Akastor ASA: Frontica signs five year contract with Aker Solutions

Frontica has signed a five year contract with Aker Solutions to deliver staffing services, IT services and consultancy projects as well as business support services within HR, finance and procurement.

Under the terms of the contract, Frontica will also contribute to productivity improvements and cost reductions in these areas for Aker Solutions.

Niels Didrich Buch, CEO of Frontica says: "This outsourcing contract positions Frontica as a strong contender in the corporate services industry and confirms our position as a market-leading staffing company in the oil and gas sector. The agreement will help boost cost efficiency at Aker Solutions through Frontica's predictable and strong service platform, enabling our client to focus on its core business."

Svein Stoknes, CFO of Aker Solutions comments: "We are pleased to continue our long term relationship with Frontica through this contract. Frontica is a major supplier to Aker Solutions and the new agreement provides a good framework for driving cost optimization and business improvements in key areas across our global organization."

The contract value of outsourcing services (ITO and BPO) is estimated to be between NOK 1-1.25 billion annually over five years and will be reflected in Frontica's order backlog from first quarter of 2016. Staffing services, with an estimated value of additional NOK 1 billion annually (depending on volume) will not be booked as order intake due to the nature of this business.

ENDS

For more information, please contact:

Tore Langballe
Head of Communications and Investor Relations
Tel: Office: +47 21 52 58 10
Mobile: +47 90 77 78 41
E-mail: tore.langballe@akastor.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.