about converter and substations, and power
NOK 74 billion at year end. distribution solutions. Aker Solutions is “ Energy Consulting Aker Solutions’ technology strategy is focused
currently working on several milestone
projects, particularly within HVDC converter
business growing almost 50 around working closely with customers and
industry partners to develop and industrialize
“ Aker Solutions is platforms to the UK and US markets. percent in 2023. new solutions that reduces cost of energy.
committed to be a supplier Within CCS, Aker Solutions is engaged across Aker Solutions has an ambition to position its Drawing on the experience from the oil and gas
that accelerates the the entire CO2 value chain, with key contracts energy consultancy business as a leading industry, Aker Solutions is pioneering the use
for the Heidelberg carbon capture plant and for advisory and engineering force for driving the of subsea technology for offshore wind and
transition to sustainable the Northern Lights terminal for receiving energy transition. The entity is engaged in work electrification purposes. One example is the
captured CO2. subsea collector station which will be piloted
energy production. across different energy markets, such as oil
and gas, offshore wind, CCS and hydrogen, as on the Marine Energy Test Centre in Norway.

4
Due to significant changes in the company operations in 2023, we are setting a new baseline for emissions accounting. Details of the new 2023 baseline can be found in the Climate Change Adaptation and Mitigation chapter of this report.

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By placing equipment on the seabed, one can KPIs focus on the transition journey: e.g. use of This includes strategies, activities and
significantly reduce both CapEx, OpEx and
Long-term Targets and digital solutions, share of revenues from ambitions to reduce the company’s
environmental footprint, enabling lower cost of Strategy Execution renewables and transitional energy solutions, environmental footprint, improve health, safety
energy. commercial margin improvements and emission and well-being, and manage a responsible
Through the enterprise performance reductions. supply chain.
Aker Solutions has a key role in the Linking management process, Aker Solutions sets
Carbon Capture and Storage (LINCCS) R&D long-term targets and yearly objectives to In 2023, Aker Solutions has met or exceeded its
project. The initiative is funded by NOK 100 execute on the company’s strategy. Financial KPIs. Performance has also improved on
Climate Action Plan: Roadmap
million from the Research Council of Norway the Organizational and Operational targets, to Net Zero
and a similar amount from industry partners The framework for execution consists of Within Transitional KPIs, usage of digital solutions
including important customers. The objective increased in the year, while share of revenues Aker Solutions’ Climate Action Plan, launched
Objectives and Key Results (OKRs), and Key in 2021, began as a roadmap to transform the
for Aker Solutions' work is to develop new Performance Indicators (KPIs) that define Aker from renewables and transitional energy solutions
business towards a net zero future while
solutions for transport and storage of CO2 after Solutions’ strategic focus areas and the is lagging, driven by a more cautious tendering
helping society solve global energy challenges
capture on offshore oil and gas installations. performance towards long-term targets. activity in these segments and very high activity in for future generations. In close collaboration
The ambition is to reduce costs for such the oil and gas markets during 2023. with customers and suppliers, the company’s
solutions by 70 percent. The long-term targets and KPIs are divided into goal is to leverage its core capabilities to grow
three categories - financial, organizational, and within renewables and transitional energy
Digitalization is a key enabler for Aker transitional. ESG/Sustainability solutions to decarbonize oil and gas
Solutions’ transformation journey and has production.
become a vital part of how the company is Aker Solutions’ ambition is that projects within
executing its projects and services. The “ Through the enterprise renewable and transitional energy solutions will
company is collaborating with partners, represent two thirds of total revenues by 2030. The plan has now successfully evolved from a
including companies in the Aker group, to performance management It is also important that the company’s own corporate initiative to business-driven
business and value chain with thousands of
develop, commercialize and scale new and
innovative digital tools and solutions.
process, Aker Solutions sets suppliers are sustainable. The company has set
transition programs owned by each segment in
Aker Solutions. These segment plans address
yearly objectives and targets ambitious emissions reduction targets to
reduce own emissions by 50 percent by 2030 .
5 reducing emissions, optimizing energy use,
The company’s strong focus on digitalization reducing waste and spills, improving circularity
continued throughout 2023. The Yggdrasil to execute on the company’s By 2050, the goal is to be net zero. and protecting biodiversity, following the
field development, operated by Aker BP, aims long-term strategy. The Sustainability Performance section of this
Science Based Targets initiative’s guidance
and criteria. The company is committed to
to transform the way Aker Solutions delivers
projects through a fully digitalized project report highlights environment, social and engaging with its entire value chain to enhance
Financial KPIs focus on profitability and cash governance areas that can have a positive and/
execution model, which is setting new environmental and social governance and
generation from operations. Organizational and or negative impact on employees, customers,
standards for cost efficiency. In addition, Aker boost the power of data insights for continuous
operational KPIs center around health and investors and the societies where Aker
Solutions is working closely with its partners to improvements.
safety, people engagement and effectiveness Solutions operates.
adopt and apply artificial intelligence across its
measured through people surveys. Transitional
operations to improve efficiency.
5
Due to significant changes in the company operations in 2023, we are setting a new baseline for emissions accounting. Details of the new 2023 baseline can be found in the Climate Change Adaptation and Mitigation chapter of this report.

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Financial Overview
Financial Performance Net income from continuing operations in 2023 External Reporting Segments solutions for oil and gas platforms, onshore
was NOK -15 million compared with NOK -142 The company has two reporting segments for facilities, offshore wind developments and
Aker Solutions presents its consolidated million the previous year. Net income excluding communication to shareholders and the financial carbon capture and storage facilities.
financial statements in accordance with IFRS® special items in 2023 was NOK 2,428 million markets: The Renewables and Field Development
Accounting Standards as adopted by the EU. compared with NOK 1,225 million the previous segment, and the Life Cycle segment. Renewables and Field Development revenue
All financial information, except those in the year. This includes net income from the Subsea increased to NOK 22.1 billion in 2023 from
Parent Company Financial Statements, relate segment for 9 months of the year and Aker NOK 14.9 billion the year before. The EBITDA
to the consolidated financial statements for the margin increased to 4.4 percent from 3.3
group, since the parent company has very
Solutions’ share of net income from OneSubsea in Segment Key Figures percent the year earlier. Several projects in the
the fourth quarter. Earnings per share were NOK
limited operations. All figures refer to 23.81 versus NOK 2.42 in 2022. Excluding Renewables and Field Development portfolio were still in earlier phases of
continued operations. execution in 2023, with no margin recognition.
special items, the earnings per share for 2023 Financial Results
were NOK 5.20 versus NOK 2.53 the previous The Renewables and Field Development In addition, legacy renewables projects
Consolidated Financial Results year. segment designs and delivers integrated continued to be a drag on margins in 2023.
Aker Solutions’ revenue increased significantly to
NOK 36.3 billion in 2023 from NOK 27.5 billion in The full-year order intake decreased to NOK
the prior year. Earnings before interest and other Renewables & 22.5 billion in 2023 from NOK 51.4 billion in
Life Cycle
financial items, taxes, depreciation and Field Development the prior year. This represented a book-to-bill
amortization (EBITDA) for the full year 2023 of 1.0 times. The order backlog was NOK 51.4
Amounts in NOK million 2023 2022 2023 2022
increased to NOK 1,166 million (3.2 percent) billion at the end of the year 2023 versus NOK
compared to NOK 647 million (2.4 percent) a year Revenue 22,126 14,857 13,072 12,164 50.8 billion a year earlier.
earlier. EBITDA excluding special items was NOK
EBITDA 973 487 686 663
1,295 million, compared to NOK 669 million a Life Cycle
year earlier. This corresponds to an increase of EBITDA margin 4.4% 3.3% 5.2% 5.5%
EBITDA ex. special items 979 488 686 663 The Life Cycle segment optimizes field life
the EBITDA margin excluding special items to 3.6
solutions. It has specialized capabilities for
percent compared to 2.4 percent for 2022. The EBITDA margin ex. special items 4.4% 3.3% 5.2% 5.5%
efficient execution of a range of maintenance and
positive EBITDA development for 2023 was EBIT 597 185 565 558
modifications services for offshore infrastructure,
driven mainly by improved performance in the EBIT margin 2.7% 1.2% 4.3% 4.6%
and offers decarbonization and environmentally
Renewables and Field Development segment. EBIT ex. special items 603 189 565 558 sound offerings including electrification.
EBIT margin ex. special items 2.7% 1.3% 4.3% 4.6%
Interest income was NOK 353 million in 2023, NCOA (or working capital) -6,035 -2,912 537 245 Life Cycle revenue increased to NOK 13.1
compared to NOK 105 million in the previous Order Intake 22,523 51,398 11,781 16,190 billion in 2023 from NOK 12.2 billion the year
year. Interest expenses were NOK 227 million Order Backlog 51,405 50,790 20,579 21,617 before. The EBITDA margin was 5.2 percent
compared to NOK 290 million the year before.
Employees 6,121 5,484 4,220 4,381 versus 5.5 percent a year earlier.
Income before tax increased to NOK 95 million in
2023 from NOK -50 million the year before.

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The full-year order intake was NOK 11.8 billion was 45.9 percent, up from 27.9 percent a year
in 2023, compared to NOK 16.2 billion the prior earlier.
Parent Company Financial Dividend Policy
year. This represented a book-to-bill of 0.9 Statements Aker Solutions’ overall objective is to create
times. The order backlog stood at NOK 20.6 long-term value for its owners in the form of an
billion at the end of 2023 versus NOK 21.6 Cash Flow Aker Solutions ASA, the parent company of the
increase in the value of the company’s shares
billion a year earlier. Aker Solutions group, owns and manages the
Consolidated cash flow from operating over time and/or dividend payments or share
group’s subsidiaries. Aker Solutions ASA has
activities depends on several factors, including buy-backs, or a combination of these.
outsourced all company functions to other
Assets, Equity and Liability progress on and delivery of projects, changes
companies in the group, mainly Aker Solutions
in working capital and prepayments from The company has revised its dividend policy
AS. Assets and liabilities related to the
Non-current assets totaled NOK 17.3 billion at customers. targeting annual distributions of 40-60 percent
corporate treasury function are held by Aker
the end of 2023, compared with NOK 13.8 of adjusted net profit over time, through a
Solutions ASA. Aker Solutions ASA had a net
billion the year before. Goodwill and other Net cash flow from operating activities was combination of dividends and share buybacks.
income of NOK 9,262 million in 2023. The
intangible assets were NOK 3.6 billion at year- NOK 6,216 million in 2023 compared with NOK Any dividend is subject to an annual evaluation
income is mainly group contribution while costs
end compared to NOK 5.9 billion in 2022. The 4,518 million a year earlier. Net current by the board and will be based on the
in the company mainly consist of corporate
company had a net cash position of NOK 6.0 operating assets was NOK -8.5 billion at the company’s financial position and re-investment
costs and interest expenses. The net income
billion in 2023, compared with a net cash end of 2023 versus NOK -4.0 billion a year opportunities based on strict principles for
was NOK -107 million in 2022.
position of NOK 5.1 billion in the prior year. The earlier. Net current operating assets may capital allocation. The dividend policy supports
net cash consists of current and non-current fluctuate due to the timing of large milestone the company in balancing the target of annual
More information on the allocation of profits
borrowings and cash and cash equivalent. In payments on projects as well as other timing dividends over time while building financial
can be found in the income statement of the
addition, Aker Solutions invested NOK 3 billion effects and working capital movements. robustness and maintaining a strong balance
parent company in this report.
in liquid funds in 2023, which is not treated as sheet with adequate liquidity reserves to
cash and cash equivalents under IFRS. Aker Solutions’ net cash outflow for investing handle future obligations as well as realizing
activities was NOK 4,147 million in 2023, objectives for strategic development and
The company ended the year with a total liquidity compared with net cash outflow of NOK 476 delivering of shareholder value.
buffer of NOK 9.0 billion, excluding investments million a year earlier. Investments in technology
in liquid funds, consisting of cash and bank development and IT were NOK 388 million, Given the company’s solid financial position
deposits of NOK 6.0 billion as well as committed compared with NOK 113 million a year earlier. and positive outlook, the Board of Directors
long-term revolving bank credit facilities of NOK Net cash outflow related to financing activities has proposed a dividend payment of NOK 2.00
3.0 billion. In the first quarter of 2023, Aker was NOK 2,483 million, compared to NOK per share to be paid in 2024, for the fiscal year
Solutions successfully refinanced its revolving 2,566 million in 2022. 2023. This equals 40 percent of the 2023
credit facility. It has been reduced to NOK 3 billion adjusted net profit, an increase from NOK 1.00
with maturity in 2028. The liquidity buffer in the Total 2023 R&D expenditure was NOK 420 per share for 2022. In addition, Aker Solutions
prior year was NOK 11.2 billion. million, of which NOK 361 million was capitalized has announced a share buyback program of up
and NOK 59 million was expensed. The research to NOK 500 billion to be executed in 2024.
The book value of equity, including non- and development portfolio included several key
controlling interests, was NOK 19.0 billion at development programs for future and current
the end of 2023. The company’s equity ratio prospects.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Risk Factors
Aker Solutions’ global footprint, operations and
exposure to energy markets provide both
Cybercrime Risk
opportunities and risks that may affect the There is a risk of cybercriminals and cyber
company’s operations, performance, finances, attacks causing system downtime or significant
reputation and share price. External risk loss of intellectual property. Insufficient
factors such as market risk, supply chain risks, capacity and capabilities within current teams
pandemics, cybercrime, compliance and to follow up information security controls and
integrity risks, political risks, risks related to threat advisories may cause unproductive time
civil or political unrest including war, and (internal and external) because of system
climate-related risks may have a significant downtime, loss of intellectual property and
adverse impact on the company, in addition to impact on reputation. Aker Solutions is
internal risk factors such as operational risks continuously improving its cyber security
and financial risks. Several of these risk factors incident response capabilities.
are described below.

Looking ahead, Aker Solutions sees that possible Market Risk ◼ Volatile oil and gas market, major changes gas activities in countries of existing or
increased polarization in the geopolitical in supply, demand and storage having an planned operations
landscape may influence business opportunities The market outlook for Aker Solutions remains adverse impact on energy prices which is ◼ Contracting models with unbalanced risk-
and supply chains. The development is positive, with increased spending forecasted likely to impact activity levels reward profiles
monitored closely, and the company will if across relevant energy markets. The energy ◼ Uncertainty regarding future contract ◼ Liabilities under environmental laws or
required seek to take proactive measures. trilemma (security, transition and affordability) awards and their impact on future earnings regulations
is expected to drive investments across energy and profitability
sources in both oil and gas and renewables.
◼ Climate change and speed of the energy
“ Looking ahead, Aker transition to renewables and lower carbon
These factors will influence underlying energy
prices and customer investment activity levels
However, the energy industry continues to be
Solutions sees that possible affected by several external factors which may
economy, including environmental
requirements, impact upon oil company
across relevant markets.

increased polarization in impact future activity levels. Some of the

principal factors that contribute to market risk
activities and the overall development of Market developments will lead to capacity
the market adjustments and changes in the valuation of
the geopolitical landscape are outlined below:
◼ Regional, state and local regulations and company assets and liabilities. The main
may influence business ◼ Instability in the world economy as a result
government practices impacting
commercial frameworks and approval
uncertainties include delivering on the company’s
growth ambitions, entry and establishment in
of virus pandemics or risks related to civil or
opportunities and supply political unrest and war, including impacts
processes for relevant markets new growth markets, and delivering a
◼ Local content requirements, legislative competitive cost base.
chains. such as supply chain disruptions
restrictions and/or prohibitions on oil and

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Aker Solutions is committed to an active policy time and in accordance with a contract, related to malfunctions in our products and/or involved in unethical behavior, either directly or
of risk management and will take mitigating potentially harming Aker Solutions’ reputation, insufficient service and the risk for fatalities, through third parties or partners. The company
actions to increase flexibility in its operations, performance and finances. serious injuries or environmental spills in our has operations in countries associated with
for instance by seeking to drive down costs, own operations. Additional information on high political, corruption and human rights
build a sustainable global workforce, invest in Factors that may have an adverse material management of safety-related risks is included risks. Key tools to reduce these risks are the
developing sustainable energy solutions such effect on the business, results of operations in the Health, Safety and Well-being chapter of company’s code of conduct, global compliance
as floating offshore wind and technology to and finances of Aker Solutions include, but are this report. program including anti-corruption and human
capture emissions such as carbon capture and not limited to: rights frameworks, which are implemented at
storage, and enhance standardization and Aker Solutions’ locations globally. Risks are
◼ Labor markets and resources required to
simplification.
execute projects
Compliance and Integrity Risks managed through country risk assessments,
sanctions and trade compliance assessments,
The company aims to be agile in its approach ◼ The ability to safeguard multiple large Aker Solutions shall conduct its business with mandatory compliance and integrity awareness
to the market, effectively adapting to industry projects integrity, respecting the laws, cultures, dignity training, compliance reviews and integrity due
demand, environment social and governance ◼ The loss of business from a significant customer, and rights of individuals in all of the countries diligence process of business partners.
(ESG) requirements, and fluctuations to deliver the failure to deliver a significant project as where the company operates. Aker Solutions
optimal value and rewards across the value agreed, or alterations to the order backlog has a Code of Conduct which is endorsed by The company is certified to the management
chain. A focus on continuous improvement in the Board of Directors and constitutes a system requirements of ISO 9001, 14001,
◼ The ability to compete effectively and
productivity and sustainability is central to framework for managing compliance and 45001 and 3834, and is working toward
maintain market positions and sales
these efforts. Entering new market segments integrity risks. It describes Aker Solutions' certification for ISO 50001. As these
volumes
also presents new opportunities and risks. commitments and requirements regarding certifications commit Aker Solutions to follow
◼ The ability to successfully commercialize new business practice, personal conduct and
technology, including within digitalization applicable laws and regulations, these can be
expectations towards business partners. viewed as mitigation measures for compliance
◼ Partnerships, joint ventures and other types
Operational Risk of cooperation that expose the company to The Code of Conduct and other compliance
risk in general.

Aker Solutions uses both reimbursable and risks and uncertainties outside its control procedures are implemented and Aker Solutions has zero tolerance for
fixed-price contracts. Contracts that include ◼ Non-delivery and/or disputes with key operationalized in the line of business through corruption and works vigilantly to prevent such
fixed prices for all or parts of the deliverables supplier(s) a global compliance program. The global behavior. The company has control systems in
are subject to the risk of potential cost ◼ Delays or quality issues impacting project compliance program is designed to help the place throughout the organization that are
overruns. Aker Solutions is involved in projects delivery or performance company promote a culture of compliance and designed to identify and limit the effects of
that are both demanding and complex in ◼ Supply chain disruptions and prices of raw integrity, and to prevent, detect and respond to violations of the Code of Conduct. Employees
nature, with significant design and engineering materials, longer lead times, capacity of non-compliances, breaches of law, regulations violating the code face consequences ranging
requirements, as well as extensive fabrication years, logistics or internal policies. from a warning to dismissal.
procurement and manufacturing of equipment,
sourcing supplies and construction Risks related to HSSE are defined as a risk Aker Solutions has established policies and Aker Solutions is committed to building a
management. In certain situations, the projects category in the Enterprise Risk Management procedures in order to comply with applicable culture of trust where employees are
may also require the development of innovative (ERM) procedure. On a company level, these ethical standards, laws and regulations comfortable to ask questions, seek guidance,
new technology and solutions. These can risks include physical security threats, crisis domestically and internationally. Aker Solutions raise concerns and report suspected violations.
impact upon the company’s ability to deliver on management risks, the risk of major accidents could, nevertheless, potentially become

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Aker Solutions’ whistleblowing channel allows low physical risk. The Announced Pledges monitor climate risk especially with regard to ◼ Currency risk: Aker Solutions has
anyone (including externals) to report scenario assumes lower global policy regulatory and market changes. international operations and is exposed to
concerns, incidents, breaches or suspected coordination and a disorderly transition, and currency risk on commercial transactions,
breaches of the Code of Conduct, other the Stated Policies scenario tests assumes assets, and liabilities when payments and
internal policies, or laws and regulations. The business as usual and severe physical risk. As a Pandemics revenues are denominated in a currency
company does not tolerate retaliation against part of the scenario analysis, short term, medium other than the functional currency of the
anyone who speaks up in good faith. term, and long-term was defined as 2025, 2030, In mid-2023, the World Health Organization respective entity. The currency risks in all
and 2050 respectively. A workshop was held with announced that the COVID-19 pandemic no major contracts that contain currency
key personnel in order to assess the climate longer constituted a public health emergency exposure are hedged with external banks in
Climate-related Risks scenarios with risks and opportunities, including of international concern. the foreign exchange market. More than 80
financial materiality and potential impact on the percent of the hedging volume either
Aker Solutions follows the Financial Stability company’s business model and strategy. Aker A negative development in the COVID-19 qualifies for hedge accounting or is
Board’s Task Force on Climate-related Solutions re-confirmed two material climate- situation or other pandemics may impact Aker presented separately as hedges of
Financial Disclosures (TCFD) recommendations. related risks and two climate-related Solutions and the energy industry at large: embedded derivatives. Contracts in split
Each year, the company conducts a climate- opportunities as a result of the scenario analysis: currency and contracts reimbursable per
related scenario analysis using the TCFD ◼ Long-term impact on the global economy
cost currency are also used to avoid or
guidelines. The purpose of the analysis is to ◼ Risk 1: Declining investment in upstream oil may result in loss and impairment of the
reduce currency exposure in contracts.
improve company strategy resilience based on a and gas in core markets assets and future decrease of the market as
Aker Solutions has historically operated in
thorough assessment of energy transition and ◼ Risk 2: Attraction and retention of talent clients reduce investments
some jurisdictions where regulations and
physical climate risks and opportunities. ◼ Opportunity 1: Increase competitiveness in ◼ Personnel may not be able to work due to requirements limit the convertibility of local
oil and gas through decarbonization illness, quarantines, travel restrictions and currency and restrict free flow of cash. Aker
Together with an external consulting partner, solutions and services social distancing causing shut down of Solutions has in previous years experienced
Aker Solutions has developed three customized manufacturing sites, service bases or office currency losses on subsea projects in
◼ Opportunity 2: Revenue diversification into
climate scenarios tailored to consider our full buildings of the company and our suppliers Angola as currency hedging instruments
markets supported by the energy transition
value chain and operations in oil and gas and ◼ Clients may face delays and losses and may were generally not available. The subsea
renewable energy markets, such as offshore claim reimbursement from Aker Solutions activities were transferred to OneSubsea in
Details about the financial impact, risk
wind, hydrogen and carbon capture and storage and other suppliers 2023 and Treasury has hedged parts of the
mitigations, and strategies to capture these
(CCS). These scenarios were based on publicly currency exposure from USD denominated
available scenarios published by the International opportunities can be found in the independent
proceeds from the subsea transaction with
Energy Agency and the Intergovernmental Panel Climate Risk Review published on the Financial Risks financial derivatives. All open positions are
on Climate Change (IPCC) and titled Net Zero company’s website, along with information on
Aker Solutions' governance of climate-related The objective of financial risk management is continuously monitored on a mark to market
2050 (1.5°C), Announced Pledges (1.7-2°C),
risks and opportunities, and the metrics and to manage exposure from financial risks to basis. Currency variation clauses,
and Stated Policies (2.4-3°C).
targets used to assess and manage them. increase predictability of earnings and escalation mechanisms and currency
minimize potential adverse effects on financial options are also used to mitigate contingent
The Net Zero scenario describes an orderly
The risks will be tracked through Aker Solutions’ performance. Financial risk management and currency exposures, for example in tenders
transition where ambitious climate policies are
enterprise risk management system. Moving exposures are described in detail in note 23 and other transactions pending final
implemented immediately and with a high degree
forward, the company will continue to carefully and capital management is described in note approval or investment decision.
of global cooperation and collaboration and
24. The main financial risks are:

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

◼ Liquidity risk: Liquidity risk is the risk that financing are done with reputable and
the company is unable to meet the highly rated banks and financial institutions,
Risk Management Going Concern
obligations associated with its financial of which the credit risk is considered to be Aker Solutions’ approach to enterprise risk While uncertainties from 2022 and 2023,
liabilities. The corporate treasury low. The credit risk related to customers’ management, risk management and internal including energy market transition direction and
department ensures financial flexibility by ability to pay is assessed in the bid phase controls are based on the principles in ISO supply chain challenges amplified by Russian
forecasting cash flow needs and and during execution of a project. Most of 31000, Project Management Institute and invasion of Ukraine continue to influence the
maintaining sufficient liquidity reserves and the customers in traditional oil and gas the Committee of Sponsoring Organizations outlook for 2024, Aker Solutions is now better
available committed credit lines. Continued projects are highly rated energy companies, of Treadway Commission (COSO) positioned to mitigate these challenges.
strong order intake in 2023 and cash where the credit risk is considered to be frameworks, however, without applying all
generation from operations has contributed limited. New customers in the renewable elements of these standards. Climate- The order backlog is strong and balanced, and
to a strong balance sheet and good visibility energy sector may represent an increased related risk is also evaluated in accordance the financial platform has been improved.
on future activity levels. The undrawn credit risk. However, most customers in the with Task Force on Climate-related Nevertheless, uncertainties in labor markets
revolving credit facility (RCF) of NOK 3,000 renewables sector are leading renewable Financial Disclosures (TCFD). and availability of qualified resources remains a
million is maturing in January 2028. The energy companies and highly rated energy concern.
RCF and cash reserve together constitute a companies where Aker Solutions’ products Aker Solutions has company-wide
sufficient liquidity reserve for the company. support their decarbonization efforts and governing documents and tools for each Market volatility remains a concern for most
transition to renewables. The credit risk is defined risk category on how to assess, companies, and this is also the case for Aker
◼ Interest rate risk: The company’s interest monitored closely, especially for lower rated respond to and report on risks actively and Solutions. Potential future effects of instability are
exposure mainly arises from the cash position companies, new customers, key partners systematically. The assessment, definition, difficult to predict. However, the assessment is
of more than NOK 6,000 million as of year- and suppliers. As a result of the COVID-19 follow-up and implementation of adequate that Aker Solutions has the resources,
end 2023, as well as financial investments in pandemic, tense geopolitical situation and mitigating actions towards the main risk organization, competence, assets and customer
liquid funds of more than NOK 3,000 million. general market uncertainties, credit risk has factors are all integral parts of the overall base well suited for the future energy markets.
Currently Aker Solutions has no external debt. increased in most industries over the past governance of the company.
In 2023 Treasury has invested surplus liquidity few years. Due to a predominance of large
In accordance with the Norwegian Accounting
in time deposits and liquidity funds to international companies with a relatively low Aker Solutions applies a combination of risk Act, the Board of Directors confirms that the
distribute the risk among debtors and credit risk in its customer base, Aker management practices in order to consolidated financial statements and parent
enhance the return compared to the interest Solutions’ overall exposure to credit risk effectively manage the risk to the company company financial statements have been prepared
rate in the cash pool. As the company has no related to customers’ ability to pay is low. such as: mandatory internal key controls based on the going-concern assumption.
significant interest-bearing operating assets, and safeguarding processes for tender and
operating income and operating cash flow are ◼ Price risk: Aker Solutions is exposed to projects in execution, scenario planning,
substantially independent of changes in fluctuations in market prices which are sensitivity analysis, and regular reviews.
market interest rates. mitigated in the bid process to a great
extent by locking in committed prices
◼ Credit risk: Credit risk is the risk of financial with vendors or through escalation
losses if a customer or counterparty to clauses with customers.
financial receivables and financial
instruments fails to meet contractual
obligations. Financial instruments and

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Human Rights
Aker Solutions supports and respects promoting fair treatment, fostering a positive Hydropower AS. Entities that are not fully contributes to building a company culture
internationally proclaimed human and labor working environment, and aligning with owned, but are controlled by Aker Solutions, where managing human rights risk and
rights, as defined by the International Bill of international labor standards the company can can have different policies. It is expected that minimizing harm to people is considered as
Rights and the International Labor minimize these negative impacts. their relevant policies are aligned with the ones part of the company’s core business.
Organization’s (ILO) Fundamental Conventions. of Aker Solutions. This Transparency Act
The company is prepared to say no to business Working conditions and other work-related report was approved by Aker Solutions’ Board To meet commitments to respect and support
opportunities that could infringe on human or rights of Aker Solutions’ own workforce and the of Directors on March 15, 2024. of human rights, Aker Solutions shall maintain
labor rights rather than risk negatively workers in its value chain are material topics for a human rights program which is embedded in
impacting people. Aker Solutions. The UK Modern Slavery Transparency the company’s global compliance program
Statement as per the UK Modern Slavery Act managed by the Compliance and Integrity
Aker Solutions often engages in work under 2015, is hereby approved and signed by the function. The global compliance program is
challenging conditions, requiring the highest The Norwegian Transparency Act Board of Directors of the parent company Aker risk-based and designed to prevent, detect and
level of diligence to maintain the human and Solutions ASA and constitutes an Annex to respond to compliance and integrity risks,
labor rights and the safety of employees and
and the UK Modern Slavery Aker Solutions 2023 annual report. including human rights risks arising from the
customers, subcontractors, consultants and Transparency Statement company’s own activities and business
other parties. Moreover, Aker Solutions has The sections Human Rights and Responsible relationships with suppliers and other partners.
Pursuant to Section 5 (§ 5) of the Norwegian
own operations as well as supply chain in Supply Chain have been developed to comply
Transparency Act (2021) we hereby present
countries that are associated with high with the legal requirements as stated in the Aker Solutions’ approach to human and
Aker Solutions’ report that has been developed
political, corruption and human rights risks. Norwegian Transparency Act. For a full workers’ rights management consists of these
to comply with the legal requirements as stated
Because of the nature of the company’s work overview of Aker Solutions’ operations, key elements and is based on the OECD Due
in the act.
and the locations it operates, Aker Solutions business activities, organization structure, see Diligence Guidance for Responsible Business
has actual and potential impacts on the the Organization and Responsible Supply Conduct:
working conditions and worker-related rights of The reporting requirements apply to Aker
Chain chapters of this report.
its own workforce and indirectly on the Solutions as an enterprise resident in Norway
1. Governance and commitment
workforce of its value chain. which fulfills the requirements for “larger
2. Activities to identify negative human rights
enterprises” as set out in § 3 of the Approach impacts
Transparency Act and is therefore subject to
Inadequate working conditions or the Human rights concerns are by their very nature 3. Activities to prevent and mitigate negative
the obligations of the Norwegian Transparency
minimization of other work-related rights can multi-faceted and linked to multiple business human rights impacts
Act.
lead to a variety of negative impacts on the processes. Aker Solutions strives to integrate
well-being and rights of workers, including human rights considerations into core business
physical and mental health issues, decreased The information in the Transparency Act report
processes in its own operations as well as in
job satisfaction, reduction in individual is valid for Aker Solutions ASA and its
cooperation with suppliers and business
freedoms, reduced work-life balance, and consolidated subsidiaries. These include, but
partners and in interactions with communities
increased potential for workplace accidents. By are not limited to, Aker Solutions AS, ASK JV
where it operates. Such a holistic approach
AS, Benestad Solutions AS and Aker Solutions

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1. Governance and Commitment

The multifaceted nature of human rights framework for managing human rights risks. ◼ Terms and Conditions for Suppliers
requires cross-functional coordination. Aker The Human Rights Policy is approved by the ◼ Business Ethics Training Procedure
Solutions has therefore established a Human executive management team, is available in ◼ Global Whistleblowing Procedure
“ Aker Solutions has
Rights Committee with participation from the seven languages and can be found in the
following functions/representatives: HSSE, company’s management system as well as on
introduced a stand-alone
Commitments
Compliance and Integrity, People and
Transformation, Data Protection, Sustainability,
its website.
In addition to the above policies and Human Rights Policy
procedures, Aker Solutions continues to
Supply Chain, as well as representatives from Policies and Procedures adhere to the Voluntary Principles on Security
anchored in the existing
the Unions to the Board of Directors. The
Human Rights Committee’s mandate is to
Our governing documents are crucial for
developing effective and consistent human
and Human Rights and to be a signatory to the
UN Global Compact.
commitment to respecting
ensure that the company has a sound human
rights system and to continuously improve the
rights standards across our business and for human rights as expressed
setting expectations for suppliers’ and The company’s commitment to human and
operations. The Committee’s mandate is
authorized by the CEO. The committee reports
employees’ decision-making on a day-to-day labor rights is covered by the Global in the Code of Conduct. It
basis. A list of the governing documents we Framework Agreement between Aker ASA and
to the Audit Committee on a quarterly basis.
have in place to address human rights risks can the Norwegian and international trade unions
constitutes a building block
be found below along with links where
Aker Solutions has a Code of Conduct which is appropriate:
Fellesforbundet, IndustriALL Global Union,
NITO and Tekna.
in the company’s
endorsed by the Board of Directors, and it
constitutes a framework for managing framework for managing
◼ Code of Conduct The principles of all these agreements,
compliance and integrity risks. It describes the
company’s commitments and requirements ◼ Business Integrity Policy initiatives and memberships underpin Aker human rights risks.
regarding business practice, personal conduct ◼ Human Rights Policy Solutions’ respect and support for international
and expectations towards business partners. ◼ Supplier and Subcontractor Declaration standards and are reflected in the company’s
The Code of Conduct outlines clear principles Form visions and values and through its policies and
and rules in key compliance and integrity procedures. Human rights are part of the
◼ Business Integrity procedure
areas, including Caring for People which company’s supplier qualification requirements.
◼ Country risk procedure Aker Solutions uses its influence with suppliers
comprises human rights and labor rights,
health, safety and security, anti-harassment ◼ Country entry procedure and encourages them to work in compliance
and diversity topics. ◼ HR Global recruitment principles and with its Code of Conduct, and company
guidance document attitudes to ensure that they are also
◼ Business Partner Qualification and Integrity committed to avoid harm to people in their own
Aker Solutions has introduced a stand-alone
Due Diligence Procedure business and supply chains.
Human Rights Policy anchored in the existing
commitment to respecting human rights as ◼ Supplier Approval Procedure
expressed in the Code of Conduct. It ◼ Supply Chain Risk and Compliance
constitutes a building block in the company’s Management Procedure

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◼ Corruption
2. Activities to Identify Negative ◼ Human rights violations
The figures below illustrates Aker Solutions’ risk-based
Human Rights Impacts ◼ Violations of international sanctions approach to human rights due diligence:
◼ Other economic crimes (e.g. money
Risk Assessment laundering, terror financing)
Aker Solutions has identified that potential ◼ Environmental breaches
significant risk exposure to negative human ◼ Other material risks
rights impacts may be detected in the global
supply chain. The most important prescriptions Key procedures governing this process are:
in the International Bill of Human Rights related Business Integrity Policy and Procedure,
to supply chain management are: Country Risk Procedure, Business Partner
◼ Right not to be subjected to slavery, Qualifications and Integrity Due Diligence
servitude, forced labor, or child labor Procedure and Supplier Approval Procedure.
◼ Right to enjoy just and favorable conditions Detailed information on supplier qualification
of work, and process can be found the the section on
◼ Right to health Responsible Supply Chain.

Integrity Due Diligence In addition to the processes described above,

Aker Solutions performs integrity due diligence in previous sections and pursuant to the
(IDD) on customers, suppliers and other Norwegian Transparency Act obligations and
business partners such as JV partners, third- OECD guidelines, an extended human rights
party representatives, and alliance partners. due diligence has been conducted across
business lines, purchase categories and
Projects and new country entries are subject to locations with the goal of identifying,
integrity and country risk assessments. The classifying, and prioritizing the risks of
purpose of the IDD process is to ensure that potential adverse impact by country and
adequate level of risk assessment and risk goods/services/works sub-categories in the
mitigation is performed on the background and supply chain.
profile of potential new or existing business
partners or other stakeholders when evaluating
Based upon a combination of 11 human and
whether they meet Aker Solutions’ compliance
labor rights indices provided by Maplecroft and
and integrity standards. In the IDD review, a
other market indices, combined with a risk level
business partner or a stakeholder is analyzed
associated to Aker Solutions detailed
to identify potential integrity and compliance
operations, the company has finalized a risk
concerns with the purpose to mitigate
mapping by country and purchase category.
compliance and reputational risks for Aker
Solutions. Potential integrity and compliance
concerns and risks may relate to:

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Based on such risk assessment the company In terms of operations, the following activities
has identified the following findings: have been assessed to be associated with
inherently high risk of negative human rights
Main countries where the potential inherent impacts:
adverse human rights impact is assessed as ◼ Subcontracting, construction works,
higher are: general services, logistics and some of the
◼ China, India, Malaysia, Brazil, Brunei and industrial transformations (e.g. fabrication).
the UAE
◼ In all of these countries, the potential Identified potential adverse impacts in parts of
significant risk of adverse impact is the company’s supply chain:
represented by: ◼ Risk of forced or compulsory labor
◼ Limited awareness of implementation of indicators among contractors and
inadequate local labor practices, subcontractors in the Middle East.
especially for what concerns lower tier
suppliers in the supply chain. For the identified inherent high risk impact
areas, Aker Solutions is currently working on
◼ Adaptation to local laws in tolerating
targeted adequate measures to further mitigate
long-lasting local labor enforcement,
and prevent these potential risks from turning
such as recruitment fees
into actual negative impacts to people.
◼ Limited influence and contribution in
preventing, ceasing and mitigating such Aker Solutions did not identify severe negative
practices in lower tiers of supply chain human rights impacts in its own operations in
◼ Reduced short term effects of mitigating 2023.
actions, as these are part of a broader
program where outcomes will be The next section describes Aker Solutions’
appreciable on the medium to long-term. activities to mitigate or remediate the potential
for actual adverse impacts.

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Aker Solutions. Aker Solutions therefore chain teams conduct ISO-based supplier
3. Activities to Prevent and cascades its expectations and requirements for audits, where human rights and anti-corruption
Mitigate Negative Human human rights protections to suppliers and are parts of the audit program. A risk-based
subcontractors. These requirements are audit selection methodology has been
Rights Impacts included in the Aker Solutions’ Supplier developed to ensure that high risk suppliers are
Aker Solutions expects that the initiatives Declaration, available on the company’s subject to audits.
presented in this paragraph will result in website. The Supplier Declaration is used in
positive effects in the short, medium and long- supplier pre-qualification processes, and a The company has engaged three external
term, depending on the immediate or delayed commitment to the Supplier Declaration is a specialized human rights audit service
impact on operations. Due diligence and site prerequisite for becoming qualified as a providers to support supply chain auditing
audits within the supply chain contribute to supplier, vendor or subcontractor to Aker efforts and expand on-site and worker-centric
continuous improvement and a more Solutions. audit capacity and capabilities. As one of the
responsible supply chain. One of the audits at a risk mitigation activities during 2023, the
major contractor site resulted in a joint working Contractual Clauses company conducted several worker-centric
group with the client and our contractor in an Contractual clauses signal expectations of human rights audits at subcontractors’ sites in
identified geographical risk area. We believe various countries where it conducts such
respect for internationally recognized human
that this collaborative approach within the activities. The purpose was to assess working
rights to business associates. Contractual clauses
value chain contributed to specific executed conditions and compliance against local laws
can allow Aker Solutions to demand a contractual
improvements of identified areas at risk, raised
party address and eventually rectify human rights and international standards, including relevant
awareness on working conditions and
violations or terminate a contract if deemed ILO Conventions, as well as Aker Solutions’
positively aligned partners with Aker Solutions’
necessary. expectations of suppliers. The scope of all
commitment to human and workers’ rights.
these audits was closely linked to defined
The company includes ‘audit rights’ clauses in salient issues relevant for potential negative
An overview of Aker Solutions’ approach and
contracts with suppliers to have the possibility impacts to people in the supply chain, including
key mitigating measures embedded in its
to verify their compliance with the Supplier addressing forced labor indicators, responsible
processes:
Declaration commitments on a risk basis. recruitment system, fair wages and reasonable
working hours, safe, healthy and secure
Cascading the Requirements in the Supply workplace and accommodations, and in some
Chain Inspections, Reviews and Audits
cases also implementing effective sub-
The company strives to ensure that our Aker Solutions performs regular inspections of
contractor due diligence systems.
suppliers, vendors and subcontractors share its its own locations, projects and business
commitment to safety, business integrity, partners. Controls of human rights guidelines
respect for human and workers’ rights and and directives are regularly carried out,
compliance. The company also expects that sometimes also in conjunction with a broader
they in turn also apply the same principles review of health and safety, procurement
towards their own employees, suppliers, procedures and/or quality. A key risk exposure
subcontractors and agents with whom they to human and workers’ rights violations can
work in the delivery of goods and services to potentially be found in the supply chain. Supply

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Reporting of Concerns, Whistleblowing and Incidents and investigations that uncover Solutions’ Code of Conduct. Additionally,
Grievance Mechanisms malpractices or breaches of causing, approximately 6,400 employees completed the
Aker Solutions is committed to building a contributing to or being complicit in human mandatory introduction to business integrity e-
culture of trust where employees feel rights violations shall result in recommended learning. Approximately 780 employees in
comfortable to ask questions, seek guidance, remediation and improvement actions. In such high-risk roles or locations, such as supply
raise concerns and report suspected breaches cases, remediation and improvement actions chain and business development, have been
or violations. The company’s whistleblowing will be directed at the negatively impacted trained on relevant compliance topics through
channel allows employees and external parties people and will prevent and mitigate the dedicated face-to-face or Teams-based
to report concerns, incidents, breaches or adverse effects now and reduce the risk of training sessions.
suspected breaches of the Code of Conduct, causing adverse effects in the future.
other internal policies, or laws an regulations. Aker Solutions conducts regular
Everyone has a responsibility to speak up Awareness sessions and Capacity Building communication campaigns to build awareness
promptly about ethical questions or issues, and with with Suppliers in the organization around the Code of
anything believed, in good faith, to be a During 2023, Aker Solutions continued Conduct, whistleblowing, and other relevant
suspected violation. Notifications can be sent engagement with its suppliers which includes business integrity topics, including human
anonymously through Aker Solutions’ activities such as site visits, audits and rights. In 2023, the company celebrated
whistleblowing channel or by email to capacity building. There were organized International Human Rights Day on December
[email protected]. sessions on capacity building and best practice 10 and marked it with a campaign on its
sharing with several subcontractors in Poland internal communication channel to
The company does not tolerate retaliation with focus on health and safety and working commemorate the 75th anniversary of the
against anyone who speaks up in good faith to conditions. Another initiative was a Universal Declaration of Human Rights.
ask questions, raise a concern, report a subcontractor capacity building initiative
suspected violation or participate in an internal focusing on upskills subcontractors to the Remediation
company investigations. company’s key partner in the UAE. This Aker Solutions is committed to providing
initiative focused on the ILO Forced Labor remediation for negative impacts or harm to
Internal Investigations Indicators as well as lessons learned sharing on people caused by the company’s operations or
All notifications to the whistleblowing channel implementation of a responsible recruitment Training, Communication and Awareness through those of its immediate suppliers when
are received and managed by Compliance and system. The sessions were well attended by building such instances have been identified. Where
Integrity (C&I) department and are treated with participants and representatives from Awareness training is one of Aker Solutions’ incidents further in its supply chain are
strict confidentiality. C&I has a mandate from approximately 30 subcontracting companies key initiatives in building awareness about identified, the company is committed to
Aker Solutions’ Board of Directors to from the area. business integrity and preventing unethical facilitate remediation, where it is able to.
investigate alleged compliance violations. behavior or breaches of the Code of Conduct,
Investigations are carried out in accordance More information about the company’s including human rights infringements. The company has identified a process for
with the rules set out in the Whistleblowing approach to stakeholder engagement can be In 2023, approximately 11,450 of all personnel human rights due diligence in the supply chain.
Procedure and the Investigation Procedure. found in the Stakeholder Engagement section completed the company’s annual Code of In instances where it identifies potential risks or
in this report and in the appendix. Conduct certification e-learning where they weaknesses of measures implemented at its
confirmed to have read and understood Aker suppliers, Aker Solutions implement a number

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

of actions, including enhanced due diligence, This collaboration made it possible to monitor
supplier questionnaires, compliance follow-up progress in order to mitigate the risk of
Priorities for Human Rights “ Throughout 2023,
with supplier representatives, or it can call for potential deterioration of working conditions Program Going Forward Aker Solutions continued
an audit by an external services provide. for the workers. Partner collaboration areas
Throughout 2023, Aker Solutions continued
focus on these key topics: forced labor
further development of its human rights
further development of its
Remediation and Collaboration with indicators, responsible recruitment system, fair
Business Partners wages and reasonable working hours, safe, program. It continued a valuable cross
functional collaboration across departments on
human rights program. It
healthy and secure workplace and
In collaboration with one of its strategic
partners, Aker Solutions has jointly conducted accommodations, and implementing effective human rights risks and mitigation. Overall, the continued a valuable cross
sub-contractor due diligence systems. human rights program is maturing with each
a human/labor rights assessment of overall
Remediation actions undertaken include the year. Looking into 2024 the company has new functional collaboration
project supply base. Based on undertaken due ambitions and goals to be achieved to
diligence, several human rights audits were areas of responsible recruitment system, fair
wages and reasonable working hours. continuously improve its performance in this across departments on
conducted at suppliers in Malaysia and Brazil.
The same approach was applied with the same
area and to avoid harm to people.
human rights risks and
customer to another project, and this has Internal and External Reporting
resulted in a human rights audit conducted at Aker Solutions is listed on the Oslo Stock
The priority areas for 2024 have been defined mitigation. Overall, the
and include activities to:
the supplier in China. Exchange and follows the Norwegian
Accounting Act for annual reporting. Pursuant
human rights program is
◼ Continue strengthening the Human Rights
In a specific case during 2023, the to the UK Modern Slavery Act 2015, the
framework in the supply chain
maturing with each year.
collaboration with Aker Solutions’ business company reports annually on steps that have
partners allowed the establishment of a joint been taken to ensure that there is no slavery or ◼ Continue building awareness and
human rights due diligence follow-up plan for a human trafficking in the supply chain. competence on human rights and business
strategic supplier in a higher risk country and Internally, the Human Rights Committee for our employees
secure their engagement and commitment. reports on a quarterly basis to the Audit ◼ Reviewing risk and continue human rights
Committee through Head of Compliance and salient issues mapping to ensure it
Integrity. corresponds with developments in our
business and supply chain
◼ Carry-out risk based human rights and
worker-centric audits of selected suppliers
based on established plan
◼ Enhance collaboration with key external
stakeholders to ensure a lasting positive
impact on human rights and working
conditions for identified higher risk areas of
common supply chains

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

The Board of Directors confirms that the Annual Report for 2023 gives a true and fair
overview of the development during the year and the impact on the financial statements,
the most significant risks and uncertainties facing the company.

Fornebu, March 15, 2024

Board of Directors of Aker Solutions ASA

Leif-Arne Langøy Øyvind Eriksen Kjell Inge Røkke Birgit Aagaard-Svendsen

Chairman Deputy Chairman Director Director

Hilde Karlsen Jan Arve Haugan Elisabeth Heggelund Tørstad Lone Fønss Schrøder
Director Director Director Director

Arne Christian Rødby Stian Pettersen Sagvold Line Småge Breidablikk Kjetel Digre
Director Director Director Chief Executive Officer

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Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Sustainability
Performance
Sustainability at Aker Solutions means being a supplier that accelerates the transition to
sustainable energy production by making responsible business decisions that create value
while protecting the environment and contributing to the good of society. We work to ensure
safe operations for our people and the environment, and have robust social and governance
programs in place. Some highlights from 2023 include:

◼ Aker Solutions’ Climate Action Plan has evolved from a corporate initiative to business-
driven transition programs owned by each segment and following the Science Based
Targets initiative’s (SBTi) guidance and criteria
◼ Two key sites in Norway were certified to ISO 50001 Energy Management
◼ The percentage of women in leadership roles increased to 24.5 percent and we
established a distinct role and function for the advancement of diversity, equality and
inclusion (DEI) in the organization
◼ Suppliers were informed about upcoming expectations related to emissions and energy
management and we will implement these in procurement contracts from January 2025
onwards

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Materiality Determination
Each year Aker Solutions undertakes a review members of our workforce. To reduce bias
of material topics for reporting. The review and maintain an open and transparent Through our double materiality assessment process, the
process includes commissioning an external dialogue, external stakeholder interviews following sustainability matters are considered material
analysis of existing material topics and were managed by a third party. The four-
identifying potentially new material topics. month process of assessing over 150 for reporting purposes in 2023:
impacts, risks and opportunities was
Our recent materiality review is based on the documented in an online tool, also managed
Topics covered in the Human Rights chapter:
implementation guidance for the double by a third party. The final topics were
◼ Working conditions and other work-related rights of Aker Solutions’ own workforce
materiality assessment (DMA) requirement of validated with Aker Solutions’ executive
and workers in the value chain
the European Sustainability Reporting management and presented to the Audit
◼ Equal treatment and opportunities for workers in the value chain
Standards (ESRS) as set forth by the Corporate Committee for review.
Sustainability Reporting Directive (CSRD). The
Topics covered in the Stakeholder Engagement chapter:
standard requires reporting companies to A complete report of our materiality
◼ Communities’ economic, social and cultural rights
assess the significance of their actual and assessment is available on our website.
◼ Political engagement
potential impacts across two dimensions,
impact materiality and financial materiality, The 2023 report is organized around 22
Topics covered in the Environment chapter:
independently from one another. sustainability matters (sub-topics) as
◼ Climate change adaptation and mitigation
defined by the ten ESRS topics. Each sub-
◼ Energy
Though Aker Solutions’ 2023 sustainability topic is included in either the Human Rights,
◼ Water pollution
reporting is in accordance with the GRI Stakeholder Engagement, Environment,
◼ Impacts on the state of species
standards, the DMA process prescribed by the Social or Governance chapter of this report.
◼ Resource inflow and outflows
ESRS meets the GRI materiality assessment Each section describes why the topic is
◼ Waste
requirement. This assessment has been used material and our management and
for 2023 reporting. performance related to the topic. The
Topics covered in the Social chapter:
material topics are also reported in the GRI
◼ Health and safety of own workforce
Over 30 internal experts participated in Index, under reporting standard GRI-3
◼ Corporate culture
Aker Solutions’ DMA process. In addition, a (2021), included in the appendix of this
◼ Equal treatment and opportunities for Aker Solutions’ own workforce
comprehensive survey was sent to 270 report.
Topics covered in the Governance chapter:
◼ Corruption and bribery
◼ Protection of whistleblowers
◼ Cybersecurity
◼ Management of relationships with suppliers

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Stakeholder Engagement
Aker Solutions has in-depth and ongoing indirectly influence government policies. This
dialogue with our key stakeholders on can be a potential financial opportunity for the
UN Sustainable Development Goals:
sustainability impacts and other topics
throughout the year. Our key stakeholders
company.
Our Commitment
include customers, investors, financial Aker Solutions’ input in such dialogues focuses
institutions, employees, non-governmental on providing facts and information regarding Starting with the highest level of the organization, key performance indicators (KPIs) and
organizations (NGOs), unions, governments the company’s ongoing activities and outlook specific targets hold leadership, managers and employees accountable for sustainability.
and national authorities, partners and for future development of the business, Throughout this report we will share many of these KPIs and targets to demonstrate the
suppliers. Our participation and communication including information like potential future company’s global commitment to responsible business.
with unions is an example of formalized employment numbers. In addition, the input will
stakeholder engagement. Examples in some cases include the company’s view on Aker Solutions supports the UN Sustainable Development Goals (SDGs), a collection of
throughout this report demonstrate how we different technical alternatives of possible 17 global goals set by the United Nations General Assembly in 2015. We have prioritized
incorporate stakeholder feedback into our relevance to future projects, and the effects of seven SDGs where we believe we can have the most impact and where we seek to
management and approach for each material frame conditions such as taxes and financing contribute positively.
topic. research and development. There are
established procedures to ensure the
Engaging with and understanding the impact of company’s involvement in these activities is
a company’s operations on local communities ethical, responsible, and complies with the
and the positive impact this can have on the Code of Conduct.
development of a community’s economic,
social and cultural rights is especially important Communities’ economic, social and cultural
where a company’s presence is sizeable and rights and political engagement are material
influential. topics for Aker Solutions.

Our active engagement and dialogue with An explanation of type and frequency of
communities where we have operations aims to stakeholder engagement as well as topics
understand their expectations and create discussed is included in the appendix of this
lasting local value for affected stakeholders. report.

