Aker Solutions and Dril-Quip Announce CCUS Collaboration Agreement
February 21 2022 - 5:00PM
Aker Solutions ASA (“Aker Solutions”) (OSE: AKSO) and Dril-Quip,
Inc. (“Dril-Quip”) (NYSE: DRQ) today announced that their
subsidiaries have entered into a Collaboration Agreement to offer
subsea injection systems for carbon capture, utilization and
storage (“CCUS”) projects.
Under the agreement, Dril-Quip will provide Aker
Solutions with CO2 injection Xmas trees and wellheads that will be
fully integrated into a larger subsea injection system to provide
customers with market-leading technology purposely designed for the
injection and storage of CO2. The arrangement will leverage
on Aker Solution’s position as an integrated supplier of CCUS
systems along with its control systems and electrification
components.
The agreement focuses on the strengths of both
organisations to deliver an optimum solution for carbon capture and
storage, and is in line with each parties’ strategic goals of
collaboration and partnerships to unlock value for customers.
Under this agreement, Aker Solutions and
Dril-Quip have agreed to work together to target the Northern
Endurance Project in the UK, maximizing local content from both
organisations. The Northern Endurance Partnership (NEP)
enables the net zero vision by providing the common infrastructure
needed to capture and transport CO2 from carbon emitting projects,
such as Net Zero Teesside Power, to secure offshore storage in the
North Sea. In October 2021, The Northern Endurance
Partnership’s East Coast Cluster, which includes Net Zero Teesside,
was selected as a priority cluster in phase-1 of the UK
Government’s Carbon Capture, Usage and Storage cluster sequencing
process.
Jeff Bird, Dril-Quip’s President and Chief
Executive Officer commented, "We are pleased to enter into this
strategic collaboration agreement with Aker Solutions, a leader in
developing integrated solutions for CCUS. This collaboration
agreement further reinforces Dril-Quip’s leadership and commitment
in energy transition and builds on our legacy of providing
technologies that enable our customers to save time and money,
reduce risk and lower their carbon footprint. We look forward to
working jointly with Aker Solutions to bring
best-in-class solutions to our customers.”
About Aker Solutions
Aker Solutions delivers integrated solutions,
products and services to the global energy industry. Aker Solutions
enables low-carbon oil and gas production and develop renewable
solutions to meet future energy needs. By combining innovative
digital solutions and predictable project execution, Aker Solutions
accelerates the transition to sustainable energy production. Aker
Solutions employs approximately 15,000 people in more than 20
countries.
Visit akersolutions.com and connect with us
on Facebook, Instagram, LinkedIn, Twitter and YouTube.
About Dril-Quip
Dril-Quip is a developer, manufacturer and
provider of highly engineered equipment, service and innovative
technologies for use in the energy industry. Visit
www.dril-quip.com and connect with us
https://www.linkedin.com/company/dril-quip
Forward-Looking Statements for Aker
Solutions
This press release may contain forward-looking
information and statements and is subject to our disclaimer, see
https://akersolutions.com
Forward-Looking Statements for
Dril-Quip
This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 regarding the anticipated
benefits of the agreement between Dril-Quip and Aker
Solutions. Forward-looking statements are based upon certain
assumptions and analyses made by Dril-Quip in light of its
experience and perception of historical trends, current conditions,
expected future developments and other factors. These statements
are subject to risks, some of which are beyond Dril-Quip’s control,
including but not limited to, costs and difficulties related to the
collaboration with Aker Solutions, including with respect to
the Northern Endurance Project, the uncertainty of the CCUS market,
decisions made by customers and suppliers, operating risks, and
other factors detailed in Dril-Quip’s public filings with
the Securities and Exchange Commission. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and actual outcomes may vary
materially from those indicated.
Investor Relations Contacts
Aker Solutions
Fredrik Berge, Head of Investor Relations+47 450 32
090fredrik.berge@akersolutions.com
Dril-Quip
Blake Holcomb, Director of Investor Relations and Corporate
Planning(713) 939-0047 x 6364Blake_Holcomb@dril-quip.com
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