A £235 million early investment package to support the renewable energy supply
chain in Scotland has been announced by Ocean Winds and Aker Offshore Wind as
part of their proposal to transform the country into a green industrial
powerhouse.

The financial package is included in the joint Ocean Winds and Aker Offshore
Wind ScotWind bids which would build supply chain capability many years ahead of
the introduction of new floating offshore wind fields in Scotland's deep waters.

By creating 'first mover advantage', Aker Offshore Wind believes Scotland can
become one of the first countries in the world to introduce floating wind at an
industrial scale. The early investment package of £235 million for every
successful bid would help deliver the 'just transition' from fossil fuel
industries by generating thousands of new jobs and economic opportunities, as
well as enabling Scotland to drive down the costs of clean energy through
industrialization of new technology.

Floating offshore wind is the latest advent in renewable energy, involving giant
turbines much further away from land than at present. Around 80 per cent of the
world's wind resources are in waters deeper than 60 metres and are unsuitable
for traditional fixed foundations, with floating turbines opening up major new
energy resources.

As part of a consortium, Aker Offshore Wind has submitted proposals for up to
three sites in the Outer Moray Firth with the possibility of generating a
combined 6GW of wind energy in total as part of the ScotWind leasing programme,
with associated total spend of up to £15 billion for all three sites.

Through direct work and supply chain opportunities, each proposal is estimated
to generate more than 5,000 jobs and 200 apprenticeships in Scotland across all
project stages. There would also be extensive investment in Scotland's existing
ports and harbours, as well as innovative new subsea technology - a particularly
key capability of our existing Scottish supply chain.

More than 30 Memorandums of Understanding (MoUs) are now in place across the
supply chain in support of the bids and the early action needed. There is a
commitment to 60 per cent local supply chain content from the UK, of which 40
per cent minimum content will come from Scotland.

The £235 million of early enabling investment also includes feasibility,
benchmark, and implementation studies with selected fabricators seeking to
establish or upgrade facilities in Scotland, leveraging Scottish supply chain's
competitive advantages through innovation, workforce development, diversity, and
skills transition initiatives, and capital investment costs for Scottish
infrastructure facilities. This will deliver globally-competitive facilities in
Scotland for the fabrication and assembly of floating platforms.

An immersive virtual reality design of a fabrication yard has already been
developed in conjunction with the National Manufacturing Institute Scotland at
the University of Strathclyde as part of our early investment process.

Aker Offshore Wind and its partners can move at speed to support the development
of the Scottish supply chain because the companies have already identified which
technology they plan to use at floating offshore wind sites: the 'WindFloat'
developed by Principle Power Inc (PPI) and which has already been in operation
for over 10 years with local fabrication as part of its delivery.

Separately, Aker Offshore Wind is the lead industry partner in a major project
to develop wind turbine blade recycling in Britain for the first time, backed by
a £2 million UK Government grant.

"Building on our 180-year industrial heritage, we know early investment is
needed if we want Scottish capability to be built ahead of the project execution
phase when globally competitive tenders are sought," said Sian Lloyd-Rees,
Managing Director of Aker Offshore Wind UK. "Scotland can be one of the first
countries to develop floating wind at scale.

"If we focus on what our supply chain needs and provide it now, we can capture
first mover advantage for our supply chain in a number of different technologies
and solutions. That's why we are committed to an enabling investment fund of
£235 million.

"A just transition requires we put the effort in early to work out what a
healthy and growing supply chain needs. This is the cornerstone for the just
transition ambition of Scotland and will ensure we deliver clean energy
affordably."

NOTES TO EDITORS

More information can be found at www.scotwind.energy and in "Floating Offshore
Wind: delivering a Green Industrial Revolution for Scotland - a
manifesto (https://mb.cision.com/Main/20224/3440998/1487488.pdf)".

For further information, please contact:

Maria Lanza Knudsen, media contact, +47 48 44 24 26,
maria.knudsen@akeroffshorewind.com

Christian Yggeseth, investor contact, +47 915 10 000,
christian.yggeseth@akerhorizons.com

About Aker Offshore Wind

Aker Offshore Wind is an offshore wind developer headquartered in Norway with
focus on assets in deep waters. With global operations, the current portfolio
consists of development projects and prospects located in Asia, North America
and Europe. Aker Offshore Wind effectively deploys cost effective technologies
from decades of offshore energy development. The company is majority-owned by
Aker Horizons, an investment company dedicated to creating value and reducing
emissions from renewable energy and decarbonization technologies. Aker Offshore
Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.