There is also potential impact, positive and

negative, when it comes to Aker Solutions’
political engagement, primarily in Norway. Our
involvement in the energy sector, which is
known for substantial lobbying efforts, may

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Key Memberships and Associations

Since 2008, Aker Solutions has been a
signatory to the UN Global Compact, the Reporting Frameworks
world’s largest corporate sustainability The company’s commitment to human and
initiative, and is committed to its ten labor rights is covered by the Global
principles. We respect and adhere to the Framework Agreement between Aker ASA
precautionary principle (Principle 7). We have and the Norwegian and international trade
published corporate responsibility/ unions Fellesforbundet, IndustriALL Global
sustainability reports since 2006, with annual Union, NITO and Tekna.
releases since 2010.
For 2023, Aker Solutions reports and
Aker Solutions has formal participation and communicates on sustainability according to
memberships in many industry associations, the Global Reporting Initiative (GRI), Carbon
advocacy groups and non-governmental Disclosure Project (CDP) and the Task Force
organizations. We participate in governance on Climate Related Financial Disclosures
bodies and advisory committees where (TCFD). Beginning in 2024, the company will
relevant, and are active members of local and report in accordance with the EU’s Corporate
regional industry, safety, community and ESG Sustainability Reporting Directive (CSRD). The
organizations in the countries where we do company also follows the Euronext guidance
business. A sample of organizations across on ESG reporting of May 2022. Aker
the industry, environment and social spectrum Solutions’ strategy supports the UN
is included in the GRI Index in the appendix of Sustainable Development Goals and we have
this report. committed to the Science Based Targets
initiative (SBTi).

More information about reporting frameworks

is available on our website.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Material Topics covered in this

chapter are:
◼ Climate change adaptation
◼ Climate change mitigation
◼ Energy
◼ Impacts on the state of the species
◼ Pollution of water
◼ Resource inflows including use

Environment
◼ Resource outflows related to products and services
◼ Waste

The former Subsea segment of Aker Solutions is excluded from data and
information reported in the environmental section of the report.

Materiality analysis →

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Climate Change Adaptation and Mitigation

Given the nature of our business and our global Aker Solutions has an actual impact on the Aker Solutions. There are also potential
operations, Aker Solutions has a role to play, environment through its Greenhouse Gas (GHG) opportunities for the company in projects
not only in supplying renewable and emissions. These emissions are linked to the related to climate change mitigation, including “ Due to significant
transitional energy solutions as part of climate company's operations and upstream activities, wind, carbon capture and storage (CCS),
change mitigation, but also in reducing our own particularly with tier 1 suppliers. GHG emissions electrification, aquaculture and
changes in the company
climate impact through adapting our internal
operations and encouraging reduction
are considered to have a negative impact on the
environment as they contribute to global warming
decommissioning. operations last year, Aker
throughout our value chain. Climate change and climate change, leading to adverse effects Solutions set a new
adaptation and mitigation are material topics such as extreme weather events. Approach
for Aker Solutions. baseline for emissions
In addition, the company’s active role in the In 2020, Aker Solutions set emissions
energy transition can also have an actual reduction targets to reduce 50 percent of own accounting. Our reduction
emissions (scope 1 and 2) by 2030, using 2019
positive impact on the environment. As the
global push towards renewables gains as a baseline, and be net zero by 2050. Due to target of 50 percent of own
2023 Emissions momentum, the company's efforts in balancing significant changes in the company operations
emissions by 2030 and to
its portfolio with renewable energy products last year, Aker Solutions set a new baseline for

Scope 1 and 2 and technologies play a crucial role. By emissions accounting and will use 2023 for this become net zero by 2050
developing renewable and transitional energy purpose going forward. Our reduction target of
remains unchanged.
19,375 solutions, the company actively contributes to
climate change mitigation and reduced CO2
50 percent of own emissions by 2030 and to
become net zero by 2050 remains unchanged.
Metric tons CO2e emissions. This stands against the backdrop of We believe it is important to follow a science-
the potential negative impacts of traditional Aker Solutions’ scope 1 and 2 emissions were based approach in our emissions reduction
energy consumption, which can lead to air and 62,871 tCO2e in 2019 and 19,375 tCO2e in strategy and we have designed our emissions
water pollution, global warming, and other 2023. Our scope 3 emissions were 579,832 reduction plan to follow the Science Based
Scope 3 tCO2e in 2023. More detail on scope 3 Targets initiative (SBTi) requirements.
environmental issues.
emissions is included later in the chapter.
579,832 Global activities within, and attitudes toward,
climate change adaptation and mitigation may Our scope 1 and 2 emissions have reduced by
Aker Solutions committed to the SBTi in 2022
and will submit targets for validation in 2024.
Metric tons CO2e 69 percent from 2019 (measured on the newly
lead to a global decline in oil and gas projects, The SBTi target, once verified, will provide
regulatory changes in climate policy and organized company, excluding subsea). The credible short- and long-term values that are
ultimately the company’s inability to deliver on Subsea segment’s contribution to the reduction inline with the 1.5 degree Celsius requirement.
its strategic ambition. This poses potential risks is approximately 12 percent, and the remaining
of decreased demand, reduced revenue, lost 57 percent was from internal mitigation plans, For emissions accounting, we follow the GHG
market opportunities, and increased costs for including the purchase of renewable electricity. protocol and GRI frameworks and have internal

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

targets based on absolute emissions. We use spills, improve circularity and reduce negative environmental data at an enterprise and
standardized methodology for emissions
Climate Action Plan impacts on biodiversity. segment level.
accounting and recognized emissions factors Aker Solutions’ Climate Action Plan is our
based on the type of data sets. Aker Solutions’ roadmap to transform our business towards a net We are committed to engage with our whole In addition, we are developing a balanced
complete emissions accounting methodology zero future while helping society solve global value chain to enhance environmental and portfolio of products and technologies that
statement is available on our website. We also energy challenges for future generations. social governance and boost the power of data either generate renewable energy or remove or
conduct an annual third-party assurance insights to continuously chase further reduce CO2 emissions. While a global energy
process on our emissions data. For 2023, this In close collaboration with our customers and improvements together. The plan, which was transition is underway, the pace of the
was completed by PwC. More information on suppliers, we leverage our core capabilities to initiated in 2022, has evolved from a corporate transition will be dictated by a number of
our climate accounting can be found in the grow within renewables and transitional energy program to a business-driven transition fully drivers, such as geopolitical turmoil, energy
appendix of this report. solutions to decarbonize oil and gas integrated into our enterprise performance security and affordable access, efficiency
production. At the same time, we work management system. We continue to track gains, low-emission fuels and accelerated cost
Our Sustainability Policy drives a high-level systematically to reduce our emissions, progress on initiatives for emissions reduction, reductions of renewables.
commitment on environmental management optimize our energy use, reduce waste and ISO 50001 certification and improved quality of
including climate and energy requirements. In
2023, we have also formalized expectations on
emissions and energy management for our future
business partners. It is important that our
suppliers and partners have a similar focus on
emissions reduction and energy management so
that negative impacts throughout the value chain
are reduced. Internally, we have created
engagement programs for our employees to
participate in the journey towards net zero. It is
valuable for employees to feel empowered to
improve current work streams and identify
potential design improvements. We also
encourage changes in employees’ personal habits
and champion the changes they are making at
home and with their families to reduce their
environmental footprint.

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Aker Solutions leverages existing core In past years, our key focus has been on (GHG) emissions accounts. The 2023 Climate We continue to support the use of renewable
capabilities to grow in selected renewable measuring and reducing our own emissions Change Score Report is available on our energy on our sites by purchasing EACs. These
markets. Our experience and existing (scope 1 and 2). These accrue primarily from website. certificates contribute to reducing our scope 2
technology offerings and solutions are relevant combustion of fuels for transportation, heating, emissions. In 2023, we purchased approximately
to support our growth ambitions. An important work activity and electricity consumption. In our Our 2023 CDP report (submitted using 2022 92,000 megawatt hours of electricity, which is 89
feature of our strategy is to work in alliances direct emissions, we still utilize fossil fuels that programs and data) received a score of B; percent of our scope 2 emissions. This approach
and close collaboration with partners who are generate more emissions compared to while our 2022 score was A-. The reporting will help us to meet the 50 percent reduction of
experts in their respective fields. electrification, however, to understand the overall framework changes annually, and the company our own scope by 2030 and achieve 80 percent
impact, a lifecycle approach is necessary. Within has seen increasing requirements on data of renewable energy for the same period.
Renewables and transitional energy solutions scope 1, we have included data from fugitive quality and verification, higher focus on
mainly includes projects with solutions and emissions (e.g., refrigeration and refining our integration of climate action into the company-
technologies for offshore wind, hydropower, fuels) including biogenic fuels. Our indirect wide business strategy, and engagement of top
Scope 1 & 2 Emissions,
aquaculture, carbon capture and storage emissions are from electricity consumption. management in the climate strategy and tCO2e
(CCS), hydrogen, electrification of offshore and initiatives.
onshore facilities, and decommissioning and In 2022, we began capturing and evaluating
recycling. emissions data in earnest for ten relevant
categories within scope 3. These include Performance Scope 1
purchased goods and services, capital goods, Scope 2
In 2023, we have commercialized the lifecycle The removal of Aker Solutions’ Subsea 70.7%
fuel and energy related activities, upstream 29.3%
assessment (LCA) service to assess multiple segment as part of the OneSubsea results in
environmental impacts of a project (including and downstream transportation and significant changes in the operations of the
impacts of associated emissions on climate distribution, waste generated in operations, company. All environmental data excludes
change) at all production phases, and have business travel, employee commuting, use of subsea data for the entire reporting year.
offered this as a service to our clients. This sold products and end-of-life treatment of sold
allows us to identify hot spots for emissions products. Through digitalization efforts, our Scope 1 and 2 Emissions
specifically at design and construction, but also data pool is improving in quality and quantity.
In 2023, our emissions for scope 1 and 2 were
during operations and at the end of asset life. In 2023, we include another category within
19,375 tCO2e. Scope 1 is approximately 71
Aker Solutions is at the final stage of approvals scope 3, related to the OneSubsea entity.
percent and Scope 2 is the remaining 29
for our in-house LCA Software to be utilized as percent at 5,683 tCO2e.
an Environmental Product Declaration (EPD)
Generator. This approval will allow us to CDP An increase in activities in the first quarter of the
publish the results of LCA studies as EPDs.
CDP, formerly the Carbon Disclosure Project, year resulted in an increase in scope 1 emissions.
This is meaningful as EPDs are a verified,
runs a global disclosure system for Our scope 2 emissions were reduced
valuable and accurate source of data in
organizations to manage their environmental predominantly due to the change in company
external reporting. We see this as an area of
impacts. Aker Solutions discloses annual ESG operations with the removal of the Subsea
growth due to the introduction of the new
performance data and targets in the annual segment and through the purchase of Energy
European Sustainability Reporting Standards. Scope 1 Scope 2
CDP report and uses a third party for Attribute Certificates (EACs).
independent verification of our greenhouse gas

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Scope 1 & 2 Emissions by source, tCO2e Projected Emissions Reduction, Scope 1 & 2
0.3% 0.3% 50000
0.4% 0.0%

40000
5.4%

30000
16.1% 29.4%

20000

10000

0
23.4% S1 S2 S1 S2 S1 S2 S1 S2 S1 S2 S1 S2 S1 S2 S1 S2
24.7% 2023 2024 2025 2026 2027 2028 2029 2030

Electrification of mobile vehicles New heating system (combined)

Electrification of heating facilities Optimization of local energy use
Renewable energy purchased Scope 1 Residual emissions
Scope 2 Residual emissions

This graph represents Aker Solutions’ projected scope 1 and 2 emissions over the next six years
based on current work and projects. The information is expected to change year to year. Our
Electricity Diesel Natural gas ambition remains to reduce scope 1 and 2 emissions by 50 percent by 2030, however going forward
Marine Fuel Oil (MFO) Propane Acetylene we will use 2023 as the baseline.
Gasoline Heating and cooling Biofuels

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Scope 3 Emissions The new methodology introduced has

Scope 3 Emissions by Category, tCO2e Aker Solutions reports on eleven categories improved the data quality of category 1
within scope 3 for 2023. It has been a emissions by:
1.0% 0.8% 0.3% challenge to capture a complete picture of ◼ Removing non-emissions related expenses
1.3% 0.1% these emissions, but similar to our 2022 as well as duplicate emissions reporting,
1.5% results, scope 3 is 97 percent of the overall
◼ Utilizing new emissions factors that have a
1.5% company emissions. So far, we have quantified
geographic representation,
1.6% all known sources of scope 3 emissions for
2023 totaling 579,832 tCO2e. Our highest ◼ Improving and increasing key bulk supplier-
categories remain purchased goods and specific information obtained through the
9.8% 59.9% use of Environmental Product Declarations
services (60 percent) and the use of sold
products (22 percent). (EPDs) and lifecycle inventory database for
product level calculations.
The 79 percent decrease in scope 3 compared
to 2022 is mainly in categories 1 and 9 and is
due to the improved methodology for
“ The 79 percent decrease in
calculating these emissions and the removal of scope 3 compared to 2022 is
emissions due to the divestment of the subsea
business. due to the improved
22.0% Scope 3 – Upstream Emissions
methodology for calculating
Within upstream scope 3 emissions, we have these emissions and the
quality data due to the direct relationships with
our suppliers and improved internal controls removal of emissions from
processes.
the Subsea segment.
Purchased goods and services (Category 1)
Work on the collection and use of supplier and
The main activities that drive these emissions
product specific data for better emissions
are purchased services and products
accounting continued in 2023. The EPDs from
Category 1: Purchased goods & services Category 11: Use of sold products (construction, metal, machinery, and electrical
our key suppliers provided data on purchased
Category 2: Capital goods Categroy 4: Upstream transportation & distribution equipment) in our value chain and it is our
bulk structural products with supplier-specific
Category 6: Business travel Category 9: Downstream transportation highest emission category. It accounted for
Category 3: Fuel & energy-related activities Category 15: Investments emissions, and we have also used life cycle
347,507 tCO2e in 2023, a 79 percent
Category 7: Employee commuting Category 5: Waste generation in operations inventory databases to calculate emissions on
reduction from 2022. The two main drivers for
Category 12: End-of-life treatment of sold products a product category level, increasing the quality
the reduction are an update in the calculation
of the emissions inventory. This share of the
methodology (65 percent) and the removal of
emissions calculated with supplier and product
the Subsea segment emissions (14 percent).
specific activity data is important to provide

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valuable insights and enhance our transport and emissions data for our operations. employees by location. Total employee End-of-life treatment of sold products
decarbonization effort and emissions reduction We have obtained 86 percent of data from commuting emissions for 2023 is 4,503 tCO2e. (Category 12)
strategies. In 2023, it accounts for 12 percent distance-based method, and the remaining 14 This amount is lower than the general average Decommissioning activities generated
of our category 1 emissions, while our ambition percent was based on spend. Road transport was data used in our 2022 reporting, this is mainly approximately 636 tCO2e from disposal of
is to gradually increase it. the main transport mode for 2023 driving contributed by removal of Subsea segment materials from two main projects in 2023.
approximately 82 percent of the emissions. data and improvement in data quality. These projects allowed for 98 percent of the
Capital goods (Category 2) old platforms and ancillary equipment to be
The emissions associated with capital Waste generation in operations (Category 5) Scope 3 – Downstream Emissions recycled. We consider this an important part of
investment and fixed assets account for 56,817 In 2023, total waste generated from all For 2023, we collected data on four relevant a circular economy for the oil and gas industry.
tCO2e in 2023. All capital investments and operational sites was 21,118 tonnes, or 1,898 categories of downstream scope 3 emissions.
fixed assets for the reporting year are included. tCO2e. The higher level of waste this year is The other remaining categories are not Investments (Category 15)
The emissions in this category have increased attributed to one waste clearing event. Since relevant for Aker Solutions. Emissions from For 2023, Aker Solutions will report on
21 percent in 2023. The main emissions 98 percent of the metal from that activity was leasing of assets is included in scope 1 and 2 emissions from investments related to the
contributors are the investments in machinery recycled, there is minimal impact to emissions. for 2023. equity accounted investee OneSubsea. As
equipment and construction activities and We continue to investigate strategies for waste Aker Solutions is a 20 percent shareholder in
transportation equipment. minimization and improvements in circularity of Downstream transportation (Category 9) OneSubsea, this category comprises 20
materials. Emissions from downstream transportation are percent of the organizations’ scope 1 and 2
Fuel and energy-related activities (Category 3) 8,766 tCO2e and originate from maritime emissions and is 6,068 tCO2e.
Upstream emissions from energy related Business travel (Category 6) operations and the delivery of products to final
activities account for 7,368 tCO2e. Upstream In 2023, an increase in business travel from installation sites.
electricity-related activities account for 60 increased project activity and a return to more Looking Forward
percent of these emissions, while the normal travel levels post-COVID-19 resulted in Use of sold products (Category 11)
remaining 40 percent is from upstream a small percentage increase in emissions in this The introduction of the new regulations on
Use of sold products is our second highest
emissions of purchased fuels. Limiting the use category to 8,927 tCO2e. ESG reporting and especially on environmental
category of indirect emissions and accounts for
of non-fossil fuels and increasing the selection reporting will improve the data quality and
127,847 tCO2e. This data includes energy
of sustainable biofuels based on feedstock will collaboration with different stakeholders. Some
Employee commuting (Category 7) consumption according to engineering
be key to bringing down emissions in this key focus areas for 2024 include:
Aker Solutions has a flexible work policy in specifications for products delivered in 2023,
category. place for all its 35 locations, though the mainly from the Life Cycle segment. The data
approved number of work-from-home days for collection methodology was further ◼ Stronger emphasis on including
Upstream transportation and distribution office-based employees may vary by country, strengthened to provide equipment level environmental aspects in the company’s
(Category 4) segment, and business requirements. In 2023, energy consumption. The use-phase emissions strategy and long-term goals
The emissions from the transportation of an employee commuting survey was conducted for Aker Solutions’ business is highly ◼ Developing effective transition goals
purchased products to our facilities accounts for to obtain better representative data, which has dependent on the number and type of the
9,495 tCO2e. The 47 percent reduction in previously been reported as general averages. delivered projects and can fluctuate ◼ Instilling business segment and location
emissions this year is due to the removal of the The survey had a 35 percent response rate and throughout the years. However, decarbonizing ownership, management and accountability
Subsea segment emissions. We have close provided a suitable average for the commuting and electrification solutions bring us closer to of the emissions generated by different
collaboration with our freight agents who report and working from home patterns of our reaching our targets. activities and parts of the business

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

EU Taxonomy
In 2020, the European Union introduced the managers, project engineers and suppliers.
Sales revenue, capital expenditure and operating expenditure are
Taxonomy Regulation, which is a classification Each project is classified to only one economic defined as the key performance indicators that must be reported on
system of environmentally sustainable activity.
economic activities. The intention of the EU under the EU Taxonomy
Taxonomy is to help scale up sustainable Double counting of the relevant amounts of
investments and implement the European turnover across the reporting has been avoided Sales Revenue
Green Deal. With effect for 2022, Aker as the eligible economic activities included in Total turnover corresponds with the amount reported as revenue from customer contracts in the
Solutions implemented the EU Taxonomy and the KPI are independent projects. consolidated financial statement. Revenue is recognized over time using a cost based progress
the 2023 reporting builds on the diligent work
method, or as time and materials are delivered to the customer.
previously performed. As a non-financial The assessment of eligible and aligned CapEx
undertaking, Aker Solutions present the share is based on discussions with controllers on the
of our group turnover and capital expenditure Capital Expenditure
different sites where the investments have
(CapEx) which are associated with Taxonomy- Total capital expenditures for the purposes of EU Taxonomy consists of additions resulting from
been made. Investments assessed to meet the
aligned activities. business combinations to the following items in Aker Solutions’ financial statements: property, plant
economic activity are classified as eligible
and equipment, intangible assets (excluding goodwill), lease assets and investment property. These
while further assessment have been made to
are reported in the notes to the financial statements in note 10 Property, Plant and Equipment, note
evaluate the criteria of alignment. Double
11 Intangible Assets and Goodwill, and note 19 Leases and Investment Property. Capitalized
Reporting Principles counting of relevant amounts of CapEx across
expenditure related to oil and gas projects are by interpretation of the Taxonomy regulation
the reporting has been avoided as each
Financial data used in the reporting is based on considered to be included in the KPI denominator as this is a part of Aker Solutions’ ongoing
investment is classified to one economic
IFRS Accounting Standards as adopted by the activity.
activity.
EU.
Taxonomy aligned share of CapEx in 2023 relates to investments that is intended to expand
For turnover, the assessment of eligible and Taxonomy-aligned activities. These investments are following our ambition of making renewable
aligned activities is performed at project level,
Economic Activities of the and transitional energy solutions represent two thirds of our revenue by 2030. Aker Solutions has
where allocation of revenues follows the Aker Solutions Group made investments in 2023 that are not eligible or aligned under the EU Taxonomy even though
assessment of the relevant project. Aker they will be used to generate economic benefits for Taxonomy relevant projects.
Solutions has performed a screening of We have examined all economic activities carried
ongoing projects against economic activities in out by the group to see which of these are eligible
Operating Expenditure
the taxonomy. If a project is assessed to deliver and also aligned. The EU Taxonomy has defined
Total operating expenditures related to the EU Taxonomy consist of direct non-capitalized costs
an activity classified as an eligible activity in six environmental objectives. Eligible and aligned
that are necessary to ensure the continued and effective functioning of assets. This definition is
the taxonomy, a further assessment of the activities disclosed for 2023 are limited to
limited to research and development, building renovation measures, short-term lease, maintenance
relevant project is performed to evaluate if the Climate Change Mitigation and Climate Change
and repair, and any other direct expenditures relating to service of property, plant and equipment.
criteria of alignment are fulfilled. The Adaptation where Climate Change Mitigation is
assessment is performed through discussions the objective where Aker Solutions’ activities
contribute the most. The definition of operating expenditures deviates from the definition that is used in traditional
and obtaining documentation from the project financial reporting. Relevant operating expenses of NOK 60 million is included in numbers specified
in note 6 Other Operating Expenses. The taxonomy-relevant amount of operating expenditure
according to the EU taxonomy is immaterial for Aker Solutions and is omitted from reporting. 41
 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Aker Solutions has two reporting segments: relevant technical screening criteria and are in Verdal and Egersund. The buildings are
Renewable and Field Development and Life reported as aligned. Aligned projects are required to deliver on our projects and the main
Key Performance Indicators
Cycle. The Renewables and Field Development making a substantial contribution to climate purpose is to increase the capacity at our 2023
segment is working to accelerate the transition change mitigation and complies with the yards. The investments are reported as eligible.
to renewables and carbon capture, in addition technical screening criteria in the Commission The technical screening criteria for activity 7.1 Social safeguards: The criteria related to social
to improving efficiency and reducing carbon Delegated Regulation (EU) 2021/2139, have not been met and the activity is not safeguards are assessed at a company level.
footprint in oil and gas deliveries. Some of our including Appendix A. reported as aligned. Aker Solutions has continuous focus on human
projects under this segment are not eligible and labor rights, bribery, taxation and fair
under the EU Taxonomy. competition and has guidelines relating to
Manufacture of other low carbon Installation, maintenance and repair of
these areas in our code of conduct, business
technologies (CCM 3.6) energy efficiency equipment (CCM 7.3) integrity procedure, human rights policy, and
Below are Aker Solutions’ eligible activities and Aker Solutions is responsible for the delivery of Aker Solutions has made investments to sustainability policy.
the relevant EU taxonomy classifications. a complete new facility for capture, intermittent replace ventilation systems at our yards and
storage and offloading of CO2, with integrated replaced oil boilers with heat pump systems
◼ Human and labor rights. Refer to chapter on
Manufacture of renewable energy waste-heat recovery. This project is classified and these investments are classified under
human rights.
technologies (CCM 3.1) under 3.6 Manufacture of other low carbon activity 7.3. Some minor investments regarding
technologies. Aker Solutions’ scope includes replacement of energy efficient light sources is ◼ Bribery and corruption. Refer to chapter on
Aker Solutions is delivering on several offshore
engineering, procurement and management also included. The technical screening criteria corruption and bribery.
wind projects where the company is in
consortium with Siemens Energy to supply assistance. The project is making a substantial for activity 7.3 have not been met and the ◼ Taxation. Refer to note 9 Income tax in the
high-voltage, direct current (HVDC) converter contribution to climate change mitigation and activity is not reported as aligned. Consolidated Financial Statements and our
platforms in different parts of the world. These complies with the technical screening criteria in Country-by-country report which includes a
activities are eligible under the activities 3.1 the Commission Delegated Regulation (EU) Acquisition and ownership of buildings description of Aker Solutions’ tax policy.
Manufacture of renewable energy 2021/2039, including appendix A. (CCM 7.7) ◼ Fair competition: We carry out our activities
technologies. Aker Solutions has included one Under the EU taxonomy, new leases or in a manner consistent with all applicable
project that will provide electricity to oil and Transport of CO2 (CCM 5.11) changes to leases resulting in addition of RoU competition laws and regulations, taking
gas platforms. In the carbon capture and storage (CCS) assets are considered CapEx similarly to into account the competition laws of all
industry, the company is delivering CO2 buying a building. Additions to leases are jurisdictions in which our activities might
Aker Solutions has several projects delivering transport and storage onshore plant. These reported under activity 7.7. Aker Solutions has have anti-competitive effects.
on excitation, turbine governing and turbine projects are classified under 5.11 Transport of screened all leases and consider leasing of
technology towards new hydropower plants CO2 . Aligned project is making a substantial permanent building as eligible activity. Further, Aker Solutions assessed that the group is in
and rehabilitation and upgrades on existing contribution to climate change mitigation and the relevant leases are assessed for alignment. compliance with all relevant social safeguard
hydropower plants. These activities are eligible complies with the technical screening criteria in Available Energy Performance Certificates requirements.
under 3.1 Manufacture of renewable energy the Commission Delegated Regulation (EU) have been assessed and whether the
technologies. The assessment of CapEx 2021/2139, including Appendix A. respective buildings meet the specific criteria
associated with the delivery of these projects depending on the date when the buildings was
follows the conclusions made from the Construction of new buildings (CCM 7.1) built. As none of these buildings meet the
assessment of the projects. Most of our Aker Solutions has in 2022 and 2023 technical screening criteria for this activity, the
projects reported under activity 3.1 meets the constructed new buildings, mainly at our yards investments are not reported as aligned.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Do No Significant Harm (DNSH): The DNSH- under various projects the alignment when the operations are conducted within Aker Solutions has identified activities
criteria have been assessed for all eligible assessment relies on the project owner normal, lawful operations, comply with contribution to climate change mitigation.
projects and CapEx as a part of the alignment- information and documentation, including permission permits, have been performed Proportion of Taxonomy-eligible and
screening. Relevant climate related hazards assessment of physical climate risk and environmental impact assessment and Taxonomy-aligned economic activities in total
have been assessed, and durability and environmental impact assessment. necessary action have been taken when turnover and CapEx are as follows for 2023:
recyclability have been assessed where required. The projects and CapEx reported as
feasible. The assessment has been done For the DNSH criteria that reflect legal aligned are considered to not do significant
through discussions with project managers, requirements under EU regulations, the harm.
real estate controller and investment controller technical screening criteria are considered met
for each project or investment. As a contractor

Note on disclosure to nuclear and fossil gas related activities

Row Nuclear energy related activities Eligible, not

The undertaking carries out, funds or has exposures to research, development, demonstration and
Sales revenue 2023 NOK million aligned Aligned
1 deployment of innovative electricity generation facilities that produce energy from nuclear No 3.1 Manufacture of renewable energy technologies 2,855 0.1% 7.8%
processes with minimal waste from the fuel cycle.
3.6 Manufacture of other low carbon technologies 147 0.0% 0.4%
The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district 5.11 Transport of CO2 656 0.0% 1.8%
2 No
heating or industrial processes such as hydrogen production, as well as their safety upgrades, using A. Taxonomy-eligible activities 3,658 10.2%
best available technologies.
B. Taxonomy non-eligible activities 32,224 89.8%
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations
3 that produce electricity or process heat, including for the purposes of district heating or industrial No Total (A + B) 35,882 100.0%
processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity Eligible, not
4 Yes
generation facilities that produce electricity using fossil gaseous fuels. Capital expenditure 2023 NOK million aligned Aligned
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation A. Taxonomy-eligible activities 1,328 41.2% 2.8%
5 No
of combined heat/cool and power generation facilities using fossil gaseous fuels.
B. Taxonomy non-eligible activities 1,690 56.0%
The undertaking carries out, funds or has exposures to construction, refurbishment and operation
6 No
of heat generation facilities that produce heat/cool using fossil gaseous fuels. Total (A + B) 3,018 100.0%

Economic activities referring to row 4 above relates to deliveries to oil and gas fields which use gas
from the field as source for electric power.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Proportion of turnover from products or services associated with taxonomy economic activities

44
 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Proportion of CapEx from products or services associated with taxonomy economic activities

45
 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Energy
Aker Solutions has actual negative impacts on Energy efficiency presents a significant
the environment through the company’s opportunity for Aker Solutions to reduce Energy Consumption by Source, Renewable vs. Non-Renewable
significant energy consumption, primarily from operational costs and potentially benefit from
electricity used in operations and use of diesel incentives or lower cost of capital. MWh Energy Consumption, MWh
for combustion. The majority of energy Implementing energy-efficient practices and
consumption is directly linked to the company's technologies can lead to substantial savings 0.2%
heating, transport and power generation where and align with the growing demand for 0.2% 0.2%
non-renewable resources are predominantly sustainable business operations. 2.9%
used. Energy consumption, especially from 3.0%
non-renewable sources is considered to have a Aker Solutions is committed to reducing its 57.7%
6.6%
negative impact on the environment as energy energy usage footprint through energy
production and consumption can lead to air optimization, use of clean energy and energy
and water pollution, thermal pollution, and waste reduction and has identified this as a 11.7%
waste disposal. This intensifies global warming material topic for Aker Solutions.
and climate change.

42.3%
14.5% 60.6%

Change from
Type of Fuel/Energy Consumption Units 2023 2022 2022

Acetylene MWh 305 242 26%

Biofuels MWh 408 1,276 -68%
Diesel MWh 19,762 9,560 107%
Electricity MWh 101,968 130,321 -22%
Gasoline MWh 273 526 -48% Electricity Renewable energy Non-renewable energy
Natural gas
Marine Fuel Oil (MFO) MWh 11,057 9,296 19%
Diesel
Natural gas MWh 24,453 15,401 59% Marine Fuel Oil (MFO)
Propane MWh 4,883 2,083 134% Heating and cooling
Propane
Heating and cooling MWh 5,106 N/A Biofuels
Acetylene
Gasoline

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Approach Looking Forward

To continue the focus on energy efficiency and We manage our energy usage by monthly We will continue to integrate climate action ◼ Prioritizing infrastructure upgrades for
conservation, we initiated the implementation tracking and monitoring electricity into business processes throughout the energy efficiency
process for ISO 50001 Energy Management in consumption through a global emissions company and increase focus on improving ◼ Electrification
2022. This is in addition to our existing ISO database. As part of our HSSE Policy and efficiency and reducing waste to reduce ◼ Implementing ISO 50001 management
14001 Environmental Management Sustainability Policy we are committed to energy consumption. Some key areas that we system to drive continuous improvement on
certification. The Energy Management conducting our operations through efficient will focus on are: energy use in operations and in design of
certification program allows sites to use of materials and energy and to designing our products
systematically identify significant energy products and services to have no undue
consumption, understand the factors affecting environmental impact, to be safe and to be
it and develop a reduction plan that will also efficient in consuming energy and natural
reduce overall emissions. In 2023, we certified resources.
two key sites in Norway, our yard in Stord and
our headquarters outside Oslo.
Performance
The Energy Management certification process
involves participation from facilities In 2023, approximately 58 percent of our
management, engineering design, supply global energy was from renewable sources and
chain, finance, HSSE, management, relevant 42 percent, or approximately 70,000 megawatt
suppliers, clients and employees. Together, hours, was from non-renewable sources. The
they will assess current operations to develop renewable sources were mainly from electricity
the reduction plan and collaborate on generated hydroelectric and a small percent
improvements at the locations where we from use of biofuels. The total energy
implement the program. Whether through use consumption for 2023 was 168,216 megawatt
of equipment, day to day activities, hours. The energy consumption was similar to
procurement, or design for our clients, 2022, even with the divestment of the subsea
improving efficiency and reducing waste is business. The contribution from that segment
critical. was approximately 20 percent. The increase in
2023 was directly from fuels and electricity use
due to higher work activity during the first
quarter of the year and for the purpose of
heating. Even through we had started to
implement the ISO 50001 requirements at
some of our sites, the short term gains were
insignificant due to the workload peak. We
expect this to improve in the years to come.
Photo: Northern Lights

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Nature and Biodiversity

As the natural world is rapidly disappearing due disturb habitats and potentially reduce species play in conserving biodiversity and managing adverse impacts. We ensure that spill and
to over-development and exploitation, the population size and produce risk of species negative impacts of development and pollution. waste prevention plans are managed across all
importance of nature and biodiversity has extinction. These potential disruptions may We do not have operations in many locations our operations to prevent pollutants from
received increasing attention. Protecting compromise the ecological balance, affect outside of existing industrial areas or within entering the marine environment.
biological diversity is crucial for ensuring the biodiversity, and lead to long-term environmental suitable designated land use classifications.
survival and continuity of plant and animal degradation. Impacts on the state of species is We comply with local requirements to minimize Our Verdal yard in Norway is located adjacent
species, genetic diversity, and natural therefore one of Aker Solutions’ material topics. our impacts. There are also indirect impacts to to an international bird area (IBA) and Ramsar
6
ecosystems and is also linked to climate nature, through our value chain, from suppliers wetland site . The yard has been operational
change impacts. and sub-contracted work either from the since 1970 and we believe the current activities
Approach materials we purchase for projects and/or from do not have impacts on the local birdlife. In
Aker Solutions has a potential negative impact on We provide products and services to both land the services we obtain. addition, the development of any new areas
species population size through its activities. and marine environments and have operations must be within local and applicable legislation.
Operations in sensitive ecological areas could in 15 countries. Aker Solutions has a role to Our Sustainability Policy includes a focus on
biodiversity, ensuring that we mitigate impacts Biodiversity issues could occur at project level
with proper management plans when operating and are managed by the facility owner or
in environmentally sensitive areas. We conduct operator, mostly in marine areas. Aker
risk assessments before embarking on new Solutions’s role is to provide equipment and
projects that may contribute to environmental facility designs - in collaboration with our
impacts and ensure that adequate risk clients - that will reduce negative effects and
mitigation plans are prepared in accordance promote potential nature positive measures.
with requirements. Aker Solutions mandates The latter particularly applies to redevelopment
the reporting of environmental incidents, projects for power generation and carbon
including leaks or spills that may impact the capture and storage.
natural environment. Any incidents are tracked
and followed up. For more information on
reporting and mitigation, see the Resource Use Looking Forward
section of this report.
A screening of biodiversity and overall impact
to nature will be conducted in 2024. This will
Performance provide a benchmark for Aker Solutions within
biodiversity and nature and allow for improved
Most of our locations are within industrial reporting and risk and opportunity
areas, however there is still potential for management for the topic in future years.

6
A Ramsar site is a wetland site designated to be of international importance under the Ramsar Convention, also known as "The Convention on Wetlands", an international environmental treaty signed in 1971 in Ramsar, Iran. https://www.ramsar.org/

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Resource Use and Circular Economy

In Aker Solutions’ operating environment, Post-use, products and components can soil and fisheries. As a leader in the energy
circular economy concepts and responsible become waste if not effectively recycled or transition, Aker Solutions is committed to
management of resources to reduce and reuse repurposed. This waste can end up in landfills, maintain vigilance over its activities that could “ We take ownership in
waste are seen as highly material. In addition, contribute to environmental pollution, and cause pollution.
actual and potential chemical spills and leaks waste valuable materials that could otherwise
creating a more
to land, air and sea ecosystems are crucial and
relevant to our environmental management
be reintroduced into the production cycle,
fostering a circular economy. Aker Solutions
Waste, resource inflows and outflows and sustainable future.
water pollution are material topics for Aker
system. has a potential negative impact related to Solutions.
Our impact assessment includes minimal risk of
resource outflows, specifically the waste
chemical spills during transport, use and storage
Aker Solutions has potential impacts on the generated from its products and services.
of all chemicals on a site. Small spills and leaks
environment through its waste management Approach have occurred due to manual handling activities
practices. Waste can be a resource when Through its product design and
Our enterprise HSSE Policy and Sustainability during transfer of chemicals, defects in storage
reused, promoting a circular economy, while decommissioning services, Aker Solutions has
Policy promote responsible handling of waste containers and leakage from machinery or
improper management can severely harm an actual positive impact on the environment
and prevention of spills and leakages from our equipment containing chemicals due to loosing of
ecosystems, especially without containment. related to the inflows of material. Aker
operations. The management of these material seals, overfilling, movement, etc. Mitigation
Inefficient waste management and resource Solutions’ products are made of materials with
aspects is part of our proactive business measures such as secondary containment and
use is considered to have a negative impact on high repairability or recyclability and the
operations, and we work closely to ensure that transportation processes are integrated into the
the environment as it increases the amount of company has been actively working on
if there are occurrences, there is a mitigating designs for proper storage. In the event of a spill,
waste destined for landfills, leading to potential decommissioning offshore facilities. This
action planned and any incidents are there is an emergency mitigation plan for
soil, water, and air pollution. The ineffective promotes the principles of the circular
investigated with lessons learned developed. containment, for prevention of the spread and for
use of resources also undermines the economy, reducing waste, and minimizing
contamination of the natural environment. Should
principles of a circular economy, thereby resource depletion.
a spill occur, it is reported, and necessary actions
causing unnecessary extraction and We promote reporting of environmental related
are taken. Lessons learned and future preventive
consumption of natural resources. Aker Solutions has a potential negative impact observations, and mandate reporting of all
measures are incorporated where relevant.
on the environment through chemical spills and incidents, including near misses, as a means of
Aker Solutions relies on a significant inflow of leaks. Spills and water pollution incidents can rectification of any gaps in the operations. We
have devastating effects on the ecosystem, continuously monitor governmental guidelines, We take ownership in creating a more sustainable
materials, both non-renewable and renewable,
especially when they occur without directives and regulations regarding the future by promoting recycling, reuse, and circular
for its manufacturing and operations and this
containment and in the natural environment. environment to ensure that we are informed design in our solutions and throughout our value
impacts the environment and economy. This
As a supplier to the energy industry, the and prepared for changes. All of our waste is chain. This is also an area that is promoted in the
consumption, especially of non-renewable
company’s direct environmental impact is handled and disposed of third-party service LCA process, where materials that have improved
resources, can strain natural reserves and
limited, however, the pollution of water is providers, either contracted by Aker Solutions recyclability or reuse can be selected as an
disrupt local ecosystems. Resource extraction
considered a material topic for Aker Solutions or by the facility management if not an Aker additional way to reduce waste and emissions.
and transportation further contribute to
emissions and potential habitat degradation. due to the location of facilities and the Solutions-owned property.
potential for contamination of coastal areas,

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Performance
Waste by Type Waste by Handling Method
In 2023, Aker Solutions experienced only Our top three waste categories are:
0.4% minor spills with limited impact. Aker Solutions 0.8% 0.6%
1.1% 0.3%
1.6% 0.2% was not subject to any significant fines or ◼ Metal waste (53 percent, 119 percent 0.9% 0.1%
sanctions for non-compliance with increase over 2022): includes residual from
6.3% environmental laws and regulations, and no fabrication/construction activities
grievances about environmental impact were ◼ Residual waste (28 percent, 5 percent 12.0%
8.2% filed through formal channels in 2023. decrease from 2022): includes sandblasting
53.5% 62.1%
residues that are sent to landfill
There was 21,118 tonnes of waste generated in ◼ Wood waste (8 percent, 5 percent decrease
2023, an increase of 42 percent from 2022. from 2022): includes packaging material
Of this increase, 26 percent was from one
event, a site clearing activity in early 2023,
23.5%
that totaled 5,376 tonnes. 98 percent of that
amount was metal waste that was recycled.
Looking Forward
We continue to strategize on prevention
28.4% The waste reported is from our direct tactics, that includes pollution prevention,
operations and does not include spills and unexpected releases from our
decommissioning projects. Data from activities. In addition, below are focus areas:
decommissioning is included in our emissions
reporting for scope 3, category 12. ◼ Increasing waste management to reduce
total waste, by waste reduction
◼ Promoting circularity strategies through
project planning to increase recycling Recycling
and reuse internally or externally Incineration with energy recovery
Metal Residual waste Landfill
Wood Hazardous waste Reuse
Paper and cardboard Food Compost
Electronic waste Plastic Other
Glass Hazardous Waste

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Material Topics covered in this

chapter are:
◼ Health and safety of own workforce
◼ Corporate culture
◼ Equal treatment and opportunities of own workforce

The former Subsea segment of Aker Solutions is excluded from data and
information reported in the social section of the report, except where noted.

Social Materiality analysis →

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Health, Safety and Well-being

severely disrupt business continuity and have The global security threat picture continues to visiting all Aker Solutions locations. To ensure
ramifications that affect the broader be challenging with more intense warfare in continual improvement of the system, the
community. The corporate culture of Ukraine, the Hamas/Israel conflict and the business level annual reviews are also included
identifying hazards and managing risks general situation in the Middle East. Our in the Aker Solutions Management Review. In
combined with our emergency response emergency response procedures have been addition, regular internal audits at the location
preparedness is crucial to mitigating these modified, and drills have been performed to be level and an annual external audit are
Aker Solutions believes in promoting safe, potential impacts. On the other hand, a lack of prepared for situations that may affect Aker important parts of our improvement process.
reliable and sustainable operations to achieve preparedness can exacerbate the negative Solutions.
our goal of zero harm to people, assets and the consequences of any emergency. In 2023, information regarding occupational
environment. We employ about 11,500 people health and safety was mostly distributed on
in 15 countries, and we work closely with our Approach Yammer, our internal communication and
employees, clients and our wider supply chain networking tool. Information is also shared on
to mitigate the impacts on employee health, Aker Solutions’ operating HSSE (health, safety, local intranet pages and screens in common
safety and well-being. security and environment) management system areas, where available.
provides clarity and drives accountability into
Inadequate health and safety management can the organization. The system is designed to
Further information on Aker Solutions’
lead to accidents, illnesses, and other harmful deliver our HSSE Policy and defines how
approach to safeguarding people and assets
consequences for workers and other everyone in the organization shall focus on
and our commitment to HSSE can be found on
stakeholders. Aker Solutions has an actual their own and their colleagues’ health, safety
our website.
impact on our employees as we directly and well-being.
influence their health and safety conditions.
The likelihood of negative impacts is minimized Aker Solutions is certified to ISO 45001-
by rigorous industry regulations and effective Occupational Health and Safety and our
Working Environment
internal controls, and we strive to be a leader in management system is based on the principles Committee (WEC)
managing potential impacts in these areas. By and requirements provided in this standard.
effectively caring and safeguarding our Procedures and work instructions are The goal of Aker Solutions’ Working
workforce, Aker Solutions may realize an developed based on requirements in ISO as Environment Committee (WEC) is to progress
opportunity as a preferred, responsible well as local and country-specific legislation. and implement a safe working environment in
employer. Compliance obligations for each country the company. The committee takes part in
covers local legislation and requirements. planning the safety and environmental work
and carefully monitors developments in the
Aker Solutions has a potential impact on the
working environment.
economy, environment, people, and society The health and safety of our workforce and the Our HSSE management system includes
due to our responsibility towards handling corporate safety culture are material topics for requirements for all employees, external
emergency situations. These emergencies can Aker Solutions. personnel, suppliers and visitors working at or Leadership of the committee alternates
between Aker Solutions management and

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

employees every second year. The committee machinery, rationalization measures, prepared to handle these situations correctly in
operates on a quorum basis, and in the case of changes to work processes and preventive their daily work.
a tied vote, the chair has the casting vote. The safety measures
chief safety representative is a permanent ◼ Participate in Aker Solutions’ health, safety We collaborate closely with our clients on
member, while other employee representatives and environment work and in mapping and HSSE. It is a significant part of the onboarding
are chosen by the trade unions and the preparation of action plans. Provide advice process when contracts are awarded. Duty of
management’s representatives are appointed on prioritizations and measures Care audits are completed prior to mobilizing
by the company. Trade unions that do not have ◼ Assess the health and welfare aspects of personnel and our personnel are encouraged to
their own representative may state their views working schemes exercise their “Stop Work Authority” whenever
to one of the representatives or directly to the ◼ Review all reports on accidents, near- they see a condition that they feel is unsafe,
chief safety representative in the committee. accidents and illnesses that may be due to whether or not they are at an Aker Solutions
The WEC meets at least four times per year, the working environment. Focus on the site. We also work to influence and build health
and extra meetings can be called if needed. causes of incidents and ensure that the and safety measures through our participation
employer does whatever is necessary to in organizations like the International
Aker Solutions has one Corporate WEC and prevent these from happening again Association of Oil & Gas Producers (IOGP),
sub-committees per segment. Each sub- ◼ Review results and reports from Step Change in Safety (UK), Norsk Industri
committee is made up of employees and occupational health surveys (Norway) and many other organizations around
delegates from the individual locations, with ◼ Prepare an annual report describing the the world.
representatives from projects, departments activities for the year
and HSSE.
Identifying Hazards, Managing
Responsibilities of the Working Safety Culture Occupational Health Services
Environment Committee:
Risks
In 2017, Aker Solutions launched a global Aker Solutions has occupational health services
HSSE mindset program. The quarterly program Risks related to HSSE are defined as a risk
◼ Answer questions relating to: contracts at all locations where mandated by
has continued with four new modules each category in the Enterprise Risk Management
◼ Company health service and safety national regulations or client requirements.
year. In 2020, Aker Solutions entered into a (ERM) procedure. On a company level, these
service
collaboration agreement with key customers risks include physical security threats, crisis
◼ Training and instruction in areas that Additional information about Aker Solutions’
and peer companies to deliver common management risks, the risk of major accidents
may affect the working environment Safety Culture is available on our website. This
modules across our operations on a quarterly related to malfunctions in our products and / or
◼ Adaptations for employees with information includes the adoption of IOGP’s
basis. More details can be found online at insufficient service, and the risk for fatalities,
disabilities Life-Saving Rules, implementation of a global
Always Safe. Key focus areas were avoid major serious injuries or environmental spills in our
◼ Manage plans for new buildings, processes Stop Work Authority and the training and tools
accidents, prevent personal injuries, safe work own operations.
or modifications that require the consent of used to promote and monitor safety in the
the Norwegian Labour Inspection Authority at heights/prevent falling objects and working organization, our approach to identifying and
and plans that may have a significant effect environment. The annual program creates managing HSSE risks, and occupational health
on the working environment, such as new awareness of the main HSSE risks and services.
opportunities to ensure our employees are

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Performance
Target Target
Actuals
values values
2023 20237 2022 2021 2024
Fatalities 0.00 0.00 1.00 0.00 0
SIF <0.15 0.12 0.15 0.29 0.11
LTIF <0.22 0.20 0.13 0.34 0.18
TRIF <1.00 1.29 1.07 1.32 1.00
Sick leave (%) <3.50 3.37 3.59 3.16 3.60

Our overall safety performance in 2023 has

been quite stable compared to the prior year.
Looking Forward
TRIF and LTIF have increased and SIF has 2024 will see continued high activity and a
decreased in 2023, as shown in the table large number of new recruits into our
above. These results are considered good company. The workload at our subcontractor
when taking into account the increased sites will also increase, especially in Dubai.
workload and increased proportion of skilled Quality inductions to ensure that work is
workers in risk-exposed roles. properly planned and executed safely will be
our top priority.
Sick leave is improving slightly, and we see it
slowly returning back to the level before the In summary, we intend to stay the course with
COVID-19 pandemic. Sick leave is very our HSSE strategy for 2024. We will continue
different in different countries, in Aker to focus on managing risks in our operations,
Solutions as for the rest of the world. We implementing our Control of Work Process,
analyze sick leave country by country and the and developing our HSSE leadership to
trend looks positive. reinforce a proactive HSSE Culture. We will
also increase the focus on compliance and
verifications to secure good performance in
the upcoming high-activity period.

7
2023 actuals for SIF, LTIF, and TRIF based on man hours of 49,527,383. 2023 total recordable injuries = 64 (includes 10
lost time injuries); serious incident = 6 (1 serious incident resulted in 2 recordable injuries). Sick leave, incidents and
injuries occurring prior to divestment of the subsea business includes any relevant injuries from subsea employees/operations.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Human Capital
negative social and economic impacts. As Aker Solutions is a global company consisting Aker Solutions has a diverse workforce, which
diversity ensures richer perspectives, enhances of several legal entities. When describing the we seek to develop and motivate further
innovation, and promotes fairness in the Norwegian part of the organization in this through strategy involvement, competency
workplace, a homogenous workplace can limit chapter, we are including all legal entities with management, employee engagement, career
varied inputs and opinions in company employees in Norway. With regards to the development and leadership training. We are
decisions and has a negative social impact. In threshold in Norwegian reporting obligations on committed to enabling local staff to move into
addition, unequal treatment undermines the workplace equality and diversity, the following management positions, in support of rules for
Our people are at the heart of what we do and work environment and may negatively impact Norwegian legal entities have more than 50 local content and job creation for nationals
who we are as a company. Our goal is to make the overall company morale and productivity. employees: Aker Solutions AS, Benestad enacted in some countries. Local management
Aker Solutions a place where everyone can Solutions AS and Aker Solutions Hydropower teams actively seek to promote, build, and
perform at their best by creating opportunities AS. retain local talent, ensuring legal compliance
We acknowledge that our people and their
for all. Aker Solutions has one of the industry’s and securing long-term operations.
competence will enable us to accelerate the
most admired environments for concept
speed of the energy transition. We recognize
development and front-end engineering work.
the potential negative socio-economic impacts
Diversity, Equality and To strengthen our progress on diversity
Our ability to solve challenges and deliver value
to our stakeholders is empowered by the
of rapidly changing employment opportunities Inclusion equality and inclusion (DEI), Aker Solutions
during the energy transition and the positive established a distinct role and function for this
diversity of our workforce. Aker Solutions is committed to the principles of
impacts our workforce can experience when in 2023. During the year, work has been
we invest in our employees and their non-discrimination and equal opportunity, ongoing in close collaboration with employee
In 2023, our workforce consisted of 19,454 professional development and personal growth. regardless of gender, age, nationality, or other representatives to establish a strategy, clearer
own and contract employees globally. We Through our emphasis on training and factors. In accordance with our Code of direction and corporate targets that will be
employed 92 nationalities and our gender leadership development, Aker Solutions plays a Conduct and People Policy, we work hard to launched in 2024. Our gender diversity targets
balance was 21 percent female. During the pivotal role in preparing our employees for ensure that all personnel processes are free of were launched in early 2024 and are described
year, we welcomed over 1,650 new employees. evolving opportunities amid the energy biases both by design and in practice. We also later in this chapter.
transition. As the energy sector shifts towards monitor and promote diversity and equal
We seek to increase the diversity of our more sustainable alternatives, the competence treatment in recruitment, promotions,
Ensuring a good working environment is
workforce and see people’s differences as a and preparedness of our employees become competency development and salary reviews.
essential to our safety and performance. We
potential source of creativity, innovation, and a even more crucial. This impact is considered to Aker Solutions has a procedure for handling
continuously monitor and analyze statistics and
key competitive advantage. To leverage this positively influence the workforce and our whistleblower cases, and it is followed with
survey data to get early indicators and focus on
diversity we focus on building a strong adaptability to industry changes. respect to investigating discrimination
resolving any issues both on a structural and
inclusive culture where our colleagues feel they allegations. For more information on the
individual level. Aker Solutions builds on our
can bring their full self to work. whistleblower channel, see the Corruption and
Equal treatment and opportunities for our own Norwegian traditions for a strong and engaged
Bribery section of this report.
workforce is a material topic for Aker Solutions. collaboration with our employee
A lack of workforce diversity and unequal representatives/trustees/safety delegates in
treatment of employees can have significant relation to this work.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Working environment committees (AMU/ Engagement and Awareness contributed to their conference on Inclusive supporting line managers with onboarding and
KAMU), Inclusive Worklife (IA utvalg) and DEI Throughout 2023, we have arranged global Working Life (Ett Arbeidsliv - like muligheter), training towards a goal of permanent
committees are an integrated part of our and local events to raise awareness, where more than 30 companies and employment. So far, we have accepted 15
organization on all levels and follow an annual engagement and competence on several topics governmental institutions participated. candidates through NAV, and seven have
structured process for assessing risks, setting related to DEI. In the UK, a national inclusion become permanent employees. Based on the
priorities and actions and evaluating the week was held, including events on women’s In 2023, our yard in Egersund established an positive experience from Egersund, we plan to
outcome of these. In 2022, a comprehensive health and menopause awareness; men’s agreement with NAV (the Norwegian Labour expand this initiative and build on the lessons
survey on working environment was carried out health awareness; and safety and environment. and Welfare Administration) to step up our learned at other yards and office locations in 2024.
in Norway. The results and analysis from this Moreover, various bake sales were organized efforts as an inclusive employer, and enable
data have been utilized as an important source for the benefit of local and national charities. opportunities for people who are facing barriers As part of our work to address neurodiversity we
for identifying risks and improvement areas in finding a job through regular recruitment. A have launched an initiative to improve inclusion of
over the course of 2023. This resulted in dedicated role has been established to work people with dyslexia. The initiative includes
Globally, we have marked the importance of
concrete follow-up and actions locally, where exclusively with this group of candidates, training and a toolbox as well as efforts to adapt
diversity and inclusion through various internal
focus groups participated together with matching them with opportunities and courses, e-learning and internal communication
campaigns such as celebrating International
leadership, safety delegates and unions. to be increasingly dyslexia-friendly. The initiative
Women’s Day, Pride month and arranging a virtual
Pride event, as well as workshops and training on will continue in 2024.
During 2023, the prioritized areas in Norway mental health and cultural awareness.
were actions to improve and address mental
health, work life balance, addiction prevention
(AKAN) and stress. Our efforts to prevent and A more Inclusive Working Life
handle cases of substance abuse and addiction Aker Solutions recognizes our societal role in
were recognized by the national educational improving equality and providing opportunities
consultant group AKAN Norway, and Aker for those who face barriers in reaching their
Solutions was awarded “AKAN company of the potential in the workplace. Creating an
year” in 2023. inclusive workplace also means that we need
to scrutinize how we recruit and source talent,
In the UK, our DEI committees have previously removing obstacles and mitigating any bias in
been split into individual committees – Gender our processes.
Inclusion; Cultural; Well-being Champions and
Neurodiversity. Going forward we are We are an active contributor to the Norwegian
combining these into a joint DEI Forum which cooperation on inclusive working life (The IA
will allow us to work more cohesively together Agreement), and work systematically to reduce
with our Employee Consultative Forum (ECF) sick leave and withdrawal from work life.
and Young Solutioneers community. During Through our collaboration and support to the VI
2023 we encouraged our personnel to note foundation (Stiftelsen VI), we focus on the
their volunteering hours and we saw a large importance of including people who identify as
increase in people giving their time. disabled or neurodiverse. In 2023, we

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Our focus on accelerating the transition to ◼ Aker Solutions’ Mentoring Program was
Training and Leadership sustainable energy production, and doing it relaunched and evolved to include both
Development responsibly, resonates with the next generation professional and personal development.
who want to contribute to the energy transition. ◼ Aker Solutions Leadership Practices, a
Our leaders are challenged to protect and Retention of talents and key personnel is framework that clearly defines expectations
improve our current position within oil and gas instrumental to achieve this. to all leaders, was built, launched and
and successfully accelerate our entry into the
integrated in all our programs as well as
renewables space, exploring opportunities of
We aim to strengthen our leadership pipeline, worked on through a numerous workshops.
digitalization and innovation. This not only
developing leaders that are diverse and multi- ◼ Leadership Learning Journey Program is
tests the balancing act of short-term/long-term
competent with a dialogue-based leadership our current global leadership development
business perspectives, but also requires that
mindset. Through execution of a structured program. Participants included employees
our leaders recognize the tension between two
succession planning process, we have been from Brazil, Brunei, Canada, China, Congo,
distinct leadership capabilities – the
able to identify successors for our key UK, India, Malaysia, Norway and USA. More
operational and the transformational parts of
leadership and project management roles and than 450 leaders have attended this
the leadership role. Close contact with
strengthen our leadership pipeline. program since it was established in 2020.
operations and a solid understanding of the
strategy and how we operationalize it is ◼ Leader team development was extensively
We are currently building and developing a set executed as part of our reorganization in
expected.
of programs and concepts around the topic of 2023. More than 60 leadership teams have
leadership. These are customized for different worked through one or more modules with
Good industrial relationships are an important
target groups with different aims. the aim of developing more efficient
part of Aker Solutions’ history and culture. We
encourage employee representation in our leadership teams.
◼ The Project Execution Program was ◼ CXO is an executive leadership
business units worldwide. Employee
launched in 2022 with the goal of development program across the Aker
representatives provide employees with
strengthening project execution companies. This is run yearly, and Aker
influence and lines of communication through
capabilities. Focus is on strengthening Solutions contributes with 4-6 participants.
their participation in working committees, on
project leaders’ total project value chain
the board of directors and in operational
understanding, share knowledge and build
improvement and organizational change Programs and development concepts on
networks across the company. In 2023,
projects. This is part of our commitment to Change Leadership, Leading transformation in
more than 100 leaders from EPCI(C)
human and labor rights. a digital context, as well as a yearly leadership
projects participated in the program.
summit is currently work in progress and will be
◼ Leadership Learning Labs is a space to launched during 2024.
meet leadership peers, gain new inspiration
and insights and explore how to practice
leadership skills in our evolving business.
During 2023 we ran these digital gathering
of leaders bi-monthly.

