Aker Solutions has secured a limited notice to proceed contract from Vattenfall for the development of the Norfolk Vanguard West Offshore Wind Farm, situated off the Norfolk coast in the UK. The Norfolk Vanguard West Offshore Wind Farm is the initial phase of Vattenfall's comprehensive Norfolk Offshore Wind Zone, which also encompasses the Norfolk Vanguard East and Norfolk Boreas projects. Anticipated to generate 1.4 gigawatts of power and located more than 47 kilometers from the Norfolk coast, the Norfolk Offshore Wind Zone is projected to provide renewable electricity to more than four million households upon completion.
Pending regulatory approvals and Vattenfall's final investment decision, Aker Solutions has been tasked with the engineering, procurement, construction, and installation (EPCI) of the high voltage direct current (HVDC) offshore platform for the Norfolk Vanguard West Offshore Wind Farm. The topside fabrication will be undertaken as a joint venture with Drydocks World Dubai, while the substructure will be produced at Aker Solutions' Verdal yard in Norway. Sturla Magnus, the Executive Vice President of New Build at Aker Solutions, highlighted that the prospective development of the entire Norfolk Offshore Wind Zone may necessitate up to three successive HVDC platforms, fostering long-term predictability and promoting standardized practices within the supplier industry.
In the fourth quarter of 2023, Aker Solutions is expected to record a contract value of approximately NOK 4 billion in the Renewables and Field Development segment, reflecting the remunerated work slated for completion prior to the final investment decision. Upon the conclusive award, the total contract value for Aker Solutions is projected to reach approximately NOK 6 billion. Notably, the contract is structured to ensure a balanced risk-reward profile, along with aligned incentives to facilitate efficient and secure project delivery.
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