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People and Team Development in our Capital Projects

In 2023, we have invested in the build-up of needs-analysis and deliver fit for purpose
capacity to drive the People and Teams agenda learning journeys to project members,
inside our most complex and strategically closing specific project related competency
important client/partner projects with gaps. Increased focus on building a holistic
dedicated People and Teams Managers. value chain understanding, driving a
Responsibilities include the overall design, continuous improvement culture,
planning, and execution of organizational accelerating adoption of new tools/systems
development activities in the project. This and ways of working.
includes: ◼ Culture and Employee Engagement; Each
◼ Leadership Development; Tailored efforts to project run their own Pulse Checks to
align and develop effective Leadership monitor organizational effectiveness and
Teams (L1 - L3), both internal teams and engagement, and results are being
towards Customers/Partners. People and evaluated and follow-up measures put in
Teams managers offer support to current place. Targeted social and communication
leadership and the development of a strong activities are prioritized to build a strong
succession pipeline; running leadership project culture and employee engagement
initiatives/programs, utilizing deputy roles, as part of the People and Teams managers’
and collaborating with basis organization to areas of responsibility.
support mentoring and succession ◼ Project Organizational Structure and
processes. Efficiency; The People and Teams
◼ Team Alignment and Development; managers act as catalysts for cross
Establish and continuously follow up functional collaboration (HSSE (Health,
common goals and ground rules for co- Safety, Security and Environment), Quality/
Continuous Improvement, IM/Digital etc.)
Project Execution Excellence sits at the core of Aker Solutions, operation established together with
around project specific improvement
Customer and/or Alliance partner to secure
and most of our employees ‘live their lives’ in projects. A high “one team mindset”, and clarify project and initiatives, and contribute to a project
organization that is effective implementing
performing project organization does not only safeguard project stakeholders’ expectations, roles, and
structural /non-structural measures, such
responsibilities.
objectives and delivery, but is also the main vehicle for developing ◼ Competence Development; Secure effective
as change of key personnel and new team/
organizational set up.
our people and improving our ways of working for future success. onboarding and familiarization of new
project personnel is important to get new
team members quickly up to speed. People
and Teams managers also do training-

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People Development
In 2023, we established a strategic workforce network and implemented a new strategic workforce planning process to ensure a
stronger alignment between our strategy, business plans, project portfolio, and the people capabilities we develop.

Our workforce planning process involves employees spent 5.9 hours each on formal
resource managers and key stakeholders, and training in 2023, in addition to other informal
defines the competencies and capacities internal and external knowledge sharing
8
needed to support our existing project portfolio activities.
and meet future capacity and competency
requirements. We aim to effectively mitigate At Aker Solutions, we are committed to
gaps through initiatives such as people empowering our workforce with the skills
development, recruitment, and partnerships. necessary to thrive in an increasingly digital
world. As part of this commitment, we have
Aker Solutions is committed to creating an introduced the App-Farm upskilling program—a
environment where everyone has the comprehensive initiative designed to cultivate
opportunity to learn, build new skills and digital low code champions within our
further develop. To support employees in organization. This program offers employees
developing their competence in the emerging the opportunity to immerse themselves in
market, Aker Solutions has an ongoing Power Platform low-code development,
competency lift project called #SKILLS. The including training in Power BI, Power Apps, and
#SKILLS learning initiative, launched in 2022, Power Automate. Over a three-month period,
is a platform and community consisting of participants not only acquire essential digital
multiple tools and resources to learn, develop skills but also have the chance to apply their
and share knowledge. For example, we provide new knowledge by developing their first
access to world-class online learning content, Minimum Viable Product (MVP) for the
such as Coursera, and we collaborate with company.
several universities and partners to upskill our
employees within our critical skills identified.
Aker Solutions increased its own self-produced
course offering by an impressive 73 percent in
2023 from the previous year. On average, our

8
Hours included are from regular and temporary internal employees active at one point in 2023, including subsea employees up to October 7, 2023. The data includes all learning hours from course completions, both instructor-led and e-learning, as well as
completions from Coursera that are registered in Aker Solutions internal learning portal. This data does not include project-related training/training paid for by clients.

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In 2023, App-Farm trained 25 individuals in By standardizing procedures across our yards In 2023, Aker Solutions was awarded the prize Our collective competence is a key enabler for
Power BI, Power Apps, and Power Automate, and implementing models that ensure all for best apprenticeship company in Rogaland Aker Solutions’ ability to deliver on current and
enabling them to develop custom solutions for contracted resources possess the necessary county, Norway. future ambitions. We are therefore supporting
their projects or departments. We also hosted a skills, we guarantee the quality of our work. employees to build future-fit competence and
successful "Power Platform Week" in This includes measures such as site tests, Performance Development are continuously updating our learning
collaboration with Skills with 300 attendees familiarization programs, and background In 2023, we also redesigned the Performance offering. We continuously monitor the uptake
throughout the week, and we conducted eight checks. Additionally, we offer essential health, Development process where the purpose is to of all formal learning to ensure management
physical workshops across multiple locations safety, security and environmental (HSSE) align people around common priorities, focus and further optimize our learning
like Bergen, Oslo, Trondheim, Stavanger, and courses, including training on handling falling accelerate performance and support people in portfolio.
Kuala Lumpur. These efforts led to objects and fall protection, further their growth and development. Frequent
improvements in digitalization across various underscoring our commitment to workplace communication and dialogue between
administrative and project tasks, reaffirming safety. Through the Stord Academy, Aker managers and employees about priorities,
our commitment to enhance everyday Solutions reinforces its leadership in industrial performance, improvement and personal and
digitalization, upskill the organization and competence and sets a new standard for the professional growth are core elements in our
create citizen developers. development of the future workforce. Performance Development approach.

In 2023, Aker Solutions made a significant leap Apprentice Program Based on employee input from the strategy and
in our approach to talent development and During 2023, Aker Solutions recruited a total of culture workshops in 2021, and input gained
recruitment with the establishment of the Stord 136 apprentices in nine locations in Norway: through a systematic process including all
Academy. This initiative represents an Verdal, Egersund, Sandnessjøen, Stord, segments and regions, six strategic skills have
evolution from traditional training models in the Ågotnes, Moss, Tranby, Bergen and Stavanger. been identified as key to manage Aker
industry, introducing a dedicated training Solutions’ strategic transformation:
center located just outside the yard premises. The aim of the apprentice program is to
Equipped with state-of-the-art classrooms and increase the number of skilled workers much ◼ Digital
facilities, the center is supported by a team of needed in Aker Solutions and in Norway. Close ◼ Leadership
specialized instructors covering nearly all collaboration between schools and the training ◼ Change readiness
industrial trades. The mission of the Stord offices ensures high-quality training in the use ◼ Technical and professional
Academy is multifaceted: to attract, develop, of advanced technology, such as robotics and ◼ Positioning, execution and commercial
and retain young talents who are the future automation. awareness
workforce, to advance professional skills, and ◼ Environmental, social and governance
to provide training and certification for both At Aker Solutions, apprentices can do a variety (ESG)
new and existing employees. We are also of work and gain experience on different sites,
setting a new industry benchmark in onshore and offshore. They can earn several Regardless of role or organizational belonging,
recruitment, skill enhancement, and operator- certificates of apprenticeships and develop all areas are relevant for development of Aker
level competency requirements. through different positions and degrees of Solutions’ employees.
responsibility in the organization.

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understanding of how the employee international footprint led to a decrease in the Employees in Norway account for 75 percent
Stakeholder Feedback experience impacts our overall operations and number of employees in most of our of our own employees. Additional data and
Aker Solutions’ Employee Pulse Check Survey drives our transformation agenda. Line international locations. At the end of 2023, the figures on our employees can be found in the
was conducted twice in 2023. The survey is managers and teams meet to share the results number of own employees was 11,473. Building appendix.
comprised of ten short statements, of which and discuss plans to maintain or improve the upon a strong and healthy company culture in
half address employee motivation and work environment. The results are acted upon line with our purpose and attitudes is important
engagement while the other half address in different ways depending on the issues that for us as we continue to grow.
collaboration and organizational conditions. surface in the reports. Support and reflection
The main purpose is to monitor and gain tools are available for teams and managers to
insights into employees’ perceptions of own foster this process. The results are also
work motivation, team dynamics and discussed in company democracy forums with
organizational effectiveness and increase union and safety representatives to ensure
stakeholder engagement, capture valuable
input and feedback, and collaborate on how
the employee experience can be further
improved.
2023 Pulse check
We recognize that a balance between work and
results: personal needs is important in supporting a
healthy, motivated, and productive workforce.
We have a variety of global and local programs

65% and policies to help our team members achieve

success at work and at home, while making
their workplace an enjoyable and safe place.
2 surveys, average response rate We have continued to stimulate and fund local
welfare clubs and initiatives with a broad sport
and social activity range for all employees. We

71% have strengthened the platform for our global

community of young professionals, Young
Solutioneers. The valuable input from our
employee engagement score young professionals, combined with our strong
co-operation model with union representatives
both in Norway and globally, continues to help

68% our management team as we further develop

the employee value proposition.
As a result of the new subsea company
organizational effectiveness score
established together with SLB in 2023, the
number of employees in Aker Solutions
decreased. In addition, the reduction in our

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The percentage of women in top management Our targets are:

Performance positions remained steady from 2022 to 2023
Looking Forward
◼ By 2030, gender balance among our top
Globally, we strengthened our focus on at 30 percent. However, the percentage of In 2024 we will continue to focus our efforts on
200 leaders
initiatives to promote greater diversity in 2023 women in leadership roles has increased from initiatives to promote greater diversity,
through a focus on recruiting female 21.7 percent in 2022 to 24.5 percent in 2023. ◼ By 2025, 15 percent increase in female leadership, culture, organization and
candidates and promoting women to leadership leaders in both line and project roles competence development. The following
roles. As the table above reflects, there was an While this is an improvement, further ◼ Gender balanced graduate intake in 2024 priorities within diversity and equal opportunity
increase in recruitment of females and an increasing the share of female employees will are a continuous focus:
increase in the percentage of total share of remain a priority. As the majority of our work In the statistics for higher education in Norway
female employees in Aker Solutions in 2023. takes place in projects, increasing the number within the Science,Technology, Engineering ◼ Performance process and dialogue sessions
of females taking on project leadership roles and Mathematics (STEM) subjects there is a for teams and individuals that will include
th
In 2023, Norwegian students ranked us as 7 also remains a priority. skewed distribution of the number of female culture and competence development
nd
most attractive workplace in Norway and 2 students compared to male students, which ◼ Focus on number of female employees in
place within Engineering and Computer This is why, in early 2024, we announced results in a similar and a lower gender diversity leadership positions and building a strong
Science. According to the Universum’s Young enterprise gender diversity targets aimed at in the company. A concrete action in this and diverse leadership pipeline
professional survey fall 2023, Aker Solutions achieving gender balance, especially in regard is that Aker Solutions in Norway is an ◼ Talent recruitment and retention with
st th
climbed from 21 to 11 place as most popular leadership roles. This balance is essential for active partner and sponsor of the female and increased focus on diversity in our
employer within IT. fostering an environment where all voices are non-binary network for students at the Norwegian workforce including demographic profile,
heard and valued. University of Science and Technology (NTNU), nationalities and gender
where we highlight female success stories and
◼ Align corporate and country specific DEI
employee journeys (internally and externally).
forums to champion diversity and inclusion
Diversity is also an integrated part of our
2023 activities across the organization
recruitment processes, across all levels.
9
Gender % Female Age Groups
2023 2022 Under 30 30-50 Over 50 We have maintained our focus on providing
employees with an adequate workplace and
Board of Directors 45.0% 45.0% 0.0% 27.3% 72.7% arenas to interact with other colleagues. This
Top Management
10
30.4% 30.5% 0.0% 49.3% 50.7% includes initiatives such as free online and in-
person exercise classes for employees, relevant
Own Employees office 26.6% 26.8%
equipment for home office and use of digital tools
Own Employees non-office 7.4% 7.2% to interact and connect with employees for
Total own employees 21.4% 21.1% 16.1% 49.3% 34.6% work and socially. The framework for working
from home is now incorporated into the
Recruited 25.5% 24.8% 27.7% 59.6% 12.7%
company’s employee handbook.

9
Data in table is as of year end 2023 and year end 2022.
10
Top Management is defined as L0, L1 and L2 roles in Aker Solutions: CEO, EMT and EMT reports.

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Reporting on Gender Pay Gap structure and pay processes for all companies). Main Findings for Norway the reason for difference in total compensation
Being employed in another registered company The energy industry is a male dominated is largely due to more female executives being
According to the Norwegian Equality and therefore has no impact on salary policies. The industry. Availability of female candidates with promoted in 2022, impacting their bonus
Discrimination Act, Norwegian companies have operation and leadership of the company is education within STEM is increasing, but is still payments in 2023. As figures reported reflect
an obligation to map and actively work to prevent unified and transcends the legal company low in most of the markets where we operate. paid remuneration as opposed to earned
discrimination and gender inequality in the structure. For Norwegian reporting purposes The uneven gender distribution in the remuneration during the year, a higher
company and must report on gender pay gap (ARP), all legal entities are therefore included organization influences the pay gap. Our 2023 proportion of females have 2023 payments
among employees every other year. The key and described as inherent parts of the parent reporting shows a similar base salary pay gap related to positions at a lower level. For levels
findings from our gender pay analysis are company. The entities with employees included in all levels of the organization compared with below senior management positions, the gap
presented below. in the total numbers are Aker Solutions AS, 2022. The gap is higher for total compensation widens since men worked more overtime than
Aker Solutions Hydropower AS and Benestad than for base salary because men work more women and had more variable compensation
The figures are related to employees in Norway Solutions AS. The reporting excludes overtime and have more variable compensation resulting from shift work, irregular hours, etc.
only and reflect all registered Aker Solutions employees transferred out of Aker Solutions in elements (e.g., compensation for shift work or For entry and junior professionals, the number
Norwegian companies. Gender pay reporting is connection with the establishment of the odd hours) than women. The level of temporary of female employees in the data pool was less
not separated by company registration. Aker OneSubsea entity. and part time work in the organization is low, than ten. As such, the uneven gender
Solutions Norway’s pay structure is centrally and no involuntary part time work is identified. distribution impacts the pay gap for both base
organized and run (i.e. there is one pay Diversity reporting in other countries is done salary and total compensation.
according to local requirements. Gender Distribution in the Norwegian
organization Aker Solutions has a mandatory global
The gender distribution shows that 80 percent compensation procedure to ensure gender
neutral pay and mitigate unconscious bias. The
Gender Distribution in Norwegian Organization of our employees are men in Aker Solutions’
procedure includes principles for determining
Norwegian organization. Among non-office
employees, 93 percent of the employees are basic salary, for annual salary review process,
Executives 76 24 male. and for out of cycle salary adjustments.
Senior Management 78 22
Senior specialists and Team leaders 73 27 Norwegian Gender Pay Gap There is no pay gap for non-office employees
related to base salary as this group follows a tariff
Professionals 68 32 The gender pay gap reporting shows women’s
salary scheme based on education years. For
Entry level and Junior professionals 25 75 average salary in percentage of men’s average
total compensation the pay gap is 97 percent
salary for the relevant position level – both for
Non-Office Based Roles as more overtime and irregular payments
base salary and total compensation. The 2023
Operators and Team leaders 93 7 related to working time is registered by men.
analysis shows that the base salary pay gap
remained largely the same compared to 2022
with an aggregate total reduction of one percent. The total weighted women’s average salary in
Total 80 20 percentage of men’s weighted average salary
— 20 40 60 80 100 (including non-office roles) is 96 percent for
In total compensation, however, the pay gap
base salary and 91 percent for total
continues to exist between women and men. In
Male Female compensation.
the executive and senior management levels,

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Temporary Work, Part Time and Parental Leave in Norway

Temporary Work Part-time Work Parental Leave
Most of our Norwegian employees are Aker Solutions had a very low level of part-time Parental leave follows legal regulations and UK Gender Pay Gap
employed on permanent employment work in Norway during 2023. On average 1.89 individual choices. During 2023, female
In the UK, we are required to report publicly
contracts. Attracting and developing new percent of both male and female employees employees on parental paid leave took an
and to the government on the gender pay gap.
competence is critical for Aker Solutions and worked part-time. All of them did this as a average of 39.8 weeks (about 9 months), while
The initial 2023 results for Aker Solutions show
the employment of apprentices is an essential result of their own request. No involuntary part- male employees took an average of 20.7
a continuing decrease in the mean and median
part of this effort. Apart from a small number of time work has been identified. weeks (about 5 months) paid parental leave.
pay gap. The pay gap outcomes for 2023 will
seasonal workers (summer interns, etc.) all Aker Solutions pays full salary to employees on
be published on our website.
temporary workers identified are apprentices. parental leave – also for employees with higher
A high percentage of our apprentices are salary than the cap in Norwegian social
offered permanent employment upon security regulations.
completing their apprentice period. On
average, 1.9 percent of male employees and
0.5 percent of female employees worked on
temporary contracts in 2023.

Women's Average Salary as Percentage of Men's Average Salary

for Norway
Total
Job Category Base salary compensation

Executives 96% 93%

Senior Management 97% 95%
Senior specialist and team leaders 94% 89%
Professionals 98% 85%
Entry level and junior professionals 89% 79%
Non office 100% 97%
Total Weighted Figures 96% 91%

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Material Topics covered in this

chapter are:
◼ Corruption and bribery
◼ Protection of whistleblowers
◼ Cybersecurity
◼ Management of relationships with suppliers

The former Subsea segment of Aker Solutions is excluded from data and
information reported in the governance section of the report, except where
noted.

Governance Materiality analysis →

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Corporate Governance
Good corporate governance at Aker Solutions
shall ensure sustainable operations and value
Liability Insurance
creation over time to the benefit of The directors and officers of Aker
shareholders and other stakeholders. Solutions ASA are covered under an Aker
Corporate governance is a framework of group Director and Officer’s Liability
processes, mechanisms, and responsibilities Insurance (D&O). The insurance covers
for managing the business and making sure the personal legal liabilities including defense
right objectives and strategies are set and and legal costs. The officers and directors
implemented with results that can be measured of the parent company and all subsidiaries
and followed up. globally (owned more than 50 percent) are
covered by the insurance. The cover also
The Board of Directors is responsible for includes employees in managerial
ensuring that the company conducts business positions or employees who become
using sound corporate governance, and sets named in a claim or investigation.
the standards for corporate governance,
ensuring these reflect the Norwegian Code of
Practice for Corporate Governance. Sustainability Governance
The audit committee supports the Board of Aker Solutions works proactively to
Directors in the quality assurance of guidelines, ensure sustainability, integrity and
responsibility in its operations.
policies, and other governing instruments
Sustainability considerations are
pertaining to the company. The audit committee integrated in internal processes and
supports the Board of Directors in safeguarding business operations and tailored to
that the company has sound management and diverse local contexts and stakeholder
internal controls over financial reporting and expectations.
enterprise risks. The audit committee also
monitors compliance with the company’s Code of
Conduct as well as anti-corruption and third-party Aker Solutions’ Board of Directors, the highest
representative policies. governance body, is responsible for overseeing
and safeguarding management of our
sustainability work. There are eight ordinary
board meetings per year, and extraordinary
meetings when needed. Every ordinary board
meeting includes an operational status report

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

from the CEO and/or CFO, including project Aker Solutions’ Management System is
updates. Climate-related issues are also a governed through 12 policies anchored at the
priority when presenting tenders to the Board highest level in the organization that describe
for approval. Sustainability is a standard topic the intention and direction of the organization
on the agenda for the quarterly audit as formally expressed by top management.
committee meetings where material impacts, They are valid for everyone in Aker Solutions
policies, reporting and other key topics are and are shared with our customers and
discussed and agreed. Annual sustainability prospective customers. Our business
reporting is discussed, reviewed and approved processes are owned by our global functions
by the Board and audit committee in the first and business segments with responsibility and
quarter of the year. authority to standardize and optimize our work
processes to secure efficient operation. The 12
Under the CEO, the Executive Vice President policies are: Governance, HSSE, Performance,
of Sustainability has the responsibility to People, Finance, Supply Chain, Data Protection
develop, drive and communicate the and Information Security, Customers and
sustainability agenda, while our business Strategy, Segment Execution and Business
segments and functions are responsible for Integrity, Sustainability and Human Rights.
implementation. Each of our locations is These policies can be found on our website.
responsible for ensuring compliance with local
legal requirements in addition to the corporate Sustainability is embedded into Aker Solutions
requirements. Aker Solutions’ employees are enterprise strategy and is not a separately
expected to adhere to our Sustainability Policy. developed strategy.

The Code of Conduct is the key governing Decisions are made every day that have an Ongoing Proceedings
document and the foundation of our drive to impact across our value chain: they affect
uphold the highest levels of integrity and avoid people, customers and suppliers, as well as the In January and February 2022, two
becoming complicit in unethical or illegal environment and the communities in which we managers in Aker Solutions Malaysia were managers and Aker Solutions continues to
behavior. We strive to minimize harm to the operate. We know that how we conduct charged by the Malaysian authorities, support him. Aker Solutions has operated in
environment by providing environmentally ourselves as an employer and as a business related to allegations of errors in the annual Malaysia for many years, and
sound technology for our own activities and has a profound impact on the company’s ability return form for 2017. Aker Solutions was documentation and information regarding
those of our customers’. We recognize our to create long-term value for society and for very pleased to see that both managers the company set-up have been disclosed to
responsibility to positively impact societies and our shareholders. were acquitted by the Kuala Lumpur High relevant authorities. In 2017, the licenses
strive to ensure that they benefit from our Court on December 23, 2022. The charges were renewed after clarification meetings.
operations. were struck out by the court, finding them The latest renewals of the licenses were in
More information is available in the 2023
to be groundless, defective and not known late 2023 and early 2024.
corporate governance report on our website.
in law. Malaysian authorities have appealed
the acquittal with respect to one of the

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Corruption and Bribery

Aker Solutions has a potential impact on human engage in different ways with internal
rights through the protection of whistleblowers. stakeholders on these topics. Some examples
Insufficient protection of whistleblowers may include periodic reporting on risk assessments,
hinder reporting, thereby obstructing the formal reporting on design and efficiency of the
identification of human rights violations. A robust compliance program and risk mitigation
whistleblowing system is paramount to ensure relating to material topics, company-wide
Aker Solutions has a long and proud industrial transparency, ethical practices, and the well- awareness campaigns and internal capacity
history. We honor that legacy and secure our being of the workforce, especially in identifying building through compliance trainings. In
current and future license to operate by acting and addressing any violations promptly. addition, external stakeholders such as
responsibly and with integrity. By adhering to the customers, suppliers and partners are
highest standards and honoring our Corruption and bribery, as well as the protection consulted and involved during supply chain
commitments, we gain and maintain trust of one of whistleblowers, are material topics for Aker audits and the integrity due diligence process.
another, our customers, business partners and Solutions.
other stakeholders. Our presence in 15 countries,
some with high corruption, political and human
During 2023 we have observed continuous
“ We work continuously
rights risks, exposes Aker Solutions to corruption
and bribery challenges and the potential negative
geopolitical instabilities resulting in extensive
use of political tools such as sanctions or
and systematically to
impact from these risks.
blacklisting, all of which impacted Aker improve operationalization
Solutions as a global company and our
Such misconduct can lead to mistrust, financial international supply chain. Additionally, Aker of the compliance program
loss, and potential socio-economic Solutions’ business partners in higher risk
repercussions in the communities where Aker countries represent an inherent risk of being across the global
Solutions operates. These impacts are further
magnified in areas where rule of law is weak
involved in or associated with corrupt activities
and are therefore subject to thorough due
organization and to enable
and where communities rely heavily on the
integrity of corporations for their well-being. In
diligence scrutiny as a risk reducing measure. the right business conduct
addition, Aker Solutions has potential negative
impacts related to political incidents of
These topics are at the core of Aker Solutions’ throughout the company.
compliance and integrity program. As such,
corruption within its business relationships.
they are subject to periodic communication and
These incidents can involve unethical actions,
reporting to key stakeholders like the Board of
bribery, or other forms of financial malfeasance
Directors, Audit Committee, unions (through
that can distort market dynamics, impede fair
employee representatives to the Board),
competition and undermine the company’s
executive management team, business
integrity and reputation.
segment management and all employees. We

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Approach
Our approach to building a culture of Aker Solutions’ compliance program is
compliance and integrity is based on a clear designed to help us promote a culture of
commitment and firm expectations from the compliance and integrity and to prevent, detect
Board of Directors and the company’s and respond to issues of non-compliance,
management. breaches of law, regulations, or internal
policies.
Aker Solutions’ commitment to compliance and
integrity is operationalized and managed by
implementation of a global compliance
program. Aker Solutions’ compliance program
is managed by the Compliance and Integrity The business integrity and
function and has an independent reporting line compliance program consists of
to the Audit Committee. The Audit Committee three key elements
regularly reviews the company’s compliance
with the Code of Conduct and supporting
compliance documents. The Head of 1. Preventive measures
Compliance and Integrity reports quarterly to
the Audit Committee on the design, 2. Detective measures
implementation and effectiveness of the
company’s business integrity program and 3. Responding measures
activities, and reviews performance in this
respect. Particular focus is given to Each of the above-mentioned key
whistleblowing cases and independent elements of Aker Solutions’ business
investigations concerning the Code of integrity and compliance program are
Conduct, follow-up of high-risk business described on the following pages.
partners including third party representatives,
and adherence with human rights and data
privacy. Once a year, in the third quarter, the
Audit Committee meets separately with the
Head of Compliance and Integrity without
members of management present.

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1. Preventive Measures
a. Risk Assessment b. Governing Documents c. Training and Awareness Building Aker Solutions performs IDD on our customers,
Assessment of business integrity and Aker Solutions’ Code of Conduct is endorsed Continuous focus on awareness of compliance suppliers and other business partners such as
compliance risks is an integrated part of the by the Board of Directors and constitutes a and business integrity is important to ensure joint venture partners, third-party
Enterprise Risk Management (ERM) process framework for managing compliance and that our employees know what to do if they find representatives and alliance partners. Projects
which is subject to a quarterly review. At the integrity risks. It describes our commitments themselves in a risk or dilemma situation. and new country entries are subject to integrity
end of 2023, the risks identified and assessed and requirements regarding business practice, and country risk assessments.
in this category were relating to: personal conduct, and expectations towards In 2023, approximately 8,700 own employees
business partners. completed an annual Code of Conduct During 2023, there were 105 Country Risk
◼ Business partners in terms of corruption certification e-learning where they confirmed Notifications (CRN) recorded triggering
and integrity Our Business Integrity Policy is endorsed by to have read and understood Aker Solutions’ execution of an IDD process. Respective
◼ Geopolitical situation and use of tools such the CEO and supplements the Code of Code of Conduct. This is approximately 75 numbers for previous years are: 88 CRNs in
as sanctions and blacklisting Conduct and sets clear responsibilities and percent of own employees. Additionally, 2022 and 117 CRNs in 2021. More information
procedures for managing compliance and approximately 2,750 sub-contractors and on our IDD process is included in the Human
◼ Potential breaches of human rights and
integrity risks at all business levels in the Aker hired-ins completed the Code of Conduct e- Rights section of this report.
adverse impacts to people though the
supply chain Solutions organization globally. learning.
Transparency International’s Corruption
◼ Potential breaches of data protection and
The Code of Conduct, Business Integrity Policy For more information on training programs, see Perceptions Index (CPI) scores and ranks
privacy
and other compliance procedures are the Human Rights section of this report. Details countries/territories based on how corrupt a
implemented and operationalized in the line of on number of employees trained, type of country’s public sector is perceived to be by
business through a global compliance program. course and completion per region are available experts and business executives. It is a
in the appendix. composite index, a combination of 13 surveys
and assessments of corruption, collected by a
d. Third Party Risk Management and variety of reputable institutions. The CPI is the
Integrity Due Diligence most widely used indicator of corruption
worldwide. The CPI scores for the 15 countries
Country and Business Partner Risk where Aker Solutions is are shown in the map
Aker Solutions is present at multiple locations below.
in 15 countries, several of which have scores
on internationally recognized indices that
indicate high inherent integrity risk. Risks are
managed through country risk assessments,
sanctions and trade compliance assessments,
mandatory compliance and integrity awareness
trainings, compliance reviews and integrity due
diligence (IDD) process of business partners.

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Corruption Risk Picture

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2. Detective Measures Reports concerning

a. Monitoring, Audits and Reviews Whistleblowing information posters are made employee relations and
There is an established process for an annual available in several languages and provide key
compliance self-assessment and internal information about what to report, how to report
Whistleblower Reports human resources issues
control testing. During 2023, the Compliance and what channels are available. The number
and Integrity team began establishing a new of cases reported in 2023 were 0.61 reports
11

70 54%
approach to compliance monitoring and per 100 employees as compared to 0.24 for
12
designing a compliance analytics program the previous year. There were 70 reports
including control testing, transaction recorded in 2023, compared to 38 reports in
monitoring data analytics and dashboards. The 2022 and 95 reports in 2021. Around half of
compliance analytics program will be the received reports in 2023 concerned
implemented during 2024. employee relations and human resources 2023 2023
issues, which is similar to the 2022 level. The
b. “Speaking Up” and Whistleblowing remaining cases were related to other business
Aker Solutions is committed to building a integrity topics.
culture of trust where employees are

38 50%
comfortable to ask questions, seek guidance, There are various channels available for
raise concerns and report suspected violations. employees to ask questions or seek guidance.
Aker Solutions’ whistleblowing channel allows Aker Solutions has established a common
anyone (including externals) to report channel for employees:
concerns, incidents, breaches or suspected [email protected] which is managed
breaches of the Code of Conduct, other by the Compliance and Integrity team. 2022 2022
internal policies or laws and regulations. Guidance on the company’s policies,
procedures and processes is available on the
Notifications can be sent anonymously through company’s intranet. Compliance and Integrity
Aker Solutions’ whistleblowing channel or by has set up a communication channel on the

95 50%
email to [email protected]. company’s intranet where awareness posts are
We do not tolerate retaliation against anyone who published on a regular basis and employees
speaks up in good faith to ask questions, raise a can comment and ask questions to the team.
concern, report a suspected violation or
participate in an internal company investigation.
2021 2021

11
2023 total number of employees (at year end, excluding subsea employees) is 11,473. 2022 total number of employees was 15,580. See additional key staff figures in the appendix.
12
2023 Whistleblowing case count of 70 includes 34 cases either from subsea employees or related to the subsea business.

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3. Responding Measures
Aker Solutions has implemented several
measures to respond to non-compliance. The
Continuous Improvement Looking Forward
key measures include adequate investigation We work continuously and systematically to In 2024, we will continue our efforts of
of all reported concerns/whistleblowing cases, operationalize the compliance program across enabling responsible business conduct and
systematic capture of lessons learned from the global organization and to support and promoting a culture of compliance and
incidents, consistent implementation of enable the right business conduct throughout integrity. We will continue shaping our global
response/improvement actions, including the company. compliance program to ensure that it evolves
disciplinary actions, and regular reporting to and remains relevant in a dynamic global
the CEO and Audit Committee. context and amid challenges like increased
Performance regulations, enforcement, geopolitical
All notifications to the whistleblowing channel instability, complexity and external
are received and managed by our Compliance Throughout 2023, we maintained the core expectations as well as ESG impact and
and Integrity department and are treated with elements of our global compliance program alignment with our strategic sustainability
strict confidentiality. Compliance and Integrity including anti-corruption, human rights and agenda.
has a mandate from the Board of Directors to sanctions compliance frameworks. We
investigate alleged compliance violations. conducted screenings of potential projects in Our priorities for 2024 have been defined and
Investigations are conducted in accordance high-risk countries and integrity due diligence we will concentrate our focus on:
with the rules set out in the Whistleblowing processes of potential business partners as we
Procedure and the Investigation Procedure. pursued opportunities in higher-risk markets.
◼ Transforming the company’s global
All whistleblower reports received were
compliance and integrity program through
investigated. A Code of Conduct annual
increased use of data, transaction
certification e-learning was made available to
monitoring and automation
company personnel. Activities requiring travel
and/or in-person interaction, such as ◼ Continuous improvement of our end-to-end
classroom training and on-site audits, were re- business partner follow-up process
activated after being postponed or cancelled in ◼ Implementing innovative and engaging
previous years due to the global COVID-19 business ethics training concepts to build
pandemic. awareness and engagement

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Security, Cybersecurity and Data Protection

environment by requiring our employees to (CERT) can be mobilized at the corporate level
complete an annual Code of Conduct training to either coordinate activities or lead the
Approach and through contractual deliverables that third response as necessary, depending on the
party security personnel are trained in human nature of the event.
Aker Solutions’ commitment towards rights, ethical behavior and anti-corruption
safeguarding employees, assets and reputation procedures. In addition, all employees annually Governance around emergency management
is demonstrated by the core team of security sign off that they will adhere to the company’s has been revised and the roles, responsibility of
Maintaining and protecting the security of our professionals and the operation of a 24/7 procedure for acceptable use of IT equipment. functions and how they will interact with each
data is essential for legal compliance and Global Security Operations Center. The center All employees also complete annual training on other in an event have been refined. A new
continuity of operations. Aker Solutions is supports all aspects of Aker Solutions’ global cybersecurity awareness. emphasis has been placed on training and
heavily reliant on access to data and IT operations as well as some of the affiliated exercises, which are now conducted at all
(information technology) systems to deliver Aker companies. Aker Solutions’ framework for emergency and three levels to ensure that teams, as standard,
services to our clients, where data security has crisis management is based on ISO 22301 and include leaders from the Human Resources, IT,
the highest priority. We are responsible for Security is grouped into the disciplines of cyber 22320. The same structure is used for HSSE, Security, Legal and Communications
processing data about our employees, and information security, physical security, emergency response situations as well as for functions with subject matter experts included
contractors, clients, projects and partners. personnel security, travel security and business continuity events. The structure for as appropriate. The teams receive training and
They rely on Aker Solutions to protect their executive protection and managed holistically handling unwanted events is based on a three- take part in regular exercises. All findings and
privacy and manage their data in a secure and through proactive interaction between the tiered approach. In this model, a Tier 1 learnings are registered in Synergi, the digital
confidential manner. multiple owning stakeholders with the common Emergency Response Team (ERT) will typically reporting tool used throughout the
goal of protecting both Aker Solutions and our focus its activities at sites or at the project level organization.
Aker Solutions has a potential impact on its employees. and is responsible for the immediate
stakeholders through breaches in data management of the event and its short-term Aker Solutions has adopted the ISO 27001 and
protection rights and security and, similar to The security professionals across the Aker impacts. If required, a Tier 2 ERT, typically NIST (National Institute of Standards and
other emergency situations, has a Group have developed a strong multilateral sitting at either the country or segment level, Technology) SP 800-53 frameworks for
responsibility to prepare for such events. network, bridging the security disciplines in the can be mobilized to provide additional managing data privacy and information
Increasing digitalization also poses a risk of physical and cyber domain. We are confident resources to the Tier 1 team, coordinate security risks. The Audit Committee of the
failure to protect intellectual property, secure that this initiative builds our joint security activities with other parts of the business, Board of Directors oversees the risk exposure
sensitive data and protect the data protection posture and business resilience towards an manage the business continuity recovery or and mitigating controls implemented by
rights of clients, employees and other evolving threat environment – and that it help reduce the impact of commercial and management. Risks are reviewed by
stakeholders. A breach or non-compliance enables our business to thrive in an financial impacts. In an extreme situation, management on a quarterly basis through the
could lead to reputational harm, legal increasingly complex geopolitical landscape. should an event be deemed sufficiently Enterprise Risk Management process. Audits
implications and potential loss of business serious, affect multiple countries or segments are performed regularly towards internal
opportunities. Cybersecurity is a material topic Aker Solutions is committed to the or threaten the company’s core values, the Tier organizations as well as external providers to
for Aker Solutions. enhancement of the wider security 3 Corporate Emergency Response Team ensure compliance with policies and controls.

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The risks posed by cyber criminals continue to international transfers of personal data, focus Brazil became the victim of a cyber attack. In
be a major threat to operations. This risk is was spent on new work instructions for response, we quickly mobilized a crisis
managed by IT with the security function handling personal data in acquisition of new management team, and with the support of
actively engaged as a stakeholder. As such, software. external experts, worked to contain and
the threat landscape is continuously monitored, resolve the situation.
and necessary steps are taken to safeguard Nine phishing campaigns were launched during
employees, systems, data and products 2023 with a nine percent failure rate. This is a
through internal procedures and proactive two percent increase in the failure rate from Looking Forward
engagement with national authorities. 2022. A similar number of exercises will be
conducted in 2024. In addition, we report Cybersecurity remains a substantial risk for
Phishing emails remain the most commonly personal data protection breaches in Aker Solutions. To reduce the adverse
used vector for cyber-attacks. We conduct a accordance with applicable laws. Aker consequences of a major security incident, we
minimum of six phishing exercises annually for Solutions has not received any substantiated or have implemented several improvements to our
all employees, aimed at increasing awareness unsubstantiated complaints related to information security programs.
and competency around phishing. The failure breaches of customer privacy in 2023.
rate is determined by the number of recipients We will continue to improve proactive risk
in the simulation that were compromised out of In order to ensure that we manage our management processes ensuring the business
the total amount of recipients in the specific customer personal data in accordance with has visibility of the threat landscape and
simulation. Additional training courses are applicable data protection laws, we have mitigating actions are appropriate, in place and
mandated for those that fail more than one invested in software solutions to ensure legal well-rehearsed. The geopolitical situation has
simulation per year. Further measures have basis, safe and controlled storage and increased the threat level. While our clients are
been taken to secure email, improve processing of customer personal data. seeing increased threats to their facilities, we
capabilities to identify ongoing malicious see the threat to our company data and the
activities, and increase employee threat to European energy infrastructure as our
In 2023, 87 security cases were reported. Most
awareness of cyber threats. With smarter major risks and focus our analysis and training
of the cases were related to physical security
products connected to the internet, there scenarios accordingly.
(general failure of technical components,
is an increased risk to these devices and the personnel not adhering to security procedures
systems they are connected to. Precautions including break-ins and the cyber attack in 2024 will be a year in abundance of risks an
have been taken to protect Aker Solutions’ Brazil). No serious security incidents were geopolitical events. It will be vital to ensure that
and clients' assets. reported in 2023 and 80 of the 87 cases were Aker Solutions has a holistic and risk-
reported as low risk (green). In 2023, the CERT knowledgable approach that enables
was mobilized two times, in response to the management to understand the risk landscape
Performance cyber attack in Brazil and a disturbance at our and facilitate decision-making. Aker Solutions
yard in Stord, Norway. must have the ability to manage incidents and
From a personal data protection perspective, long-lasting crises and understand business
key focus areas for 2023 were compliance impact and business continuity in this new
In February 2023, Aker Solutions subsidiary
related to international data transfers and data environment.
C.S.E. Mecânica e Instrumentação Ltda in
processor approval routines. With respect to

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Responsible Supply Chain

development. The stringency of qualification and consistency; and reinforces our collaborative
requirements may be adjusted based on approach. Moreover, to further enhance the
Approach factors such as the complexity of the product accuracy of our Scope 3 emissions data, we
or service needed and the supplier's country or requested our selected bulk metal suppliers to
We have a strong focus on sustainability across location. The onboarding process includes a provide environmental product declarations for
all our operations, and we expect that our variety of checks related to HSSE, human relevant products where available.
suppliers meet the same high standards. rights and anti-corruption, and environmental
At Aker Solutions, we are committed to Sustainable sourcing starts with setting clear and sustainability goals. In addition, our We continue to prioritize our commitment to
cultivating a responsible supply chain expectations for our suppliers. We look for and suppliers must formally commit to compliance addressing transport emissions. Consequently,
recognizing both its positive contributions and work with suppliers and subcontractors who with our requirements by signing our Supplier during 2023 we increased considerations for
potential negative impacts on environmental, act responsibly within environmental, social Declaration. the greenhouse gas emissions in our evaluation
social and governance aspects. Through and governance areas. As such, we require process. In addition, we expanded the use of
dedicated efforts, we actively address these that they adhere to our Supplier Declaration Additional details regarding our expectations modular vehicle trains between destinations
considerations, striving for continuous including our standards for compliance and are outlined on our website. with large volumes and we continuously
improvement to ensure that sustainable business ethics, health and safety, human and explore ways to consolidate freight across
practices and ethical standards resonate labor rights, environment, quality management, different projects. Moreover, we initiated a
throughout our operations. and corporate social responsibility, as well as
being competent and trustworthy.
Performance regular transport route utilizing trucks powered
by hydrotreated vegetable oil (HVO). Our
Mismanagement of a global supply chain can In 2023, we continued to actively engage with our efforts also extend to enhancing the quality of
cause negative environmental and social Our approved supplier list (ASL) serves as the suppliers to enhance understanding of our supply our emissions data related to transportation.
impacts and financial risks, as well as impacts foundation for qualifying and monitoring our chain emissions and other environmental and One of the steps we took in this direction is to
related to governance issues such as supplier base. Compliance with our standards social impacts. We recognize the crucial role our standardize reporting on environmental data
corruption and data privacy violations. is monitored and evaluated through a defined suppliers play in contributing to our sustainability from our key freight forwarders.
process, technical audits and due diligence goals. Our suppliers’ active participation in this
Aker Solutions has a duty to responsibly, and analyses, of which the extent depend on the data-sharing initiative is fundamental to our
As part of our ongoing efforts to enhance
transparently, manage our relationships with risk profile. Whether a supplier is direct or collective success. As a consequence, we
energy performance and energy efficiency
our suppliers, monitor their activities and indirect, we expect them to meet specific key implemented additional environmental reporting
management, we successfully completed the
actively work to diversify our supplier portfolio. requirements and fully embrace our ethical requirements for selected projects and contracts
ISO 50001 certification process for our yard at
With more than 10,000 suppliers in our global standards. where, beyond the standard monthly HSSE
Stord, Norway. This certification has prompted
supply chain, ensuring a responsible approach reporting, we focus on CO2 emissions and waste
us to revise our yard procurement process, now
to managing our relationships with suppliers is The ASL employs a thorough qualification, data. Recognizing the varying decarbonization
incorporating considerations for energy
a material topic for Aker Solutions. monitoring, and performance evaluation maturity levels of our suppliers and
performance when selecting suppliers related
process, utilizing a fact and risk-based subcontractors, we have introduced a
to the identified sources of significant energy
approach for supplier selection and straightforward CO2 calculation tool for specific
uses (SEUs).
contracts which ensures improved data quality

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

In line with our ongoing efforts to strengthen Furthermore, Aker Solutions has proudly risk of potential deterioration of working
our environmental performance and increase become a member of the First Mover Coalition conditions for workers on site. “ We are committed to
transparency, consistency, and alignment
throughout the value chain on all ESG
(FMC) in the steel sector to support demand for
innovative technologies crucial for achieving a More information is available in the Human
advancing our
ambitions and requirements, towards the end net-zero transition. Rights section of this report. understanding of supply
of 2023 we proactively informed our suppliers
about our upcoming expectations related to Following our approach to managing risks of chain emissions, paving the
emissions and energy management. We intend potential breaches of human and labor rights Looking Forward way for targeted initiatives
to implement this in our procurement contracts resulting in negative impact to people and in
from January 2025 onwards. This open As we progress on our sustainability journey,
communication aims to ensure that our
line with the OECD guidelines and the
Norwegian Transparency Act, our risk our commitment to further integrate ESG for reductions.
suppliers are well-informed and adequately assessment methodology, human rights due considerations into our procurement processes
prepared to align with evolving sustainability diligence planning and execution capacity have remains steadfast. Our focus on reducing freight emissions will
standards and contribute meaningfully to our been improved during 2023. persist. We will continuously work on
shared environmental objectives. In summary, We are committed to advancing our expanding collaboration between projects to
our expectations focus on the following areas: understanding of supply chain emissions, identify common logistics solutions and to
Collaboration with our clients and suppliers
energy management, carbon emissions, carbon paving the way for targeted initiatives for increase the use of regular transport routes
was strengthened and has become
transparency, product emissions and reductions. Recognizing the importance of and more environmentally friendly fuels.
fundamental to anchoring and embedding
compliance. human and labor rights requirements into collaboration, we aim to strengthen our
operations, creating necessary awareness at engagement with suppliers, partners and Additionally, we will remain committed to
We recognize the pivotal role our frame various levels and implementing improvement clients to collectively promote the sustainability enhancing our understanding of ESG topics
agreements play in shaping our supply chain plans. agenda. This involves jointly exploring within supply chain teams through additional
dynamics. We therefore initiated an early opportunities for the use of more sustainable training, fostering a culture of sustainability
implementation of our emissions and energy products, materials and processes across the within our organization.
Due diligence initiatives with a specific focus
management expectations in our 20 strategic on human and working conditions were value chain.
frame agreements, and we aim to complete this conducted both on selected projects as well as Lastly, we will continue to monitor global
within 2024. By commencing incorporation on a country level, including some higher risk In 2024, our screening process will incorporate trends and the rapidly evolving regulatory
within some of our most significant countries. These processes became an the emissions and energy management requirements in this domain to remain
agreements, we aim to set a precedent for integrated element of our internal approach as expectations to further assess the maturity of proactive, continuously improving our
sustainable practices and encourage alignment well as an increasing expectation and our suppliers in this area and increase their operational practices.
with emerging standards. requirement from our stakeholders. awareness of our expectations from January
Specifically, the collaboration with one of our 2025.
More details on our expectations related to clients allowed us to complete a joint human
emissions and energy management can be rights due diligence follow-up plan for a
found on our website. strategic contractor and secure their
engagement. This collaboration made it
possible to monitor progress to mitigate the

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Consolidated
Financial
Statements
Aker Solutions
December 31, 2023

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Consolidated Financial Statements Liabilities and Equity

Income Statement Note 17 Equity
Declaration by the Board of Directors and Chief Executive Officer
Other Comprehensive Income (OCI) Note 18 Borrowings The Board and chief executive officer have today considered and approved the annual report and
Balance Sheet Note 19 Leases and Investment Property financial statements for the Aker Solutions group and its parent company Aker Solutions ASA for
Cash Flow Note 20 Pension Obligations the calendar year ended on December 31, 2023.
Equity Note 21 Provisions and Contingent Liabilities This declaration is based on reports and statements from the chief executive officer, chief financial
Note 22 Trade and Other Payables officer and on the results of the group’s business as well as other essential information provided to
the Board to assess the position of the parent company and the group.

General Financial and Capital Management To the best of our knowledge:

Note 1 Company Information Note 23 Financial Risk Management and Exposures ◼ The 2023 financial statements for the parent company and the group have been prepared in
Note 2 Basis of Preparation Note 24 Capital Management accordance with all applicable accounting standards.
Note 25 Derivative Financial Instruments ◼ The information provided in the financial statements gives a true and fair portrayal of the parent
Note 26 Financial Assets and Liabilities company’s and the group’s assets, liabilities, financial position and results taken as a whole as of
Performance
December 31, 2023.
Note 3 Revenue
◼ The Board of Directors’ report of the parent company and the group provides a true and fair
Note 4 Segments Group Composition and Other Investments overview of the development, performance and financial position of the parent company and the
Note 5 Personnel Expenses Note 27 Subsidiaries and NCIs group taken as a whole, and the most significant risks and uncertainties facing the parent
Note 6 Other Operating Expenses Note 28 Investments in Companies company and the group.
Note 7 Financial Income and Expenses Note 29 Business Combinations Fornebu, March 15, 2024
Note 8 Earnings per Share and Dividends Note 30 The Subsea Transaction and Discontinued Board of Directors of Aker Solutions ASA
Operations
Note 9 Income Tax

Leif-Arne Langøy Øyvind Eriksen Kjell Inge Røkke Birgit Aagaard-Svendsen

Assets Other
Chairman Deputy Chairman Director Director
Note 10 Property, Plant and Equipment Note 31 Related Parties and Key Management
Note 11 Intangible Assets and Goodwill Compensation
Note 12 Impairment of Assets Note 32 Audit fees
Hilde Karlsen Jan Arve Haugan Elisabeth Heggelund Lone Fønss Schrøder
Note 13 Inventories Note 33 Climate Risk Tørstad
Director Director Director Director
Note 14 Trade and Other Receivables
Note 15 Financial Investments and Interest-
bearing Receivables
Arne Christian Rødby Stian Pettersen Sagvold Line Småge Breidablikk Kjetel Digre
Note 16 Cash and Cash Equivalents Director Director Director Chief Executive Officer

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Income Statement
Consolidated statement for the year ended December 31

Amounts in NOK million Note 2023 2022

Revenue from customer contracts 3, 4 35,882 27,302

Net profit equity accounted investees 3, 28 205 33
Other income 3, 19 175 166
Revenue and other income 36,262 27,500

Materials, goods and services -20,760 -15,068

Personnel expenses 5 -10,757 -8,733
Other operating expenses 6 -3,578 -3,052
Operating expenses before depreciation, amortization and impairment -35,096 -26,854
Operating income before depreciation, amortization and impairment 1,166 647

Depreciation and amortization 10, 11, 19 -684 -568

Impairment 10, 11, 12, 19 -60 30
Operating income 422 109

Interest income 7 353 105

Interest expenses 7 -227 -290
Net other financial items 7 -453 26
Income before tax 95 -50

Income tax 9 -110 -92

Net income (loss) from continuing operations -15 -142
Net income from discontinued operations 30 11,540 1,312
Net income from total operations 11,525 1,170

Net income attributable to:

Equity holders of the parent company 11,637 1,179
Non-controlling interests -112 -8
Net income 11,525 1,170

Earnings per share from continuing operations in NOK (basic and diluted) 0.20 -0.27
Earnings per share from discontinued operations in NOK (basic and diluted) 23.61 2.70
Earnings per share from total operations in NOK (basic and diluted) 8 23.81 2.42

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Other Comprehensive Income (OCI)

Consolidated statement for the year ended December 31

Amounts in NOK million Note 2023 2022

Net income 11,525 1,170

Other Comprehensive income

Items that are or may be reclassified subsequently to profit or loss:

Cash flow hedges, effective portion of changes in fair value 25 31 175
Cash flow hedges, reclassified to income statement 25 -5 -81
Cash flow hedges, deferred tax 9, 25 2 -25
Cash flow hedges, discontinued operations 25 -40 0
Translation differences related to equity accounted investees 26, 28 -231 0
Translation differences related to other foreign operations 329 399
Recycling of translation differences, discontinued operations 30 -1,392 0
Total -1,305 467

Items that will not be reclassified to profit or loss:

Remeasurements of defined pension obligations 20 -36 -143
Remeasurements of defined pension obligations, deferred tax asset 9 8 31
Change in fair value of equity investments over OCI 26, 28 -6 -78
Total -34 -190
Other comprehensive income (loss), net of tax -1,339 278
Total comprehensive income 10,186 1,448

Total comprehensive income (loss) attributable to:

Equity holders of the parent company 10,295 1,455
Non-controlling interests -109 -7
Total comprehensive income 10,186 1,448

Total comprehensive income (loss) attributable to owners arises from:

Continuing operations 77 135
Discontinued operations 10,109 1,312
Total comprehensive income 10,186 1,448

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Balance Sheet Amounts in NOK million Note 2023 2022

Consolidated statement as of December 31 Equity and liabilities
Equity
Share capital 17 532 532
Amounts in NOK million Note 2023 2022
Share premium 3,687 3,687
Assets Reserves 17 251 1,486
Non-current assets Retained earnings 14,611 3,539
Property, plant and equipment 10, 12 3,487 3,596 Total equity attributable to the parent 19,082 9,244
Intangible assets including goodwill 11, 12 3,563 5,949 Non-controlling interests 27 -129 -4
Right-of-use assets and investment property 12, 19 1,911 2,723 Total equity 18,953 9,240
Deferred tax assets 9 491 584
Non-current liabilities
Lease receivables 19 529 561
Non-current borrowings 18, 26 0 962
Equity accounted investees 28 6,555 103
Non-current lease liabilities 19 2,921 3,679
Investments in companies 23, 26, 28 19 25
Pension obligations 20 895 1,031
Interest-bearing receivables 26 197 201
Deferred tax liabilities 9 140 459
Other non-current assets 30 506 26
Other non-current liabilities 119 36
Total non-current assets 17,258 13,768
Total non-current liabilities 4,074 6,168
Current assets
Current liabilities
Current tax assets 75 67
Current tax liabilities 62 65
Inventories 13 44 275
Current borrowings 18, 26 0 60
Trade receivables 3, 14, 26 5,268 5,857
Current lease liabilities 19 619 734
Customer contract assets and other receivables 3, 14, 26 2,317 4,419
Provisions 21 3,405 1,719
Prepayments 1,214 1,981
Trade payables 22, 26 2,554 2,645
Derivative financial instruments 25, 26 258 406
Other payables 22 6,550 9,066
Interest-bearing receivables 15, 19, 26 3,103 146
Customer contract liabilities 3 4,831 3,134
Financial investments 15, 26 5,714 0
Derivative financial instruments 25, 26 204 255
Cash and cash equivalents 16, 23 6,003 6,170
Total current liabilities 18,226 17,679
Total current assets 23,996 19,320
Total liabilities 22,300 23,847
Total assets 41,253 33,088
Total equity and liabilities 41,253 33,088
Fornebu, March 15, 2024

Leif-Arne Langøy Øyvind Eriksen Kjell Inge Røkke Birgit Aagaard-Svendsen Hilde Karlsen Jan Arve Haugan
Chairman Deputy Chairman Director Director Director Director

Elisabeth Heggelund Tørstad Lone Fønss Schrøder Arne Christian Rødby Stian Pettersen Sagvold Line Småge Breidablikk Kjetel Digre
Director Director Director Director Director Chief Executive Officer

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Cash Flow
Consolidated statement for the year ended December 31

Amounts in NOK million Note 2023 2022 Amounts in NOK million Note 2023 2022
Cash flow from operating activities
Cash flow from financing activities
Net income from continuing operations -15 -142
Interest paid -245 -319
Net income from discontinued operations 30 11,540 1,312
Proceeds from borrowings 18 0 6
Net income from total operations 11,525 1,170
Repayment of borrowings 18 -967 -1,450
Adjustment for: Payment of lease liabilities 19 -774 -695
Income tax 9 641 545 Paid dividends to equity holders of the parent company 8 -489 -97
Net finance cost 7 392 142 Paid dividends to minority interests -8 -11
Depreciation, amortization and impairment 10, 11, 12, 19 1,361 1,077 Net cash from financing activities -2,483 -2,566
Other (profit) loss on disposals and non-cash effects 30 -9,723 9 Net increase (decrease) in cash and bank deposits -415 1,476
Net income after adjustments 4,196 2,944
Changes in operating assets and liabilities 2,287 1,793 Cash and cash equivalents at the beginning of the period 6,170 4,560
Cash generated from operating activities 6,483 4,737 Effect of exchange rate changes on cash and bank deposits 248 134
Income taxes paid -267 -219 Cash and cash equivalents at the end of the period 16 6,003 6,170
Net cash from operating activities 6,216 4,518

Cash flow from investing activities

Interest received 395 157
Dividends received 34 13
Acquisition of property, plant and equipment 10 -1,833 -507
Payments for capitalized development 11 -388 -113
Acquisition of subsidiaries, net of cash 27 -13 -169
Sale of subsidiaries, net of cash 30 621 17
Proceeds from sale of property, plant and equipment 12 6
Change in interest-bearing receivables -95 18
Acquisition of shares and funds 15 -3,000 -7
Cash collection from lease receivables 19 119 110
Net cash used in investing activities -4,147 -476

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Equity
Consolidated statement of changes in equity

Share Share Treasury Retained Hedging Translation Fair value Equity attributable Non-controlling Total
Amounts in NOK million Notes
capital premium share reserve earnings reserve reserve reserve to parent interests equity

Equity as of January 1, 2022 532 3,687 -7 2,428 -58 1,159 93 7,833 28 7,861
Net income 0 0 0 1,179 0 0 0 1,179 -8 1,170
Other comprehensive income 0 0 0 -112 69 397 -78 276 2 278
Total comprehensive income 0 0 0 1,067 69 397 -78 1,455 -7 1,448
Dividends 0 0 0 -97 0 0 0 -97 0 -97
Sale (purchase) of treasury shares 0 0 3 68 0 0 0 71 0 71
Employee share purchase program 5 0 0 0 12 0 0 0 12 0 12
Realization of equity investment 0 0 0 90 0 0 -90 0 0 0
Taxes on equity transactions 9 0 0 0 -7 0 0 0 -7 0 -7
Dividends to non-controlling interests 27 0 0 0 0 0 0 0 0 -11 -11
Change in non-controlling interests from acquisition of shares 27 0 0 0 -22 0 0 0 -22 -15 -37
Other changes to equity 0 0 0 1 0 0 0 1 0 1
Equity as of December 31, 2022 532 3,687 -4 3,539 10 1,556 -76 9,244 -4 9,240

Net income 0 0 0 11,637 0 0 0 11,637 -112 11,525

Other comprehensive income 0 0 0 -28 -11 -1,066 -237 -1,343 3 -1,339
Total comprehensive income 0 0 0 11,609 -11 -1,066 -237 10,295 -109 10,186
Dividends 0 0 0 -489 0 0 0 -489 0 -489
Sale (purchase) of treasury shares 17 0 0 1 54 0 0 0 56 0 56
Employee share purchase program 5 0 0 0 8 0 0 0 8 0 8
Realization of fair value instruments 0 0 0 -78 0 0 78 0 0 0
Taxes on equity transactions 9 0 0 0 -17 0 0 0 -17 0 -17
Dividends to non-controlling interests 27 0 0 0 0 0 0 0 0 -8 -8
Changes in non-controlling interests 27 0 0 0 11 0 0 0 11 -11 0
Other changes to equity 0 0 0 -25 0 0 0 -25 3 -21
Equity as of December 31, 2023 532 3,687 -3 14,611 -1 490 -235 19,082 -129 18,953

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Notes to the Consolidated

Financial Statements
For the year ended December 31

Note 1 Company Information

Aker Solutions delivers integrated solutions, products and services to the global energy industry.
We enable low-carbon oil and gas production and develop renewable solutions to meet future
energy needs. By combining innovative digital solutions and predictable project execution we
accelerate the transition to sustainable energy production. The company had about 11,500 own
employees and was present in 15 countries at the end of 2023.

The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the
Oslo Stock Exchange under the ticker AKSO. The consolidated financial statements in this report
include the financial performance and position of the company and its subsidiaries collectively
referred to as “the group” or “the company” and separately as group companies.

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Note 2 Basis of Preparation

monthly rates. Foreign exchange differences ◼ Note 20 Pension Obligations
arising from these translations are recognized ◼ Note 21 Provisions and Contingent
Statement of Compliance Consolidation in other comprehensive income, and Liabilities
presented as a separate component in equity ◼ Note 29 Business Combinations
The consolidated financial statements have The consolidated financial statements (translation reserve). The translation
been prepared in accordance with IFRS® comprise the parent company Aker Solutions differences are reclassified to the income The main area where significant judgment has
Accounting Standards as adopted by the EU, ASA and its subsidiaries. Intra-group balances statement upon disposal or liquidation of the been made is described in:
their interpretations adopted by the International and transactions, and any unrealized gains related operations. Exchange differences
Accounting Standards Board (IASB) and the and losses or income and expenses arising arising from non-current monetary receivable ◼ Note 3 Revenue
additional requirements of the Norwegian from intra-group transactions, are eliminated or payable by a foreign operation where
Accounting Act as of December 31, 2023. in the consolidated financial statements. settlement is neither planned nor likely in the Aker Solutions acknowledge that climate
foreseeable future, forms part of the net change represents an element in the
The consolidated financial statements were Aker Solutions contributed in all material investment in that entity and are also application of methodologies and models used
approved by the Board of Directors and the aspects the entire Subsea segment into a new recognized in other comprehensive income. in estimates used in valuations and
chief executive officer (CEO) on March 15, entity formed with SLB on October 2, 2023, measurement of certain accounting items.
2024. The consolidated financial statements and will no longer be a reporting segment. This is further described in note:
will be authorized at the Annual General Aker Solutions holds a non-controlling interest Judgments and Estimates
Meeting on April 11, 2024. Until this date the of 20 percent in the new entity OneSubsea.
The preparation of consolidated financial ◼ Note 12 Impairment of Assets
Board of Directors has the authority to amend For historical figures, Aker Solutions’ subsea
statements in conformity with IFRS requires ◼ Note 33 Climate Risk
the financial statements. business has been restated as discontinued
operations. For more information about the management to make judgments, estimates
transaction and the investment in OneSubsea, and assumptions each reporting period that
Basis of Measurement see note 28 Investments in Companies and affect the income statement and balance New or Changed Financial
note 30 The Subsea Transaction and sheet. The accounting estimates will by Reporting Principles
The consolidated balance sheet has been Discontinued Operations. definition seldom precisely match actual
prepared on the historical cost basis except results. The main areas where judgments and Some amendments to standards and
for certain financial assets and liabilities as estimates have been made are described in interpretations have become effective in 2023.
presented in note 26 measured at fair value Translation of foreign each of the following notes: These changes did not have a material impact
on each reporting date. The consolidated on the consolidated financial statements.
financial statements are presented in currency ◼ Note 9 Income Tax Disclosure of accounting policies have been
Norwegian Kroner (NOK) and has been ◼ Note 10 Property, Plant and Equipment updated in accordance with amendments in
Assets and liabilities of subsidiaries that have
rounded to the nearest million (NOK million), ◼ Note 11 Intangible Assets and Goodwill IAS 1. Standards, amendments to standards
a different functional currency are translated
therefore the subtotals and totals in some ◼ Note 12 Impairment of Assets and interpretations that have been published,
to NOK using the exchange rate on the
tables may not equal the sum of the amounts ◼ Note 13 Inventories but not yet effective are not expected to have
balance sheet date. Income and expenses are
shown. ◼ Note 14 Trade and Other Receivables a material impact on the consolidated
translated using the average exchange rate
◼ Note 19 Leases and Investment Property financial statements.
for the year, calculated on the basis of 12

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Note 3 Revenue

The revenue in Aker Solutions consists of used for reimbursable contracts with less firm Performance Obligations Liquidated Damages (LDs)
large engineering, procurement and scope. These methods are used to best reflect Significant management judgment is LDs are penalties for not achieving defined
construction (EPC) contracts within the the pattern of transfer of control of goods and sometimes required in order to identify milestones on time. LDs are common in
renewables and oil and gas energy sector. The services to the customer. distinct performance obligations in customer construction contracts, but can also be
company also has engineering contracts and contracts. This includes an analysis of the present in service contracts. If a project does
frame agreements for maintenance of various Variable considerations, such as incentive customer contract to determine if the goods not meet the defined milestone in a contract,
energy installations. The compensation format payments, are included in revenue when they or services are distinct deliveries or input to a provision reducing the transaction price is
is both reimbursable and lump sum, and the are highly probable. Expected liquidated an overall promise to deliver a combined made unless it is highly probable that LD will
contracts often include various incentive damages (LDs) are recognized as a reduction system of products and services. As most of not be imposed. The estimated LD provision is
mechanisms. Project execution is a key of revenue unless it is highly probable LDs will the contracts represent a single, combined highly judgmental. The assessment of the LD
component of all deliveries. not be incurred. The transaction price of output for the customers, contracts will provision is based on experience from similar
performance obligations is adjusted for normally contain one performance obligation. LD situations in addition to client relationship,
significant financing components to reflect the contractual position and status on
Financial Reporting Principles time value of money. Profit is not recognized Variable Consideration negotiations.
until the outcome of the performance obligations Incentive payments are integral and
Customer contracts are assessed using the can be measured reliably, usually at 20 percent significant parts of contract revenue on Total Contract Cost
five-step model. Only approved customer progress. The full loss is recognized immediately certain reimbursable contracts. They can also The estimates of total contract cost can be
contracts with a firm commitment are basis for when identified on loss-making contracts. The be present in lump sum contracts. Incentive judgmental and sensitive to changes. The cost
revenue recognition. Variation orders are loss is determined based on revenue less direct payments include key performance indicators, estimates can significantly impact revenue
included when they have been approved, cost (i.e. labor, subcontractor and material cost) bonuses, target sum mechanisms and recognition for contracts using cost progress,
either verbally, in writing or implied by and an allocation of overhead that relate directly productivity measures and can potentially particularly in lump sum construction contracts.
customary business practice. The deliveries in to the contract or activities required to fulfil the both increase and decrease revenue. Most The forecasting of total project cost depends on
the contracts are reviewed to identify distinct contract. Customer financed assets required to incentives are estimated using the most likely the ability to properly execute the engineering
performance obligations. For the vast majority execute the projects are presented gross in the amount. Revenue from variable consideration and design phase, availability of skilled
of the identified performance obligations, financial statements. Financing of such assets is included only when it is highly probable that resources, manufacturing capacity, productivity
control has been assessed to be transferred to are included in the projects as revenue. the revenue will not be reversed. There is a and quality factors, performance of
the customer over time as the performance
risk that the actual payment of incentives may subcontractors and sometimes also weather
obligation is satisfied. Revenue is recognized
Judgments and Estimates differ from the estimated amount. conditions. Experience, systematic use of the
over time using a cost based progress
It can be challenging to estimate the expected project execution model and focus on core
method, or as time and materials are delivered
revenue and cost in the company's customer competencies reduce, but do not eliminate, the
to the customer. The cost progress method is
contracts, in particular if there are operational risk that cost estimates may change
commonly used on reimbursable - and lump
challenges. The most significant judgments significantly.
sum contracts when scope of work is firm. The
and estimates in the customer contracts are
time and materials method is more commonly
described below. Note 3 continues on next page

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Note 3 Revenue cont.

Different Types of Customer Contracts

The revenue in Aker Solutions arise from various contracts for the engineering, procurement, Estimated
construction, modification and maintenance within the oil and gas and renewables energy sector. Project Customer Award year
delivery

Renewables and Field Development Hugin A Aker BP 2022 2026

Deliveries include foundations for carbon capture, offshore wind and traditional oil and gas Valhall PWP Aker BP 2022 2026
installations, topside modules, substructures, floating production units (FPSOs), decommissioning,
hook-up services and marine operations. Most contracts last between three to five years. The Norfolk Vanguard West Vattenfall / RWE 2023 2027
contracts include a combination of FEED, engineering, procurement, construction and installation Johan Castberg Equinor 2017 2024
(EPCI) of equipment. Each contract is usually assessed as one performance obligation as the Hugin B Aker BP 2022 2026
deliveries are combined in one output. The contracts may be reimbursable, lump sum, target cost or
East Anglia 3 ScottishPower 2022 2025
a combination. The contracts regularly include incentives for achievement of key performance
indicators (KPIs) or penalties for late delivery. Payment terms are normally 30-45 days according to Fenris UI Aker BP 2022 2026
predefined milestones or monthly billing. Rosebank Redeployment Knarr Equinor 2023 2025
Sunrise Wind Ørsted & Eversource 2021 2025
The following table shows a selection of the largest projects in the segment:
Jackdaw WHP Shell 2022 2024
Norfolk Vanguard East Vattenfall / RWE 2023 2028

Note 3 continues on next page

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Note 3 Revenue cont.

Life Cycle Subsea

Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas The subsea business was disposed October 2, 2023. The segment delivered construction contracts
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The and service contracts.
majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms,
key performance indicators and productivity measures. Each contract or purchase order under a Deliveries in construction contracts included stand-alone subsea equipment or complete subsea
frame agreement (FA) is usually assessed as a separate performance obligation. The contracts systems. The contracts included engineering, procurement and construction (EPC) of subsea
usually last from one to five years. Payment terms are normally 30 days after time and materials are production equipment. Each contract was usually assessed as one performance obligation as the
delivered. deliveries were combined in one output. The service contracts included installation and
commissioning as well as maintenance, repair, spare supply and production asset through regional
The following table shows a selection of the largest projects in the segment: service bases. Each service job under a frame agreement was usually assessed as a separate
performance obligation as they represented one separate output.
Estimated
Project Customer Award year
delivery
Revenue by segment
Draugen Pfs EPCIC OKEA 2023 2027
The following tables show the revenue from customer contracts by segment. Revenue by country is
Equinor H (FA) Equinor 2016 2026 shown in note 4 (operating segments).
ConocoPhillips M&M (FA) ConocoPhillips 2016 2026
Valhall PWP tie-in Aker BP 2023 2028 Amounts in NOK million 2023 2022
Skarv Satellites Project Aker BP 2023 2027
Renewables and Field Development 21,472 14,808
Shell Modification Contract (FA) Shell 2017 2028
Life Cycle 13,025 12,135
Brunei (FA) Shell Brunei 2020 2025
Other 1,384 359
Berling tie-in to Åsgard B Equinor 2023 2028
Total revenue from customer contracts 35,882 27,302
Troll West, electrification Equinor 2021 2025

Note 3 continues on next page

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Note 3 Revenue cont.

Timing of Revenue Contract Balances

The satisfaction of performance obligations in customer contracts vary from a few months to as The company has recognized the following assets and liabilities related to contracts with
long as five years. The order backlog as of December 31, 2023 was NOK 72.7 billion, compared to customers:
NOK 72.8 billion the year before. The table below shows the expected timing of future revenue for
ongoing and not yet started performance obligations at year-end.
Amounts in NOK million December 31, 2023 December 31, 2022

2027 Total Trade receivables 5,268 5,857

Amounts in NOK billion 2024 2025 2026 and late backlog Customer contract assets 2,113 4,283
Customer contract liabilities -4,831 -3,134
Backlog phasing of ongoing performance obligations 36.3 24.6 8.7 2.7 72.2
Customer contract assets relate to consideration for work completed, but not yet invoiced at the
Backlog phasing of performance obligations not yet started 0.1 0.1 0.2 0.1 0.4
reporting date. The contract assets are transferred to trade receivables when the right to payment
Total backlog 36.5 24.6 8.8 2.8 72.7 become unconditional, which usually occurs when invoices are issued to the customers. Customer
Revenue recognized in 2023 for performance obligations satisfied in prior years was NOK 0 million, contract liabilities relate to advances from customer for work not yet performed.
compared to NOK 12 million the year before.
The change in contract assets and liabilities relates to the natural progression of the project
portfolio, as well as the current project mix. Of the amount of NOK -3,134 million recognized in
contract liabilities at the end of prior year, NOK 3,059 million (of which NOK 539 million relates to
the disposed subsea business) has been recognized as revenue in 2023.

The bad debt provision included in trade receivables at December 31, 2023 was NOK 116 million,
compared to NOK 69 million the year before. No impairment has been recognized on customer
contract assets.

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Note 3 Revenue cont.

Net Income Equity Accounted Investees Other Income

The company has recognized the share of net income from investments accounted as equity Other income includes revenue that is not derived from regular customer contracts such as leasing
accounted investees. As the activities of the investees are closely related to Aker Solutions revenue.
operating activities, the share of net income is reported as part of revenue and other income.
Amounts in NOK million Note 2023 2022
Amounts in NOK million Note 2023 2022
Revenue from operating leases 19 155 159
Share of net income OneSubsea 172 0 Other 20 7
Share of net income other equity accounted investees 34 33 Total other income 175 166
Profit from equity accounted investees 28 205 33
See note 4 for more information about revenue per segment and per country
See note 14 for more information about trade and other receivables
See note 19 for more information about leasing revenue
See note 22 for more information about trade and other payables
See note 28 for more information about equity accounted investees
See note 30 for more information about the subsea transaction and discontinued operations

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Note 4 Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.

Renewables and Field Development Subsea

The Renewables and Field Development segment pursues and executes projects within offshore The subsea business was disposed October 2, 2023 and is presented as discontinued operations.
wind power, green onshore as well as the market for traditional oil and gas platforms, onshore The segment is therefore not presented for 2023. See note 30 for more information. The Subsea
facilities, decommissioning and marine operations. The objective of the segment is to add value by segment provided market-leading intelligent subsea systems, products, services and low-carbon
improving efficiency and reducing carbon footprint in oil and gas deliveries. Furthermore solutions, used in oil and gas production. The segment also provided extensive life-of-field services
accelerating the transition to renewables and become a key supplier to renewables and carbon including installation and commissioning, conditional monitoring, inspection, maintenance, repair,
capture solutions by building execution and collaboration through a digital value chain. upgrades and spares supply, related to subsea equipment and infrastructure. The segment had a
global delivery model with service bases across all main offshore oil and gas basins globally.
The Renewables and Field Development reporting segment includes two operating segments in
Aker Solutions that are organized separately and provide individual management reporting to the
CEO. The following two operating segments are included: (1) New Build and (2) New Energies. The Other
operating segments have been aggregated in the external reporting as they share resources and
production capacity, and engineering is often an integrated scope of the customer contracts in both The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad
operating segments. The operating segments have similar commercial risks, they operate in the businesses and the group effect of hedges not qualifying for hedge accounting. The Other segment also
same economic climate and markets, and have similar customers. They also have similar includes impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken
operational characteristics and use the same type of KPI's to monitor the business. by the corporate center. The number of employees in corporate functions and finance support functions
are reported in the Other segment while the related cost is allocated to the segments.

Life Cycle
Change in reporting segments
The Life Cycle segment provides optimized field life solutions driven by decarbonization and
environmentally sound offerings both for offshore and onshore facilities. The segment provides a A minor reorganization, affecting segments was carried out April 1, 2023. Historical figures have
full-range offering of maintenance and modification services including electrification projects, not been restated as changes are insignificant.
digitally enabled asset integrity services, hook-up and installation services as well as late-life and
decommissioning activities. The segment has a global presence across regions with main execution Aker Solutions contributed in all material aspects the Subsea segment into a new entity formed with
in Norway, UK, Canada, Brazil, Brunei and Angola. SLB on October 2, 2023 and will no longer be a reporting segment. Aker Solutions holds a non-
controlling interest of 20 percent in the new entity OneSubsea.

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Note 4 Segments cont.

Segment Performance 2023

Renewables & Field Total operating Intra-group
Amounts in NOK million Notes Development Life Cycle segments Other eliminations Total

Income statement
Revenue from customer contracts 21,866 13,025 34,891 991 0 35,882
Other income 32 7 39 342 0 380
External revenue 21,898 13,032 34,930 1,332 0 36,262
Inter-segment revenue 622 40 662 -131 -531 0
Total revenue 22,520 13,072 35,592 1,201 -531 36,262

Operating income before depreciation, amortization and impairment 973 686 1,659 -492 0 1,166
Depreciation and amortization 10, 11, 19 -376 -120 -496 -188 0 -684
Impairment 10, 11, 12, 19 0 0 0 -60 0 -60
Operating income 597 565 1,162 -740 0 422

Assets and Liabilities

Property, plant and equipment 10 2,995 52 3,047 440 0 3,487
Intangible assets 11 1,631 1,309 2,940 623 0 3,563
Right-of-use assets 19 470 79 548 1,363 0 1,911
Current operating assets 4,132 3,306 7,438 1,710 -230 8,918
Operating assets 9,227 4,746 13,973 4,137 -230 17,880
Current operating assets 4,132 3,306 7,438 1,710 -230 8,918
Current operating liabilities 10,167 2,769 12,936 4,697 -230 17,403
Net current operating assets -6,035 537 -5,498 -2,986 0 -8,484

Cash flow
Cash flow from operating activities 3,832 237 4,069 2,147 0 6,216
Acquisition of property, plant and equipment 10 -1,482 -39 -1,521 -313 0 -1,833
Capitalized development 11 -30 0 -30 -359 0 -388

Other key figures

Order intake 22,523 11,781 34,304 1,146 -147 35,303
Order backlog 51,405 20,579 71,984 710 -15 72,680
Own employees 6,121 4,220 10,341 1,132 0 11,473
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Note 4 Segments cont.

Segment Performance 2022

Renewables & Field Total operating Intra-group
Amounts in NOK million Notes Development Life Cycle Subsea segments Other eliminations Total

Income statement
Revenue from customer contracts 14,808 12,135 0 26,943 359 0 27,302
Other income 14 0 0 14 185 0 198
External revenue 14,822 12,135 0 26,957 544 0 27,500
Inter-segment revenue 35 29 0 64 78 -142 0
Total revenue 14,857 12,164 0 27,020 622 -142 27,500

Operating income before depreciation, amortization and impairment 487 663 0 1,150 -504 0 647
Depreciation and amortization 10, 11, 19 -298 -105 0 -404 -164 0 -568
Impairment 10, 11, 12, 19 -3 0 0 -3 34 0 30
Operating income 185 558 0 743 -634 0 109

Assets and Liabilities

Property, plant and equipment 10 1,424 61 1,837 3,321 275 0 3,596
Intangible assets 11 1,613 1,311 2,808 5,732 217 0 5,949
Right-of-use assets 19 378 22 874 1,274 1,449 0 2,723
Current operating assets 3,011 2,975 4,315 10,301 2,656 -358 12,598
Operating assets 6,426 4,369 9,833 20,628 4,597 -358 24,866
Current operating assets 3,011 2,975 4,315 10,301 2,656 -358 12,598
Current operating liabilities 5,923 2,730 4,709 13,361 3,627 -358 16,630
Net current operating assets -2,912 245 -394 -3,061 -971 0 -4,032

Cash flow
Cash flow from operating activities 2,058 194 0 2,252 2,266 0 4,518
Acquisition of property, plant and equipment 10 -305 -17 0 -321 -186 0 -507
Capitalized development 11 -26 0 0 -26 -87 0 -113

Other key figures

Order intake 51,398 16,190 0 67,589 379 -157 67,811
Order backlog 50,790 21,617 0 72,407 285 92 72,784
Own employees 5,484 4,381 0 9,865 1,139 0 11,004
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Note 4 Segments cont.

Major Customer
Reconciliation of Information on Reporting Segments to IFRS
All reporting segments delivered to one major customer which represented 42 percent of total
Measures revenue in 2023 (2022: 49 percent). Aker Solutions has long-term contracts with this customer
which is a large international oil company.
Amounts in NOK million 2023 2022

Assets
Geographical Information
Total operating assets 17,880 24,866
Deferred tax assets 491 584 External revenue is presented on the basis of geographical location of the selling company. Non-
Lease receivables 529 561 current assets and capital expenditures are based on the geographical location of the company
owning the assets.
Equity accounted investees 6,555 103
Investments in companies 19 25 Revenue from Non-current Capital expenditure
Derivative financial instruments 258 406 customer contracts operating assets PPE
Current interest-bearing receivables 3,103 146 Amounts in NOK million 2023 2022 2023 2022 2023 2022
Financial investments 5,714 0
Non-current interest-bearing receivables 197 201 Norway 31,782 22,923 8,079 9,038 1,640 332
Other non-current assets 506 26 USA 1,024 1,243 2 286 5 17
Cash and cash equivalents 6,003 6,170 Brazil 73 287 2 1,030 90 79
Total assets 41,253 33,088 UK 472 577 550 886 9 0
Malaysia 286 508 44 374 16 9
Liabilities Angola 264 270 1 185 2 3
Total operating liabilities 17,403 16,630 Brunei 874 694 15 18 6 2
Non-current borrowings 0 962 Canada 973 692 73 52 19 5
Non-current lease liabilities 2,921 3,679 India 80 36 195 223 16 17
Pension obligations 895 1,031 Other countries 55 70 2 177 32 43
Deferred tax liabilities 140 459 Total 35,882 27,302 8,962 12,268 1,833 507
Other non-current liabilities 119 36
Current borrowings 0 60
See note 3 for more information about revenue
Current lease liabilities 619 734
Derivative financial instruments 204 255 See note 30 for more information about the subsea transaction
Total liabilities 22,300 23,847

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Note 5 Personnel Expenses Note 6 Other Operating Expenses

Personnel Expenses Amounts in NOK million 2023 2022

Rental of equipment, IT systems and support 1,369 1,350

Amounts in NOK million 2023 2022
Operating and maintenance expenses for
808 666
property
Salaries and wages including holiday allowance 8,544 6,942
External consultants including audit fees 526 444
Social security contribution 1,188 974
Travel expenses 343 221
Pension cost 795 655
Insurance 190 164
Other employee benefits 229 162
Other expenses 343 207
Personnel expenses 10,757 8,733
Other operating expenses 3,578 3,052
1
Total number of employees as of December 31 11,473 11,004
Average number of employees
2
11,289 10,897 See note 19 for more information about leasing costs
1) Total number of employees in 2022 is excluding 4,391 employees related to the disposed subsea business. See note 32 for more information about audit fees
2) Average number of employees in 2022 is excluding 4,025 employees related to the disposed subsea business.

Employee Share Purchase Program

In 2023, 1,413 employees participated in the share purchase programs in Aker Solutions.
Employees received a 25 percent reduction of cost price limited to a total of NOK 7,500.
Employees could sign up for shares up to a maximum amount of NOK 60,000 and management an
additional amount of maximum 20 percent of annual salary. Employees that are still working in the
company three years after completion of the program will receive one bonus share for every two
shares still held by the employee. Costs related to the bonus shares are expensed over the vesting
period. Aker Solutions expensed a total of NOK 12 million in 2023 related to share purchase
programs (NOK 8 million in 2022), including NOK 4 million related to compensation of the
employees in the Subsea segment. Employees in the Subsea segment have been compensated for
matching shares at closing of the subsea transaction. The compensation was a cash payment
corresponding to the cash value of the matching shares. Total cost related to the compensation of
the subsea employees was NOK 12 million. There were no loans to employees as of December 31,
2023, same as in the previous year.

See note 20 for more information about the pension cost and obligations
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Note 7 Financial Income and Expenses

Financial Reporting Principles Financial Income and Expenses

Interest income and expenses include effects from using the effective interest rate method where
Amounts in NOK million 2023 2022
fees, interest paid, transaction costs and other premiums are deferred and amortized over the life of
the instrument. Interest income from lease receivables and interest expense from lease liabilities
Interest income from lease receivables 28 27
are included.
Other interest income 325 78
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are Interest income 353 105
not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related
Interest expense on lease liability -155 -159
to operating activities such as trade receivables and payables are included in operating expenses
before depreciation, amortization and impairment. However, the currency gains and losses are Interest expense on financial liabilities measured at amortized cost -32 -127
offset by the effects from hedging derivatives. Translation of operational monetary assets and Interest expense on financial liabilities measured at fair value -39 -4
liabilities in countries with hyperinflationary or non-convertible currencies are presented as financial Interest expense -227 -290
items. Translation of assets and liabilities related to general financing of the entity are included as
financial income and expenses. Foreign exchange gains and losses also include effects from Net foreign exchange gain (loss) -116 17
translating monetary assets and liabilities denominated in foreign currencies at the balance sheet Profit (loss) on foreign currency forward contracts 33 12
1
date. The profit or loss on foreign exchange forward contracts include effects from derivatives that Loss on marketable shares -453 0
do not qualify for hedge accounting, embedded derivatives and the ineffective portion of qualifying Other financial income 86 9
hedges. Other financial expenses -3 -13
Net other financial items -453 26
Net finance cost -328 -160
1) Loss on shares in SLB received as part of consideration from disposal of the subsea business.

See note 15 for more information about financial investments

See note 19 for more information about lease receivables and liabilities
See note 20 for more information about pension obligations
See note 23 for more information about foreign exchange gains and losses
See note 25 for more information about derivative financial instruments
See note 26 for more information about financial assets and liabilities
See note 28 for more information about investments in companies

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Note 8 Earnings per Share and Dividends Note 9 Income Tax

Earnings per Share (EPS) Judgments and Estimates

The group is subject to income taxes in numerous jurisdictions, and judgment may be involved
2023 2022 when determining the taxable amounts. Tax authorities in different jurisdictions may challenge
Income from continuing operations attributable to ordinary shares (NOK
calculation of taxes payable from prior periods.
97 -134
million)
Income from discontinued operations (NOK million) 11,540 1,312 Management judgment is required when assessing valuation of unused losses, tax credits and other
Income from total operations attributable to ordinary shares (NOK million) 11,637 1,179 deferred tax assets. The recoverability is assessed by estimating taxable profits in future years
Weighted average number of issued ordinary shares for the year adjusted for taking into consideration also expected changes in temporary differences. The profits are
488,829,434 486,899,547
treasury shares compared to book value of the tax assets. The estimate of future taxable profits is sensitive to
Basic and diluted earnings per share from continuing operations (NOK) 0.20 -0.27 future market development for the projects and services of Aker Solutions. Forecasts are based on
Basic and diluted earnings per share from discontinued operations (NOK) 23.61 2.70 firm orders in the backlog and identified prospects in addition to expected service revenue.
Basic and diluted earnings per share from total operations (NOK) 23.81 2.42 Changes in the assumptions related to the expected prospects and services can have a significant
impact on the forecasted cash flows. Economic conditions may change and lead to a different
Employees participating in Aker Solutions’ employee share purchase program may, given certain conclusion regarding recoverability, and such changes may affect future reporting periods.
criteria, be awarded one bonus share for every two shares purchased. The bonus shares do not
represent a material dilutive effect and have been excluded from the earnings per share figures. The Pillar Two legislation, also known as “Global minimum tax” or GloBE has been enacted in
Norway and in many of the jurisdictions where Aker Solutions operates. The legislation is effective
from January 1, 2024 and Aker Solutions is required to comply.
Dividends
Aker Solutions has prepared an assessment based on Country-by-Country Reporting to the tax
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. authorities and the transitional safe harbor rules. Based on this assessment, a number of
Given the company’s solid financial position and positive outlook, the Board has proposed a jurisdictions with limited activity will pass the “de minimis” test and in most jurisdictions the reported
dividend per share of NOK 2.00 for 2023. The proposed dividend amounts to NOK 979 million effective tax rate is above 15 percent. In a limited number of jurisdictions where Aker Solutions
based on outstanding shares as of December 31, 2023. Aker Solutions had a liquidity buffer of NOK
9.0 billion as of December 31, 2023 compared to NOK 11.2 billion as of December 31, 2022. In operates, the conditions under the transitional safe harbor may not apply, but the impact of the new
addition, the group had investments in liquid, fixed income securities of NOK 3 billion as of year- legislation is not expected to be material for the group.
end 2023.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation
For the previous year, Aker Solutions distributed dividends to its shareholders of NOK 1.00 per shall not recognize or disclose information about deferred tax assets and deferred tax liabilities
share with a total amount of NOK 489 million. related to the Pillar Two legislation, which Aker Solutions applies.

See note 5 for more information about the employee share purchase program Note 9 continues on next page
See note 17 for more information about share capital and treasury shares

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Note 9 Income Tax cont.

Taxes in OCI and Equity
Amounts in NOK million 2023 2022
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future Cash flow hedges, deferred tax -2 25
taxable profits will be available to utilize the tax losses and credits. The forecasted future taxable Remeasurement of defined benefit pension plans -8 -31
profits are based on firm orders in the backlog and identified prospects in addition to expected Income taxes included in OCI -10 -6
service revenue. The forecasted taxable profits reflect organic growth only. Other parameters in the
assessment are the predicted long-term investment level by companies in the renewable and oil and
gas energy sector, mix of projects and services and level of operating expenses.
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Income Tax Expense
Amounts in NOK million 2023 2022
Amounts in NOK million 2023 2022
Income before tax from continuing operations 95 -50
Current income tax Income tax when applying Norwegian tax rate of 22 percent 21 22.1% -11 22.0%
Current year 89 18
Prior year adjustment 10 5 Tax effects of:

Total current income tax 99 22 Effect of different tax rates in other jurisdictions 9 9.5% 2 -4.0%
Non-taxable income -47 -49.5% 0 0.0%
Deferred income tax Non-deductible expenses 29 30.5% 10 -20.0%
Origination and reversal of temporary differences -34 -5 Effect of withholding tax 44 46.3% 21 -42.0%
Write down of tax loss carry-forwards and deferred tax assets 35 77 Current tax adjustments related to prior years 10 10.5% 5 -10.0%
Change in tax rates 0 -1 Deferred tax adjustments related to prior years 9 9.5% -1 2.0%
Adjustment for prior periods 9 -1 Previously unrecognized tax losses used to reduce payable tax 0 0.0% -13 26.0%
Total deferred income tax 11 70 Write down of deferred tax assets 35 36.8% 77 -154.0%
Total income tax 110 92 Impact of change in tax rate 0 0.0% -1 2.0%
Recoverability of deferred tax assets has been subject to assessment following market volatility and Other 0 0.0% 3 -6.0%
outlook in the jurisdictions where we operate. As a result, deferred tax assets related to net
Income tax and effective tax rate 110 115.8% 92 -184.0%
operating losses have been written down by NOK 35 million in 2023.
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Note 9 Income Tax cont.

Deferred Tax Assets and Liabilities

Assets Liabilities Net

Amounts in NOK million 2023 2022 2023 2022 2023 2022
Property, plant and equipment 10 32 -46 -112 -36 -81
Pensions 190 195 0 0 190 195
Projects under construction 66 16 -1,880 -2,114 -1,814 -2,098
Tax loss carry-forwards 1,591 1,721 0 0 1,591 1,721
Intangible assets 5 6 -16 -208 -11 -202
Provisions 281 180 0 0 281 180
Derivatives 1 1 -41 -33 -40 -32
Tax credits and other 448 634 -259 -191 189 442
Total before offsetting 2,592 2,785 -2,242 -2,660 351 125
Offsetting -2,101 -2,201 2,101 2,201 0 0
Total 491 584 -140 -459 351 125

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Note 9 Income Tax cont.

Change in Net Recognized Deferred Tax Assets and Liabilities

Property, Projects Tax loss
plant and under carry- Intangible Tax credits
Amounts in NOK million equipment Pensions construction forwards assets Provisions Derivatives and other Total

Balance as of January 1, 2022 -82 175 -2,626 2,398 -192 173 23 379 248
Acquisition of subsidiaries 2 4 -13 110 -19 1 0 7 92
1
Recognized in profit and loss 8 -18 502 -788 1 -5 -26 24 -302
Prior year-adjustments booked in equity -6 0 0 5 0 0 0 0 0
Recognized in other comprehensive income (OCI) 0 31 0 0 0 0 -25 0 7
Prepaid withholding tax 0 0 0 0 0 0 0 29 29
Reclassification between categories 0 0 37 -45 7 8 -6 0 1
Currency translation differences -2 3 1 41 0 3 2 4 52
Balance as of December 31, 2022 -81 195 -2,098 1,721 -202 180 -32 442 125

Disposal of Subsea 41 -1 642 -103 193 -34 28 -143 623

2
Recognized in profit and loss 10 -12 -359 -20 2 134 -35 -139 -420
Prior year-adjustments booked in equity 0 0 0 -25 0 0 0 0 -25
Recognized in other comprehensive income (OCI) 0 8 0 0 0 0 2 0 10
Prepaid withholding tax 0 0 0 0 0 0 0 14 14
Reclassification between categories 0 0 0 0 0 0 0 0 0
Currency translation differences -7 1 2 19 -4 2 -2 15 25
Balance as of December 31, 2023 -36 190 -1,814 1,591 -11 281 -40 189 351
1) Includes NOK 232 million in 2022 related to the disposed subsea business.
2) Includes NOK 410 million in 2023 related to the disposed subsea business.

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Note 9 Income Tax cont.

Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)

Amounts in NOK million Tax losses carry-forwards Other tax assets

Expiry within 5 Expiry 5-20 Indefinite Of which is Of which is
years years expiration Total unrecognized recognized Unrecognized

Norway 0 6,649 6,649 0 6,649 93

Europe excluding Norway 4 2 469 475 469 6 73
North America 2 830 689 1,522 749 772 0
South America 0 0 293 293 293 0 0
Africa 0 0 0 0 0 0 0
Asia Pacific 24 689 0 713 713 1 0
Total 30 1,521 8,100 9,652 2,224 7,428 311

The majority of the recognized tax losses carry-forward sits in Norway. The balance must be seen together with deferred taxation on construction contracts and make in total a deferred tax liability. As
projects are completed and come to taxation, temporary differences associated with construction contracts and tax losses carry-forward will be reduced.

See note 21 for more information about tax provisions

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Note 10 Property, Plant and Equipment

Property, plant and equipment mainly relates to the yards within the Renewables and Field Development segment. Historically, the majority of property, plant and equipment related to the disposed subsea
business’ manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK. Property, plant and equipment also include furniture and fittings in office buildings.

Financial Reporting Principles Judgment and Estimates

Assets are normally depreciated on a straight-line basis over their expected economic lives as Judgment is involved when determining the depreciation period and when assessing impairment or
follows: reversal of impairment. Impairment is assessed for individual assets and for cash generating units.
The impairment testing involves judgmental assumptions about future market development, cash
◼ Machinery and equipment: 3-15 years flows, determination of weighted average cost of capital (WACC), growth rate, and other
◼ Buildings: 4-30 years assumptions that may change over time.
◼ Land: No depreciation

Impairment triggers are assessed quarterly and impairment testing is performed when triggers have
Commitments
been identified. Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 871 million as of December 31, 2023, all of which is expected to be
paid during 2024. Contractual commitments were NOK 1,552 million per December 31, 2022, of
which NOK 231 million related to the disposed subsea business.

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Note 10 Property, Plant and Equipment cont.

Property, Plant and Equipment

Machinery Machinery
Buildings and Under Buildings and Under
Amounts in NOK million and sites equipment construction Total Amounts in NOK million and sites equipment construction Total

Historical cost Accumulated depreciation and impairment

Balance as of December 31, 2021 2,827 7,488 241 10,556 Balance as of December 31, 2021 -1,211 -6,112 -2 -7,325
1 3
Additions 4 18 567 589 Depreciation for the year -92 -353 0 -446
2 4
Acquisition of subsidiaries 34 4 0 38 Impairment -3 0 -3 -6
Reclassification from assets under construction 22 271 -293 0 Disposal and scrapping 0 117 0 117
2
Disposal and scrapping -34 -122 0 -156 Currency translation differences -46 -309 0 -355
Currency translation differences 157 411 15 583 Balance as of December 31, 2022 -1,351 -6,658 -6 -8,015
3
Balance as of December 31, 2022 3,010 8,070 530 11,610 Depreciation for the year -91 -274 0 -365
1 4
Additions 17 25 1,979 2,021 Impairment -93 -55 0 -148
Acquisition of subsidiaries 25 3 0 28 Disposal of subsea operations 437 4,260 0 4,697
Reclassification from assets under construction 80 238 -318 0 Disposal and scrapping 1 92 0 93
Disposal of subsea operations -1,140 -5,060 -337 -6,537 Currency translation differences -55 -335 0 -389
Disposal and scrapping -4 -110 0 -115 Balance as of December 31, 2023 -1,152 -2,969 -5 -4,126
Currency translation differences 152 429 26 608
Balance as of December 31, 2023 2,139 3,595 1,879 7,614 Book value as of December 31, 2022 1,658 1,412 526 3,596
Book value as of December 31, 2023 987 626 1,874 3,487
1) Includes NOK 270 million unpaid capital expenditure in 2023 (NOK 82 million in 2022). NOK 160 million in capital
expenditure in 2023 (NOK 162 million in 2022) related to discontinued operations.
2) Includes NOK 34 million in 2022 related to acquisition of EPE Eigedom which was later partly sold and reclassified to equity
accounted investee.
3) Includes NOK 138 million in depreciation in 2023 (NOK 226 million in 2022) related to discontinued operations.
4) Includes NOK 148 million in impairment in 2023 (NOK 3 million in 2022) related to discontinued operations.

See note 12 for more information about impairment testing

See note 19 for more information about right-of-use lease assets

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Note 11 Intangible Assets and Goodwill

Intangible assets mainly relate to capitalized technology development in addition to goodwill. The
technology development programs are closely monitored to secure the desired technological
Judgments and Estimates
achievements in time and at acceptable cost levels. Technology development programs that meet The decision to capitalize a development program involves management judgment. There are strict
certain criteria are capitalized and amortized over the expected useful lives. internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it.
Financial Reporting Principles These factors may change over time.

Capitalized Development Judgment is involved when determining the amortization period and when assessing impairment or
The technology development at Aker Solutions is graded according to a Technology Readiness reversal of impairment. Impairment indicators are assessed for individual development projects,
Level (TRL) consisting of eight phases. Research and development costs are expensed as incurred other intangible assets, and for cash generating units including goodwill. Impairment testing is
until a program has completed the concept phase. Development cost is only capitalized if the performed when impairment indicators have been identified. In addition, goodwill and capitalized
product or process is technically and commercially feasible and the business case shows a positive development programs that have not been completed are subject to an annual impairment test. The
net present value. Capitalized development mainly includes internal labor costs in addition to impairment testing involves judgmental assumptions about future market development, cash flows,
materials for the development program. Any third-party funding is presented as a reduction of the determination of weighted average cost of capital (WACC), growth rate, and other assumptions that
capitalized amount. The capitalized development is normally amortized over five years on a may change over time.
straight-line basis, but certain programs with a clear differentiating offering and a longer economic
benefit may be amortized up to seven years. For development projects in progress, a full Note 11 continues on next page
impairment test is performed annually or when impairment indicators are identified. Assets are
written down to recoverable amount if lower than book value.

Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.

Other
Other intangible assets include IT systems and technology development acquired through business
combinations.

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Note 11 Intangible Assets and Goodwill cont.

Intangible Assets
Capitalized Capitalized
Amounts in NOK million development Goodwill Other Total Amounts in NOK million development Goodwill Other Total

Historical cost Accumulated depreciation and impairment

Balance as of December 31, 2021 3,382 5,385 292 9,058 Balance as of December 31, 2021 -2,512 -546 -276 -3,334
1,2,3 4
Additions from internal development 124 0 1 125 Amortization for the year -213 0 -11 -224
5
Acquisition of subsidiaries 26 196 85 307 Impairment -6 0 0 -6
Disposal of subsidiaries and assets -15 0 0 -15 Disposal of subsidiaries and assets 15 0 0 15
Currency translation differences 82 17 6 106 Currency translation differences -62 -15 -6 -83
Balance as of December 31, 2022 3,599 5,598 384 9,581 Balance as of December 31, 2022 -2,778 -560 -293 -3,631
1,2,3 4
Additions from internal development 361 0 6 367 Amortization for the year -180 0 -15 -195
5
Acquisition of subsidiaries 0 13 0 13 Impairment -19 0 0 -19
Reclassification between categories 7 0 -7 0 Reclassifications between categories -1 0 1 0
Disposal of subsea operations -2,981 -1,842 -2 -4,825 Disposal of subsea operations 2,352 -110 2 2,245
Disposal of assets -4 0 -1 -4 Disposal of assets 3 0 1 3
Currency translation differences 145 14 16 174 Currency translation differences -118 -13 -16 -146
Balance as of December 31, 2023 1,127 3,783 396 5,306 Balance as of December 31, 2023 -741 -683 -319 -1,744
1) Development cost funded by third-party totaled NOK 37 million in 2023 (NOK 55 million in 2022), of which nil related to the
disposed subsea business. Book value as of December 31, 2022 820 5,037 91 5,949
2) Includes NOK 5 million of unpaid capital expenditure in 2023 (NOK 12 million in 2022).
3) Includes NOK 47 million in capital expenditure in 2023 (NOK 72 million in 2022) related to discontinued operations. Book value as of December 31, 2023 386 3,100 77 3,563
4) Includes NOK 109 million in amortization in 2023 (NOK 180 million in 2022) related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 (nil in 2022) related to discontinued operations.

Research and Development Expenses

The research and development expense was NOK 59 million in 2023 compared to NOK 21 million in
2022. In addition, NOK 28 million related to the disposed subsea business (NOK 39 million in
2022), which is included within discontinued operations.

See note 12 for more information about impairment testing

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Note 12 Impairment of Assets

The future outlook continues to be positive for Aker Solutions. High activity is expected over the Goodwill
coming years particularly due to the ongoing projects for Aker BP. Aker Solutions has a solid order The groups of CGUs that include goodwill are tested for impairment annually or when impairment
backlog and continued high tendering- and FEED activity. The company had net impairments of triggers have been identified. The company does not have other assets than goodwill with indefinite
NOK 354 million in 2023, of which NOK 294 million related to discontinued operations. useful lives.

Impairment Testing Method Judgments and Estimates

The impairment testing of assets is by nature highly judgmental as it includes estimates such as
Individual Assets
future market development, cash flows, determination of CGUs and WACC, growth rate used for
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every
calculation of terminal value and other assumptions that may change over time. In particular, future
quarter to identify assets that are damaged, no longer in use or will be disposed. Capitalized
cash flows are uncertain as they are impacted by market developments beyond Aker Solutions'
development is assessed for impairment triggers every quarter to identify development programs
control. The oil price impacts for example the investment levels in CapEx and maintenance projects
where the technological development or commercial outlook for that specific technology no longer
by the oil companies. Carbon taxation impacts the investment levels of carbon capture and offshore wind
justify the book value. Capitalized development programs that have not been completed are subject
investments. These external factors in turn impact the markets in which Aker Solutions operates.
to annual impairment testing. The impairment testing of capitalized development includes an
update of the future expected cash flows, assessing status on technical achievements and
reviewing cost incurred compared to budget in order to identify if any of the capitalized cost should
be expensed. The assets are written down to recoverable amount, if lower than book value. Climate related matters
Reversal of impairment is assessed quarterly for assets previously impaired. The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group’s assets related to oil and gas are likely to be fully
Assets in a Cash Generating Unit (CGU) depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are Solutions’ business activities over this period. Aker Solutions will be engaged in traditional oil and
part of a cash generating unit (CGU). A CGU represents the lowest level of independent revenue gas projects and will also be engaged in projects relating to decarbonization solutions and services
generated by the assets. This is usually the lowest level where a separate external market exists for for existing platforms. Therefore, Aker Solutions does not expect any changes to the useful lives of
the output from the CGU. Impairment indicators are reviewed for all assets with assessment of our property, plant, and equipment. Assessment of effect on useful lives is not considered to be a
market conditions, technological development, change in order backlog, change in discount rate significant accounting judgment or estimate. Aker Solutions note that assessment of useful lives of
and other elements that may impact the value of the assets in the CGU. Assets are usually tested future capital expenditure may be different, and local climate changes in the future may affect
using the value-in-use approach determined by discounting expected future cash flows. Various useful lives of certain assets.
sensitivity analysis for change in future cash flows, growth rate and WACC is performed for CGUs
with limited headroom in the impairment testing. Impairment losses are recognized for assets in Under all three climate scenarios (described in note 33) the group expects an increase in the
CGUs where the recoverable amount is lower than book value. frequency and intensity of extreme weather events. This is not expected to lead to any effects on
useful economic life of property, plant and equipment per 2023.
Note 12 continues on next page

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Note 12 Impairment of Assets cont. Estimated future cash flows are discounted to their present value using the weighted average cost
of capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest
The expected future cash flows used in impairment testing are affected by climate changes as the rate, a risk premium and average beta values of peers within each market. A separate WACC has
projects Aker Solutions will be engaged in will change going forward. Aker Solutions has a revenue been calculated for each of the CGUs taken into consideration country specific risk premiums and
ambition of 2/3 within renewables and transitional solutions in 2030. As the cash flows used in the long-term risk free interest rates. A growth rate has been applied to calculate terminal value after
impairment testing are based on current backlog together with identified prospects, the ambitions the five-year period.
for transforming Aker Solutions towards 2/3 of revenue to be within renewables and transitional
solutions have been included in the impairment testing.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the impairments recognized per group of assets and per segment.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2024 to 2028 have been Renewables &
used as basis. The forecasted cash flows are based on firm orders in the backlog and identified Field Continuing
prospects in addition to expected service revenue. ROU lease assets are included in the impairment Development Life Cycle Other operations
test. Management has defined the growth rate, post-tax discount rate and estimated future cash
flows as the most sensitive assessment in the value-in-use calculation. The forecasted cash flows Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022
used in the impairment tests reflect organic growth only. Other parameters in the assessment are
the predicted long-term oil price per barrel, mix of projects and services, level of operating Impairment of intangible assets 0 3 0 0 5 3 5 6
expenses and capital expenditure for maintenance of the asset portfolio. Impairment of property, plant and equipment 0 0 0 0 0 3 0 3
Impairment of right-of-use assets 0 0 0 0 55 -39 55 -39
Total impairment 0 3 0 0 60 -34 60 -30
Discount and Growth Rate
The WACC used in the impairment testing of goodwill is shown below. The company had impairments of NOK 60 million for its continuing operations in 2023. Impairments
in the year related to right-of-use assets with empty areas available for sub-lease and intangible
2023 2022 assets where the technology or commercial outlook no longer justified the value. Total net
impairments for discontinued operations amounted to NOK 294 (2022: NOK 8 million). In 2022, the
Post-tax Pre-tax Post-tax Pre-tax
group reversed previous impairments of right-of-use assets due to more utilization of leased assets
WACC WACC WACC WACC
and favorable developments with sub-leases.
New Build yards 10.8% 15.3% 10.5% 13.6%
Note 12 continues on next page
New Energies 10.9% 13.2% n.a. n.a.
Life Cycle 11.7% 14.6% 10.7% 13.2%
Benestad 10.8% 13.1% 10.8% 13.9%
Hydropower 11.1% 13.1% 9.7% 11.3%
Engineering n.a. n.a. 10.6% 13.0%
Subsea n.a. n.a. 10.8% 13.9%

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Note 12 Impairment of Assets cont.

Impairment Testing of Goodwill

The groups of CGUs identified when testing goodwill represent the level where synergies are Sensitivities
expected and goodwill is monitored. ROU lease assets are included in the impairment testing. The impairment testing is affected by changes in demand for Aker Solutions’ products and services.
External factors such as long-term oil prices and governments’ policies regarding renewable energy
The book value of goodwill for the groups of CGUs that include goodwill is shown below. In 2023, sources and decarbonization impact customers’ investment decisions. The testing is also affected
Aker Solutions sold its subsea business and derecognized associated goodwill. Aker Solutions by changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to
subsidiary Benestad AS was part of and tested together with Subsea in 2022, but remains with secure projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key
Aker Solutions. Following a minor reorganization, effective April 1, 2023, previous segment assumptions in the value-in-use calculation to evaluate possible adverse changes. This includes
Engineering was merged into New Build and New Energies and goodwill was reallocated to these changing the discount rate and growth rate in addition to reducing the expected cash flows in the
CGUs based on estimated value of engineers. The Rainpower CGU has changed name to future.
Hydropower.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate
Amounts in NOK million 2023 2022 embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,
leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and
New Build yards (Renewables and Field Development) 1,302 720 gas activities are not assumed to have infinite lives. When material climate risk effects on
operations are identified, impairment assessments will be reassessed. Climate risks are assessed
New Energies (Renewables and Field Development) 226 0
and reported in note 33 and in Aker Solutions’ TCFD report.
Life Cycle (Life Cycle) 1,302 1,300
Benestad (Other) 188 188 The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill
impairment testing both in 2023 and 2022.
Hydropower (Other) 82 82
Engineering (Renewables and Field Development) 0 795 See note 10 for more information about property, plant and equipment
Subsea (Subsea) 0 1,952 See note 11 for more information about intangible assets
Total goodwill as of December 31 3,100 5,037 See note 19 for more information about right-of-use lease assets
See note 33 for more information about climate scenarios and climate-related risk
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method
for illustration purposes only. The forecasted cash flows are based on firm orders and an expected
share of new contracts. When determining the terminal value, a growth rate of 1.5 percent has been
used for the CGUs. The annual impairment testing of goodwill did not result in any impairment
losses.

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Note 13 Inventories

Judgments and Estimates

The assessment of obsolete and slow-moving inventory in order to determine inventory write-downs
is subject to management judgment. The selling price in the market has to be estimated, and there
is a risk that the actual selling price may turn out to be different than the amount estimated by
management.

Inventories
Amounts in NOK million 2023 2022

Raw materials and semi-finished goods 42 274

Finished goods 2 1
Total 44 275

Total inventories at cost 46 384

Inventory write-downs to net realizable value -2 -109
Total 44 275

Inventory (Net) - Opening balance 275 293

Purchase of inventory 1,757 983
Recognized as expenses -1,683 -1,041
Write down -19 -14
Reversal of write down 12 19
Disposal of subsea operations -320 0
Currency translation differences 22 35
Total 44 275

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Note 14 Trade and Other Receivables

Judgments and Estimates Bad Debt Provision

Judgment is involved when determining the impairment losses on receivables and customer
contract assets. The impairment is based on individual assessments of each customer and default Amounts in NOK million 2023 2022
risk in the industry and the country in which the customer operates in line with the expected credit
loss method (ECL). The customers of Aker Solutions are mainly large, international energy Balance as of January 1 -69 -44
companies with low credit risk. Provisions made during the year -61 -40
Provisions reversed during the year 4 10
Provisions used during the year 5 8
Trade and Other Receivables Disposal of subsea operations 10 0
Currency translation differences -4 -2
Amounts in NOK million 2023 2022 Balance as of December 31 -116 -69

Trade receivables 4,775 5,842

Trade receivables, related parties 608 84 Aging of Trade Receivables
Less bad debt provision -116 -69
Trade receivables, net 5,268 5,857 Amounts in NOK million 2023 2022

Not due 4,584 4,857

Customer contract assets 2,113 4,283
Past due 0-30 days 589 832
Other receivables 204 135
Past due 31-90 days 74 60
Customer contract assets and other receivables 2,317 4,419
Past due 91 days to one year 115 120
Past due more than one year 21 57
Total 5,383 5,926
The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit risk
has not changed significantly, as the majority of customers are large, international energy companies.

See note 3 for more information about customer contract assets and trade receivables
See note 23 for more information about credit risk and the ECL method
See note 26 for more information about financial assets and liabilities
See note 31 for more information about receivables to related parties

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Note 15 Financial Investments and Interest-bearing

Receivables

Financial investments Interest-bearing current receivables

Amounts in NOK million 2023 2022 Amounts in NOK million 2023 2022

Liquid funds 3,030 0 Vendor note OneSubsea 912 0

Shares in SLB 2,684 0 Receivable Subsea7 1,592 0
Total 5,714 0 Working capital funding of OneSubsea 370 0
Lease receivable 148 136
Liquid funds Other interest-bearing receivables 81 10
Aker Solutions’ Investment Strategy allows investments in liquid money market funds with low risk Total current interest-bearing receivables 3,103 146
and interest period below 6 months and credit duration below 2 years. The rationale is to diversify
the risk among debtors and enhance the return from surplus cash, compared to the interest rate in
the cash pool. Vendor note and receivable from Subsea7
The vendor note and receivable from Subsea7 are hedged with both a call and a put option. A gain
December 31, 2023 Aker Solutions had invested NOK 3,000 million in three different funds. The of NOK 85 million was recognized in 2023 as part of net foreign exchange gain (loss).
funds invest in short-term interest-bearing securities in NOK, i.e., certificates and bonds issued by
companies with investment grade rating and the public sector. The money market funds cannot See note 23 for more information about financial risk management and exposures
invest in securities with fixed interest rates longer than one year. The credit risk is deemed to range See note 26 for more information about financial assets and liabilities
from low to very low, depending on the investment strategy of the fund.
See note 30 for more information about the subsea transaction
Shares in SLB
As part of the consideration from the sale of the subsea business, Aker Solutions received USD
306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares is subject to a lock-up-
period of 180 days from closing at October 2, 2023.

The shares are measured at fair value through profit and loss. The investment is exposed to
currency risk and share price risk. Part of the currency exposure is secured by a USD 225 million
put option at strike 10,00 with maturity April 2024. A loss of NOK 126 million for the put option was
recognized in 2023 (gain of NOK 14 million in 2022) as part of net foreign exchange gain (loss).

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Note 16 Cash and Cash Equivalents

Amounts in NOK million 2023 2022

Cash pool 3,979 4,666

Interest-bearing deposits 2,018 1,499
Non interest-bearing deposits and other 5 4
Total 6,003 6,170

Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0
billion, compared to NOK 5.0 billion in the prior period. Together with cash and cash equivalents,
this gives a total liquidity buffer of NOK 9.0 billion, compared to NOK 11.2 billion in prior year. In
addition to the liquidity buffer, Aker Solutions has invested NOK 3.0 billion in liquid interest funds
that are not defined as cash and cash equivalents.

See note 15 for more information about liquid interest funds

See note 18 for more information about borrowings
See note 23 for more information about cash restrictions and the cash pool arrangement
See note 24 for more information about capital management

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Note 17 Equity

Share Capital Hedging Reserve

Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet
divided into 492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, recognized in the income statement. The hedging effects are recognized in the income statement
2023. All issued shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, according to the progress of the underlying customer contract.
with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and
are entitled to one vote per share at general meetings.
Translation Reserve
Treasury Shares The currency translation reserve includes foreign exchange differences arising from the translation
of the subsidiaries into the presentation currency of the consolidated financial statements.
The group purchases its own shares to meet obligations under employee share purchase programs
and variable pay programs for management. Treasury shares are not included in the weighted
average number of ordinary shares. Earnings per share have been calculated based on an average Fair Value Reserve
of 488,829,434 shares outstanding December 31, 2023. Consideration for treasury shares sold in
2023 was NOK 56 million. The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
Amounts in NOK million Number of shares
See note 2 for more information about currency translation of subsidiaries
Treasury shares as of December 31, 2022 3,838,897 See note 25 for more information about hedging
Sale -1,369,962 See note 28 for more information about equity securities in the fair value reserve
Treasury shares as of December 31, 2023 2,468,935

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Note 18 Borrowings

Revolving Credit Facility

The revolving credit facility agreement of NOK 5,000 million with maturity in March 2023 was
refinanced in January 2023 and replaced with a five year NOK 3,000 million revolving credit
facility, maturing January 30, 2028. The facility is provided by a syndicate of high-quality
international banks. The revolving credit facility was undrawn as of December 31, 2023. The terms
and conditions include restrictions which are customary for these kind of facilities, including inter
alia negative pledge provisions, financial covenants and restrictions related to acquisitions,
disposals and mergers. There are also certain provisions of change of control included in the
agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest
terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The
margin applicable to the facility is determined by leverage ratio. Utilization fee applies based on
utilized portion of credit facility. Commitment fee is 35 percent of the margin.

Norwegian Bonds
The group had one bond loan with maturity June 2024 amounting to NOK 1 billion listed on the Oslo
Stock Exchange. On February 14, 2023 Aker Solutions offered to buy back all outstanding bonds of
the NOK 1 billion senior unsecured floating rate bonds due June 2024 at a price of 102. Tenders of
NOK 477 million was accepted and repurchased on February 22, 2023. The remaining outstanding
bonds were purchased by exercising a call option for Voluntary early redemption on December 4,
2023, six months prior to original maturity date. The bond loan and the listing of the loan on Oslo
Stock Exchange has been cancelled.

Note 18 continues on next page

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Note 18 Borrowings cont.

Bonds and Borrowings

During 2023 Aker Solutions repaid all drawn debt from external lenders.
2022
Nominal Reference Fixed interest Maturity date
Amounts in NOK million Currency currency value Carrying amount interest rate margin Interest coupon (mm/dd/yy) Interest terms

ISIN NO 0010853286 NOK 914 915 3.5% 3.0% 6.5% 06/03/24 Floating, 3M+fix margin
Total bonds 915

Revolving credit facility (NOK 5,000 million) NOK 0 0 3.0% 1.1% 4.1% 03/19/23 NIBOR+margin
Facilities, Hydropower NOK 106 106 1.3-3.3% 2.6-2.9% 3.9-6.2% 03/26/26 Base rates+margins
Other borrowings 2
Total borrowings 1,023

Current borrowings 60
Non-current borrowings 962
Total borrowings 1,023

Maturity of Bonds and Borrowings

2022
Amounts in NOK million Carrying amount Total cash flow1 6 months and less 6-12 months 1-2 years 2-5 years

ISIN NO 0010853286 915 1,004 30 30 944 0

Total bonds 915 1,004 30 30 944 0
2
Revolving credit facility (NOK 5,000 million) 0 0 0 0 0 0
Facilities, Hydropower 106 121 3 56 4 58
Other borrowings 2 2 2 0 0 0
Total other borrowings 108 123 5 56 4 58
Total borrowings 1,023 1,127 35 86 948 58
1) The interest costs are calculated using either the last fixing rate known by year end (plus applicable margin) or the contractual fixed rate (when fixed rate debt).
2) The cash flow is based on the assumption that the nominal drawn amount will remain constant until the maturity of the revolving credit facility.
Note 18 continues on next page

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Note 18 Borrowings cont.

Movement of Liabilities
2023 2022
Credit Other Credit Other
Amounts in NOK million Bonds facilities borrowings Total Bonds facilities borrowings Total

Balance as of January 1 915 106 2 1,023 2,335 -6 31 2,360

Proceeds from loans and borrowings 0 0 0 0 0 6 0 6

Repayment of borrowings -914 -53 0 -967 -1,416 0 -34 -1,450
Total changes from financial cash flows -914 -53 0 -967 -1,416 6 -34 -1,444

Accrued interest -4 0 0 -4 -9 0 0 -9
Amortization of borrowing cost 3 0 0 3 5 6 0 11
Acquisition of subsidiaries 0 0 0 0 0 100 0 100
1
Loan settlement 0 -53 0 -53 0 0 0 0
2
Reclassification 0 0 -2 -2 0 0 0 0
Currency translation differences 0 0 0 0 0 0 5 5
Balance as of December 31 0 0 0 0 915 106 2 1,023
1) Loan settlement relates to financial restructuring of Aker Solutions Hydropower AS.
2) Received non-interest bearing rent deposit has been reclassified to other payables.

Mortgages
The company has no mortgage liabilities at year-end 2023 (NOK 76 million in 2022).

See note 19 for more information about lease liabilities

See note 24 for more information about capital management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities

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Note 19 Leases and Investment Property

The company leases a number of office buildings, manufacturing and service sites in addition to The company has a number of subleases. Income from operational subleases on investment
some machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as property is recognized as other income. Subleases covering the major part of the lease term in the
a right-of-use asset and lease liability unless the lease is short-term or low-value. Vacated leased head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property made available for sublease and property with operational subleases are classified as property subject to financial sublease is derecognized and a sublease receivable is recognized in
investment property. the balance sheet when the sublease commences.

Financial Reporting Principles Judgments and Estimates

The lease liability represents the net present value of the lease payments to be made over the Judgment is involved when determining impairment of the investment property. Impairment is
remaining lease period. The discount rate is calculated for each lease based on a model that assessed for separable parts of leased buildings that have been or will be vacated in the near
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the future. The impairment is sensitive to changes in estimated future expected sublease income and
lease term and is subject to impairment testing. Several property leases contain extension options sublease period. Further, judgment is involved when determining whether sublease contracts are
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment. financial or operational, as well as when determining lease term for contracts that have extension or
Periods covered by extension or termination options are included when it is reasonably certain that termination options. Determination of the discount rate also involves judgment.
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria. Note 19 continues on next page

When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.

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Note 19 Leases and Investment Property cont.

Right-of-Use (ROU) Assets

The movement in the right-of-use assets is summarized below.

Machinery, Machinery,
Land and Investment vehicles Land and Investment vehicles
Amounts in NOK million buildings property and other Total Amounts in NOK million buildings property and other Total
1
Historical cost Depreciation expense -379 -60 -9 -447
2
Balance at January 1, 2022 4,135 1,229 44 5,408 Impairments -167 -36 0 -203
3
Additions and remeasurement 298 14 18 330 Reversal of impairments this period 16 0 0 16
Acquisition of subsidiaries 67 0 1 68 De-recognition through financial sublease 0 0 0 0
De-recognition through financial sublease -1 0 0 -1 Depreciation and impairment on disposal of ROU, acc. 18 34 0 51
Disposals through early exit of lease contract -56 0 -5 -61 Depreciation and impairment on disposal of subsea
603 0 19 622
Transfer between categories -7 7 0 0 operations
Currency translation differences 45 2 1 48 Currency translation difference -63 -47 -1 -111
Balance as of December 31, 2022 4,481 1,252 59 5,792 Balance as of December 31, 2023 -2,339 -779 -22 -3,141
Additions and remeasurement 571 0 18 589
De-recognition through financial sublease -63 0 0 -63 Book value as of December 31, 2022 2,113 582 28 2,723
Disposals through early exit of lease contract -37 -86 0 -124 Book value as of December 31, 2023 1,497 379 35 1,911
Disposals of subsea operations -1,301 0 -22 -1,322
1) Depreciation expense includes discontinued operations with NOK 75 million for 2023 and NOK 126 million for 2022.
Transfer between categories 91 -91 0 0 2) Impairments include discontinued operations with NOK 135 million for 2023 and NOK 5 million for 2022.
Currency translation differences 95 84 1 181 3) Reversal of impairments include discontinued operations with NOK 3 million for 2023 and zero for 2022.
Balance as of December 31, 2023 3,836 1,159 57 5,052
Note 19 continues on next page
Accumulated depreciation and impairment
Balance at January 1, 2022 -2,005 -571 -28 -2,604
1
Depreciation expense -363 -59 -7 -430
2
Impairments -15 -42 0 -56
3
Reversal of impairments this period 87 4 0 90
De-recognition through financial sublease -54 0 0 -54
Depreciation and impairment on disposal of ROU, acc. 5 0 5 10
Currency translation difference -23 -1 -1 -25
Balance as of December 31, 2022 -2,368 -670 -31 -3,069

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Note 19 Leases and Investment Property cont. The maturity of lease payments and sublease income per December 31 are presented below:

Financial sublease Operational

Lease liabilities and Lease Receivables Lease Payments income sublease income
Amounts in NOK million 2023 2022 2023 2022 2023 2022
The movement in lease liabilities and lease receivables related to subleases are shown in the table
below. Maturity within 1 year 765 905 173 154 33 14
Maturity 1-5 years 2,101 2,448 397 397 71 109
Maturity 5-10 years 1,069 1,394 165 238 26 24
Lease receivable Maturity later than 10 years 200 460 34 64 0 0
Lease liabilities (sublease) Total 4,135 5,207 769 852 130 146
Amounts in NOK million 2023 2022 2023 2022 Discounting effect -595 -794 -92 -155 n/a n/a
Movement of lease liabilities and receivables Lease liabilities and lease receivable 3,540 4,413 677 697 n/a n/a

Balance as of January 1 4,413 4,748 697 767

Additions and remeasurement 566 337 61 62 Amounts Recognized in the Income Statement
Acquisition of subsidiaries 0 68 0 0 The following amounts are recognized in the income statement related to leasing:
De-recognition -50 -77 0 -25 Amounts in NOK million 2023 2022
Disposal of subsea operations -791 0 -14 0 Income from operational subleases presented as other income 155 159
Interest expense/sublease interest income 181 195 28 29 Expenses relating to short-term leases presented as operating costs -552 -631
Lease payments/sublease payments -956 -889 -146 -139 Expenses relating to low-value leases presented as operating costs -6 -18
Depreciation of ROU assets -371 -304
Currency translation differences 176 31 50 4
Net impairments of ROU assets -55 39
Balance as of December 31 3,540 4,413 677 697
Interest on lease receivables presented as financial income 28 27
Interest on lease liabilities presented as financial expense -155 -159
Of which current 619 734 148 136
Gain/(loss) on termination of lease agreements -2 0
Of which non-current 2,921 3,679 529 561 Expense relating to variable lease payments not included in lease liabilities -4 -3
Balance as of December 31 3,540 4,413 677 697 Total effect on profit/(loss) before tax -963 -890
The weighted-average discount rate applied to calculate lease liability was 4.7 percent in 2023 (4.3
percent in 2022). Short-term leases include storage and accommodation for expats and workers in addition to rental
of tools, machinery, cranes, containers and other equipment used in production.

See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 31 for more information about leasing contracts with related parties

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Note 20 Pension Obligations

Aker Solutions operates several pension plans around the world. The most common type of plan is Judgments and Estimates
the defined contribution plan, where Aker Solutions makes contributions to the employee's The present value of the pension obligations depends on a number of factors determined on the
individual pension account. Aker Solutions also has a closed defined benefit plan where the impact basis of actuarial assumptions. These assumptions include financial factors such as the discount
is gradually reduced. rate, expected salary growth, inflation and return on assets as well as demographic factors
concerning mortality, employee turnover, disability and early retirement. Assumptions about all
these factors are based on the situation at the time the assessment is made. However, it is
Pension Plans reasonably certain that such factors will change over long periods for which pension calculations
are made. Any changes in these assumptions will affect the calculated pension obligations with
Defined Contribution Plans immediate recognition in other comprehensive income.
A defined contribution plan is a type of retirement plan where the employer makes contributions on
a regular basis to the employee’s individual pension account. The benefits received by the Pension Plans in Norway
employee are based on the employer contributions and gains or losses from investing the capital. The main pension arrangement in Norway is a general pension plan organized by the Norwegian state
Contributions to defined contribution pension plans are recognized as an expense in the income providing a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian
statement as incurred. employers are obliged to provide according to current legislation, represent limited additional pension
entitlements. The occupational plans in Aker Solutions in Norway are described below.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on Defined Contribution Plans
retirement based on a percentage of the salary upon retirement and the employee's earnings All employees in Norway are offered participation in a defined contribution plan. The annual
history, years of service and age. The calculation of defined benefit obligations is performed contributions, premium and administration cost expensed for the Norwegian plans in 2023 were
annually by a qualified actuary using the projected unit credit method. NOK 377 million, compared to NOK 407 million in 2022, of which NOK 48 million related to the
disposed subsea business. The estimated contribution, premium and administration cost expected
The defined benefit obligation is calculated separately for each plan by discounting the estimated to be paid in 2024 is NOK 477 million.
amount of future benefit that employees have earned in the current and prior periods and deducting
the fair value of any plan assets. The change of the defined benefit obligation as a result of the Defined Benefit Plans
change of assumptions (actuarial gains and losses) and the return on plan assets are recognized The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded
immediately in other comprehensive income. Net interest expense and other expenses related to and unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in
defined benefit plans are recognized in the income statement. When the benefits of a plan are Norway closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008
changed, settled or when a plan is curtailed, the change relating to past service or the gain or loss are still members of the closed defined benefit plan. This is a funded plan and represents the
on curtailment or settlement is recognized immediately in the income statement. funded pension liability reported in the tables below. Aker Solutions also has various unfunded early
retirement plans and executive pension plans that are partially closed for new members. The
estimated premium cost expected to be paid during 2024 is NOK 85 million. The liability is
calculated using a projected unit credit method.
Note 20 continues on next page

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Note 20 Pension Obligations cont.

Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition Pension Plans Outside Norway
to the defined contribution plan were offered compensation. The compensation amount will be
adjusted annually in accordance with the adjustment of the employees' pensionable income, and Pension plans outside Norway are mainly defined contribution plans. The annual contributions
accrued interest according to market interest. If the employee leaves the company voluntarily expensed for plans outside Norway in 2023 were NOK 101 million, compared to NOK 140 million in
before the age of 67 years, the accrued compensation amount will be paid out. The compensation 2022, of which NOK 75 million related to the disposed subsea business. The estimated
plan is an unfunded plan, and is included in the unfunded pension liability reported in the tables contributions expected to be paid in 2024 is NOK 98 million to the plans outside Norway.
below. The liability is equal to the compensation balance.

Tariff Based Pension Agreement (AFP) Total Pension Cost

Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the
main labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The
Amounts in NOK million 2023 2022
information required to estimate the pension obligation from this defined benefit plan is not
available from the plan administrator. Aker Solutions therefore currently accounts for the plan as if Defined benefit plans 77 41
it was a defined contribution plan. The annual contributions expensed in 2023 were NOK 177
Defined contribution plans 736 766
million, compared to NOK 136 million in 2022, of which NOK 16 million related to the disposed
1
subsea business. The estimated contribution expected to be paid in 2024 is NOK 156 million. Total 814 807
1) Includes NOK 147 million in 2022 related to the disposed subsea business.

Note 20 continues on next page

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Note 20 Pension Obligations cont.

Movement in Net Defined Benefit Liability

The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability.

Present value of obligation Fair value of plan assets Impact of asset ceiling Net defined benefit liability
Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022

Balance as of January 1 2,128 2,211 -1,096 -1,241 0 40 1,031 1,010

Current service and administration cost 52 32 8 3 0 0 59 35
Interest cost (income) 50 28 -32 -23 0 1 18 6
Included in income statement 102 61 -24 -20 0 1 77 41

Actuarial loss (gain) arising from financial assumptions 18 24 0 0 0 0 18 24

Return on plan assets 0 0 19 108 0 0 19 108
Changes in asset ceiling 0 0 0 0 0 -28 0 -28
Actuarial loss (gain) arising from experience adjustments 0 39 0 0 0 0 0 39
Remeasurements loss (gain) included in OCI 17 63 19 108 0 -28 36 143

Contributions paid into the plan 0 0 -86 -77 0 0 -86 -77

Benefits paid by the plan -215 -230 131 134 0 0 -84 -96
1
Other events due to effect of any business combinations/divestitures/transfers -80 23 0 0 0 -13 -80 10
Other -295 -207 45 57 0 -13 -250 -163

Balance as of December 31 1,952 2,128 -1,057 -1,096 0 0 895 1,031

1) NOK 80 million in pension obligations related to the disposed subsea business. Aker Solutions is still liable to OneSubsea and the liability is reported as other non-current liabilities.

Note 20 continues on next page

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Note 20 Pension Obligations cont.

The net liability disclosed above relates to funded and unfunded plans as follows:

Present value of obligation Fair value of plan assets Asset ceiling Net defined benefit liability
Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022

Net defined benefit liability funded plan 1,057 1,096 -1,057 -1,096 0 0 0 0
Net defined benefit liability unfunded plans 895 1,031 0 0 0 0 895 1,031
Balance as of December 31 1,952 2,128 -1,057 -1,096 0 0 895 1,031

Assets in the Defined Benefit Plan Actuarial Assumptions

The information below relates only to Norwegian plans as these represent the majority of the plans.
Amounts in NOK million 2023 2022 The following were the principal actuarial assumptions at the reporting date:

Bonds 429 501

2023 2022
Income and equity funds 628 595
Total plan assets at fair value 1,057 1,096 Discount rate 3.10% 3.00%

The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating Asset return 3.10% 3.00%
equal to AA, but there are few official ratings for these investments. The remaining bond investment Salary progression 3.50% 3.50%
is primarily in the Norwegian market within bonds assumed to be of “Investment Grade” quality. The Pension indexation funded plans
1
0-4% 0-4 %
majority of these investments do not, however, have an official rating. The fund investments consist
of fixed income funds and equity funds with listed securities where the value is based on quoted Mortality table K2013 K2013
prices. The equity securities are invested globally, and the value is based on quoted price at the Remaining life expectancy at age 65 for pensioners, males 22.7 22.7
reporting date without any deduction for estimated future selling cost.
Remaining life expectancy at age 65 for pensioners, females 26.0 26.0
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).

The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with
the terms of the obligations. The assumptions used are in line with recommendations from the
Norwegian Accounting Standards Board.

Note 20 continues on next page

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Note 20 Pension Obligations cont.

Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have changed the defined benefit obligation as of December 31
by the amounts shown below.

2023 2022

Discount rate increase by 1 percent -94 -102

Discount rate decrease by 1 percent 116 123

Expected rate of salary increase by 1 percent 0 1

Expected rate of salary decrease by 1 percent 0 -1

Expected rate of pension increase by 1 percent 106 116

Expected rate of pension decrease by 1 percent -90 -97

For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation
by only 8 percent. This is because the benefit obligation in Aker Solutions consists mainly of
pensioners and employees over 60 years of age, hence limiting the discounting effect.

See note 5 for more information about personnel expenses

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Note 21 Provisions and Contingent Liabilities

Financial Reporting Principles Provisions

A provision is a liability with uncertain timing and amount. Provisions are recognized when cash Onerous
outflow is considered probable, the amount can be reliably estimated and the obligation is a result Amounts in NOK million Warranties contracts Other Total
of a past event. All provisions are presented as short-term as they are part of the operating cycle. Balance as of December 31, 2021 399 79 306 784
Provisions made during the year 177 1,104 181 1,462
A contingent liability is a possible obligation that arises from past events that typically depends on a
Provisions used during the year -45 -292 -72 -410
future event outside of the company's control, for example a court decision. A provision is made
Provisions reversed during the year -83 -60 -8 -151
when it is considered as probable that cash outflow will take place, and the obligation can be
measured reliably. Acquisition of subsidiaries 9 8 0 17
Reclassifications 0 0 -1 -1
Currency translation differences 7 3 9 19
Judgments and Estimates Balance as of December 31, 2022 464 841 415 1,719
Provisions made during the year 267 983 1,176 2,426
The provisions are estimated based on a number of assumptions and are highly judgmental in
Provisions used during the year -64 -460 -67 -591
nature. The various provisions with assumptions and estimation uncertainties are discussed in the
Provisions reversed during the year -3 -1 -22 -27
table to the right.
Disposal of subsea operations 0 -132 -37 -169
Reclassifications -12 -4 21 5
Currency translation differences 15 1 27 42
Balance as of December 31, 2023 666 1,227 1,512 3,405

Onerous
Amounts in NOK million Warranties contracts Other Total

Expected timing of payments

Payment within one year 104 456 238 798
Payment after one year 360 384 176 921
Total as of December 31, 2022 464 841 415 1,719
Payment within one year 180 1,068 360 1,609
Payment after one year 486 158 1,152 1,796
Total as of December 31, 2023 666 1,227 1,512 3,405
Note 21 continues on next page

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Note 21 Provisions and Contingent Liabilities cont.

Warranties Contingent Liabilities

The provision for warranties relates to expected re-work for products and services delivered to Disputes with customers are normally settled during the final negotiations with the customer upon
customers. The warranty period is normally two to five years. The provision is based on the delivery and provided for in the project’s accounts. However, given the scope of the group’s
historical average warranty expense for each type of equipment and an assessment of the value worldwide operations there is a risk that legal claims may arise in the future for deliveries where
of delivered products and services currently in the warranty period. The provision can also be a revenue has been recognized in the past. Legal and tax claims are assessed on a regular basis.
higher or lower amount following a specific evaluation of the actual circumstances for each
contract. The final warranty cost may differ from the estimated warranty provision. Warranty Nordsee Ost Arbitration
provisions in 2023 includes amounts related to the disposed subsea business that was
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration
contributed into OneSubsea. Aker Solutions is responsible for possible warranty claims related to
process, and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions
subsea deliveries before the transaction.
recognized NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK
426 million as settlement of accounts receivable in 2021. In June 2021, the counterparty RWE
submitted an application for annulment of the arbitration award to the German Courts. After
Onerous Contracts decisions by the court of first instance in Hamburg in February 2023 and the federal appeal court
The provision includes onerous customer contracts with expected losses upon completion. The in October 2023 on the admissibility of RWE’s annulment application, the annulment application
provision is mainly driven by legacy renewables projects contracted on lump sum terms in 2021, remains in process and has been redirected to the court of first instance for re-assessment. No
impacted by increases in commodity prices and supply chain constraints driven by the war in provision has been made for this contingent liability as the probability for a cash outflow is
Ukraine, as well as changes in designs and weights. considered remote.

See note 30 for more information about the subsea transaction

Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions
for claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring
provision and certain employee benefits. Changes in status for hired-ins in the UK makes Aker
Solutions liable to withhold and pay NIC. Other provisions also include provisions related to
certain indemnities given in relation to the disposal of the subsea operations reported as part of
the result from discontinued operations of NOK 1,093 million (whereof NOK 78 million is current
and NOK 1,015 million is non-current). The provision includes ICMS tax claim of BRL 311 million
(NOK 654 million) in Brazil and provision for unavoidable costs on premises remaining in Aker
Solutions after the disposal of subsea operations.

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Note 22 Trade and Other Payables

Trade and Other Payables

Amounts in NOK million 2023 2022

Trade creditors 2,489 2,620

Trade creditors, related parties 65 25
Trade payables 2,554 2,645
Accrued operating costs 4,434 6,892
Public duties and taxes 873 956
Other current liabilities 1,243 1,219
Other payables 6,550 9,066
Total 9,104 11,711

Trade creditors did not include reverse factoring as of December 31, 2023, (NOK 99 million in
2022). Trade creditors include NOK 11 million as of December 31, 2023 (NOK 0 million in 2022)
due after one year.

See note 3 for more information about customer contract liabilities

See note 31 for more information about payables to related parties

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Note 23 Financial Risk Management and Exposures

The objective of financial risk management is to manage and control financial risk exposures to increase Due to a predominance of large international energy companies with a relatively low credit risk
the predictability of earnings and minimize potential adverse effects on the company’s financial in its customer base, the exposure for Aker Solutions to this increased credit risk is limited.
performance. The energy landscape has evolved significantly during 2022 and 2023, as energy markets
◼ Liquidity risk: The current market uncertainty as a result of the wars has increased the liquidity
were strongly impacted by the war in Ukraine. Aker Solutions uses derivatives to hedge currency risk
risk. However, solid order backlog and strong cash generation from operations have contributed
exposures and aims to apply hedge accounting whenever possible in order to reduce the volatility
to a strong balance sheet and visibility.
resulting from the periodic market-to-market revaluation of financial instruments in the income
statement. The company is also exposed to interest rate risk, credit risk, liquidity risk and price risk.

Currency Risk
Risk Management Aker Solutions has international operations and is exposed to currency risk on commercial
transactions, assets and liabilities when payments and revenues are denominated in a currency
Risk management of financial risks is performed in every project and is the responsibility of the
other than the functional currency of the respective entity. The company's exposure to currency
project manager. They cooperate with local finance managers and corporate treasury to identify,
risk is primarily related to USD, EUR and GBP. Following the disposal of the Subsea segment, the
evaluate and hedge financial risks under policies approved by the Board of Directors. The company
currency exposure to AOA (Angolan Kwanza) and BRL has been significantly reduced. The
has well-established procedures for overall risk management, as well as policies for the use of
company's primary translation risk is related to USD, EUR and GBP.
derivatives and financial investments.

Use of Currency Derivatives

Geopolitical unrest The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including
The tragic war in Ukraine has amplified several trends, including increased commodity prices, currency clauses in the tender, entering into derivative instruments or including a contingency in
broad-based inflation and global supply chain constraints. Also, the war in the Middle East between the tender price. All entities identify and hedge their exposure with the Corporate treasury
Israel and Hamas may lead to distress in the financial markets and rising oil prices, particularly if the department. The Corporate treasury department manages the overall currency exposures based on
conflict escalates. The unstable situation generally increase financial risk. well established currency risk strategy and procedures.

◼ Currency risk: The war in Ukraine and the COVID-19 pandemic increased the volatility in the Note 23 continues on next page
currency market. Currency variation clauses, escalation mechanisms, contingency buffer
included in tender prices, and currency options are used to mitigate contingent currency
exposures in tenders.
◼ Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and
the ongoing transition towards renewable energy has increased credit risk in the energy sector.

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Note 23 Financial Risk Management and Exposures cont.

2023 2022
Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow
hedges or as hedges of separate embedded derivatives. Corporate treasury enters into external Amounts in million USD EUR GBP USD EUR GBP
foreign exchange contracts separately for revenue and cost exposure. More than 80 percent of the
value of the hedging instruments either qualify for hedge accounting or are hedges of separate Bank deposits -1 -49 -173 9 -34 -106
embedded derivatives. Corporate treasury monitors hedges not qualifying for hedge accounting
Intercompany and related parties deposits (+) and loan (-) -51 0 -36 3 -1 -1
and non-qualifying hedges are reported in the "other" segment. Currency exposure from long-term
investments in foreign currencies is only hedged when specifically instructed by management. Balance sheet exposure -51 -48 -209 12 -35 -107
Treasury has hedged parts of the currency exposure from future USD denominated proceeds from Forecasted receipts from customers 26 53 29 224 138 137
the OneSubsea formation with financial derivatives
Forecasted payments to vendors -49 -84 -19 -263 -152 -140
Non-Convertible Currencies Cash flow exposure -23 -31 10 -39 -14 -3
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the Forward exchange contracts 75 80 199 27 48 110
convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to
Tri-party agreements 0 0 0 0 0 0
minimize the currency exposure. However, Aker Solutions has historically experienced currency
exposures in such jurisdictions where no means of hedging has been available. Following the Net exposure in currency 1 1 1 0 0 0
disposal of the subsea operations to OneSubsea, the currency exposure against non-convertible Net exposure in NOK 6 7 13 3 -4 3
currencies has been reduced.
The currency exposures in USD, EUR and GBP per December 31, 2023 and 2022, were within the
trading mandate.
Exposure to Currency Risk
Corporate treasury is allowed to hold positions within an approved trading mandate. The net
Note 23 continues on next page
exposure as of December 31 is shown in the following table. A bank deposit in a currency different
than the functional currency of the entity represent an exposure for the group. A negative amount
on bank deposits represent an overdraft for the entities. Estimated forecasted cash flows in the
table are calculated based on the entity's hedge transactions through corporate treasury, as these
are considered to be the best estimate of future revenue and cost in foreign currencies. The net
exposure is closely monitored by corporate treasury and reported on a daily basis to management.

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Note 23 Financial Risk Management and Exposures cont.

Sensitivity Analysis - Fair Value of Financial Instruments Sensitivity Analysis - Currency Translation of Subsidiaries
The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against A change in foreign currency rates will also impact the income statement and balance sheet when
other currencies is shown below. A 15 percent weakening would have had the equal, but opposite translating the Aker Solutions companies into the presentation currency which is NOK. The effect
effect. This sensitivity analysis shows the impact on financial instruments denominated in a foreign of change in the various currencies will impact the consolidated financial statements in the
currency per December 31 and assumes that all other variables, in particular interest rates, remain following manner:
constant. The analysis does not include the effect on future transactions (not invoiced as of 2023
December 31) or any effect from translation of subsidiaries.
Revenue increase EBIT increase Profit (loss) Equity increase
Amounts in NOK million (decrease) (decrease) before tax (decrease)
2023 2022
Income (loss) Equity increase Income (loss) Equity increase USD - 15 percent strengthening 215 -20 -18 394
Amounts in NOK million before tax (decrease) before tax (decrease) EUR - 15 percent strengthening 2 0 0 32
GBP - 15 percent strengthening 52 -19 4 273
USD - 15 percent strengthening 307 317 81 66
EUR - 15 percent strengthening 72 115 178 199
GBP - 15 percent strengthening -9 -13 147 197
Interest Rate Risk
The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations, The company’s interest exposure mainly arises from the group’s cash position. Currently Aker
choices of locations, suppliers and other strategic decisions. Such effects are not systematically Solutions has no external debt. In 2023, Corporate Treasury has invested surplus liquidity in time
hedged and are not included in the sensitivity analysis. deposits and liquidity funds to distribute risk among counterparties and enhance the return
compared to the interest rate in the cash pool.

In previous years the company’s interest exposure mainly arose from any external funding in bank
and debt capital markets. The company’s risk management strategy is that 30-50 percent of the
interest exposure on any borrowings shall be fixed interest rate for the duration of the debt. The
company has used interest rate swaps to achieve the desired fixed/floating ratio of the external
debt. During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1
billion senior unsecured floating rate bond loan due June 2024. Interest rate swaps of NOK 500
million related to the repaid bond loan remain open and will mature in June 2024.

As the company has no significant interest-bearing operating assets, operating income and
operating cash flow are substantially independent of changes in market interest rates.

Note 23 continues on next page

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Note 23 Financial Risk Management and Exposures cont.

Interest Rates Sensitivity

An increase of 100 basis points in interest rates would have increased (decreased) equity and Trade Receivables and Contract Assets
profit and loss by the amounts shown on the table below. This analysis assumes that all other Assessment of credit risk related to customers and subcontractors is an important requirement in
variables, in particular foreign currency rates, remain constant. the bid phase and throughout the contract period. Such assessments are based on credit ratings,
income statement and balance sheet reviews and using credit assessment tools available (e.g.
2023 2022 BvD Procurement Catalyst). Revenues are mainly related to large and long-term projects closely
followed up in terms of payments in accordance with agreed milestones. Normally, lack of
Equity Equity payment is due to disagreements related to project deliveries and is solved together with the
Income (loss) increase Income (loss) increase customer.
Amounts in NOK million before tax (decrease)1 before tax (decrease)1
Aker Solutions’ major customers are highly rated energy companies where the credit risk is
Interest on cash and cash equivalents 78 0 52 0 considered to be limited. Risk related to lower rated companies is monitored closely. The
Interest on borrowings -5 0 -16 7 maximum exposure to credit risk at the reporting date equals the book value of each category of
Effect of interest rate swap -1 0 6 0
financial assets. The company does not hold collateral as security.

Cash flow sensitivity (net) 73 0 42 7

Measurement of Expected Credit Losses (ECLs)
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss. Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the company in full. ECLs are estimated probability-weighted net present value of future expected
the amounts, on the basis that all other variables remain constant. credit losses. ECLs are discounted at the effective interest rate of the financial asset. Loss allowances
for trade receivables, contract assets and lease receivables are always measured at an amount equal to
lifetime ECLs. Twelve month ECLs are used for interest-bearing receivables and bank balances for
Credit Risk which credit risk has not increased significantly since initial recognition.
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
At each reporting date, the company assesses whether any financial assets are credit-impaired.
financial instruments fails to meet contractual obligations.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days
past due without agreed postponement, knowledge of significant financial difficulty of the
Investment Instruments and Derivatives customer or debtor or other forward-looking information. The gross carrying amount of a financial
Investment instruments, loans, credit facilities and derivatives are only conducted with approved asset is written off (either partially or in full) to the extent that there is no realistic prospect of
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA recovery. This is generally the case when the company determines that the debtor does not have
documentation). All approved banks are participants in the Aker Solutions loan syndicate and assets or sources of income that could generate sufficient cash flows to repay the amounts
have investment grade ratings. Credit risk related to investment securities and derivatives is subject to write-off.
therefore considered to be low.
Note 23 continues on next page

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Note 23 Financial Risk Management and Exposures cont.

Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity reserves to meet its liabilities when due.

Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions.
Management monitors rolling weekly and monthly forecasts of the company’s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury
maintains flexibility in funding by maintaining availability under committed credit lines in addition to cash and liquid investments.

Financial Liabilities and the Period in which they Mature

2023
Amounts in NOK million Book value Total cash flow1 6 months and less 6-12 months 1-2 years 2-5 years More than 5 years

Net derivative financial instruments 54 54 -91 139 6 0 0

Trade and other payables 9,104 9,104 9,078 16 1 10 0
Lease liabilities 3,540 4,135 400 365 699 1,402 1,269
Total liabilities 12,698 13,292 9,387 519 706 1,411 1,269

2022
Amounts in NOK million Book value Total cash flow1 6 months and less 6-12 months 1-2 years 2-5 years More than 5 years

Borrowings 1,023 1,127 35 86 948 58 0

Net derivative financial instruments 150 150 -10 147 15 6 0
Trade and other payables 11,711 11,711 11,686 24 0 0 0
Lease liabilities 4,413 5,207 464 442 758 1,690 1,854
Total liabilities 17,297 18,195 12,175 699 1,722 1,754 1,854
1) Nominal currency value including interest.

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Note 23 Financial Risk Management and Exposures cont.

Guarantee on Behalf of Akastor

Cash Pool Arrangements
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability
The company policy for the purpose of optimizing availability and flexibility of cash within the
according to Norwegian law. If an obligation that arose prior to the completion of the demerger is
company is to operate centrally managed cash pooling arrangements. Such arrangements are
not met by either party, the other party will have secondary joint liability for such obligation. The
either organized with a bank as a service provider, or as a part of the operation of corporate
remaining value of the financial guarantees where Aker Solutions has a secondary joint liability
treasury. An important condition for the participants (entities) in such cash pooling arrangements
was NOK 1.3 billion per December 31, 2023, compared to NOK 1.9 billion per December 31, 2022.
is that Aker Solutions as an owner of such pools is financially viable and is able to prove its
The largest guarantee, with a value of NOK 1.1 billion, expires end of September 2027. There are
capability to service its obligations concerning repayment of any net deposits made by entities.
no provisions related to the guarantee as the likelihood of any payments related to the joint
The company policy is not applied in countries where local laws prohibit international cash pool
liability is considered to be low.
arrangements, such as Malaysia and India.
See note 14 for more information about trade and other receivables
Price Risk See note 16 for more information about cash and available credit facility
See note 18 for more information about borrowings
The company is exposed to fluctuations in market prices both in the investment portfolio and in
the operating businesses related to individual contracts. The units are exposed to changes in See note 19 for more information about lease liabilities
market prices for raw materials, equipment and development in wages. This is managed in the bid See note 22 for more information about trade and other payables
process by locking in committed prices from key vendors as basis for offers to customers or See note 25 for more information about derivatives
through escalation clauses with customers.
See note 26 for more information about financial assets and liabilities

Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and
related parties as of December 31 (all obligations are per date of issue):

◼ Non-financial parent company guarantees related to project performance on behalf of group

companies
◼ Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and
loans were NOK 10.6 billion (NOK 10.3 billion in 2022)
◼ Financial guarantees including counter guarantees for bank/surety bonds and guarantees for
pension obligations to employees were NOK 7.1 billion (NOK 8.2 billion in 2022)

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Note 24 Capital Management

The objective of Aker Solutions' capital management policy is to optimize the capital structure to operations. The group policy is not applied in countries where local laws prohibit international cash
ensure sufficient and timely funding over time to finance its activities at the lowest cost, in addition pool arrangements.
to investing in projects and businesses which will increase the company's return on capital
employed over time. Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance
between liquidity risk and refinancing risk. In this perspective, any loans and other external
borrowings will be renegotiated well in advance of their due date.
Investment Policy
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.
Aker Solutions’ capital management is based on a rigorous investment selection process which
These funding sources include:
considers not only Aker Solutions’ weighted average cost of capital and strategic orientation, but
also external factors such as market expectations and extrinsic risk factors. This selection process
◼ The use of banks based on syndicated credit facilities or bilateral agreements
is coupled with a centralized approval process for all capital expenditures to be incurred by the
group. ◼ The issue of debt instruments in the Norwegian debt capital market
◼ The issue of debt instruments in international capital markets

Funding Policy
Debt Covenants
Liquidity Planning During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term senior unsecured floating rate bond loan due June 2024 and bank loans and facilities related to
and to ensure solvency for its financial obligations long-term. The group’s internal guideline is to Hydropower (previously Rainpower) which was acquired in 2022. The group has an undrawn NOK 3
have a minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit billion Revolving Credit Facility (RCF) with a syndicate of ten banks which contains financial
facilities. As per December 31, 2023 the liquidity reserve amounted to NOK 9.0 billion compared to covenants based on gearing and interest cover ratios. All debt covenants are based on IFRS
NOK 11.2 billion in the prior year. It was composed of an undrawn committed credit facility, cash in excluding the impact of IFRS 16. At year-end 2023, all ratios were well within the covenants in the
bank accounts and bank deposits. In addition, the group had investments in liquid, fixed income RCF.
securities of NOK 3 billion as of year-end 2023. The cash position in Aker Solutions is strong and
increased steadily in 2023, driven by high activity level in the group with sound cash flows from the Aker Solutions has the following debt covenants for the RCF:
projects and initial proceeds from the subsea transaction. Investing surplus liquidity to diversify risk
among debtors and enhance return has become an important aspect in the liquidity planning.
◼ The company’s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
◼ The company’s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA
Funding of Operations
to net finance cost
Aker Solutions’ funding policy states that all operating units will be funded through corporate
treasury. This ensures optimal availability and transfer of cash within the group, improved control of
Note 24 continues on next page
the group's capital structure and optimized terms and conditions on funding of the group’s

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Note 24 Capital Management cont.

Gearing and Interest Cover Ratios at December 31

Amounts in NOK million 2023 2022

Gearing ratios
Non-current interest-bearing borrowings 0 962
Current interest-bearing borrowings 0 60
Gross interest-bearing debt 0 1,023
Cash and cash equivalents 6,003 6,170
Net debt -6,003 -5,147

1
EBITDA excl. IFRS 16 477 192
Restructuring and other special items as defined in the loan agreement 181 27
Adjusted EBITDA 658 219
Gross interest-bearing debt/adjusted EBITDA 0.0 4.7
Net debt/adjusted EBITDA -9.1 -23.5

Interest cover
1
Adjusted EBITDA excl. IFRS 16 658 219
Net interest expense as defined in the loan agreement 240 -49
Adjusted EBITDA/Net finance cost 2.7 -4.5
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.

See note 18 for more information about borrowings

See note 23 for more information about financial risk management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities
See note 30 for more information about proceeds from the subsea transaction

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Note 25 Derivative Financial Instruments

Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are In these hedge relationships, the main sources of ineffectiveness are:
the most commonly used derivative to hedge such exposures. The risk management policy states
that all foreign exchange exposure shall be hedged, of which at least 80 percent shall qualify for ◼ any sequential change of timing of the hedged item;
hedge accounting or be hedges of separated embedded derivatives. Aker Solutions’ interest rate ◼ change in the total amount of the hedge item; and
exposure mainly arises from its cash position. Aker Solutions has no external debt after exercising a
◼ significant change in the counterparty's and Aker Solutions' credit risk
call option in December 2023 for Voluntary Early Redemption of the NOK 1 billion senior unsecured
floating rate bonds due June 2024. One interest rate swap related to the bond loan remains open
and will mature in June 2024.
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged
transactions are not accounted for by applying hedge accounting, primarily because internal
Financial Reporting Principles hedged transactions are grouped and netted before external hedge transactions are established.
Changes in the fair value of derivatives will be reported as financial income or expenses. Remaining
derivatives not applying hedge accounting include derivatives used by corporate treasury to hedge
Cash Flow Hedges of Foreign Currency the residual exposure of the company as part of its risk mandate. As of December 31, 2023, these
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In hedging instruments include currency forwards, interest swaps and foreign exchange swaps. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the addition, Corporate treasury has hedged parts of the currency exposure from USD denominated
expected maturity dates, currencies or amounts of the hedged items corresponding derivatives are proceeds from the OneSubsea formation with currency options.
routinely adjusted (pre-matured or rolled over), usually by means of currency swaps.

The hedged transactions in foreign currency subject to cash flow hedge accounting are highly Hedge accounting is discontinued with immediate recognition in finance income and expenses in
probable future transactions expected to occur at various dates during the next one to four years, the income statement when the hedge no longer qualifies for hedge accounting, for example upon
depending on progress of the projects and firm commitments. The derivatives are recognized sale, expiration, termination or when a forecasted transaction is no longer probable. The derivative
initially and subsequently at fair value in the balance sheet, and the effective portion of changes in financial instruments are classified as current assets or liabilities as they are part of the operating
the fair value is recognized in other comprehensive income as a hedge reserve. cycle.

Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk Note 25 continues on next page
and applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and
timing of the forward exchange contracts to align with the hedged item. The existence of an
economic relationship between the hedging instrument and hedged item is determined based on
matching critical terms of their respective cash flows. In addition, an assessment is made to
determine whether the derivative designated in each hedging relationship is expected to be, and
has been, effective in offsetting changes in cash flows of the hedged item by the hypothetical
derivative method.

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Note 25 Derivative Financial Instruments cont.

Foreign Currency as Embedded Derivatives

Embedded derivatives may exist in contracts with a currency other than the currency of the
contracting partners. The embedded derivative will under certain circumstances be separated and
recognized at fair value in the balance sheet and changes recognized in the income statement.
These entries will result in corresponding and opposite effects compared to the hedging instrument.

Aker Solutions applies the following separation criteria for embedded derivatives:

◼ The embedded derivative needs to be separated if the agreed payment is in a currency different
from any of the major contract parties' own functional currency, or
◼ that the contract currency is not considered to be commonly used for the relevant economic
environment defined as the countries involved in the cross-border transaction.

Cash Flow Hedges of Interest Rates

Aker Solutions' interest exposure mainly arises from the cash position of more than NOK 6 billion
and additional NOK 3 billion invested in liquid funds as of December 31, 2023. Treasury has
invested surplus liquidity in time deposits and liquid funds to distribute the risk among debtors and
enhance the return compared to the interest rate in the cash pool. One interest rate swap related to
the former bond loan remains open and will mature in June 2024.

Note 25 continues on next page

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Note 25 Derivative Financial Instruments cont.

Fair Values and Maturity

The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are
cash neutral, this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the
project. This may result in differences between cash flow and revenue recognition.

2023 2022
Instruments 6 months 6-12 Over 5 Instruments 6 months 6-12 Over 5
Amounts in NOK million at fair value1 or less months 1-2 years 2-5 years years at fair value1 or less months 1-2 years 2-5 years years

Assets
Cash flow hedging instruments 43 24 8 11 0 0 247 112 93 37 5 0
2
Fair value adjustments to hedged instruments -17 -12 -2 -4 0 0 -109 -53 -38 -15 -3 0
3
Fair value of currency options 197 45 152 0 0 0 130 0 130 0 0 0
Embedded derivatives in ordinary commercial contracts 6 5 1 0 0 0 105 83 15 8 8 0
Financial instruments not hedge accounted 23 22 1 0 0 0 21 11 6 3 0 0
Total forward foreign exchange contracts 251 85 160 7 0 0 394 153 207 32 11 0

Cash flow hedges interest rate assets 7 7 0 0 0 0 11 1 0 11 0 0

Total financial instrument assets 258 92 160 7 0 0 406 154 207 43 11 0

Liabilities
Cash flow hedging instruments -38 -35 -2 -1 0 0 -278 -188 -59 -28 -4 0
Fair value adjustments to hedged instruments 5 3 1 1 0 0 102 79 15 7 1 0
3
Fair value of currency options -18 0 -18 0 0 0 0 0 0 0 0 0
Embedded derivatives in ordinary commercial contracts -4 -2 -2 0 0 0 -45 -26 -11 -6 -2 0
Financial instruments not hedge accounted -149 -149 0 0 0 0 -34 -29 -5 -1 0 0
Total forward foreign exchange contracts -204 -182 -21 -1 0 0 -255 -164 -59 -28 -5 0

Cash flow hedges interest rate liability 0 0 0 0 0 0 0 0 0 0 0 0

Total financial instrument liabilities -204 -182 -21 -1 0 0 -255 -164 -59 -28 -5 0

Net financial instruments 54 -91 139 6 0 0 150 -10 147 15 6 0

1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
2) Fair value of settled derivatives not yet booked in the income statement are recognized in balance sheet and will be reclassified to the income statement over the next years as the projects progress.
3) The proceeds from the subsea transaction represent a significant currency exposure, and Aker Solutions has therefore entered into FX put options contracts to hedge for a part of the exposed proceeds as of December 31, 2023.
Note 25 continues on next page

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Note 25 Derivative Financial Instruments cont.

Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).

2023 2022
Fair value of all Recognized in Deferred in equity Fair value of all Recognized in Deferred in equity
Amounts in NOK million hedging instruments profit and loss (the hedge reserve) hedging instruments profit and loss (the hedge reserve)

Forward exchange contracts (cash flow hedges) 4 11 -7 -32 -33 2

Interest rate swaps 7 1 6 11 1 11
Total 11 12 -1 -20 -33 12

The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates.
Revenue and expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 11 million (NOK -33 million in 2022) of the value of the
forward contracts have already impacted the income statement. The NOK -7 million (NOK 2 million in 2022) that are currently recorded in the hedge reserve, will be reclassified to the income statement over
the next years.

The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest
rates of the swaps, tax and deferred settlements related to matured instruments.

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Note 25 Derivative Financial Instruments cont.

Hedge Reserve Movement Interest Rate Swaps

The table below shows the movement in the hedge reserve from changes in the cash flow hedges. Aker Solutions does currently not have any external liabilities. One fixed interest rate swap of NOK
500 million will run to maturity. Floating interest rates are tied to inter-bank offered rates (NIBOR
for NOK).
Amounts in NOK million Hedge reserve
See note 18 for more information about borrowings
Balance as of January 1, 2022 -58
See note 26 for more information about financial assets and liabilities
Forward currency 156
Interest rate swaps 18
Total changes in fair value 175
Forward currency contracts -79
Interest rate swaps -2
Total amount reclassified to profit or loss -81
Tax on movements on reserves during the year -25
Balance as of December 31, 2022 10

Forward currency contracts 35

Interest rate swaps -4
Total changes in fair value 31
Forward currency contracts -4
Interest rate swaps -1
Total amount reclassified to profit or loss -5
Tax on movements on reserves during the year 2
Disposal of subsea operations -40
Balance as of December 31, 2023 -1

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Note 26 Financial Assets and Liabilities

The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in
an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.

The Fair Value Hierarchy

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial
assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

For financial instruments measured at fair value, the levels in the fair value hierarchy are:

◼ Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
◼ Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
◼ Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.

Note 26 continues on next page

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Note 26 Financial Assets and Liabilities cont.

Financial Instruments as of December 31, 2023

Carrying value Fair value
Hedging Financial Equity Other
instruments at assets at Amortized investments financial
Amounts in NOK million FVOCI1 FVTPL1 cost at FVOCI1 liabilities Total Level 1 Level 2 Level 3 Total
2
Other investments 0 0 0 19 0 19 5 0 14 19
Non-current receivables 0 0 1,231 0 0 1,231 0 0 0 0
Trade and other receivables 0 0 5,472 0 0 5,472 0 0 0 0
Forward foreign exchange contracts 50 0 0 0 0 50 0 50 0 50
Fair value of currency options 0 197 0 0 0 197 0 197 0 197
Fair value embedded derivatives 4 0 0 0 0 4 0 4 0 4
Interest rate instruments 7 0 0 0 0 7 0 7 0 7
Current interest-bearing receivables 0 0 3,103 0 0 3,103 0 0 0 0
Financial investments 0 5,714 0 0 0 5,714 5,714 0 0 5,714
Cash and cash equivalents 0 0 6,003 0 0 6,003 0 0 0 0
Financial assets 61 5,911 15,808 19 0 21,799 5,719 258 14 5,991

3
Trade and other payables 0 0 0 0 -6,462 -6,462 0 0 0 0
Lease liabilities 0 0 0 0 -3,540 -3,540 0 0 0 0
Forward foreign exchange contracts -185 0 0 0 0 -185 0 -185 0 -185
Fair value of currency options 0 -18 0 0 0 -18 0 -18 0 -18
Fair value embedded derivatives -1 0 0 0 0 -1 0 -1 0 -1
Financial liabilities -186 -18 0 0 -10,002 -10,206 0 -204 0 -204
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.

Note 26 continues on next page

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Note 26 Financial Assets and Liabilities cont.

Financial Instruments as of December 31, 2022

Carrying value Fair value
Hedging Financial Equity Other
instruments at assets at Amortized investments financial
Amounts in NOK million FVOCI1 FVTPL1 cost at FVOCI1 liabilities Total Level 1 Level 2 Level 3 Total
2
Other investments 0 0 0 25 0 25 11 0 14 25
Non-current receivables 0 0 788 0 0 788 0 0 0 0
Trade and other receivables 0 0 5,992 0 0 5,992 0 0 0 0
Forward foreign exchange contracts 159 0 0 0 0 159 0 159 0 159
Fair value of currency options 0 130 0 0 0 130 0 130 0 130
Fair value embedded derivatives 105 0 0 0 0 105 0 105 0 105
Interest rate instruments 11 0 0 0 0 11 0 11 0 11
Current interest-bearing receivables 0 0 146 0 0 146 0 0 0 0
Cash and cash equivalents 0 0 6,170 0 0 6,170 0 0 0 0
Financial assets 276 130 13,096 25 0 13,527 11 406 14 431
3
Non-current borrowings 0 0 0 0 -962 -962 -914 0 -48 -962
3
Current borrowings 0 0 0 0 -60 -60 0 0 -60 -60
4
Trade and other payables 0 0 0 0 -5,099 -5,099 0 0 0 0
Lease liabilities 0 0 0 0 -4,413 -4,413 0 0 0 0
Forward foreign exchange contracts -211 0 0 0 0 -211 0 -211 0 -211
Fair value embedded derivatives -45 0 0 0 0 -45 0 -45 0 -45
Financial liabilities -255 0 0 0 -10,535 -10,790 -914 -255 -108 -1,277
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Fair value is quoted prices for the bonds noted on the Oslo Stock Exchange.
4) Trade and other payables that are not financial liabilities at negative NOK 6,612 million in 2022 are not included.

See note 14 for more information about trade and other receivables See note 23 for more information about financial risk management
See note 15 for more information about financial investments See note 25 for more information about derivatives
See note 18 for more information about borrowings See note 28 for more information about other investments
See note 22 for more information about trade and other payables

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Note 27 Subsidiaries and NCIs

Subsidiaries: Aker Solutions has 60 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15. The group holds the majority of the shares
in all subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company Location Country Percent Company Location Country Percent
Aker Solutions Enterprises, LDA Luanda Angola 49 Benestad Solutions AS Lierskogen Norway 100
C.S.E. Mecânica e Instrumentaçâo Ltda Curitiba Brazil 100 Kværner Resources AS Fornebu Norway 100
Aker Solutions Sdn Bhd Kuala Belait Brunei 100 Norwegian Contractors AS Lysaker Norway 100
PTAS Aker Solutions Sdn Bhd Kuala Belait Brunei 75 Aker Solutions Hydropower AS Tranby Norway 100
Aker Solutions Asset Integrity and Management Canada Inc. Newfoundland Canada 100 Unitech Power Systems AS Stavanger Norway 100
Aker Solutions Canada Inc Vancouver Canada 100 Rainpower Peru S.A.C. Lima Peru 100
Aker Solutions Marine Contractors Limited St John's Canada 100 Aker Solutions Poland Sp. z o.o. Warsaw Poland 100
Aker Engineering & Technology (Beijing) Co., Ltd Beijing China 100 Aker Solutions Gulf Services WLL Doha Qatar 49
Aker Solutions Hydropower Hangzhou Co Ltd Hangzhou China 100 Aker Solutions Saudi Arabia Co. Ltd. Al-Khobar Saudi Arabia 100
Aker Solutions Congo SA Point-Noire Congo 70 Aker Solutions Korea Co. Ltd Geoje South Korea 100
Aker Solutions Finland Oy Ulvila Finland 100 K Water AB Örnsköldsvik Sweden 100
Aker Solutions Ghana Ltd Accra Ghana 90 Rainpower Kristinehamn AB Kristinehamn Sweden 100
Aker Solutions SAS Paris France 100 Aker Solutions Hydropower Switzerland AG Vaud Switzerland 100
Aker Solutions Ghana Holding Ltd Accra Ghana 100 Aker Solutions Tanzania Ltd Dar es Salaam Tanzania 100
Aker Solutions Deepwater Ghana Ltd Accra Ghana 80 Aker Solutions Hydro Enerji Limited Sirketi Istanbul Turkey 100
Aker Powergas Pvt Ltd Mumbai India 100 Aker Engineering and Technology Ltd London UK 100
Aker Engineering International Sdn Bhd Kuala Lumpur Malaysia 100 Aker Engineering Malaysia Ltd Leeds UK 100
Aker Engineering Malaysia Sdn Bhd Kuala Lumpur Malaysia 100 Aker Offshore Partner Ltd Aberdeen UK 100
Aker Solutions APAC Sdn Bhd Kuala Lumpur Malaysia 48 Aker Solutions DC Trustees Ltd London UK 100
Aker Solutions India Sdn Bhd Kuala Lumpur Malaysia 100 Aker Solutions EAME Limited Aberdeen UK 100
Aker Solutions Malaysia Sdn Bhd Kuala Lumpur Malaysia 100 Aker Solutions Enterprises International (UK) Limited London UK 100
Aker Solutions BV Zoetemer Netherlands 100 Aker Solutions Holding Limited Aberdeen UK 100
AH Åtte AS Fornebu Norway 100 Aker Solutions Ltd Maidenhead UK 100
Aker Installation FP AS Fornebu Norway 100 International Design Engineering and Services Ltd Aberdeen UK 100
Aker Insurance Services AS Fornebu Norway 100 Kvaerner Contracting Ltd London UK 100
Aker Solutions AS Fornebu Norway 100 Kvaerner Resources Ltd London UK 100
Aker Solutions Contracting AS Fornebu Norway 100 Aker Solutions Inc. Houston USA 100
Aker Solutions Holding AS Fornebu Norway 100 Aker Solutions USA Corporation Houston USA 100
Aker Solutions Middle East AS Fornebu Norway 100 Kvaerner Americas Holdings Inc Canonsburg USA 100
ASK JV AS Stavanger Norway 100 Kvaerner Renewables US LLC Canonsburg USA 100

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Note 27 Subsidiaries and NCIs cont.

Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table
above. Aker Solutions has control over relevant activities through shareholders agreements. The
subsidiaries are fully consolidated and the non-controlling interest share of profit and equity is
presented in the income statement and in the balance sheet.

The following entities are not legally transferred to OneSubsea due to delayed legal transfer or
delayed closing. The subsea business in these entities are not consolidated as Aker Solutions does
not have control of operations or rights to cash generations.

Company Location Country Percent

Aker Solutions Congo SA Point-Noire Congo 70
Aker Solutions Ghana Ltd Accra Ghana 90
Aker Solutions APAC Sdn Bhd Kuala Lumpur Malaysia 48
Aker Solutions Malaysia Sdn Bhd Kuala Lumpur Malaysia 100
Aker Solutions Inc. Houston USA 100

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Note 28 Investments in Companies

Financial Reporting Principles Joint Ventures and Associates (Equity Accounted Investees)
Joint ventures are those entities where the company has joint control and rights to net assets. The company had 13 equity-accounted investments as of December 31, 2023. Ownership
Associates are those entities where the company has significant influence, but not control or joint percentage equals the percentage of voting shares.
control (usually between twenty and fifty percent of the voting power). Interests in joint ventures
and associates are accounted for using the equity method. The investments are initially recognized
Name of company Office Percent Type
at cost (including transaction costs) and subsequently increased or decreased to recognize the
share of the profit or loss. The profit or loss for the equity-accounted investees is presented as part Kiewit-Kvaerner Contractors (KKC) Newfoundland, Canada 50.0% Joint venture
of total revenue when the operations are closely linked to the current operations of Aker Solutions,
KDS JV AS Fornebu, Norway 50.0% Joint venture
otherwise they are presented as financial income.
EPE Eigedom AS Stord, Norway 50.0% Joint venture
Other investments are those entities in which the company does not have significant influence. Eldøyane Holding AS Stord, Norway 50.0% Joint venture
These are usually entities where the company holds less than twenty percent of the voting power.
Rosebank JV Ltd Dubai, United Arab Emirates 50.0% Joint venture
Such investments are designated as equity securities at fair value through other comprehensive
income (FVOCI) as they represent long-term strategic investments. When the investments are sold, Concrete Structures AS Fornebu, Norway 50.0% Associate
the accumulated gain or loss in equity is not reclassified to the income statement. Siva Verdal Eiendom AS Trondheim, Norway 46.0% Associate
Bemlotek AS Fornebu, Norway 24.6% Associate
Kværnhuset Industri-inkubator AS Egersund, Norway 33.0% Associate
Investments in Companies
Windstaller Alliance AS Fornebu, Norway 33.3% Associate
The company has recognized the following balances for its investment in other companies:
OneSubsea LLC Houston, USA 20.0% Associate
OneSubsea Processing AS Sandsli, Norway 20.0% Associate
Amounts in NOK million 2023 2022
OneSubsea Investments UK Ltd London, UK 20.0% Associate
Joint Ventures and Associates 6,555 103
Other investments over OCI 19 25
Total investment in companies 6,574 128 Note 28 continues on next page

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Note 28 Investment in Companies cont. 2023

Amounts in NOK million

Current assets 28,677

2023 2022
Non-current assets 33,386
Amounts in NOK million OneSubsea Other Total Total Current liabilities 26,250
Non-current liabilities 3,474
Equity accounted investees per January 1 0 103 103 58
Net assets 32,339
Acquisition 6,549 0 6,549 24 Aker Solutions' share of equity (20%) 6,468
Share of net income included in other income 172 34 205 33
4Q 2023
Other comprehensive income 53 0 53 0
Revenue 10,744
Reclassification from other investments 0 -10 -10 0 Net income 852
Sale 0 -6 -6 0 Other comprehensive income 263
Dividends received 0 -34 -34 -13 Total comprehensive income 1,115
1
Currency translation differences -306 1 -305 1
Other Investments
Equity accounted investees per December 31 6,468 88 6,555 103
1) NOK -284 million in currency translation difference is included in translation differences related to equity accounted
investees in OCI. Key information about the other investments are presented in the table below:

Amounts in NOK million 2023 2022

Significant associates
Shares in Aker Horizons ASA 3 10
Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the Shares in Aker Carbon Capture ASA 2 1
subsea business and consists of three separate legal entities; OneSubsea LLC, OneSubsea Shares in unlisted companies 14 14
Processing AS and OneSubsea Investments UK Ltd. The legal entities are established in Norway,
Total other investments 19 25
the UK and the US. These entities are considered material for Aker Solutions. Aker Solutions Inc
owns the partnership interests in OneSubsea LLC which is a transparent entity for income tax
purposes in the US. Other investments relate to shares in listed and unlisted companies where ownership is below 20
percent. The ownership in these companies are measured at their market value with changes over
The following table summarizes financial information for the entities at a consolidated level. The OCI as they are long-term strategic investments. The loss recognized in OCI in 2023 was NOK 6
figures are at the same basis as used in the group financial statements and represents an IFRS million (loss of NOK 78 million in 2022). Unlisted shares are usually measured at cost less
conversion of OneSubsea’s consolidated income statement and balance sheet prepared in impairment, as this is assumed to be the best estimate of fair value.
accordance with US GAAP. The financial information includes allocation of provisional excess
values recognized from assets contributed by SLB and Aker Solutions. Aker Solutions expects that See note 3 for more information about other income
the fair value assessment of the acquired assets and liabilities will be concluded during 2024. All See note 7 for more information about financial income and expense
amounts are for the consolidated entities at a 100 percent basis.
See note 30 for more information about the subsea transaction

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Note 29 Business Combinations

Financial Reporting Principles Unitech Power Systems

Business combinations are transactions where Aker Solutions obtains control of one or more On February 28, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
businesses. Business combinations are accounted for using the acquisition method when control is Norwegian company Unitech Power Systems. The acquired company is a leading electrical power
transferred to the group. The consideration transferred in the acquisition is generally measured at systems consultancy business. The acquisition will significantly enhance Aker Solutions'
fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for capabilities related to high-voltage electrical power systems. By leveraging Unitech Power Systems’
impairment. Goodwill is allocated to the cash generating unit that is expected to benefit from strong expertise and track record with Aker Solutions' existing front end, engineering and project
synergies from the acquisition. In some business combinations goodwill will arise due to the management capabilities, the acquisition will drive growth in markets supported by the energy
requirement to recognize deferred tax on the difference between the assigned fair values and the transition.
related tax bases. This is referred to as technical goodwill. Transactions costs are expensed as
incurred, except if related to the issue of debt or equity securities incurred in connection with a Consideration transferred and contingent consideration
business combination. NOK 104 million was paid in cash to the selling shareholders at the acquisition date. Aker Solutions
has included a liability of NOK 33 million as deferred consideration to be paid in cash in first half
year 2024. The total consideration of NOK 137 million represents the fair value at the acquisition
Judgments and Estimates date. The liability of NOK 33 million follows a contingent consideration arrangement based on
Unitech Power Systems’ EBITDA performance. The range of this element is NOK 24 million to NOK
Judgment has been applied when assessing the fair value of the acquired assets and liabilities,
44 million. Transaction costs related to the acquisition were insignificant.
including weighted average cost of capital, and when determining the amortization period for
excess values. Various valuation techniques have been used in the purchase price allocation,
including a cost replacement approach for assembled workforce and excess earnings method for Measurement of fair value
customer relationships. Management judgment is also applied when valuing contingent Customer relationships have been identified as intangible assets assumed in the acquisition. They
considerations which are based on estimated future profits. are valued at NOK 31 million based on a multi-period excess earnings method. NOK 96 million has
been allocated to goodwill. Goodwill resulting from the transaction is mainly attributable to value of
assembled workforce and expected synergies from Unitech being part of a global company.
There has not been any significant business combinations in 2023. In March 2023, Aker Solutions
acquired 66 percent of the shares in Vitec AS, resulting in an ownership of 100 percent in the
company after the transaction. The purchase price was NOK 19.8 million. Note 29 continues on next page

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Note 29 Business Combinations cont.

Measurement of fair value
Customer relationships have been identified as intangible assets and are valued at NOK 50 million
Hydropower (previous Rainpower) based on a multi-period excess earnings method. NOK 82 million has been allocated to goodwill,
which mainly is attributable to value of assembled workforce and expected synergies from
On May 10, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Hydropower being part of a larger organization with extensive project execution experience.
Norwegian company Hydropower from related party Aker Horizons. The company is a leading
technology provider to the hydropower industry. The acquisition builds on Aker Solutions’ growth
strategy and will further strengthen its offering within renewables. Aker Solutions sees strong
industrial synergies in further developing Hydropower into an innovative hydropower technology Frontica Engineering
company to optimize hydropower developments and operations. On June 30, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Frontica Engineering to secure engineering capacity. The company is serving
The company has a subordinated perpetual equity linked loan of NOK 113 million with no the offshore energy sector in the domestic and international markets and has a multidisciplinary
installments or scheduled maturity date. As Hydropower has no contractual obligation to repay the staff of around 50 individuals. NOK 16 million was paid in cash for the company. A provisional
loan, the hybrid loan is assessed to not meet the requirements in the definition of a financial purchase price allocation shows excess values of NOK 18 million that are allocated to goodwill and
liability. The fair value of the hybrid loan is estimated to NOK 12 million and has been classified as represent value of assembled workforce. Revenue and net loss from Frontica Engineering in Aker
non-controlling interests within equity. Solutions’ consolidated income statement were NOK 7 million and NOK 2 million, respectively. If the
acquisition had taken place at the beginning of the year, the group’s revenue would have increased
Revenue and net loss from Hydropower in Aker Solutions’ consolidated income statement were by NOK 20 million and net profit would have decreased by NOK 4 million. In December 2022,
NOK 218 million and NOK 105 million, respectively. If the acquisition had taken place at the Frontica Engineering was merged with Aker Solutions AS.
beginning of the year, the group’s revenue would have increased by NOK 113 million and net profit
would have decreased by NOK 44 million. Consideration transferred
Unitech Power Frontica
Consideration transferred Amounts in NOK million Systems Hydropower Engineering
The purchase price of NOK 100 million was settled in financial instruments, being shares in Aker
Carbon Capture. Aker Solutions took over Hydropower’s cash and debt. In addition there is a
Total consideration 137 100 16
discretionary element which may bring the purchase price to NOK 150 million. The share purchase
agreement does not contain trigger elements for the discretionary element, but future material Contingent consideration 33 0 0
strengthening of the company’s equity may lead to a payment. Transaction costs related to the Consideration transferred 104 100 16
acquisition were insignificant. Transaction with related party Aker Horizons was based on Of which non-cash consideration 0 -100 0
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices. Cash acquired 13 11 11
Net cash outflow 91 -11 5

Note 29 continues on next page

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Note 29 Business Combinations cont. Goodwill arising from the acquisitions has been recognized as follows:

Identifiable assets acquired and liabilities assumed Unitech Power Frontica

Unitech Power Frontica Amounts in NOK million Systems Hydropower Engineering
Amounts in NOK million Systems Hydropower Engineering
Consideration transferred 104 100 16
Intangible assets 34 77 0 Contingent consideration 33 0 0
Property, plant and equipment 0 4 0 Total consideration 137 100 16
Right-of-use assets 6 62 0 Non-controlling interests 0 12 0
Deferred tax assets 0 90 9 Fair value of identifiable net asset 41 30 -2
Trade and other receivables 20 131 13 Goodwill 96 82 18
Cash and cash equivalents 13 11 11
Of the total goodwill of NOK 196 million NOK 9 million related to Hydropower is expected to be
Borrowings 0 -100 0 deductible for tax purposes.
Lease liabilities -6 -62 0
Pension obligations 0 -4 -18
In 2022, Aker Solutions also acquired the 51 percent minority share in Aker Solutions Enterprises
Limited and a 50 percent ownership in EPE Eigedom for a total cash consideration of NOK 83
Deferred tax liabilities -7 0 0 million. Aker Solutions first purchased 100 percent of EPE Eigedom, and later sold 50 percent
Other non-current liabilities 0 0 -2 making the company an equity accounted investee.
Trade and other payables -19 -178 -15
Net identifiable assets 41 30 -2

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Note 30 The Subsea Transaction and Discontinued Operations

On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation Aker Solutions performed several activities in preparation for the closing of the transaction. The
agreement and agreed to establish a new entity where Aker Solutions and SLB contributed their group was reorganized to enable contribution of the subsea operations upon closing of the
subsea businesses. transaction. The activities included shares and asset transfers between subsea and non-subsea
companies to secure appropriate ownership within the group. In addition, the companies
The transaction was dependent on approval from regulatory authorities. The subsea business was established business and agreements related to licenses of IP.
therefore not classified as held for sale until final approval came from the regulatory authorities in
Brazil, on August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions In addition to the preparatory activities described above, Aker Solutions entered into a transitional
and SLB contributed their subsea businesses into the entity with respectively 40 and 60 percent of the service agreement (TSA) and a parent service agreement (PSA) with the entity. These agreements
values. Aker Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their were established to secure that the new entity was fully operational from day one after the
shares to Subsea7 as part of the agreement. Following these transactions, the entity is owned by transaction was closed. The TSA consists of different services that Aker Solutions provides to the
SLB (70 percent), Aker Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up new entity, and duration of the services vary between 6 and 18 months. Fees for the services are
period of three years for the shares in the entity before any of the parties can sell their shares. determined by a cost-plus model defined in the TSA. The PSA is established to ensure that the
parties are able to deliver on commitments that are made prior to establishment of the new entity.
Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent The agreement includes access to fabrication services from Aker Solutions’ facilities for the
ownership in the entity, which was divided as follows: entity, engineering services and goods produced by the counterparties. The PSA is structured as
frame agreements with a three-year time frame. Specific needs for fabrication, goods or services
◼ NOK 3.3 billion (USD 306.5 million) in forms of shares in SLB, subject to a lock-up period of will be established as defined project related call offs within the frame agreements.
180 days.
◼ NOK 3.3 billion (USD 306.5 million) in cash from the 10 percent divestment to Subsea7. USD
153.25 million was settled at closing October 2, 2023, while the remaining USD 153.25 million, Financial reporting of the transaction
will be settled with interest at the latest on June 30, 2024.
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the
◼ NOK 936 million (USD 87.5 million) in proceeds from a vendor note from the entity to be paid, equity method as a non-current asset in the balance sheet. Our share of the investee’s net profit
with interest, to Aker Solutions with minimum 50 percent one year from closing and the or loss is presented as a separate line and included in the group revenue and other income in the
remaining within two years from closing. Income Statement.

The entity was established to build on the different strengths of the subsea business in the The historical results for the subsea business are reported separately under the caption
companies, with an ambition of delivering a step change in subsea production economics. Joining discontinued operations for the current and prior year. The gain on sale of the subsea business is
the subsea business of SLB and Aker Solutions can help unlock reserves, reduce time to first oil, also reported in this line item in 2023. Income and expenses from discontinued operations are
and lower development costs, by simultaneously delivering on decarbonization objectives. Aker excluded from specifications presented in other notes unless otherwise stated.
Solutions and SLB have had different strengths within the respective subsea operations, and
joining the operations leads to a stronger subsea company, where the operations can gain from Note 30 continues on next page
synergies. Aker Solutions contribution into the entity comprises in all material respects the entire
Subsea segment including certain support functions.

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Note 30 The Subsea Transaction and Discontinued Operations cont. Net proceeds
Amounts in NOK million 2023
Some of the transactions were not legally completed by year end but accounted for as transferred
assets in the group accounts. Estimates of future cash settlements for these transactions and the
Consideration received 1,640
settlement of the closing accounts for the group is NOK 440 million and reported as other non-
current assets. Cash in divested subsidiaries -623

Loans given to OneSubsea -396

The financial data for discontinued operations are as follows:
Net proceeds from sale of subsidiaries 621
Profit (loss)
Amounts in NOK million 2023 2022

Revenue 14,807 13,917

Gain on disposal
Depreciation, amortization and impairment -336 -540 The fair value of the Aker Solutions’ subsea business was in the transaction agreement valued at
NOK 13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea
Other expenses -12,035 -11,629
business, and the accounting treatment has been a sale of 100 percent of the subsea business
Operating income 2,435 1,748 following a purchase of 20 percent of OneSubsea at fair value. Aker Solutions recognized a gain
Financial income (expense), net -65 18 in connection with the sale of the subsea business of NOK 9.7 billion. The gain was calculated as
the difference between the fair value of the consideration received, the net book value of the
Income before tax 2,370 1,765
disposed business and the reclassification of foreign currency translation reserve.
Income tax expense -553 -453
Income from discontinued operations 1,817 1,312 2023
Amounts in NOK million
Gain on disposal (net of tax) 9,723 0
1
Net income from discontinued operations 11,540 1,312 Fair value of subsea business 14,370
Carrying amount of net assets sold and assumed liabilities -6,039

Cash flow Reclassification of foreign currency translation reserve 1,392

Gain on disposal 9,723
Amounts in NOK million 2023 2022
1) NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in
value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also
Net cash provided by operating activities 2,410 1,689
includes NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all
Net cash provided by investing activities -86 -133 transactions are completed and revaluation of shares in SLB before closing of the transaction.

Net cash used in financing activities -195 -264

Foreign currency effects on cash 27 79 See note 28 for more information about other investments
1
Net cash provided by discontinued operations 2,155 1,371
1) Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.

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Note 31 Related Parties and Key Management Compensation

Financial Reporting Principles Related Parties of Aker Solutions

Related party relationships are defined to be entities under joint control or significant influence by The largest shareholder of Aker Solutions is Aker Holdings AS , which is wholly-owned by Aker
Aker Solutions, and companies outside the Aker Solutions group that are under control (either ASA. Aker Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities
directly or indirectly) or joint control by the owners having significant influence over Aker Solutions. which Kjell Inge Røkke and his close family controls through The Resource Group TRG AS are
The management and the Board of Aker Solutions are also related parties. considered related parties to Aker Solutions. These entities include companies like Aker Carbon
Capture, Aker Offshore Wind and Cognite and are referred to as Aker entities in this note.
Companies that are associates of Aker ASA or The Resource Group TRG AS are not considered
related parties of Aker Solutions, such as Akastor and Aker BP.

Related party relationships also include entities under joint control or significant influence by Aker
Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-
controlling interests with significant influence are also considered as related parties of Aker
Solutions.

Related parties are in a position to enter into transactions with the company that would potentially
not be undertaken between unrelated parties. Transactions with related parties are based on
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices.

Note 31 continues on next page

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Note 31 Related Parties cont.

Transactions and Balances with Related Parties1

2023 2022
Aker and TRG Joint ventures Aker and TRG Joint ventures
Amounts in NOK million companies and associates Total companies and associates Total

Income statement
Operating revenues 302 1,108 1,410 368 36 404
Operating costs -1,007 -623 -1,631 -634 -434 -1,068
Depreciation and impairment of ROU assets -38 -18 -56 -44 -8 -52
Net financial items 35 0 35 9 0 9

Balance sheet
Right-of-use (ROU) assets 389 63 452 519 10 530
Trade receivables 51 556 608 82 2 84
Non-current interest-bearing receivables 195 0 195 199 0 199
Current interest-bearing receivables 10 1,410 1,420 10 0 10
Other current receivables 0 405 405 0 0 0
Non-current leasing liabilities 0 -463 -463 -591 -5 -596
Other non-current liabilities 0 -81 -81 0 0 0
Trade payables -16 -49 -65 0 -25 -25
Current leasing liabilities 0 -45 -45 -43 -6 -49
1) Subsea not classified as discontinued operations.

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Note 31 Related Parties cont. The below table shows the shareholding of Aker Solutions’ Board of Directors and the President
and Chief Executive Officer per December 31, 2023.

Significant Related Parties Transactions

Aker Solutions has transactions with related parties on a recurring basis as part of normal business. Shareholding as of
In 2023, Aker Solutions purchased software applications from Aize of NOK 265 million. Aker Name Role December 31, 20231
Solutions also leases industrial properties owned by Kjell Inge Røkke through TRG AS which
Kjetel Digre President and Chief Executive Officer 133,657
amounted to NOK 68 million in 2023 (NOK 65 million in 2022). In addition, Aker Solutions
supported the group's union representative function with NOK 780,000 in 2023 (NOK 740,000 in Leif-Arne Langøy Chairman 159,426
2022). Øyvind Eriksen Deputy Chairman 0
Kjell Inge Røkke Director 0
Birgit Aagaard-Svendsen Director 90,000
Compensation to Key Management
Lone Fønss Schrøder Director 0
The key management personnel of Aker Solutions include the Board of Directors and the executive
Elisabeth Tørstad Director 2,000
management team. Refer to further description about management compensation in the
Management Remuneration Report available at www.akersolutions.com/corporate-governance. Jan Arve Haugan Director 136,527
Hilde Karlsen Director, employee elected 32,774
Amounts in NOK million 2023 2022 Line Småge Breidablikk Director, employee elected 1,755
Stian Pettersen Sagvold Director, employee elected 246
Salaries and wages including holiday allowance 64 74
Arne Christian Rødby Director, employee elected 1,822
Social security contributions 10 11
2
Sigurd Sævareid Director, employee elected 0
Pension cost 2 2
2
Tommy Angeltveit Director, employee elected 0
Termination benefits 0 0
Total 558,207
Share-based payments 3 3
Other employee benefits 1 1 1) The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties and does not
include Øyvind Eriksen's and Kjell Inge Røkke's indirect ownership.
Total compensation to key management personnel 79 92 2) Sigurd Sævareid left the board in April 2023 and was replaced by Stian Sagvold. Tommy Angeltveit left the board and was
replaced by Arne Rødby in October 2023.

See note 14 for more information about customer contract assets and receivables
See note 19 for more information about leasing contracts
See note 22 for more information about trade and other payables
See note 27 for more information about subsidiaries
See note 28 for more information about joint arrangements and associates

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Note 32 Audit Fees

On April 27, 2022, the general meeting of shareholders appointed PwC as Aker Solution's auditor.
The table below presents expenses for audit and other services to the auditor, including expenses
related to the disposed subsea business.

Aker Solutions
ASA Subsidiaries Total
Amounts in NOK million (excl. VAT) 2023 2022 2023 2022 2023 2022

Audit 3.7 3.1 14.5 13.9 18.2 17.0

Other assurance services 1.4 0.1 1.8 0.7 3.1 0.8
Tax services 0.0 0.0 0.1 0.2 0.1 0.2
Other non-audit services 0.0 0.0 2.0 1.8 2.0 1.8
Total 5.1 3.2 18.4 16.6 23.4 19.8

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Note 33 Climate Risk

Aker Solutions delivers integrated solutions, products, and services to the global energy industry. Effects on Aker Solutions’ Financial Statements
We enable low-carbon oil and gas production and develop renewable solutions to meet future In the net zero 2050 scenario, demand for oil and gas falls to levels that do not necessitate new oil
energy needs. The oil and gas industry has been identified as high risk by the Task Force on and gas field developments beyond those already approved. However, investment in existing fields
Climate-Related Financial Disclosures (TCFD), and Aker Solutions has conducted a climate-related remains. In all three scenarios, the demand for North Sea oil and gas supply decreases.
scenario analysis in order to improve company strategy resilience.
Following the climate-related scenario analysis and workshop, both risks and opportunities related
Scenario analysis to the energy transition are identified. The different scenarios and risks that are assessed are not
Together with an external consulting partner, Aker Solutions has developed three customized climate considered to entail significant changes in the market or regulatory environment in which Aker
scenarios tailored to consider our full value chain in oil and gas and renewable energy markets such as Solutions operates in the short or medium term. There are no significant changes in plans for assets
offshore wind, hydrogen and carbon capture and storage (CCS). These scenarios were based on publicly following emission or revenue transition targets. Aker Solutions have currently not identified any
available scenarios published by the International Energy Agency and the intergovernmental Panel on risk factors related to climate-change that will lead to material reductions in recoverable amounts of
Climate Change and titled Net Zero 2050 (1.5°C), Announced Pledges (1.7-2°C), and Stated Policies assets.
(2.4-3°C). The Net Zero scenario describes an orderly transition where ambitious climate polices are
implemented immediately and with a high degree of global cooperation and collaboration and low There has not been identified any material impacts on judgments and estimates in the 2023
physical risk. The Announced Pledges scenario assumes lower global policy coordination and a financial report. Aker Solutions has considered the impact of climate change on going concern and
disorderly transition with wide variation and the Stated Policies scenario assumes business as usual and capital expenditure commitments. While there are no identified immediate or short-term impacts
severe physical risk. As a part of the scenario analysis, short term, medium term, and long-term was from climate change, Aker Solutions is aware of the ever-changing risks and opportunities related
defined as 2025, 2030, and 2050 respectively. A workshop was held with key personnel in order to to climate change. We will regularly assess these risks against judgments and estimates made in
assess the climate scenarios with risks and opportunities, including financial materiality and potential preparation of the group’s financial statements.
impact on our business model and strategy. Aker Solutions re-confirmed two material climate-related
risks and two climate-related opportunities as a result of the scenario analysis:
◼ Risk 1: Declining investment in upstream oil and gas in core markets Renewable Energy Certificates
◼ Risk 2: Attraction and retention of talent
◼ Opportunity 1: Increase competitiveness in oil and gas through decarbonization solutions and Aker Solutions purchases energy attribute certificates (EACs) to reduce scope 2 emissions. The
services purchase is based on estimated energy consumption. In 2023, a total of 125.300 megawatt hours
◼ Opportunity 2: Revenue diversification into markets supported by the energy transition was purchased for our Norwegian locations. The cost is included in the yard rate at our locations
and reflected as operating expenses in the income statement.
Environmental objectives
See note 2 for more information about accounting judgments and estimates
Aker Solutions has an ambition that projects within renewable and transitional energy solutions will
represent two thirds of total revenue by 2030. Furthermore, the company has an emissions See note 12 for more information about impairment
1
reduction target of 50 percent of own emissions by 2030 . The goal is to be net zero by 2050.
1) Scope 1 and 2 emissions with 2023 as a baseline. Due to significant changes in the company operations in 2023, we are
setting a new baseline for emissions accounting. Details of the new 2023 baseline can be found in the Climate Change
Adaptation and Mitigation chapter of this report.

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Parent Company
Financial Statements
Aker Solutions ASA
December 31, 2023

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Income Statement
Main Tables
Income Statement
Balance Sheet For the year ended December 31
Cash Flow

Amounts in NOK million Note 2023 2022

Notes to the Parent Company Financial Statements
Note 1 Company Information Operating revenues 2 41 33
Note 2 Operating Revenue and Expenses
Operating expenses 2 -87 -80
Note 3 Financial Income and Expenses
Operating loss -46 -47
Note 4 Tax
Note 5 Investments in Group Companies
Income from subsidiaries 5 9,600 0
Note 6 Receivables and Borrowings from Group Companies
Net financial items 3 -376 -31
Note 7 Financial Risk Management and Financial Instruments
Note 8 Financial Investments Income (loss) before tax 9,178 -79
Note 9 Shareholders' Equity Income tax 4 84 -28
Note 10 Shareholders Net income (loss) 9,262 -107
Note 11 Borrowings
Note 12 Guarantees Net income (loss) for the period distributed as follows:
Note 13 Related Parties Proposed dividends 979 488
Other equity 8,283 -595
Net income (loss) 9,262 -107

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Balance Sheet
Statement as of December 31

Amounts in NOK million Note 2023 2022 Amounts in NOK million Note 2023 2022

Assets Equity and liabilities

Deferred tax asset 4 412 322 Issued capital 532 532
Investments in group companies 5 16,357 16,357 Other equity 14,804 6,469
Non-current interest-bearing receivables from group companies 6 39 532 Total equity 9, 10 15,336 7,001
Other non- current assets 17 0
Other non-current interest-bearing receivables 10 10 Non-current borrowings 11 0 909
Total non-current assets 16,835 17,221 Total non-current liabilities 0 909

Current interest-bearing receivables from group companies 6 10 0 Current borrowings 11 0 5

Non interest-bearing receivables from group companies 6 9,644 32
Current borrowings from group companies 6 18,303 13,780
Financial instruments 7 304 456
Non interest-bearing liabilities from group companies 6 15 22
Financial investments 8 3,030 0
Financial instruments 7 249 322
Other current receivables 135 0
Provisions for dividend 9 979 488
Cash and cash equivalents 6 4,997 4,916
Other current liabilities 74 97
Total current assets 18,121 5,404
Total assets 34,956 22,625 Total current liabilities 19,620 14,715
Total liabilities 19,620 15,624
Fornebu, March 15, 2024
Total equity and liabilities 34,956 22,625

Board of Directors of Aker Solutions ASA

Leif-Arne Langøy Øyvind Eriksen Kjell Inge Røkke Birgit Aagaard-Svendsen Hilde Karlsen Jan Arve Haugan
Chairman Deputy Chairman Director Director Director Director

Elisabeth Heggelund Tørstad Lone Fønss Schrøder Arne Christian Rødby Stian Pettersen Sagvold Line Småge Breidablikk Kjetel Digre
Director Director Director Director Director Chief Executive Officer

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Cash Flow
Statement for the year ended December 31

Amounts in NOK million 2023 2022

Earnings (loss) before tax 9,178 -79

Income tax payable -6 0

Profit (loss) on foreign currency forward contracts 135 -134
Changes in other operating assets and liabilities -103 -60
Net cash from operating activities 9,204 -273

Investment in liquid funds -3,030 0

Net cash used in investing activities -3,030 0

Changes in borrowings to group companies -9,600 0

Changes in borrowings from group companies 4,994 3,308
Changes in outstanding bonds -914 -1,414
Changes in borrowings external -135 0
Shares issued to employees through share purchase program 54 68
Repurchase of treasury shares 1 3
Cash flow hedge -4 12
Payment dividend -489 0
Net cash from financing activities -6,092 1,977

Net increase (decrease) in cash and cash equivalents 82 1,704

Cash and cash equivalents at the beginning of the period 4,916 3,214
1
Cash and cash equivalents at the end of the period 4,997 4,916
1) Unused credit facilities amounted to NOK 3,000 million as of December 31, 2023 (NOK 5,000 million as of December 31,
2022).

The cash flow statement has been prepared using the indirect method.

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Notes to the Parent Company Financial Statements

For the year ended December 31

Note 1 Company Information Note 2 Operating Revenue and Expenses

Aker Solutions ASA is the parent company and owner of Aker Solutions Holding AS. Aker Solutions
ASA is domiciled in Norway and listed on the Oslo Stock Exchange. The financial statements of the
Revenue
parent company are prepared in accordance with Norwegian legislation and Norwegian Generally Operating revenue consists of NOK 41 million in income from Parent Company Guarantees (PCG),
Accepted Accounting Principles. compared to NOK 33 million in the previous year. The PCGs are invoiced annually over the lifetime
of the guarantee.

Expenses
There are no employees in Aker Solutions ASA and hence no personnel expenses. Executive
management and corporate staff are employed by other Aker Solutions companies. Costs for their
services as well as other parent company costs are recharged proportionally to Aker Solutions ASA
and presented as operating expenses. For further description about management compensation to
the Board of Directors and the executive management team, refer to the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.

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The below table shows the shareholding og Aker Solution’s Board of Directors and the President Audit fees
and Chief Executive Officer per December 31, 2023. On April 27, 2022, the general meeting of shareholders appointed PwC as Aker Solutions' auditor.
The table below presents expenses for audit and other services to the auditor.
Shareholding as of
Name Role December 31, 20231 Amounts in NOK million 2023 2022

Kjetel Digre President and Chief Executive Officer 133,657 Audit KPMG 0.0 1.7
Leif-Arne Langøy Chairman 159,426 Audit PwC 3.7 1.3
Øyvind Eriksen Deputy Chairman 0 Other assurance 1.4 0.2
Kjell Inge Røkke Director 0 Total 5.1 3.2
Birgit Aagaard-Svendsen Director 90,000
Lone Fønss Schrøder Director 0 See note 12 for more information about guarantees
Elisabeth Tørstad Director 2,000
Jan Arve Haugan Director 136,527
Hilde Karlsen Director, employee elected 32,774
Line Småge Breidablikk Director, employee elected 1,755
Stian Pettersen Sagvold Director, employee elected 246
Arne Christian Rødby Director, employee elected 1,822
2
Sigurd Sævareid Director, employee elected 0
2
Tommy Angeltveit Director, employee elected 0
Total 558,207
1) The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties and does not
include Øyvind Eriksen's and Kjell Inge Røkke's indirect ownership.
2) Sigurd Sævareid left the board in April 2023 and was replaced by Stian Sagvold. Tommy Angeltveit left the board and was
replaced by Arne Rødby in October 2023.

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Note 3 Financial Income and Expenses

Financial Reporting Principles Financial Income and Expenses

Foreign Currency Amounts in NOK million 2023 2022
Transactions in foreign currencies are translated at the exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet Interest income from group companies 60 70
date are translated to NOK at the exchange rate on the closing date. Interest expense to group companies -440 -89
Net interest income from group companies -380 -19
Foreign currency derivatives
Subsidiaries have entered into internal financial derivative contracts with the parent company to External interest income 53 3
hedge their currency exposure. The parent company uses foreign exchange contracts with external
External interest expenses -23 -121
banks to mitigate the currency exposure from the internal derivative contracts with the subsidiaries.
Treasury has hedged parts of the currency exposure from USD denominated proceeds from the Net external interest expense 30 -118
OneSubsea formation with financial derivatives. Aker Solutions ASA does not apply hedge
accounting and financial assets and liabilities related to foreign currency contracts are measured at Income from investments in subsidaries 0 90
fair value with changes recognized in the income statement. Loss on loans to group companies -16 -23
Other financial income 30 0
Interest rate derivatives
Other financial expenses -4 -3
Aker Solutions enters into interest rate derivatives (interest rate swaps) to avoid unbalanced
exposure to fluctuations in short term interest rates. Foreign exchange loss -2,814 -2,176
Foreign exchange gain 2,778 2,217
Net other financial items -26 105
Net financial income -376 -31

See note 7 for more information about financial risk management and financial instruments
See note 11 for more information about borrowings

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Note 4 Tax

Financial Reporting Principles The company has a temporary difference per December 31, 2023 related to the limitation of the
Tax expenses in the income statement comprise current tax and changes in deferred tax. Deferred deductibility of interest of NOK 389 million (NOK 389 million in 2022) which is not recognized in
tax is calculated as 22 percent of temporary differences between accounting and tax values as well the balance sheet.
as any tax losses carried forward at the year-end. Net deferred tax assets are recognized only to
the extent that it is probable they will be utilized against future taxable profits. The deferred tax asset is recognized only to the extent it is considered probable that future taxable
profits will be available to utilize the tax losses and credits. The forecasted future taxable profits in
Aker Solutions ASA mainly consist of expected taxable group contributions from the subsidiaries.
Deferred Tax Asset and Tax Expenses
Amounts in NOK million 2023 2022
Amounts in NOK million 2023 2022
Income tax benefit

Calculation of taxable income Origination and reversal of temporary differences 90 -22

Earnings (loss) before tax 9,178 -79 Withholding tax -5 -6

Permanent differences -9,634 48 Total tax income 84 -28

Change in timing differences 124 -99

Taxable income -332 -129
Effective Tax Rate
Positive (and negative) temporary differences
Unrealized gain on forward exchange contracts -133 -8 Amounts in NOK million 2023 2022
Currency options 179 130 Income tax 22 percent -2,019 17
Interest rate swaps 6 11 Tax on permanent differences 2,109 -39
Impairment on internal receivables 0 0 Withholding tax -5 -6
Tax loss carried forward -1,926 -1,594 Total tax income -84 -28
Basis for deferred tax -1,874 -1,461
Deferred tax in income statement 414 324
Deferred tax in equity -1 -2
Deferred tax asset 412 322

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Note 5 Investments in Group Companies

Financial Reporting Principles

Investments in subsidiaries are measured at cost. The investments are written 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.

Investment in Group Companies

Registered Number of Percentage owner-/
Amounts in NOK million office Share capital shares held voting share Book value

Aker Solutions Holding AS Fornebu, Norway 3,600 30 100% 16,357

Total investments in group companies 16,357

In 2023, Aker Solutions ASA received non- taxable group contribution from Aker Solutions Holding AS of NOK 9,600 million.

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Note 6 Receivables and Borrowings from Group Companies

Financial Reporting Principles

Assets and liabilities are presented as current when they are due within one year or if they are part Aker Solutions ASA is the group’s central treasury function and enters into borrowings and deposit
of the operating cycle. Other assets and liabilities are classified as non-current. Current assets are agreements with group companies. Deposits and borrowings are agreed at market terms and in
valued at the lowest of cost and fair value. Current liabilities are valued at nominal value at the time accordance with transfer pricing principles and are dependent on the group companies’ credit
of recognition. quality, country risk and the duration of the borrowings.

Non-current receivables are measured at cost less impairment losses that are not considered to be
temporary. Non-current liabilities are initially valued at transaction value less attributable Receivables and Borrowings with Group Companies
transaction cost. Subsequent to initial recognition, interest-bearing non-current borrowings are
measured at amortized cost with any difference between cost and redemption value being
recognized in the income statement over the period of the borrowing on an effective interest basis. Amounts in NOK million 2023 2022

Group companies interest-bearing deposits in the cash pool system 12,989 13,128
Trade and other receivables are recognized at the original invoiced amount less allowances for
expected losses. Provisions for expected losses is considered on an individual basis. Aker Solutions ASAs net borrowings in the cash pool system -9,010 -8,462
Cash in cash pool system 3,978 4,666
All current receivables and borrowings are due within one year.
Current interest-bearing receivables from group companies 10 0
Aker Solutions ASA has a centralized cash concentration arrangement (cash pools) with DNB
where balances are consolidated and netted across legal entities and countries. The participants in Non-current interest-bearing receivables from group companies 39 532
the cash pools are jointly and severally liable and it is therefore important that Aker Solutions as a Current interest-bearing borrowings from group companies -18,303 -13,780
group is financially viable. In addition cash management arrangements are set up with local banks Net interest-bearing borrowings from group companies -18,253 -13,248
in Malaysia, Brazil and India where cash concentration is prohibited. The activities in Brazil was
transferred to OneSubsea October 2, 2023 and the remaining activities in Brazil are limited to Life
Cycle (C.S.E. Mecânica e Instrumentacão Ltda. The cash pools and cash management Current non interest-bearing receivables from group companies 9,644 32
arrangements cover a majority of the group's geographical footprint and ensure control of and Current non interest-bearing borrowings from group companies 994 510
access to the majority of the group's cash. Participation in the cash pool is vested in the group
Net non interest-bearing receivables from group companies 10,638 543
policy and decided by each company's board of directors and confirmed by a statement of
participation. Total net borrowings from group companies -3,637 -8,040

The cash pool systems were showing a net balance of NOK 3,978 million per December 31, 2023
(NOK 4,666 million per December 31, 2022). This amount is reported in Aker Solutions ASA's
accounts as short-term borrowings from group companies and as cash in the cash pool system.

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Note 7 Financial Risk Management and Financial Instruments

Currency Risk Interest Rate Risk

As of December 31, 2023, Aker Solutions ASA has outstanding foreign exchange contracts with In previous years Aker Solutions interest exposure mainly arose from any external funding in bank
other entities in the group with a gross total value of approximately NOK 2.7 billion (NOK 11.2 billion and debt capital markets. Aker Solutions risk management strategy is that 30-50 percent of the
in 2022). Large contracts are hedged back-to-back with external banks, while minor contracts are interest exposure on any borrowings shall be fixed interest rate for the duration of the debt. The
hedged based on internal matching principles. Contracts hedged back to back with external banks company has used interest rate swaps to achieve the desired fixed/floating ratio of the external
represent more than 80 percent of the total group exposure. Aker Solutions ASA does not apply debt. During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1
hedge accounting to any of the currency derivatives. All financial assets and liabilities related to billion senior unsecured floating rate bond loan due June 2024. Interest rate swaps of NOK 500
foreign exchange contracts are revalued at fair value in respect to exchange rate movements each million related to the repaid bond loan remain open and will mature in June 2024.
period.
The fair value of interest rate swaps is presented in the table below.
The treasury function within Aker Solutions ASA also has a mandate to hold limited positions in the
currency and interest markets. The mandate has limits that are strictly defined and is operated
2023 2022
under a strict stop-loss regime. In addition to the general mandate, Treasury has hedged parts of
the currency exposure from USD denominated proceeds from the OneSubsea formation with Amounts in NOK million Assets Liabilities Assets Liabilities
financial derivatives. All open positions are continuously monitored on a mark to market basis.
Interest rate swaps - cash flow hedge (against equity) 6 0 11 0
The fair value of foreign exchange forward contracts and options is presented in the table below. Total 6 0 11 0

2023 2022
Amounts in NOK million Assets Liabilities Assets Liabilities

Forward exchange contracts with group companies 44 -50 178 -183

Forward exchange contracts with external counterparts 56 -182 137 -139
Currency options contract with external counterparts 197 -18 130 0
Total 297 -249 445 -322

All instruments are booked at fair value as per December 31.

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Credit Risk
Credit risk relates to loans to subsidiaries, overdraft in the group cash pool, hedging contracts, Note 8 Financial Investments
guarantees to subsidiaries and deposits with external banks. Loans to subsidiaries are subject to
loan applications approved by the relevant Senior Vice President. Loss provisions are made in
situations where the company is not expected to be able to fulfill its loan obligations from future Currency risk
earnings. External deposits and forward contracts are placed with reputable relationship banks,
primarily where the company also has a borrowing relation. The existence of netting agreements Aker Solutions’s investment strategy allows investments in liquid money market funds with low risk
between Aker Solutions ASA and the relationship banks reduces the credit risk. and interest period below 6 months and credit duration below 2 years. The rationale is to diversify
the risk among debtors and enhance the return from surplus cash, compared to the interest rate in
the cash pool.
Liquidity Risk
December 31, 2023 Aker Solution has invested NOK 3,000 million in three different funds. The
Liquidity risk relates to the risk that the company will not be able to meet its debt and guarantee funds invest in short-term interest-bearing securities in NOK, i.e., certificates and bonds issued by
obligations and is managed through maintaining sufficient cash and available credit facilities. The companies with investment grade rating and the public sector. The money market funds cannot
development in the group's and thereby Aker Solutions ASA's available liquidity is continuously invest in securities with fixed interest rates longer than one year. The credit risk is deemed to range
monitored through weekly and monthly cash forecasts, financial strategy plans and long-term from low to very low, depending on the investment strategy of the fund.
business forecast.

See note 3 for more information about financial income and expenses Amounts in NOK million 2023 2022
See note 11 for more information about borrowings Liquid funds 3,030 0
Total 3,030 0

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Note 9 Shareholders' Equity

Financial Reporting Principles Share Capital

Repurchase of share capital is recognized at cost as a reduction in equity and is classified as Aker Solutions ASA was founded May 23, 2014, and has a nominal share capital of NOK
treasury shares. No gain or loss is recognized in the income statement on the purchase or sale of 531,540,456 with a total number of outstanding shares of 492,167,089 at par value NOK 1.08 per
the company's own shares. share as of December 31, 2023.

All issued shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with
Shareholders' Equity equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are
entitled to one vote per share at general meetings.
Share Share Treasury Hedging Retained
Amounts in NOK million capital Premium Shares reserve earnings Total
Treasury Shares
Equity as of December 31, 2022 532 3,687 -4 8 2,778 7,001 The group purchases its own shares to meet obligations under employee share purchase programs.
Repurchase of treasury shares 0 0 0 0 0 0 Treasury shares are not included in the weighted average number of ordinary shares. Earnings per
Shares issued to employees through share have been calculated based on an average of 488,829,434 shares outstanding December 31,
0 0 1 0 54 55 2023. Consideration for treasury shares sold in 2023 was NOK 56 million.
share purchase program
Earnings for the period 0 0 0 0 9,262 9,262
Amounts in NOK million Number of shares
Proposed dividends 0 0 0 0 -979 -979
1
Cash flow hedge 0 0 0 -3 0 -3 Treasury shares as of December 31, 2022 3,838,897
Equity as of December 31, 2023 532 3,687 -3 5 11,115 15,336 Sale -1,369,962
1) The value of interest swap agreements changing interest from floating to fixed is recognized directly in equity and will be Treasury shares as of December 31, 2023 2,468,935
released to income together with the corresponding interest expenses.

See note 3 and 7 for more information about the hedging reserve for interest rate swap agreements

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Note 10 Shareholders Note 11 Borrowings

Shareholders with more than 1 percent shareholding per December 31 are listed below.
Financial Reporting Principles
2023 Interest-bearing borrowings are recognized initially at fair value less transaction costs. Subsequent
Numbers of to initial recognition, interest-bearing borrowings are stated at amortized cost with any difference
Company Nominee shares held Ownership between cost and redemption value being recognized in the income statement over the period of
the borrowings on an effective interest basis.
Aker Holding AS 193,950,894 39.41%
Nærings- og fiskeridepartementet 30,092,943 6.11%
Folketrygdfondet 27,877,176 5.66% Revolving Credit Facility
State Street Bank and Trust Comp 8,472,339 1.72% The revolving credit facility agreement of NOK 5,000 million with maturity in March 2023 has been
The Bank of New York Mellon NOM 6,486,092 1.32% refinanced in January 2023, and replaced with a five year NOK 3,000 million revolving credit
facility, maturing January 30, 2028. The facility is provided by a syndicate of high-quality
JPMorgan Chase Bank, N.A NOM 5,622,520 1.14%
international banks. The revolving credit facility was undrawn as of December 31, 2023. The terms
The Bank of New York Mellon SA/NV 5,457,985 1.11% and conditions include restrictions which are customary for these kind of facilities, including inter
J.P Morgan Securities PLC NOM 5,411,361 1.10% alia negative pledge provisions, financial covenants and restrictions related to acquisitions,
disposals and mergers. There are also certain provisions of change of control included in the
J.P Morgan SE NOM 5 1.05%
agreement. There are no restrictions for dividend payments, and the facility is unsecured. Interest
terms for the RCF is 3 month NIBOR plus a fixed margin of 1.5 percent. The margin applicable to
2022 the facility is determined by leverage ratio. Utilization fee applies based on utilized portion of credit
Numbers of facility. Commitment fee is 35 percent of the margin.
Company Nominee shares held Ownership
Aker Holding AS 193,950,894 39.41%
Norwegian Bonds
Nærings- og fiskeridepartementet 30,092,943 6.11%
The group had one bond loan with maturity June 2024 amounting to NOK 1,000 million listed on
Folketrygdfondet 23,266,445 4.73%
the Oslo Stock Exchange. On February 14, 2023 Aker Solutions offered to but back all outstanding
J.P Morgan SE NOM 8,580,145 1.74% bonds of the NOK 1,000 million senior unsecured floating rate bonds due June 2024 at a price of
State Street Bank and Trust Comp NOM 8,402,142 1.71% NOK 102,00. Tenders of NOK 477 million was accepted and repurchased on February 22, 2023.
The Bank of New York Mellon SA/NV NOM 7,535,442 1.53%
The remaining outstanding bonds were purchased by exercising a call option for Voluntary early
redemption on December 4, 2023, 6 months prior to original maturity date. The bond loan and the
UBS Europe SE 6,176,696 1.26% listing of the loan on Oslo Stock Exchange has been cancelled.
JPMorgan Chase Bank, N.A., London NOM 5,211,790 1.06%
Note 11 continues on next page

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Note 11 Borrowings cont.

Bonds and borrowings

During 2023 Aker Solutions repaid all drawn debt from external lenders.

2022
Nominal Carrying Reference Fixed interest Interest Maturity date
Amounts in NOK million Currency currency value amount (NOK) interest rate margin coupon (mm/dd/yy) Interest terms

ISIN NO 0010853286 NOK 914 915 3.5% 3.0% 6.5% 03/06/24 Floating, 3M+fix margin
Total bonds 915

Revolving credit facility (NOK 5,000 million) NOK 0 0 3.0% 1.1% 4.1% 03/19/23 NIBOR + Margin
Total credit facility 0

Total borrowings 915

Current borrowings 5
Non-current borrowings 909
Total 915

Note 11 continues on next page

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Note 11 Borrowings cont.

2022
Carrying 6 months and
Amounts in NOK million amount Total cash flow1 less 6-12 months 1-2 years 2-5 years

ISIN NO 0010853286 915 1,004 30 30 944 0

Total 915 1,004 30 30 944 0

2
Revolving credit facility (NOK 5,000 million) 0 0 0 0 0 0
Total borrowings 915 1,004 30 30 944 0
1) The interest costs are calculated using either the last fixing rate known by year-end (plus applicable margin) or the contractual fixed rate (when fixed rate debt).
2) The cash flow is based on the assumption that the nominal drawn amount will remain constant until the maturity of the revolving credit facility.

See note 3 for more information about financial income and expenses
See note 7 for more information about the company's exposure to interest rates and liquidity risk

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Note 12 Guarantees Note 13 Related Parties

2023 2022 Transactions with subsidiaries and related parties are described in the following notes:
Amounts in NOK million

Parent company guarantees to group companies 129,859 95,628 Operating Revenue and Expenses Note 2
Financial items Note 3
Counter guarantees for bank/surety bonds 7,094 8,214
Investments Note 5
Total guarantee liabilities 136,953 103,842
Cash pool Note 6
Receivables and borrowings Note 6
Parent company guarantees are issued on behalf of subsidiaries in contractual obligations towards Foreign exchange contracts Note 7
customers. The amounts disclosed above represent the total contractual value of the customer Guarantees Note 12
contracts and include guarantees issued on behalf of Related Parties.
Transactions with related parties are based on negotiations between the parties, and management
believes that the agreed prices are a fair approximation to arm's length terms.
Bank guarantees and surety bonds are issued on behalf of Aker Solutions subsidiaries, and counter
indemnified by Aker Solutions ASA.

See note 2 for more information about revenue from guarantees

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Independent Auditor’s Report

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Alternative
Performance
Measures
Aker Solutions discloses alternative performance measures in addition to those normally
required by IFRS as such performance measures are frequently used by securities analysts,
investors and other interested parties. Alternative performance measures are meant to
provide an enhanced insight into the operations, financing and future prospects of the
company.

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Profit Measures
EBITDA and EBIT terms are presented as they are used by financial analysts and investors. Special
items are excluded from EBITDA and EBIT as alternative measures to provide enhanced insight into
the financial development of the business operations and to improve comparability between
different periods.

EBITDA is short for earnings before interest, taxes, depreciation and amortization.
EBITDA corresponds to the “operating income before depreciation, amortization
and impairment” in the consolidated income statement in the annual report.

EBIT is short for earnings before interest and taxes. EBIT corresponds to “operating
income” in the consolidated income statement in the annual report.

Margins such as EBITDA margin and EBIT margin are used to compare relative profit
between periods. EBITDA margin and EBIT margin are calculated as EBITDA and
EBIT divided by revenue.

Special may not be indicative of the recurring operating results or cash flows of the
items company. Profit measures excluding special items are presented as alternative
measures to improve comparability of the underlying business performance
between periods.

Profit Measures continues on next page

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Profit Measures cont.

Renewables & Field Development Life Cycle Other Aker Solutions

Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022

Revenue 22,097 14,838 13,072 12,164 887 466 36,057 27,468

Net profit equity accounted investees 29 19 0 0 176 14 205 33
Non-qualifying hedges 0 0 0 0 -155 -39 -155 -39
Sum of special items excluded from revenue 0 0 0 0 -155 -39 -155 -39
Revenue ex. special items 22,126 14,857 13,072 12,164 908 441 36,107 27,461

EBITDA 973 487 686 663 -492 -504 1,166 647

Restructuring cost 5 1 0 0 19 0 24 1
Non-qualifying hedges 0 0 0 0 17 12 17 12
Other special items 1 0 0 0 87 10 87 10
Sum of special items excluded from EBITDA 6 1 0 0 123 22 128 23
EBITDA ex. special items 979 488 686 663 -370 -481 1,295 669

EBITDA margin 4.4% 3.3% 5.2% 5.5% 3.2% 2.4%

EBITDA margin ex. special items 4.4% 3.3% 5.2% 5.5% 3.6% 2.4%

EBIT 597 185 565 558 -740 -634 422 109

Sum of special items excluded from EBITDA 6 1 0 0 123 22 128 23
Impairments 0 3 0 0 60 -34 60 -30
Sum of special items excluded from EBIT 6 4 0 0 182 -11 189 -8
EBIT ex. special items 603 189 565 558 -557 -645 611 102

EBIT margin 2.7% 1.2% 4.3% 4.6% 1.2% 0.4%

EBIT margin ex. special items 2.7% 1.3% 4.3% 4.6% 1.7% 0.4%

Profit Measures continues on next page

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Profit Measures cont.

Aker Solutions
Amounts in NOK million 2023 2022

Net income (loss) from continuing operations -15 -142

Net income from discontinued operations 11,540 1,312
Net income from total operations 11,525 1,170

Sum of special items excluded from EBIT 189 -8

1
Financial items 455 0
Non-qualifying hedges -34 -15
Tax effects on special items -125 26
Net income continuing operations ex. special items 469 -139
Gain from disposal of discontinued operations -9,723 0
Other special items on discontinued operations 142 52
Net income discontinued operations ex. special items 1,959 1,364
Net income total operations ex. special items 2,428 1,225
Net income to non-controlling interests 112 8
Net income continuing operations ex. special items and non-controlling interests 581 -131

Average number of shares (in '000) 488,829 486,900

2
Earnings per share from continuing operations 0.20 -0.27
2
Earnings per share from discontinued operations 23.61 2.70
2
Earnings per share from total operations 23.81 2.42
3
Earnings per share from continuing operations ex. special items 1.19 -0.27
3
Earnings per share from discontinued operations ex. special items 4.01 2.80
3
Earnings per share from total operations ex. special items 5.20 2.53
1) Financial items related to currency derivatives and shares in SLB.
2) Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares.
3) Earnings per share ex. special items is calculated using Net income ex. special items, adjusted for non-controlling interests, divided by average number of shares.

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Order Intake Measures

Order intake, order backlog and book-to-bill ratios are presented as alternative performance measures, as they are indicators of the company’s revenues and operations in the future.

Order intake includes new agreed customer contracts in the period in addition to expansion of existing contracts. For construction contracts, the order intake includes the value of
agreed contracts and options, and value of agreed change orders and options. It does not include potential options and change orders. For service contracts, the order
intake is based on estimated customer revenue in periods that are firm in the contracts.

Order backlog represents the estimated value of remaining work on agreed customer contracts. The order backlog does not include parts of service agreements, which is short-cycled or
book-and-turn in nature. The order backlog does also not include potential growth or value of options in existing contracts.

Book-to-bill ratio is calculated as order intake divided by revenue from customer contracts in the period. A book-to-bill ratio higher than 1 means that the company has secured more
contracts in the period than what has been executed in the same period.

2023 2022
Revenue from Revenue from
Amounts in NOK million Order intake customer contracts Book-to-bill Order intake customer contracts Book-to-bill

Renewables & Field Development 22,523 22,095 1.0x 51,398 14,843 3.5x
Life Cycle 11,781 13,065 0.9x 16,190 12,164 1.3x
Other/eliminations 999 722 222 295
Aker Solutions 35,303 35,882 1.0x 67,811 27,302 2.5x

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Financing Measures
Alternative financing and equity measures are presented as they are indicators of the company’s ability to obtain financing and service its debts.

Liquidity buffer is a measure of available cash and is calculated by adding together the Net interest- is a measure that shows the overall debt situation. Net interest bearing
(liquidity reserve) cash and cash equivalents and the unused credit facility. bearing debt debt is calculated by netting the value of a company's liabilities and
debts with its cash and cash equivalents.

Amounts in NOK million 2023 2022

Cash and cash equivalents 6,003 6,170

Amounts in NOK million 2023 2022
Credit facility (unused) 3,000 5,000
Liquidity buffer/reserve 9,003 11,170 Non-current borrowings 0 962
Current borrowings 0 60
Net current (NCOA) or working capital is a measure of the current capital Cash and cash equivalents -6,003 -6,170
operating assets necessary to maintain operations. Working capital includes trade
receivables, trade payables, accruals, provisions and current tax Net interest-bearing debt -6,003 -5,147
assets and liabilities.

Equity ratio is a financial ratio indicating the relative proportion of equity used to
finance a company's assets and is a measure of the level of leverage
Amounts in NOK million 2023 2022 used by a company.

Current tax assets 75 67

Inventory 44 275
Customer contract assets and other receivables 2,317 4,419 Amounts in NOK million 2023 2022
Trade receivables 5,268 5,857
Prepayments 1,214 1,981 Equity 18,953 9,240
Current tax liabilities -62 -65 Total assets 41,253 33,088
Provisions -3,405 -1,719 Equity ratio 45.9% 27.9%
Trade payables -2,554 -2,645
Other payables -6,550 -9,066
Customer contract liabilities -4,831 -3,134
Net current operating assets (NCOA) -8,484 -4,032

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Appendix
About this Report Report Boundaries
The initiatives highlighted in this report include those that have The report boundary is, in general, drawn around companies
an impact on our employees, customers, investors and societies under the operational control of Aker Solutions ASA. However,
where we are present. The company’s commitment to human we also provide information on some aspects where we have
and labor rights is covered by the Global Framework Agreement the potential to influence but do not have direct control.
between Aker ASA and the Norwegian and international trade
unions Fellesforbundet, IndustriALL Global Union, NITO and Norwegian Accounting Act
Tekna.
The report addresses the legal requirements for company
reporting as specified in section 3-3c of the Norwegian
Aker Solutions reports and communicates on sustainability Accounting Act (“Regnskapsloven”) for reporting on corporate
according to the Global Reporting Initiative (GRI), Carbon social responsibility.
Disclosure Project (CDP), the Task Force on Climate Related
Financial Disclosures (TCFD) and the company’s strategy
supports the UN Sustainable Development Goals (SDGs). We
NCGB
also follow the Euronext guidance on ESG reporting of May Aker Solutions adheres to the Norwegian Code of Practice for
2022. Corporate Governance issued by the Norwegian Corporate
Governance Policy Board (NCGB). The objective of the Code of
Practice is that companies listed on regulated markets in
GRI Standards
Norway will practice corporate governance that provides
Aker Solutions has reported in accordance with the GRI
division of roles between shareholders, the board of directors
Standards (GRI 1: Foundation 2021 and GRI 11:Oil and gas
and executive management more comprehensively than is
Sector) for the period January 1, 2023 through December, 31,
required by legislation.
2023. Our GRI Index for the 2023 report is available in the
appendix of this report.

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Appendix: Sustainability Metrics Subject to Audit for 2023

Aker Solutions has engaged PwC to perform a limited assurance engagement on the company’s GRI compliance, as well as selected sustainability metrics. A table of the sustainability metrics covered by the
assurance engagement is shown below. PwC’s audit report is included on the following pages.
Material Topic Sustainability Metric Criteria (GRI / Other) Location
The Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, applied as described in the methodology statement published at https://
Climate Change www.akersolutions.com/sustainability/reporting-frameworks-and-assessments/
Adaptation Scope 1, Scope 2 and total value chain GHG emissions (Scope 3) and emissions intensity For 2023, Aker Solutions GHG reporting does not include the Subsea segment as it is not within the operational control per year end. 2023 Annual Report: Appendix
Aker Solutions' Metric: Renewables and transitional energy solutions mainly includes projects with solutions and technologies for offshore wind, hydropower,
Climate Change aquaculture, carbon capture and storage (CCS), hydrogen, electrification of offshore and onshore facilities, decommissioning and recycling. Subsea excluded for 2023 Annual Report:
Mitigation Share of revenue related to renewable and transitional energy solutions 2023. GRI Index
GRI 302-1, GRI 302-2, GRI 302-3
Energy consumption and intensity For 2023, Aker Solutions energy reporting does not include the Subsea segment as it is not within the operational control per year end.
Energy GRI 302-1, GRI 302-2 2023 Annual Report: Appendix
Energy consumption from non-renewable and renewable sources For 2023, Aker Solutions energy reporting does not include the Subsea segment as it is not within the operational control per year end.
GRI 306
Waste Non-hazardous and hazardous waste For 2023, Aker Solutions waste reporting does not include the Subsea segment as it is not within the operational control per year end. 2023 Annual Report: Appendix

Number of Fatalities GRI 403-9

Includes fatalities, lost time injuries (serious - and other lost time injuries), restricted work injuries and medical treatment injuries per million worked hours. TRI does
not include first aid treatment cases. This indicator equals the GRI standard’s injury rate (IR) in GRI 403-9.
TRIF: Total Recordable Injury Frequency Recordable injuries occurring prior to closing of subsea transaction includes any relevant injuries from subsea employees/operations.
Health and Safety, own 2023 Annual Report: Health, Safety and Well-
workforce Aker Solutions' Metric being section
Total monthly sickness hours/Planned monthly work hours, 12 month average percent is reported. Own employees only. Sick leave occurring prior to closing of
Sick Leave (%) subsea transaction includes sick leave from subsea employees.
Aker Solutions' Metric
Pulse Check Results: Average Response Rate, Employee Engagement and Organizational Employee Pulse Check Survey, conducted twice in 2023. Survey is comprised of 10 short statements: five address employee motivation and engagement and five
Effectiveness address collaboration and organizational conditions. Reported figure is average of both pulse check surveys. Neither survey in 2023 included subsea employees. 2023 Annual Report: Human Capital section
Country by Country reporting: Number of employees, Revenue, Investments in assets, Paid GRI 201-1
Working Conditions and taxes by country, Operating cost, Salaries and employee benefits, Financial cost Subsea excluded for 2023.
Other Work-related
Rights, own workforce Key staff figures: Total staff, Age groups own employees, part-time own employees, GRI 2-7, GRI 401-1, GRI 401-3
employees by region, both own and contract, gender distribution, recruitment and turnover Data reported is as of 12/31/2023. 2023 Annual Report: Appendix
figures, parental leave own regular employees Subsea employees are not included.

Gender and age distribution of highest governance body GRI 405-1

Data reported is as of 12/31/2023.
Equal Treatment and Gender distribution of office based and non-office based employees Subsea employees are not included.
Opportunities, own
workforce GRI 405-2 2023 Annual Report: Human Capital section
Data reported is as of 12/31/2023.
Gender Pay Gap (reporting for Norway) Only employees who have worked a full year are included. Subsea employees are not included.
GRI 204-1
Management of Proportion of spending on local suppliers Supply chain data from 2023 includes subsea suppliers up until closing of subsea transaction. Spend data is based on accounting date.
relationships with 2023 Annual Report:
suppliers Proportion and number of new suppliers that were screened using environmental and social GRI 308-1, GRI 308-2, GRI 414-1, GRI 414-2 GRI Index
criteria Supply chain data from 2023 includes new suppliers specific to subsea operations up until closing of subsea transaction.
Number of personnel completed annual code of conduct training, e-learning "Introduction to GRI 205-2
business integrity" and classroom course in Business Ethics Subsea employees are not included. 2023 Annual Report: Appendix
Corruption and Bribery 2023 Annual Report: Corruption and Bribery
Number of whistleblower reports, and reports per 100 employees GRI 2-25, GRI 2-26 section
Aker Solutions' Metric
Failure rate is number of recipients in the simulation that were compromised out of the total number of recipients in the specific simulation. Annual average rate 2023 Annual Report: Security, Cybersecurity
Cybersecurity Number of phishing campaigns, and failure rate reported. Campaigns launched prior to closing of subsea transaction included subsea employees. and Data Protection section

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Auditor’s Report

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Global Reporting Initiative (GRI) Index

Aker Solutions has reported in accordance with the GRI Standards (GRI 1: Foundation 2021 and GRI 11: Oil and Gas Sector) for the period January 1, 2023 through December 31, 2023. We have sought to
report fully on all possible dimensions of the disclosures, but where this is not possible, we have reported as comprehensively as possible, based on the data systems we have. For a complete description of
the individual disclosures, please see GRI’s website (www.globalreporting.org).

The table refers to where information about each disclosure is presented in our: 2023 Annual Report; 2023 Remuneration Report; 2023 Corporate Governance Report; or company website.

GRI 2: General Disclosures 2021

2023 Annual Report, Notes to the Consolidated Financial Statements: Note 1 (Company Information), Note 27
2-1 Organizational details (Subsidiaries and NCIs), Notes to the Parent Company Financial Statements: Note 9 (Shareholders' Equity) , Note
10 (Shareholders)
2023 Annual Report, Notes to the Consolidated Financial Statements: Note 27 (Subsidiaries and NCIs), Note 30
2-2 Entities included in the organization’s sustainability
(Subsea Transaction and Discontinued Operations).
reporting
Consolidation practice is described further in each material topic section of this report.
Aker Solutions follows an annual reporting cycle, January 1 - December 31, for both its sustainability reporting and
2-3 Reporting period, frequency and contact point financial reporting. The 2023 report is for the calendar year 2023 and published March 20, 2024.
[email protected]
2023 Annual Report, Appendix: Parental Leave Own regular Employees
Figures for "Employed 12 months after leave ended" have been restated from 2022 reporting based on a change
2-4 Restatements of information
in the formula used to calculate the percentage. The formula used in the report for 2022 and 2023 is number
employees employed after 12 months divided by number employees returned from parental leave.
Aker Solutions does not have a policy regarding external assurance for sustainability reporting. The company’s
sustainability policy states that Aker Solutions shall publish an annual sustainability report and adhere to the
required and recommended ESG reporting frameworks and disclosures, including the GRI reporting standard, the
annual CDP reporting process and report on climate risk in line with the TCFD recommendations. Pursuing
external assurance for the sustainability metrics included in the 2023 Annual Report was discussed and agreed by
2-5 External assurance the company’s Audit Committee at the time of approval of the 2022 Sustainability Report. The Sr. Manager, ESG
Reporting has overseen the process of external assurance for the sustainability reporting. The 2023 report has
been reviewed and approved by the Audit Committee and Board of Directors. For 2023, Aker Solutions' GRI
reporting and selected sustainability metrics have been subject to a limited assurance audit engagement by PwC.
More information can be found in the appendix of the 2023 Annual Report. Aker Solutions has contracted PwC to
serve as financial auditor and provide limited assurance on 2023 sustainability reporting.

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2023 Annual Report, Notes to the Consolidated Financial Statements: Note 3 (Revenue), Note 4 (Segments),
Note 28 (Investments in Companies), Note 30 (Subsea Transaction and Discontinued Operations)
Aker Solutions' supply chain management team works with over 10,000 direct and indirect suppliers worldwide.
Our materials costs have a significant impact on our business performance. Beyond materials, we also source IT
2-6 Activities, value chain and other business services, travel, and temporary staff as part of our indirect procurement. Leveraging our international presence,
relationships we establish strong relationships with local suppliers and subcontractors. Their expertise enables us to navigate
complex industrial landscapes and remote locations effectively. Our supply chain management encompasses
project and yard procurement, subcontracting, sourcing, category management, supplier quality, surveillance,
material planning, inventory management, and logistics.https://www.akersolutions.com/suppliers

Appendix: Key Staff Figures

2-7 Employees
The decrease in own employees during the reporting period is due to the subsea transaction.
Appendix: Key Staff Figures
The increase in contract staff from 32% in 2022 to 41% in 2023 is related to an increase in project-related work
2-8 Workers who are not employees from several clients and is not of permanent nature and also due to the reduction in own workforce as a result of
the subsea transaction. The typical background of contract staff is engineering, professional background
(mechanical, NDT certificate, etc.) and a small portion of other backgrounds (planning, procurement and finance).
2023 Corporate Governance Report
2-9 Governance structure and composition 2023 Remuneration Report
www.akersolutions.com/who-we-are/board-of-directors/
2-10 Nomination and selection of the highest 2023 Corporate Governance Report
governance body 2023 Remuneration Report
2-11 Chair of the highest governance body The chair of the highest governance body is not a senior executive in Aker Solutions.
Aker Solutions’ Board of Directors, the highest governance body, is responsible for overseeing and safeguarding
2-12 Role of the highest governance body in overseeing management of our sustainability work. Sustainability is a standard topic on the agenda for the quarterly Audit
the management of impacts Committee meetings where material impacts, policies, reporting and other key topics are discussed and reported.
This report is discussed, reviewed and approved by the Board and Audit Committee in the first quarter of the year.
2-13 Delegation of responsibility for managing impacts 2023 Annual Report, Corporate Governance, Sustainability Governance
2-14 Role of the highest governance body in The annual report, including ESG reporting sections is discussed, reviewed and approved by the Board and Audit
sustainability reporting Committee in the first quarter of the year.
2-15 Conflicts of interest 2023 Corporate Governance Report
2023 Corporate Governance Report
2-16 Communication of critical concerns
2023 Annual Report, Human Rights, Corruption and Bribery
2-17 Collective knowledge of the highest governance E-learnings and other educational opportunities on Human Rights and other ESG-related topics were offered to
body employee-elected members of Aker Solutions' Board of Directors in 2023.

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2023 Corporate Governance Report

2023 Remuneration Report
2-18 Evaluation of the performance of the highest
2023 Annual Report, Notes to the Consolidated Financial Statements: Note 31 (Related Parties and Key
governance body
Management Compensation)
The Board of Directors performs annual evaluations of its work and competencies.
2023 Remuneration Report
2-19 Remuneration policies www.akersolutions.com/boardofdirectors
https://www.akersolutions.com/globalassets/investors/agm/2021/executive-remuneration-policy.pdf
2023 Remuneration Report
2023 Corporate Governance Report
Executive Remuneration Policy for Aker Solutions: https://www.akersolutions.com/globalassets/investors/
2-20 Process to determine remuneration agm/2021/executive-remuneration-policy.pdf
Minutes from Annual General Meeting on April 14, 2021 where Executive Remuneration Policy (agenda item #7)
for Aker Solutions was approved, with voting results: https://www.akersolutions.com/globalassets/investors/
agm/2021/minutes-from-annual-general-meeting-2021.pdf
The organization's highest paid individual is the CEO.
Total compensation ratio (CEO vs. employee median): 11.0
Ratio of change in total compensation (CEO vs. employee median): 0.7
2-21 Annual total compensation ratio Ratio of change in fixed compensation (CEO vs. employee median): 1.0
The comparisons are done using the reported total compensation for the CEO and the total compensation for all
employees (ex. CEO) in Norway. Additional information on CEO remuneration can be found in the 2023
Remuneration Report.
2-22 Statement on sustainable development strategy 2023 Annual Report, CEO Introduction
Aker Solutions’ Management System is governed by 12 policies that are anchored at the highest level in the
organization. Policies are communicated to employees, partners and stakeholders through our website, external
agreements where applicable and internally on our enterprise management system. https://
2-23 Policy commitments
www.akersolutions.com/policies
Since 2008, Aker Solutions has been a signatory to the UN Global Compact and is committed to its 10 principles.
We respect and adhere to the precautionary principle (Principle 7).
2-24 Embedding policy commitments 2023 Annual Report, Corruption and Bribery
2-25 Processes to remediate negative impacts 2023 Annual Report, Corruption and Bribery, Human Rights
2-26 Mechanisms for seeking advice and raising
2023 Annual Report, Corruption and Bribery, Human Rights, Human Capital
concerns
There were no significant instances of non-compliance with laws and regulations that resulted in fines or
2-27 Compliance with laws and regulations sanctions during the reporting period. Aker Solutions defines a significant instance as resulting in a legal
conviction or monetary fine.

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2023 Annual Report, Stakeholder Engagement

Aker Solutions has formal participation and memberships in many industry and membership associations and
advocacy and non-governmental organizations. We participate in governance bodies and advisory committees
where relevant. A sample of organizations across the industry, environment and social spectrum is below:
Offshore Norge | NHO / Norsk Industri | RenewableUK | Business Network for Offshore Wind | Samarbeidsforum
2-28 Membership associations
for havvind (Cooperation forum for Offshore Wind) | National Ocean Industries Association (NOIA) | International
Association of Oil and Gas Producers (IOGP) | Norwegian American Chamber of Commerce (NACC) | HUB Ocean |
CDP | Maritime Cleantech | First Movers Coalition (FMC) | Stiftelsen VI | Aker Dæhlie / GB Snowsport
We are also active members of local and regional industry, safety, community and ESG organizations in the
countries where we do business.
2023 Annual Report, Materiality Determination
Appendix: Stakeholder Engagement Table
2-29 Approach to stakeholder engagement
Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
assessments/
In 2023, 55% of Aker Solutions' own employees were covered by collective bargaining agreements. The
company’s commitment to human and labor rights is covered by the Global Framework Agreement between Aker
ASA and the Norwegian and international trade unions Fellesforbundet, IndustriALL Global Union, NITO and
Tekna and our own Human Rights Policy. Aker Solutions is committed to follow the Norwegian Labor Disputes Act
2-30 Collective bargaining agreements
(Arbeidstvistloven) in regards to regulations surrounding collective bargaining agreements, and to use these
agreement as the standard for all other employees. This is in essence to not discriminate between the two groups,
captured in the principle of invariability (Ufravikelighetsprinsippet ihht Arbeidstvistloven) § 6 of the Labor Disputes
Act, who governs this.

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Material topics
GRI Sector Standard Ref.
Disclosure Location
No.
2023 Annual Report, Materiality Determination
GRI 3: Material Topics 2021
3-1 Process to determine material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
assessments/
2023 Annual Report, Materiality Determination
The 22 topics for 2023 cover the same 13 topics as 2022, but are more detailed in name.
2023: Climate Change Adaptation; Climate Change Mitigation; Energy; Pollution of Water; Impacts on the state of
species; Resource inflows including use; Resource outflows related to products and services; Waste; Own
workers: Equal treatment and opportunities for all, Health and safety, Other work-related rights, Working
conditions; Workers in the value chain: Equal treatment and opportunities for all, Other work-related rights,
3-2 List of material topics Working conditions; Communities economic, social and cultural rights; Corporate culture; Protection of
whistleblowers; Political engagement; Management of relationships with suppliers including payment practices;
Corruption and bribery; Cybersecurity.
2022: Climate Impacts and GHG Emissions; Enabling the Energy Transition; Energy Management; Waste and
Spills Management; Biodiversity; Health, Safety and Well-being; Human Rights; Human Capital; Diversity and
Equal Opportunity; Responsible Supply Chain; Anti-corruption and Bribery; Data Privacy and
Security; Emergency Preparedness.
Climate Change Mitigation, Climate Change Adaptation
2023 Annual Report, Climate Change Adaptation and Mitigation
At the end of 2023, renewables and transitional energy solutions represented 19 percent of Aker Solutions' 11.1.1
GRI 3: Material Topics 2021 3-3 Management of material topics revenue. 11.2.1
Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.14.1
assessments/
2023 Annual Report, Climate Change Adaptation and Mitigation
2023 Annual Report Appendix: Environmental Figures
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 11.1.5
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/
2023 Annual Report, Climate Change Adaptation and Mitigation
2023 Annual Report Appendix: Environmental Figures
305-2 Energy indirect (Scope 2) GHG emissions 11.1.6
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/
2023 Annual Report, Climate Change Adaptation and Mitigation
2023 Annual Report Appendix: Environmental Figures
305-3 Other indirect (Scope 3) GHG emissions 11.1.7
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/

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2023 Annual Report, Climate Change Adaptation and Mitigation

2023 Annual Report Appendix: Environmental Figures
305-4 GHG emissions intensity 11.1.8
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/
2023 Annual Report, Climate Change Adaptation and Mitigation
2023 Annual Report Appendix: Environmental Figures
305-5 Reduction of GHG emissions 11.2.3
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/
2023 Annual Report, Notes to the Consolidated Financial Statements: Income Statement, Note 4 (Segments), Note 6
(Other Operating Expenses), Note 5 (Personnel Expenses), Note 7 (Finance Income and Expenses), Note 17 (Equity).
Appendix, Country by Country Report
We do not report on payments to governments by country (except for tax included in the Country by Country reporting)
or on community investments. Paid taxes include income taxes, withholding taxes and other corporate taxes, but does
GRI 201: Economic
201-1 Direct economic value generated and distributed not include value added taxes (VAT) and other indirect taxes. In addition to corporate taxes, Aker Solutions’ activities 11.14.2
Performance 2016
contribute directly and indirectly to government tax revenues in many countries where we operate. In Norway, as (Nw:
Arbeidsgiveravgift) payment was NOK 1,193 million and in addition, the total amount withheld and paid an example, the
national insurance contribution to the tax authorities on behalf of our employees was NOK 2,368 million. In UK the
national insurance contribution payment was NOK 194 million and the total amount withheld and paid to HMRC on
behalf of the employees was NOK 134 million.
2023 Annual Report, Notes to the Consolidated Financial Statements: Note 33 (Climate Risk)
201-2 Financial implications and other risks and
Climate-related Risk (TCFD) Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.2.2
opportunities due to climate change
assessments/
Energy
2023 Annual Report, Energy
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.1.1
assessments/
2023 Annual Report, Energy
2023 Annual Report Appendix: Environmental Figures
Aker Solutions does not sell energy. District heating and cooling is reported separately from electricity
GRI 302: Energy 2016 302-1 Energy consumption within the organization 11.1.2
consumption.
GHG Emissions Methodology Statement: https://www.akersolutions.com/sustainability/reporting-frameworks-
and-assessments/
302-2 Energy consumption outside of the organization Aker Solutions does not have data on energy consumption outside the organization. 11.1.3
2023 Annual Report, Climate Change Adaptation and Mitigation
302-3 Energy intensity 2023 Annual Report, Energy 11.1.4
2023 Annual Report Appendix: Environmental Figures
2023 Annual Report, Energy
302-4 Reduction of energy consumption
2023 Annual Report Appendix: Environmental Figures

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Resource Inflows Including Use, Resource Outflows Related to Products and Services, Waste, Pollution of Water
2023 Annual Report, Resource Use and Circular Economy
GRI 3: Material Topics 2021 3-3 Management of material topics 11.5.1
Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-assessments/
2023 Annual Report, Resource Use and Circular Economy
306-1 Waste generation and significant waste-related
GRI 306: Waste 2020 Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.5.2
impacts
assessments/
2023 Annual Report, Resource Use and Circular Economy
306-2 Management of significant waste-related impacts 11.5.3
2023 Annual Report Appendix: Environmental Figures
2023 Annual Report, Resource Use and Circular Economy
306-3 Waste generated 11.5.4
2023 Annual Report Appendix: Environmental Figures
306-4 Waste diverted from disposal 2023 Annual Report Appendix: Environmental Figures 11.5.5
306-5 Waste directed to disposal 2023 Annual Report Appendix: Environmental Figures 11.5.6
GRI 306: Effluents and 2023 Annual Report, Resource Use and Circular Economy
306-3 Significant Spills 11.8.2
Waste 2016 2023 Annual Report Appendix: Environmental Figures
Impacts on State of Species
2023 Annual Report, Nature and Biodiversity
Aker Solutions does not currently have any processes to track the company's impact on biodiversity. A screening
of biodiversity and overall impact to nature will be conducted in 2024 and will provide improved reporting on this
GRI 3: Material Topics 2021 3-3 Management of material topics 11.4.1
topic in the future.
Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
assessments/
2023 Annual Report, Nature and Biodiversity
Aker Solutions facility in Verdal, Norway located at Hamnevegen 7, NO-7652. Near Verdalselvas outlet, Ørin Nord,
Verdal municipality, Norway.
No subsurface or underground land owned, leased or managed by the organization is in the high biodiversity value area.
Aker Solutions' current facility and operations (office space, manufacturing area and storage area) are adjacent to a
304-1 Operational sites owned, leased, managed in, or protected high biodiversity value area. Future plans to expand Aker Solutions' footprint in the area exclude the high
GRI 304: Biodiversity 2016 adjacent to, protected areas and areas of high biodiversity value area. However, this is subject to the final outcome of the nature impacts study commissioned by the 11.4.2
biodiversity value outside protected areas local council (land owner). There are ongoing discussions with relevant stakeholders.
Aker Solutions owns 600,000m2 of land as current operations, adjacent to the high biodiversity area. The area is an
intertidal areas, flooded at high tide.
The area is a protected status area: the Ørin Nature Reserve, owned by the Verdal municipality. Established in 1993, the
reserve is part of the Trondheims-fjord wetland system and has Ramsar status due to its importance as a rest area for
migratory wetland birds. The area is therefore considered to be of international conservation value.
304-2 Significant impacts of activities, products and
2023 Annual Report, Nature and Biodiversity 11.4.3
services on biodiversity

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304-3 Habitats protected or restored Predefined disclosure not relevant for Aker Solutions 11.4.4
2023 Annual Report, Nature and Biodiversity
Aker Solutions facility in Verdal is adjacent to a high biodiversity value area, the Ørin Nature Reserve. The
304-4 IUCN Red List species and national conservation
municipality of Verdal, Norway engaged a third party to conduct a study on wildlife in the Ørin Nord and adjacent 11.4.5
list species with habitats in areas affected by operations
areas. A total of 254 bird species have been recorded in the area, of which 72 species (28 %) are on the national
red list of threatened and vulnerable species. Numbers by level of extinction risk: CR: 7; EN: 12; VU: 29; NT: 24
Own Workforce: Healthy and Safety; Corporate Culture
2023 Annual Report, Health, Safety and Well-being
Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
GRI 3: Material Topics 2021 3-3 Management of material topics 11.9.1
assessments/
https://www.akersolutions.com/sustainability/safeguarding-people-and-assets/
GRI 403: Occupational 403-1 Occupational health and safety management
2023 Annual Report, Health, Safety and Well-being 11.9.2
Health and Safety 2018 system
403-2 Hazard identification, risk assessment, and
2023 Annual Report, Health, Safety and Well-being 11.9.3
incident investigation
403-3 Occupational health services 2023 Annual Report, Health, Safety and Well-being 11.9.4
403-4 Worker participation, consultation, and
2023 Annual Report, Health, Safety and Well-being 11.9.5
communication on occupational health and safety
403-5 Worker training on occupational health and
2023 Annual Report, Health, Safety and Well-being 11.9.6
safety
2023 Annual Report, Health, Safety and Well-being
403-6 Promotion of worker health 11.9.7
https://www.akersolutions.com/sustainability/safeguarding-people-and-assets/
403-7 Prevention and mitigation of occupational health
and safety impacts directly linked by business 2023 Annual Report, Health, Safety and Well-being 11.9.8
relationships
403-8 Workers covered by an occupational health and
Aker Solutions' HSSE Management System covers all workers on our sites, no exclusions. 11.9.9
safety management system
2023 Annual Report Appendix: Injuries by Type and Region
403-9 Work-related injuries 11.9.10
https://www.akersolutions.com/sustainability/safeguarding-people-and-assets/
2023 Annual Report, Health, Safety and Well-being
403-10 Work-related ill health Hours included in sick leave calculation are from own employees only. 11.9.11
https://www.akersolutions.com/sustainability/safeguarding-people-and-assets/

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Own Workforce: Equal Treatment and Opportunities for All, Working Conditions, Other Work-related Rights
2023 Annual Report, Human Capital
11.10.1
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
11.11.1
assessments/
GRI 401: Employment 2016 401-1 New employee hires and employee turnover 2023 Annual Report Appendix: Key Staff Figures 11.10.2
Benefits which are standard for full-time employees of the organization but are not provided to temporary or part-
time employees, by significant locations of operation include, as a minimum: life insurance, health care, disability
and invalidity coverage, parental leave (follows local legislation), retirement provision, offer of buying stock
ownership, others including discounts of services, etc.
401-2 Benefits provided to full-time employees that are
Temporary or part-time employees have, by Norwegian law, a right to minimum benefits but less extensive than 11.10.3
not provided to temporary or part-time employees
full-time employees.
For this purpose, significant locations of operation are locations with more than 250 permanent employees and
1/3 of hired in, with a normal distribution of diversity (e.g. nationality, gender and background)
2023 Remuneration Report, Remuneration of the Executive Management Team
2023 Annual Report Appendix: Key Staff Figures
Partial reporting on Norway, UK, Malaysia, India, Angola, Brazil and Brunei. For the remaining countries where
Aker Solutions has employees, data is unavailable because:
11.10.4
401-3 Parental Leave There was no parental leave recorded during the reporting period (leave taken in 2022 and reported for 2023)
11.11.3
possibly because these locations have few employees, or
Privacy laws don’t allow leave to be recorded, or
Leave requirements are classified differently under country regulation
Regarding organizational changes that will affect employees, Aker Solutions follows the legal requirements for
national legislation on the minimum requirements of notification period in the countries where there are
operations. The legislation varies, but for most countries this is 12 weeks, though it can be as few as 4 weeks in
GRI 402: Labor/
402-1 Minimum notice periods regarding operational some countries. The notice period and provisions for consultation and negotiation are specified in collective
Management Relations 11.10.5
changes agreements in Norway. There are employee representatives on the Board of Directors and at a local level that
2016
have engagement in and dialogue on these topics. An EWC (European Works Council) and Global Work Council
(India, Malaysia, Brazil, USA, Angola) is established for information and consultation between employee
representatives and the company's top management.
Partial reporting. Average hours training per employee is 5.9 hours in 2023. Hours included are from regular and
temporary internal employees active at one point in 2023, including subsea employees up to 07.10.2023. The
GRI 404: Training and data includes all learning hours from course completions, both instructor-led and e-learning, as well as 11.10.6
404-1 Average hours of training per year per employee
Education 2016 completions from Coursera that are registered in Aker Solutions internal learning portal. This data does not 11.11.4
include project-related training / training paid for by clients. Aker Solutions does not have data by gender or
employee category.

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2023 Annual Report, Human Capital

Aker Solutions has severance pay programs in all countries where the company has employees. Additional
404-2 Programs for upgrading employee skills and
transitional assistance programs, such as job placement services and retraining programs exist in various 11.10.7
transition assistance programs
countries, based on legal and/or union-mandated requirements and local job market evaluation and needs. This is
in line with our global policy.
98.87% (25.99% female, 70.07% male, 3.94% of unknown gender) of permanent office employees in Norway
are registered with performance reviews either in process or completed in People Portal, Aker Solutions'
404-3 Percentage of employees receiving regular performance management system. Subsea employees are excluded from this data. The deadline for performance
performance and career development reviews reviews in People Portal is later in 2024, so not all employees and managers have completed the process at this
point. There is an ongoing pilot program among non-office personnel in the Topside segment and at the Verdal
yard to find a solution for this employee group to be part of the structured performance review process.
GRI 202: Market Presence 202-2 Proportion of senior management hired from the 11.11.2
Predefined disclosure not relevant for Aker Solutions
2016 local community 11.14.3
2023 Annual Report, Human Capital
2023 Annual Report Appendix: Key Staff Figures
Aker Solutions' 2023 Board of Directors: Male 55% (6), Female 45% (5), Age: 30-50: 27% (3), 50+: 73% (8)
GRI 405: Diversity and
405-1 Diversity of governance bodies and employees Aker Solutions does not, unless required or necessary for compliance with local laws and regulations, gather 11.11.5
Equal Opportunity 2016
sensitive data on employees or members of governance bodies, including many indicators of diversity such as
ancestry and ethnic origin, creed, disability, or inclusion in vulnerable groups. https://www.akersolutions.com/
who-we-are/board-of-directors/
Partial reporting for UK and Norway only. Global data is not in a format that is easily accessible or comparable
from country to country. We expect to include information on gender pay gap from additional countries in future
reporting.
405-2 Ratio of basic salary and remuneration of women
In the UK, we report publicly and to the government on the gender pay gap. The 2023 report will be published in 11.11.6
to men
March 2024. The 2022 report can be found here: https://www.akersolutions.com/globalassets/cr/downloads/uk-
gender-pay-gap-report-2022.pdf
Information for the Norwegian Pay Gap can be found in the 2023 Annual Report, Human Capital section.
2023 Annual Report, Corruption and Bribery
These cases are followed up in the whistleblower channel and by People and Transformation function as
individual personnel cases but are not reported in a system. Follow up and actions taken in these cases are in line
GRI 406: Non- 406-1 Incidents of discrimination and corrective actions with company policy. 11.11.1
discrimination 2016 taken Information unavailable / incomplete: Reporting of number of cases and number of these which are within 11.11.7
discrimination is unavailable in current report system. Compliance and Integrity team together with People and
Transformation function are reviewing adding/making a functionality for this reporting in to current reporting
system.

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Workers in the Value Chain: Working Conditions, Equal Treatment and Opportunities for All, Other Work-related Rights
2023 Annual Report, Human Rights
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.12.1
assessments/
GRI 409: Forced or 409-1 Operations and suppliers at significant risk for
2023 Annual Report, Human Rights 11.12.2
Compulsory Labor 2016 incidents of forced or compulsory labor
Management of Relationships with Suppliers
2023 Annual Report, Responsible Supply Chain
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
assessments/
Angola: 88%; Australia: 86%; Brazil: 58%; Brunei: 99%; China: 97%; Congo: 44%; Cyprus: 18%; Ghana:
GRI 204: Procurement 99%; India: 100%; Malaysia: 32%; Nigeria: 100%; Norway: 77%; Sweden: 98%; UK: 74%; USA: 53%
204-1 Proportion of spending on local suppliers 11.14.6
Practices 2016 "Local suppliers" do not have trans-national payments. Includes countries with spending on suppliers in 2023,
including spending related to the Subsea segment up until closing of subsea transaction.
100% (555)
GRI 308: Supplier
308-1 New suppliers that were screened using Suppliers, when onboarded, are requested to perform a self assessment through a questionnaire, where as
Environmental Assessment
environmental criteria minimum Supplier needs to address HSSE management, Environment and Sustainability Goals. Supplier shall
2016
provide some documentation during this assessment.
2023 Annual Report, Responsible Supply Chain
In 2023, 555 new suppliers were assessed for environmental impacts as part of the onboarding process. Due to
the nature of Aker Solutions’ business, steel remained a key commodity purchased in 2023. Throughout 2023, we
308-2 Negative environmental impacts in the supply continued our work within the internal steel forum to refine our strategy related to low emission steel.
chain and actions taken Concurrently, we continued to assess the maturity and capability of steel mills to reduce scope 1 and 2 emissions.
We focused on fostering stronger relationships with steel mills to enhance the availability of low emissions steel to
our projects and proactively engaged with our bulk metal suppliers to obtain the available Environmental Product
Declarations (EPDs) for the products delivered in 2023.
100% (555)
GRI 414: Supplier Social 414-1 New suppliers that were screened using social Suppliers, when onboarded, are requested to perform a self assessment through a questionnaire, where as 11.10.8
Assessment 2016 criteria minimum Supplier needs to address HSSE management, Environment and Sustainability Goals and Human Rights 11.12.3
and Anti-Corruption. Supplier shall provide some documentation during this assessment.
2023 Annual Report, Responsible Supply Chain
In 2023, 555 new suppliers were assessed for social impacts as part of the onboarding process. In addition to that, as
described in our internal procedures, at Aker Solutions supplier/subcontractor selection is carried out seeking alignment
with our clients and partners selection and as part of the process, we adopt a standardized risk-based approach to
414-2 Negative social impacts in the supply chain and
evaluate and follow up suppliers and subcontractors during project execution. The selection of suppliers/subcontractors 11.10.9
actions taken
is evaluated against predetermined criteria with suppliers requested to submit documents including their HSSE
performance and then a risk assessment is performed. After contract award, the project follow up is based on the risk
assessment and detailed in a Supplier HSSE Management Follow-Up plan. This plan will define the level of reporting,
meetings, audits, verifications and any other actions as appropriate to the level of risk of the supplier/subcontractor.

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Corruption and Bribery

2023 Annual Report, Corruption and Bribery
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.20.1
assessments/
2023 Annual Report, Corruption and Bribery
Data not available for percent of operations assessed in 2023. Corruption risk is included in overall compliance
risk assessment and is included in the global ERM process. We have compliance risk assessments for business
GRI 205: Anti-corruption 205-1 Operations assessed for risks related to
segments which include corruption risk among other risks. The annual Corruption Perceptions Index map from 11.20.2
2016 corruption
Transparency International is included in the Corruption and Bribery section and shows the 15 countries where
Aker Solutions has operations along with the CPI score for each of these countries. This can be used as an
indicator of which countries may have the most risk.
2023 Annual Report, Corruption and Bribery,
2023 Annual Report, Human Rights
S2023 Annual Report Appendix: Business Ethics Training Overview
All 11 members (100%) of Board of Directors have had anticorruption policies and procedures communicated to
205-2 Communication and training about anti- them. Members of the Board of Directors are from Norway (9) and Denmark (2). Except for the 4 employee-
11.20.3
corruption policies and procedures elected members (all in Norway) of the Board who would have received Aker Solutions annual Code of Conduct e-
learning, we have not completed Aker Solutions-specific training on anti-corruption for the Board of Directors in
2023. It can be assumed that some of the members of our Board have received this training from other
organizations where they participate.
https://www.akersolutions.com/sustainability/driving-a-responsible-and-sustainable-supplier-base/
2023 Annual Report, Corruption and Bribery
Total number and nature of confirmed incidents of corruption: none in 2023.
205-3 Confirmed incidents of corruption and actions Total number of confirmed incidents in which employees were dismissed or disciplined for corruption: none in
11.20.4
taken 2023
Total number of confirmed incidents when contracts with business partners were terminated or not renewed due
to violations related to corruption: none in 2023
Describe the approach to contract transparency,
including:
• whether contracts and licenses are made publicly and, Aker Solutions complies with applicable legislation and rules for companies listed on the Oslo Stock Exchange
if so, where they are published; and the Oslo Børs Code of Practice for IR of July 1, 2019. 11.20.5
• if contracts or licenses are not publicly available, the https://www.akersolutions.com/investors/corporate-governance/investor-relations-policy/
Additional sector reason for this and actions taken to make
disclosures them public in the future.

List the organization’s beneficial owners and explain

2023 Annual Report, Notes to the Consolidated Financial Statements: Note 31 (Related Parties and Key
how the organization identifies the beneficial owners of 11.20.6
Management Compensation)
business partners, including joint ventures and
suppliers.

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Cybersecurity
2023 Annual Report, Security, Cybersecurity and Data Protection
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.8.1
assessments/
GRI 418: Customer Privacy 418-1 Substantiated complaints concerning breaches of
2023 Annual Report, Security, Cybersecurity and Data Protection
2016 customer privacy and losses of customer data
Protection of Whistleblowers
2023 Annual Report, Human Rights, Corruption and Bribery
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
assessments/
Political Engagement
2023 Annual Report, Stakeholder Engagement
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and- 11.22.1
assessments/
GRI 415: Public Policy 2016 415-1 Political contributions Aker Solutions did not, directly or indirectly, make any financial or in-kind political contributions in 2023. 11.22.2
Communities' Economic, Social and Cultural rights
2023 Annual Report, Stakeholder Engagement
11.14.1
GRI 3: Material Topics 2021 3-3 Management of material topics Materiality Assessment Report: https://www.akersolutions.com/sustainability/reporting-frameworks-and-
11.15.1
assessments/
GRI 203: Indirect Economic 203-1 Infrastructure investments and services
Predefined disclosure from Oil and Gas Sector Standard that is not relevant for Aker Solutions 11.14.4
Impacts 2016 supported
203-2 Significant indirect economic impacts Predefined disclosure from Oil and Gas Sector Standard that is not relevant for Aker Solutions 11.14.5
GRI 413: Local 413-1 Operations with local community engagement,
Predefined disclosure from Oil and Gas Sector Standard that is not relevant for Aker Solutions 11.15.2
Communities 2016 impact assessments, and development programs
413-2 Operations with significant actual and potential
Predefined disclosure from Oil and Gas Sector Standard that is not relevant for Aker Solutions 11.15.3
negative impacts on local communities

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Topics in the applicable GRI Sector Standards (GRI 11: Oil and Gas Sector) determined as not material
TOPIC EXPLANATION
At Aker Solutions, we recognize the importance of responsible management of water resources. However, after conducting a review of our operations and potential impacts, we have determined that this
topic is not a material concern for our business operations and sustainability performance. There is minimal water usage in our operations and we ensure proper treatment and disposal of any wastewater,
Water and Effluents
therefore the potential for impact within this area is not substantial. We will continue to monitor and assess the water-related risks and opportunities of our operations and will reevaluate the materiality of
this topic in the future.
At Aker Solutions, we recognize the importance of responsible management of emissions to air. However, after conducting a review of our operations and potential impacts, we have determined that this
topic is not a material concern for our business operations and sustainability performance. Aker Solutions is not an operator in the oil and gas sector. We do not engage in activities such as production,
Air Emissions
processing, refining or other oil and gas operation-related activities that can release substantial pollutants to air. Therefore, the potential for impact within this area is not substantial for Aker Solutions.
We will continue to monitor and assess the air emissions-related risks and opportunities of our operations and will reevaluate the materiality of this topic in the future.
At Aker Solutions, we understand the importance of responsible closure and rehabilitation of our assets and facilities. However, after conducting a review of our operations and potential impacts, we have
determined that this topic is not a material concern for our business operations and sustainability performance because we do not currently have plans to close sites. We will continue to monitor and
Closure and Rehabilitation
assess the closure and rehabilitation risks and opportunities of our operations and will reevaluate the materiality of this topic in the future. We are reporting on GRI 402 Labor and Management Relations
and GRI 404 Training and Education as part of our material topic, Human Capital.
At Aker Solutions, we understand the importance of freedom of association and collective bargaining as fundamental human rights and rights at work. However, after conducting a review of our
operations and potential impacts, we have determined that this topic is not a material concern for our business operations and sustainability performance. Over 70% of our employees are already
Freedom of Association covered by CBAs. Because of this, the potential impact of this topic is not substantial to Aker Solutions. We are committed to ensuring that our employees are treated with respect, dignity, and fairness,
and Collective Bargaining and we have implemented policies and procedures to support the protection of these rights. We comply with all relevant laws and regulations regarding freedom of association and collective bargaining,
and we have a process in place for employees to raise any concerns about these rights. We will continue to monitor and assess the risks and opportunities related to freedom of association and collective
bargaining, and we will re-evaluate the materiality of this topic in the future.
At Aker Solutions, we understand the importance of ensuring fair and equitable use of land and natural resources. However, after conducting a review of our operations and potential impacts, we have
Land and Resource Rights determined that this topic is not a material concern for our business operations and sustainability performance because we have no significant impacts on land and resources rights from our operations.
We will continue to monitor and assess the risks and opportunities related to land and resource rights and we will re-evaluate the materiality of this topic in the future.
At Aker Solutions, we have the utmost respect for the rights of indigenous peoples. However, after conducting a review of our operations and potential impacts, we have determined that this topic is not a
Rights of Indigenous
material concern for our business operations and sustainability performance. We do not operate in areas with significant populations of indigenous peoples and therefore do not anticipate any significant
Peoples
impacts on their rights. We will continue to monitor and assess the risks and opportunities related to the rights of indigenous peoples and we will re-evaluate the materiality of this topic in the future.
At Aker Solutions, we recognize the potential impact of our activities on conflict and security in the communities and regions where we operate. However, after conducting a review of our operations and
potential impacts, we have determined that this topic is not a material concern for our business operations and sustainability performance. While we recognize the importance of addressing potential
Conflict and Security
issues related to conflict and security, we believe that our current practices and approach effectively mitigate any potential risks or impacts in this area. We will continue to monitor and assess the risks
and opportunities related to conflict and security and we will re-evaluate the materiality of this topic in the future.
At Aker Solutions, we are committed to conducting our business ethically and in compliance with all laws and regulations. While we recognize that anti-competitive behavior is a concern in the oil and gas
sector, it is not a material issue for our business because we operate in a highly competitive global market that we do not dominate, with high barriers to entry and large, well-integrated players. We are
Anti-competitive Behavior
also not an operator dominating a market in this sector. We will continue to monitor and assess the risks and opportunities related to anti-competitive behavior and we will re-evaluate the materiality of
this topic in the future.
At Aker Solutions, we are committed to conducting our business in a transparent and lawful manner. However, after conducting a review of our operations and potential impacts, we have determined that
this topic is not a material concern for our business operations and sustainability performance because the potential impacts are minimal. Our payments to governments are in line with all applicable laws
Payments to Governments
and regulations and we have robust internal controls in place to ensure compliance. We will continue to monitor and assess the risks and opportunities related to payments to governments and we will re-
evaluate the materiality of this topic in the future. We are reporting on GRI 201 Economic Performance as part of our material topic, Enabling the Energy Transition.

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Appendix: Injuries by Type and Country Recordable and Lost Time Injuries by Country
60
Injuries by Type

Arm/Elbow Head/Face 40
Wound Injury 1 Wound Injury 8
Sprain/Strain/Dislocation 2 Unspecified - Other 2
Unspecified - Other 1
20
Leg/Hip/Knee/Ankle
Back/Neck/Shoulder Wound Injury 4
0
Heat injury/Burn 1 Fracture 3
Angola Brazil Brunei Canada Malaysia Norway US
Unspecified - Other 4 Unspecified - Other 2

Lost Time Injury (LTI) Recordable Injury, Not LTI

Eye Wrist/Hand
Foreign Body 3 Wound Injury 2 Aker Solutions uses the following industry standard definition for injury reporting and injury frequency reporting:
◼ Lost Time Injury (LTI): A lost time injury is any work-related injury, other than a fatal injury, which results in a
Fracture 1
person being unfit for work on any day after the day of occurrence of the occupational injury. ‘Any day’
Finger includes rest days, weekend days, leave days, public holidays or days after ceasing employment.
◼ Lost Time Injury Frequency (LTIF): Number of lost time injuries per million worked hours.
Wound Injury 8 Chest/Torso/Abdomen
◼ Total Recordable Injuries (TRI): Includes fatalities, lost time injuries (serious - and other lost time injuries),
Soft tissue injury (squeeze/crush) 10 Wound Injury 1 restricted work injuries and medical treatment injuries. TRI does not include first aid treatment cases.
◼ Total Recordable Injury Frequency (TRIF): Number of fatalities, lost time Injuries (serious – and other lost
Fracture 3 Fracture 1
time injuries), restricted work injuries and medical treatment injuries per million worked hours. This indicator
Unspecified - Other 1 equals the GRI standard’s injury rate (IR).
Foot/Toe
Aker Solutions does not track the gender of injured persons, as this might come in conflict with GDPR
Fracture 2 Exposure regulations when in smaller departments. Aker Solutions keeps track of information whether the injured person
Soft tissue injury (squeeze/crush) 2 Chemical splash 2 is an employee, hired in, contractor etc. in our reporting system, but in reporting we include all categories in the
same LTIF and TRIF. We follow IOGP industry standards for reporting boundaries.
2023 actuals for SIF, LTIF, and TRIF are based on man hours of 49,527,383. 2023 total recordable injuries = 64
(includes 10 lost time injuries)

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Appendix: Key Staff Figures 202313,14,15,16

2023 Own Employees Office Non-Office Under 30 30-50 Over 50
Female Male Female Male Female Male Female Male Female Male Female Male Total Own Contract17 Total Staff
Angola 5 28 5 26 0 2 0 1 5 27 0 0 33 33 66
Brazil 21 258 12 32 9 226 2 27 16 132 3 99 279 0 279
Brunei 107 229 92 90 15 139 27 39 73 159 7 31 336 0 336
Canada 101 225 97 193 4 32 17 29 68 149 16 47 326 62 388
China 7 11 6 11 0 0 0 0 5 6 1 5 18 0 18
Finland 7 14 7 14 0 1 0 2 9 4 5 21 0 21
France 1 4 1 4 0 0 0 0 0 0 0 0 5 0 5
India 200 913 200 913 0 0 57 205 126 602 17 105 1,113 14 1,127
Malaysia 73 139 73 139 0 1 15 9 49 110 9 21 212 54 266
Norway 1,796 6,842 1,596 4,376 200 2,466 268 1,081 882 2,910 637 2,814 8,638 7,464 16,102
Saudi Arabia 0 2 0 2 0 0 0 0 0 1 0 1 2 0 2
Sweden 3 7 3 7 0 0 0 0 2 2 1 5 10 0 10
UK 123 324 122 318 1 6 12 49 84 189 27 86 447 321 768
USA 7 26 7 26 0 0 0 0 1 3 5 12 33 33 66
Total # 2,451 9,022 2,221 6,151 229 2,872 399 1,440 1,313 4,299 727 3,231 11,473 7,981 19,454
Total % 21% 79% 27% 73% 7% 93% 3% 13% 11% 37% 6% 28% 59% 41%

13
Employees not on SAP are included in gender information but age is not available. (2023: 52 employees - 1 China, 5 France, 46 Norway).
14
Employee numbers are reported on head count and at the end of the reporting period, December 31, 2023.
15
Subsea employees are not included in 2023 Key Staff Figures.
16
In 2023, there was a small (approx. 10) number of people per location registered as non-guaranteed hours employees. These are summer interns and are registered this way to avoid problems with time accounting if they take a holiday during their internship.
17
Contract staff is reported as full time equivalent (FTE). As of end of the reporting period there were 7,981 FTE. The head count is 13,246 of which 491 were female, 9,474 were male and 3,281 were unreported gender. Gender is not a mandatory field for external
hires, so not reported for all.

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Appendix: Key Staff Figures 202218,19

2022 Own Employees Office Non-Office Under 30 30-50 Over 50
Female Male Female Male Female Male Female Male Female Male Female Male Total Own Contract20 Total Staff
Angola 18 133 17 68 1 65 2 15 14 111 2 7 151 77 228
Australia 0 7 0 5 0 2 0 0 0 6 0 1 7 0 7
Brazil 428 1,639 321 657 107 982 199 281 215 1,131 14 227 2,067 0 2,067
Brunei 102 222 87 88 15 134 26 47 69 145 7 30 324 0 324
Canada 87 193 82 162 5 31 14 17 60 139 13 37 280 76 356
China 12 17 11 14 1 3 1 0 10 12 1 5 29 0 29
Congo 3 30 3 30 0 0 0 1 3 25 0 4 33 0 33
Cyprus 1 2 1 2 0 0 0 0 1 1 0 1 3 0 3
Finland 8 10 8 10 0 0 1 0 2 8 5 2 18 0 18
Ghana 0 10 0 5 0 5 0 2 0 8 0 0 10 0 10
India 317 1,431 317 1,430 0 1 84 315 212 1,031 21 85 1,748 27 1,775
Italy 3 7 3 7 0 0 0 0 3 6 0 1 10 0 10
Malaysia 160 360 160 273 0 87 42 35 109 298 9 27 520 289 809
Nigeria 0 1 0 1 0 0 0 0 0 1 0 0 1 0 1
Norway 1,830 7,128 1,642 4,542 188 2,586 256 1,026 947 3,203 627 2,899 8,999 6,400 15,399
Russia 0 0 0 0 0 0 0 0 0 0 0 0 0 8 8
Saudi Arabia 0 2 0 2 0 0 0 0 0 1 0 1 2 0 2
Sweden 6 31 6 31 0 0 2 6 3 15 1 10 37 0 37
UK 216 669 215 535 1 134 24 71 156 422 36 176 885 363 1,248
USA 51 219 49 139 2 80 24 71 156 422 36 176 270 29 299
Total # 3,242 12,111 2,922 8,001 320 4,110 675 1,887 1,960 6,985 772 3,689 15,394 7,269 22,663
Total % 21% 79% 27% 73% 7% 93% 4% 12% 13% 45% 5% 24% 68% 32%

18
Employees not on SAP are not included in gender and age information (2022: 41 employees, all in Norway).
19
Employee numbers are reported on head count and at the end of the reporting period, December 31, 2022.
20
Contract staff is reported as full time equivalent (FTE). As of end of the reporting period there were 7,269 FTE. The head count is 10,426 of which 425 were female, 7,068 were male and 2,933 were unreported gender. Gender is not a mandatory field for external
hires, so not reported for all.

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Appendix: Key Staff Figures 202121,22

2021 Own Employees Office Non-Office Under 30 30-50 Over 50
Female Male Female Male Female Male Female Male Female Male Female Male Total Own Contract23 Total Staff
Angola 18 124 17 58 1 66 1 20 17 98 0 6 142 128 270
Australia 0 8 0 6 0 2 0 0 0 6 0 2 8 3 11
Brazil 344 3,213 280 795 64 2,418 145 531 189 2,348 10 334 3,557 0 3,557
Brunei 103 217 86 83 17 134 32 45 63 142 8 30 320 0 320
Canada 70 153 63 108 7 45 12 9 48 121 10 23 230 68 298
China 6 13 6 3 0 10 2 0 4 11 0 2 21 0 21
Congo 3 25 3 25 0 0 0 1 3 21 0 3 28 0 28
Cyprus 1 2 1 2 0 0 0 0 1 1 0 1 3 0 3
Ghana 0 6 0 5 0 1 0 1 0 5 0 0 6 0 6
Finland 0 0 0 0 0 0 0 0 0 0 0 0 16 0 16
India 254 1,019 254 1,017 0 2 56 150 180 788 18 81 1,273 123 1,396
Italy 3 6 3 6 0 0 0 0 3 6 0 0 9 0 9
Malaysia 110 307 110 221 0 86 8 17 95 269 7 21 417 504 921
Nigeria 0 1 0 1 0 0 0 0 0 1 0 0 1 1 2
Norway 1,565 6,400 1,393 3,991 172 2,409 181 776 827 2,992 557 2,632 7,970 3,866 11,836
Russia 0 0 0 0 0 0 0 0 0 0 0 0 17 1 18
Saudi Arabia 0 2 0 2 0 0 0 0 0 1 0 1 2 0 2
Sweden 1 11 1 11 0 0 1 1 0 10 0 0 12 0 12
UK 170 582 168 410 2 172 10 40 134 392 26 150 752 252 1,004
USA 44 184 43 115 1 69 4 20 28 114 12 50 228 19 247
Total # 2,692 12,273 2,428 6,859 264 5,414 452 1,611 1,592 7,326 648 3,336 15,012 4,965 19,977
Total % 17.9% 81.8% 26.1% 73.9% 4.6% 95.4% 3.0% 10.7% 10.6% 48.8% 4.3% 22.2% 75.1% 24.9%

21
Employees not on SAP are not included in gender and age information (2021: 47 employees - 7 Canada, 2 China, 16 Finland, 5 Norway, 17 Russia).
22
Employee numbers are reported on head count and at the end of the reporting period, December 31, 2021.
23
Contract staff is reported as full time equivalent (FTE). As of end of the reporting period there were 4,965 FTE. The head count is 8,858 of which 497 were female, 6,909 were male and 1,452 were unreported gender. Gender is not a mandatory field for external
hires, so not reported for all.

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Appendix: Part-time Own Employees

2023 2022 2021
Part-time Own Employees Female Male Total Female Male Total Female Male Total
Canada 6 0 6 0 0 0 0 0 0
Norway 71 72 143 61 69 130 63 69 132
UK 15 2 17 22 6 28 22 4 26
55.4% 44.6% 166 52.5% 47.5% 158 53.8% 46.2% 158

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Appendix: Parental Leave Own Regular Employees24,25

Employees taking parental leave in 2022 employed Employees taking parental leave in 2021 employed Employees taking parental leave in 2020 employed
in 2023 in 2022 in 2021
Female Male Total Female Male Total Female Male Total
Norway
Entitled to parental leave 1755 6882 8637 1569 6413 7982
Employees taking parental leave 11 60 71 82 226 308 87 309 396
Returned from parental leave 11 60 71 76 212 288
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % 92.7 % 93.8 % 93.5 %
Employed after 12 months 10 56 66 69 198 267
Employed 12 months after leave ended 90.9 % 93.3 % 93.0 % 90.8 % 93.4 % 92.7 % 86.2 % 85.1 % 85.4 %
UK
Entitled to parental leave 216 668 884 170 582 752
Employees taking parental leave 14 23 37 15 26 41 28 23 51
Returned from parental leave 13 23 36 12 26 38
Return to work rate after parental leave 92.9 % 100.0 % 97.3 % 80.0 % 100.0 % 92.7 %
Employed after 12 months 10 19 29 11 21 32
Employed 12 months after leave ended 76.9 % 82.6 % 80.6 % 91.7 % 80.8 % 84.2 % 71.4 % 60.9 % 66.7 %
Malaysia
Entitled to parental leave 154 358 512 107 310 417
Employees taking parental leave 8 18 26 9 15 24 10 18 28
Returned from parental leave 8 18 26 8 15 23
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % 88.9 % 100.0 % 95.8 %
Employed after 12 months 8 18 26 8 15 23
Employed 12 months after leave ended 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 60.0 % 77.8 % 71.4 %
India26
Entitled to parental leave 289 1340 1629 254 1019 1273
Employees taking parental leave 17 66 83 15 59 74 8 43 51
Returned from parental leave 17 66 83 15 56 71
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % 100.0 % 94.9 % 95.9 %
Employed after 12 months 12 55 67 13 54 67
Employed 12 months after leave ended 70.6 % 83.3 % 80.7 % 86.7 % 96.4 % 94.4 % 100.0 % 95.3 % 96.1 %

24
Employee numbers are reported on head count and at end of the reporting period, December 31 for each year. “Employed 12 months after leave ended” is the percentage of employees employed at Aker Solutions who returned from parental leave and were still
employed 12 months after parental leave ended. For 2023 data, 2022 headcount information is used. For 2022 data, 2021 headcount information is used.
25
This report includes data on employees who took parental leave in 2022. This includes subsea employees, even those who have since left the company because of the subsea transaction. This is because, if they were to be employed 12 months after the start of
their parental leave (which commenced from ex. October 1, 2022), we would not be able to ascertain this until after October 1, 2023.
26
Office employees only.

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Employees taking parental leave in 2022 employed Employees taking parental leave in 2021 employed Employees taking parental leave in 2020 employed
in 2023 in 2022 in 2021
Female Male Total Female Male Total Female Male Total
Angola
Entitled to parental leave 18 132 150 18 124 142
Employees taking parental leave 2 2 4 2 2 4
Returned from parental leave 2 2 4 2 1 3
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % 100.0 % 50.0 % 75.0 %
Employed after 12 months 1 2 3 2 1 3
Employed 12 months after leave ended 50.0 % 100.0 % 75.0 % 100.0 % 100.0 % 100.0 %
Brazil27
Entitled to parental leave 302 1018 1320 187 755 942
Employees taking parental leave 5 14 19 0 15 15
Returned from parental leave 5 14 19 N/A 14 14
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % N/A 93.3 % 93.3 %
Employed after 12 months 4 14 18 N/A 14 14
Employed 12 months after leave ended 80.0 % 100.0 % 94.7 % N/A 93.3 % 93.3 %
Brunei
Entitled to parental leave 101 222 323 103 217 320
Employees taking parental leave 10 4 14 6 7 13
Returned from parental leave 10 4 14 6 7 13
Return to work rate after parental leave 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Employed after 12 months 9 4 13 5 7 12
Employed 12 months after leave ended 90.0 % 100.0 % 92.9 % 83.3 % 100.0 % 92.3 %
Canada
Entitled to parental leave 83 174 257
Employees taking parental leave 1 1 2
Returned from parental leave 1 1 2
Return to work rate after parental leave 100.0 % 100.0 % 100.0 %
Employed after 12 months 1 1 2
Employed 12 months after leave ended 100.0 % 100.0 % 100.0 %

27
Brazil CSE employees excluded from data as they do not have timesheet input on Aker Solutions’ payroll. Interns excluded.

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Appendix: Recruitment and Turnover Figures28,29

2023 2022 2021 2023 2022 2021
# % # % # % # % # % # %
30 31
Total Recruited 1,659 3,891 2,841 Total Turnover 738 1,082 880
Own employees - office 1,265 76.3% 2,854 73.3% 1,405 49.5% Own employees - office 109 14.8% 299 27.6% 582 66.1%
Own employees - non-office 394 23.7% 1,037 26.7% 1,436 50.5% Own employees - non-office 629 85.2% 783 72.4% 298 33.9%
<30 years old 460 27.7% 1,315 33.8% 849 29.9% <30 years old 152 20.6% 189 17.5% 149 16.9%
30-50 years old 989 59.6% 2,132 54.8% 1,744 61.4% 30-50 years old 521 70.6% 789 72.9% 647 73.5%
>50 years old 210 12.7% 443 11.4% 248 8.7% >50 years old 65 8.8% 104 9.6% 84 9.5%
Female 423 25.5% 963 24.8% 496 17.5% Female 170 23.0% 248 22.9% 196 22.3%
Male 1,236 74.5% 2,927 75.2% 2,345 82.5% Male 568 77.0% 834 77.1% 684 77.7%
Angola 8 0.5% 25 0.6% 17 0.6% Angola 2 0.3% 5 0.5% 2 0.2%
Brazil 43 2.6% 795 20.4% 1,652 58.1% Australia 0 0.0% 1 0.1% 2 0.2%
Brunei 31 1.9% 43 1.1% 38 1.3% Brazil 12 1.6% 318 29.4% 307 34.9%
Canada 64 3.9% 114 2.9% 62 2.2% Brunei 16 2.2% 21 1.9% 15 1.7%
China 0 0.0% 20 0.5% 5 0.2% Canada 18 2.4% 21 1.9% 7 0.8%
Congo 0 0.0% 5 0.1% 9 0.3% China 1 0.1% 0 0.0% 2 0.2%
Finland 4 0.2% 0 0.0% 0 0.0% Finland 1 0.1% 0 0.0% 0 0.0%
Ghana 0 0.0% 4 0.1% 0 0.0% India 215 29.1% 162 15.0% 77 8.8%
India 263 15.9% 590 15.2% 179 6.3% Malaysia 19 2.6% 38 3.5% 30 3.4%
Malaysia 32 1.9% 166 4.3% 13 0.5% Nigeria 0 0.0% 0 0.0% 1 0.1%
Norway 1,084 65.3% 1,710 43.9% 638 22.5% Norway 386 52.3% 398 36.8% 374 42.5%
Russia 0 0.0% 14 0.4% 0 0.0% Saudi Arabia 0 0.0% 0 0.0% 0 0.0%
Saudi Arabia 0 0.0% 0 0.0% 0 0.0% Sweden 1 0.1% 0 0.0% 0 0.0%
Sweden 2 0.1% 9 0.2% 6 0.2% UK 64 8.7% 88 8.1% 45 5.1%
UK 111 6.7% 301 7.7% 192 6.8% USA 3 0.4% 30 2.8% 18 2.0%
USA 17 1.0% 95 2.4% 30 1.1%

28
Subsea employees are not included in 2023 recruitment and turnover figures.
29
Employee numbers are reported on head count and at the end of the reporting period, December 31, for each year.
30
Regular and temporary employed on our payroll (judicially employed).
31
Regular employed.

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Appendix: Environmental Figures

Unit 202332 2022 202133
34
Total carbon dioxide equivalent emissions
Scope 1 Carbon dioxide equivalent emissions Metric tons CO2e 13,692 8,525 10,003
Scope 2 Carbon dioxide equivalent emissions (market-based residual after EACS purchase) Metric tons CO2e 5,683 13,007 21,029
Total value chain GHG emissions (scope 3) Metric tons CO2e 579,832 2,730,809 933,145
Value chain GHG emissions (scope 3) - Category 1 - Purchased goods and services Metric tons CO2e 347,507 1,670,190 880,930
Value chain GHG emissions (scope 3) - Category 2 - Capital goods Metric tons CO2e 56,817 47,033 13
Value chain GHG emissions (scope 3) - Category 3 - Fuel and energy related activities Metric tons CO2e 7,368 9,876 0
Value chain GHG emissions (scope 3) - Category 4 - Upstream transportation Metric tons CO2e 9,495 17,978 5,144
Value chain GHG emissions (scope 3) - Category 5 - Waste generation in operations Metric tons CO2e 1,898 1,691 1,221
Value chain GHG emissions (scope 3) - Category 6 - Business travel Metric tons CO2e 8,927 8,505 3,181
Value chain GHG emissions (scope 3) - Category 7 - Employee commuting Metric tons CO2e 4,503 14,683 40,753
Value chain GHG emissions (scope 3) - Category 9 - Downstream transportation Metric tons CO2e 8,766 14,719 0
Value chain GHG emissions (scope 3) - Category 11 - Use of sold products Metric tons CO2e 127,847 945,777 1,903
Value chain GHG emissions (scope 3) - Category 12 - End-of-life treatment of sold products Metric tons CO2e 636 357 0
Value chain GHG emissions (scope 3) - Category 15 - Investments Metric tons CO2e 6,068 0 0
Total Scope 1, Scope 2 and Scope 3 emissions (market-based residual after EACs purchase) Metric tons CO2e 599,207 2,752,341 964,177
35
Scope 2 carbon dioxide equivalent emissions (location-based) Metric tons CO2e 4,051 10,674 10,831
Total Scope 1, Scope 2 and Scope 3 emissions (location-based) Metric tons CO2e 597,575 2,750,008 953,979
Out of scopes biogenic carbon dioxide equivalent emissions Metric tons CO2e 107 305 0
36
Total Energy and Carbon Intensity per man-hours worked
Energy intensity MWh per million worked hours 3,396 3,610 3,798
34
Scope 1 and 2 emission intensity (location-based) tCO2e per million worked hours 358 411 496
34
Scope 1 and 2 emission intensity (market-based) tCO2e per million worked hours 391 461 731
Total Energy Consumption
Energy consumption MWh 168,216 168,719 159,429
Heating and cooling MWh 5,106 0 0
Renewable energy MWh 97,144 106,630 0
Non-renewable energy MWh 71,072 62,090 0

32
2023 environmental data excludes data from the Subsea segment.
33
2021 emissions numbers are assured by LRQA, AA1000AS v3.
34
Aker Solutions reports in accordance with GHG protocol.
35
Excludes emissions purchased from renewable sources via EACs.
36
Energy intensity calculation includes energy consumption from all energy sources from within the organization.

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Appendix: Environmental Figures cont.

Unit 2023 2022 2021 Unit 2023 2022 2021
37,38
Renewable fuel consumption Non-hazardous waste and waste handling
39
Biodiesel blend m³ 3 4 0 Total non-hazardous waste metric tons 19,795 13,964 21,503
Biofuel m³ 41 129 127 Recycled waste excluding hazardous waste metric tons 13,051 7,499 14,248
Renewable electricity consumption MWh 91,630 105,396 68,683 Reuse metric tons 190 628 184
Composting metric tons 177 103 80
Non-renewable fuel consumption Landfill, excluding hazardous waste metric tons 2,508 3,118 3,942
Diesel m³ 1,798 869 1,886 Incineration without energy recovery metric tons 0 0 10
Gasoline m³ 27 53 60 Incineration with energy recovery metric tons 3,820 2,607 2,759
Marine Fuel Oil m³ 1,005 845 72 Others/not selected metric tons 48 9 280
Natural Gas m³ 2,222,978 1,400,073 1,281,511 Recycling factor, excluding hazardous waste % 65.9% 53.7% 66.3%
Acetylene m³ 18,899 14,971 11,070 37,38
Hazardous waste and waste handling
Propane m³ 183,871 78,453 355,198
Total hazardous waste metric tons 1,323 908 1,097
Non-renewable electricity consumption MWh 10,338 24,938 44,911
Hazardous waste treatment handled by waste company metric tons 14 244 261
Refrigerants kg 49 9 0 40
Recycling metric tons 62 86 618
Reuse metric tons 0 2 1
Incineration without energy recovery metric tons 0 1 5
Incineration with energy recovery metric tons 1,134 534 48
Landfill metric tons 30 0 0
Others/not selected metric tons 83 40 164
Spills above reportable limit # 0 0 0

37
All information is from facility providers and waste handling companies. All waste is handled by a third party.
38
Wastewater is not included in any calculations, hazardous or non hazardous waste.
39
For 2021, hazardous waste was included in the recycled waste fraction.
40
Not part of recycled waste.

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Energy data is harvested locally either via The emissions data for 2023 will be ◼ Scope 3 emissions include all GHG
meter readings at the sites or via invoicing of established as the new baseline for Aker emissions for the value chain converted to
purchased electricity and fuels. Each location Solutions in all reported scopes of 1, 2 and 3. CO2e.
submits their environmental data monthly for
◼ The outside scopes emissions include the
the premises and activities controlled by Aker ◼ Scope 1 emissions include all the direct
direct CO2 impact of burning biofuels. The
Solutions. Aker Solutions does not sell energy. GHG emissions (converted to CO2e) from
non-CO2 impact is accounted in scope 1.
District heating and cooling is reported the fuel combustion in sources that are
separately from electricity consumption and is owned or controlled by the company. ◼ Scope 3, category 1 data was impacted by
included as renewable energy. the change of emissions methodology in
◼ Scope 2 (location-based) emissions
two ways: 1) the removal of irrelevant
include all the indirect GHG emissions
All calculations are done automatically in our financial data related to hired-in salaries
(converted to CO2e) from the purchased
Synergi Life reporting tool for scope 1, 2, and and travel, and 2) the introduction of
electricity using location specific emission
3 (category 3) and the Position Green emissions factors in 2023 that had a
factors.
Platform for other scope 3 data, including the higher geographical representation. The
conversion factor between units. ◼ Scope 2 (market-based) emissions include data was also impacted by the removal of
all the indirect GHG emissions (converted Subsea data to categories 1, 2 and 4.
All information on waste disposal methods is to CO2e) from the purchased electricity
◼ Background on historical data: The
derived either from the site itself or from the using market-based emission factors
reported scope 3 emissions in the 2021
waste handling companies. where available, and location-based
Sustainability Report included only
emissions in cases that there are no
category 6 - business travel, therefore the
For 2023, Aker Solutions’ environmental data available market-based emission factors.
amount in 2021 report was 3,181 metric
does not include the Subsea segment as it is tons CO2e. In 2022, we account for all
◼ Scope 2 (market-based) emissions include
not within the company’s operational control scope 3 categories relevant to our value
all the indirect GHG emissions from the
at year end. Instead, emissions data from the chain, operations and business model,
purchased electricity using market-based
new equity accounted investee OneSubsea is including categories 3, 9 and 12 that were
emission factors where available, location-
reported in Scope 3, category 15, and calculated for the first time.
based emissions in cases where there are
adjusted for the ownership share of the
no available market-based emission
company (20 percent).
factors and take into consideration the Aker Solutions’ complete emissions
purchase of Energy Attribute Certificates accounting methodology statement is
(EACs). available on our website.

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Appendix: Business Ethics Training Overview

Total number of Total number of Total number of 2023 Annual Code of Conduct E-learning, Completion by Country
company personnel company personnel company personnel
Course Type Duration trained end 2023 trained end 2022 trained end 202141 Country Completed
44
Not Completed Total46
E-learning: Introduction to 15 minutes # % # %
6,254 3,395 1,200
business integrity Angola 27 81.8% 6 18.2% 33
Brazil 31 11.1% 248 88.9% 279
Classroom Course in Suspended due to
42 2 hours 781 1,063 Brunei 295 87.8% 41 12.2% 336
Business Ethics COVID-19 pandemic
Canada 303 92.9% 23 7.1% 326
E-learning: Annual Code 44 China 18 100.0% 0 0.0% 18
43 15 minutes 8,708 11,089 7,800
of Conduct training
Finland 21 100.0% 0 0.0% 21
E-learning: Introduction to India 1,107 99.5% 6 0.5% 1,113
Personal Data Protection 15 minutes 3,569 NA NA
at Aker Solutions
45 Malaysia 205 96.7% 7 3.3% 212
Norway 6,235 72.2% 2,403 27.8% 8,638
Saudi Arabia 2 100.0% 0 0.0% 2
Sweden 8 80.0% 2 0.0% 10
UK 430 96.2% 17 20.0% 447
USA 26 78.8% 7 21.2% 33
Aker Solutions Total 8,708 75.9% 2,760 24.1% 11,468

41
The numbers have been rounded to the nearest 100.
42
Topics: Attitudes and policies, anti-corruption, conflict of interest, confidential information, human and labor rights, gifts and hospitality, country risk and reporting concerns (whistleblowing).
43
Topics in 2023 including key themes from our Code of Conduct: Understanding and living our Code of Conduct, speaking up and reporting concerns, acting with integrity including anti-corruption, conflict of interest, gifts and hospitality, confidentiality, human and
labor rights, data privacy. Employee target group for the Code of Conduct as mandatory course: office permanent and temporary employees (subsea employees not included in 2023 roll out therefore the numbers 2022 and 2023 are not directly comparable).
44
In total, 11,462 members of the full workforce (own employees, sub-contractors and hired-ins) completed the Code of Conduct certification e-learning as of December 31, 2023.
45
New Course “Introduction to Personal Data Protection at Aker Solutions” launched in 2023 as mandatory for new joiners.
46
Total of 11,468 not including 5 employees in France. Aker Solutions own employees for 2023 was 11,473.

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Appendix: Stakeholder Engagement Table

Type of Engagement and
Stakeholder Group Frequency of Engagement Key Topics and Concerns Discussed (Topics Not Listed in Order of Priority)
Aker Solutions’ Content / Response
Customers and ◼ Phone and email communication Daily, Weekly, Monthly, Quarterly, ◼ Anti-corruption and bribery ◼ Renewable and transitional energy
Collaboration Partners ◼ Customer and project meetings Annually ◼ Climate risks solutions for customers
◼ Tradeshows and technical sessions ◼ Emergency preparedness ◼ Occupational health and safety
◼ Site tours and audits ◼ GHG emissions ◼ Quality issues
◼ Customer satisfaction surveys ◼ Human rights ◼ Responsible supply chain
◼ Tender responses and presentations
Employees and ◼ Internal and external communication channels (Yammer / Daily, Weekly, Monthly, Quarterly, ◼ Diversity and equal opportunity ◼ Health, safety and well-being, including
Potential Employees Arena / Social Media) Annually ◼ GHG emissions mental health
◼ Strategy and Culture Project ◼ Human rights ◼ Strategy
◼ Performance dialogues and reviews ◼ Renewable and transitional energy ◼ Talent attraction, development and
◼ Career development conversations solutions for customers retention
◼ Code of conduct and other trainings ◼ Employment conditions
◼ Employee surveys
Financial Community ◼ Phone and email communication Monthly, Quarterly, Annually (and ◼ Climate risks ◼ Renewable and transitional energy
and Owners ◼ Investor meetings and roadshows ongoing basis when relevant) ◼ Compliance and Governance solutions for customers
◼ Press releases ◼ Financial results and outlook ◼ Strategy
◼ Annual and quarterly reporting
◼ Regular and annual general meetings
Governments, ◼ Phone and email communication Monthly, Quarterly, Annually ◼ Anti-corruption and bribery ◼ Outlook for market trends and
Authorities, NGOs and ◼ Scheduled meetings Frequency depends on type of ◼ Climate risks opportunities for new contracts, and
Industry Groups ◼ Visits and tours at Aker Solutions’ facilities government / public authority body ◼ Compliance, including adherence to potential effects on local / regional /
◼ Committee meetings regulations to protect health, safety and national employment
◼ Contact at established arenas / conferences Aim for pro-active approach regarding environment ◼ R&D and technology, including focus on
◼ Community events, sponsorships and partnerships priority cases about frame conditions, ◼ Diversity and equal opportunity the effects on reducing environmental
◼ Participation on advisory boards specific topics, etc. ◼ Frame conditions related to current footprint, improving safety or increasing
◼ Social media operations / new business opportunities value creation
For NGO’s with focus of less direct ◼ Human rights ◼ Rules / Regulatory compliance
relevance for Aker Solutions’ business, ◼ Information / updates regarding status ◼ Spills
contact is as needed, driven mostly by and outlook for operations ◼ Status and plans for training / education
events ◼ Renewable and transitional energy of existing new employees, including
solutions for customers programs for apprentices
◼ Status of operations, and effects on
local / regional / national employment

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Type of Engagement and

Stakeholder Group Frequency of Engagement Key Topics and Concerns Discussed (Topics Not Listed in Order of Priority)
Aker Solutions’ Content / Response
Media ◼ Phone and email communication Daily, Weekly, Monthly ◼ Anti-corruption and bribery ◼ Outlook for market trends and
◼ Interviews Frequency depends on type of media, ◼ Climate risks opportunities for new contracts, and
◼ Press releases reach to key Aker Solutions’ ◼ Compliance, including adherence to potential effects on local / regional /
◼ Website and social media stakeholders, and editorial focus vs Aker regulations to protect health, safety and national employment
Solutions’ key business activities. environment ◼ R&D and technology, including focus on
◼ Diversity and equal opportunity the effects on reducing environmental
Aim for pro-active approach to key ◼ Human rights footprint, improving safety or increasing
media. ◼ Renewable and transitional energy value creation
solutions for customers ◼ Status and plans for training / education
For less prioritized media, contact of existing and new employees, including
frequency as needed, driven by programs for apprentices
company / industry / local activities. ◼ Status of operations, and effects on
local / regional / national employment
Suppliers ◼ Phone and email communication Daily, Weekly, Monthly, Quarterly, ◼ Anti-corruption and bribery ◼ Modern Slavery Act statement
◼ Meetings and industry events / forums Annually ◼ Competitive roadmap and strategies ◼ Occupational health and safety
◼ Supplier visits and audits ◼ Cost efficiency ◼ Project performance
◼ Business planning ◼ Human rights ◼ Quality and deliveries
◼ Business and project reviews ◼ Innovation and new technologies ◼ Responsible supply chain
◼ Negotiations and prospects discussions ◼ Joint improvement programs
◼ Renewable and transitional energy
solutions for customers
Unions ◼ Phone and email communication Daily, Weekly, Monthly, Quarterly, ◼ Contract / tariff / salary negotiations ◼ Occupational health and safety
◼ Labor / Works council meetings Annually ◼ Diversity and equal opportunity ◼ Strategic change and transformation
◼ Committee meetings ◼ Human rights processes
◼ Consultation meetings and Formal negotiations ◼ Working conditions
◼ Involvement and consultations related to strategic change and
transformation processes effecting employee conditions
◼ Informal collaboration discussions
◼ Representation on Aker Solutions’ Board of Directors and legal
entity Boards

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Appendix: Country by Country Report

Operating Expenses Salaries and employee Payments to providers
Country Employees47 Revenues48 Investments in assets49 Paid (refunded) taxes50 (ex salaries)51 benefits of capital

Norway 8,638 33,848 2,185 1 23,548 8,864 611

Brazil 279 80 90 20 81 70 0
India 1,112 585 16 68 90 309 0
UK 447 1,266 18 17 943 673 62
Malaysia 213 279 16 22 339 126 6
Brunei 336 874 6 10 649 156 1
Canada 326 1,018 19 30 542 410 9
USA 33 1,030 5 0 976 76 0
Angola 33 261 1 69 232 26 0
China 18 45 0 2 35 13 0
Finland 21 32 0 0 7 21 0
52
Other 17 156 31 30 107 11 0
Sum of countries 11,473 39,474 2,388 267 27,550 10,757 689
Eliminations 0 -3,212 0 0 -3,212 0 0
Total Aker Solutions 11,473 36,262 2,388 267 24,338 10,757 689

47
The locations of employees are based on the location of the company where they are employed. Branches are therefore included in the figures for the legal entity.
48
Revenue figures per country include internal and external revenues and are based on location of the Aker Solutions company that has recognized the revenue. Intercompany sales are subtracted in the line “eliminations” to present external Aker Solutions
revenues as in the income statement.
49
Investments in assets includes additions to property, plant and equipment as well as technology development and other intangible assets during the year. Includes subsea business of NOK 209 million until closing of the subsea transaction.
50
Paid taxes include income taxes, withholding taxes and other corporate taxes, but does not include value added taxes (VAT) and other indirect taxes. In addition to corporate taxes, Aker Solutions’ activities contribute directly and indirectly to government tax
revenues in many countries where we operate. In Norway, as an example, the national insurance contribution (Norwegian: Arbeidsgiveravgift) payment was NOK 1,193 million and in addition, the total amount withheld and paid to the tax authorities on behalf of
our employees was NOK 2,368 million. In the UK the national insurance contribution payment was NOK 194 million and the total amount withheld and paid to HMRC on behalf of the employees was NOK 134 million.
51
Figures per country for operating expenses include internal and external expenses and are based on location of the Aker Solutions company that has recognized the revenue. Intercompany sales are subtracted in the line “eliminations” to present external Aker
Solutions expenses as in the income statement.
52
Other includes: France, Australia, Cyprus, South-Korea, Netherlands, Sweden, Ghana, Nigeria, Saudi Arabia and UAE - addition for taxes paid: Italy, Dem.Rep. Congo, Egypt and Singapore.

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Board of Directors

Leif-Arne Langøy Øyvind Eriksen Kjell Inge Røkke

CHAIRMAN DEPUTY CHAIRMAN DIRECTOR
Leif-Arne Langøy (born 1956) has gained senior executive Øyvind Eriksen (born 1964) is President and CEO of Aker ASA, Kjell Inge Røkke (born 1958) has been a driving force in the
experience from several companies, including as President and which is the main shareholder of Aker Solutions. Eriksen holds a development of Aker since the 1990s. Røkke launched his business
CEO of Aker Yards and Aker ASA. Langøy has extensive law degree from the University of Oslo. He is a former Partner, career with the purchase of a 69-foot trawler in the United States in
experience as the chairman of non-executive boards from a Director, and Chairman of the law firm BA-HR. Eriksen currently 1982, and gradually built a leading worldwide fisheries business. In
number of different industrial companies. He is currently deputy chairs the boards of several of the Aker Group’s main industrial 1996, the Røkke-controlled company, RGI, purchased enough Aker
chairman of both The Resource Group TRG AS and TRG and financial business. In addition, he is on the board of a shares to become Aker’s largest shareholder, and later merged RGI
Holding AS. Langøy also holds several positions associated with number of non-profit organizations, including the Norwegian with Aker. Røkke is a chairman of the board in Aker ASA, The
Molde FK, including chairman of the board for Molde Fotball AS. Cancer Society and the Accenture Global Energy Board. Resource Group TRG AS and TRG Holding AS. He is also a board
From 2011 to 2020 he was chairman of the board for DNV GL member of several companies in which Aker ASA holds a
Group AS. Langøy holds an MSc in economics from the While Eriksen holds no shares or share options in Aker Solutions significant ownership stake, including Aker BP, Aker BioMarine
Norwegian School of Economics in Bergen, Norway. As of directly, he has an ownership interest by holding 219,072 ASA, Aker Property Group AS, Aker Energy AS, Aker Horizons AS,
December 31, 2023, he holds 159,426 shares in the company shares in Aker ASA and 100,00 B-shares in TRG Holding AS Aize Holding AS, Cognite AS, Seetee Topco AS and REV Ocean
through a privately owned company and has no share options. through Erøy AS, a privately owner company. Eriksen is a AS.
Langøy is a Norwegian citizen. He has been elected for the Norwegian citizen. He has been elected for the period
period 2023-2025. 2023-2025. While Røkke holds no shares or stock options directly in Aker
Solutions, he has an indirect ownership interest in the company
through his investment company The Resource Group TRG AS
and subsidiaries, which holds approximately 68 percent of the
shares in Aker ASA, Aker Solutions’ main owner. Røkke is a
Norwegian citizen. He has been elected for the period
2023-2025.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Birgit Aagaard-Svendsen Lone Fønss Schrøder Elisabeth Tørstad Jan Arve Haugan
DIRECTOR DIRECTOR DIRECTOR DIRECTOR
Birgit Aagaard-Svendsen (born 1956) has more Lone Fønss Schrøder (1960) is a senior executive Elisabeth Tørstad (born 1965) is CEO of
than 35 years of international business and advisor. Fønss Schrøder is currently vice- Jan Arve Haugan (born 1957) started his
Asplan Viak AS since March 2019. Prior to this
experience including several years within the chair of Akastor ASA, Aker Horizons and Volvo professional career in the Norwegian
she has more than 15 years of experience
shipping and offshore industries. She served as Cars AB , and a director of Geely Sweden construction company F. Selmer (now
from leadership positions in DNV, where she
Chief Financial Officer of J. Lauritzen shipping Holdings AB and chair of their audit committees. Skanska) and worked as project consultant in
also was part of the Executive Board and
company for 18 years and has been the She is director of Ingka Holding B.V. (Ikea Group) Terra Mar Project Management before he
Council in DNV from 2010 to 2019. Tørstad
chairperson of the Danish committee on and Ikano Bank. Fønss Schrøder has more than joined the Norwegian industrial conglomerate
holds a cand.scient. degree in structural
corporate governance. She has a Bachelor of 30 years of international senior executive Norsk Hydro as a chief engineer in 1991. He
physics from the University of Oslo, and also
Science in engineering from the Technical experience in the A.P. Møller-Maersk group and served in several leading positions in Hydro’s
degrees in civil engineering from Oslo
University of Denmark and a Graduate Diploma in as CEO for Wallenius Lines AB, Star Air and oil and gas projects and operations as well as
Ingeniørhøgskole and business administration
Business Administration from the Copenhagen Concordium. She is an experienced director with in Hydro’s aluminum business. Haugan was
from the Norwegian School of Management
Business School. former board positions in companies like President and CEO of Kvaerner ASA from
(BI). She has served on several boards and
Vattenfall, Dong Transmission, CSL Group, Inc., 2011 to 2018, when he stepped down to
committees, including in Hexagon
Aagaard-Svendsen is a board professional with Yara et al. Fønss Schrøder holds a Master of Law assume the role as CEO of Aker Energy AS.
Composites, SINTEF and DitigalNorway.
extensive board experience. Her current (LL.M.) from the University of Copenhagen, and a Haugan holds an MSc in construction
Tørstad is currently member of the board of
directorship include the boards of DNV GL, Prosafe Science degree in Economics and Business management from the University of Colorado
trustees of Underwriters Laboratories Inc. As
and KommuneKredit (Denmark), for all of which Administration from Copenhagen Business at Boulder, USA. As of December 31, 2023,
of December 31, 2023, she holds 2,000
she serves as the chairperson of the audit School. She holds no shares in the company and Haugan and related parties hold 136,527
shares in Aker Solutions ASA and has no
committee. As of December 31, 2023, she holds has no share options. Fønss Schrøder is a Danish shares in the company and have no share
stock options. Tørstad is a Norwegian citizen.
90,000 shares in the company and has no share citizen. She has been elected for the period options. Haugan is a Norwegian citizen. He
She has been elected for the period
options. Aagaard-Svendsen is a Danish citizen. She 2022-2024 has been elected for the period 2022-2024.
2022-2024.
has been elected for the period 2023-2025.
Fønss Schrøder is an independent board Haugan is an independent board member.
Tørstad is an independent board member.
Aagaard-Svendsen is an independent board member.
member.

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 Menu Board of Directors’ Report Sustainability Performance Financial Statements Appendix

Hilde Karlsen Arne Christian Rødby Line Småge Breidablikk Stian Pettersen Sagvold
DIRECTOR DIRECTOR DIRECTOR DIRECTOR
Hilde Karlsen (born 1967) was elected by the Arne Christian Rødby (born 1973) was elected Line Småge Breidablikk (born 1985) was Stian Pettersen Sagvold (born 1984) holds a
employees of Aker Solutions to the board of to the board of directors by the employees of elected by the employees of Aker Solutions to scaffolder’s certification and has been an
directors in March 2011. She is a group union Aker Solutions, and he is the trade unions' the board of directors in April 2021. She has employee of Aker Solutions at Verdal since
representative for Aker Solutions on a full- full-time Group representative. He started his been employed by Aker Solutions and 2012. Sagvold has been a fulltime employee
time basis and has been employed by Aker employment with Aker Solutions in 1990 and Kvaerner since 2012. Breidablikk has worked representative since 2017 at Aker Solutions
Solutions since 1992. Karlsen has held various has held board positions in Aker Subsea and in various projects and is currently a discipline Verdal. He is also Chair of the Federation of
positions at Aker Solutions and is now a Aker Solutions, as well as with non-profit lead. Since 2013, she has worked part-time as Trade Unions (Fellesforbundet) Section 108
specialist engineer in the projects center. She organizations. Rødby is a Norwegian citizen a union representative, holding various and a director of the board of the Norwegian
was the employees’ representative of the and Reserve officer of the Norwegian Armed positions, and currently serves as the chief United Federation of Trade Unions. As of
Kværner Oil and Gas Board from 1993-2003. Forces. As of December 31, 2023, Rødby union representative. Breidablikk holds an December 31, 2023, Sagvold holds 246
Karlsen has a Bachelor of Science in holds 1,822 shares in Aker Solutions. He has MSc in marine technology from the Norwegian shares in Aker Solutions ASA and has no
mechanical engineering from Norway’s Narvik been elected for the period 2023-2025. University of Science and Technology (NTNU) share options. Sagvold is a Norwegian citizen.
University College. As of December 31, 2023, in Trondheim, Norway. As of December 31, He has been elected for the period
Karlsen and related parties hold 32,774 2023, she holds 1,755 shares in Aker 2023-2025.
shares in the company and have no share Solutions ASA and has no share options.
options. Karlsen is a Norwegian citizen. She Breidablikk is a Norwegian citizen. She has
has been elected for the period 2021-2023. been elected for the period 2021-2023.

218
Contact
Aker Solutions ASA
Oksenøyveien 8,
1366 Lysaker,
Norway
NO-1325 Lysaker
Norway

Telephone:
+47 67 51 30 00
www.akersolutions.com

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