Glossary of Terms
Explaining the language and terms used on the website and in our reports.
| Term | Definition |
|---|---|
| ACC | Aker Carbon Capture |
| ACH | Aker Clean Hydrogen |
| AIM | Asset Integrity Management |
| AKSO | Aker Solutions' ticker at the Oslo Stock Exchange |
| ANSI | American National Standards Institute |
| AOA | Angolan Kwanza (Currency) |
| AOW | Aker Offshore Wind |
| APAC | Asia Pacific |
| API | American Petroleum Institute |
| AVP | Approved Vendor List |
| BIC | Business Integrity and Compliance |
| BOD | Board of Directors |
| BRL | Brazilian Real (Currency) |
| CAPEX | Capital Expenditure |
| CCO | Chief Compliance Officer |
| CCUS | Carbon Capture, Utilization and Storage |
| CDP | Carbon Disclosure Project |
| CEO | Chief Executive Officer |
| CERT | Corporate Emergency Response Team |
| CHARM | Chemical Hazard Assessment and Risk Management |
| CO2 | Carbon Dioxide |
| CO2e | Carbon Dioxide Equivalent |
| COSO | Committee of Sponsoring Organizations of the Treadway Commission |
| CPI | Corruptions Perception Index |
| CRC | Corporate Risk Committee |
| CRN | Country Risk Notification |
| CSR | Corporate Social Responsibility |
| CSRD | Corporate Sustainability Reporting Directive |
| D&I | Diversity and Inclusion |
| DE&I | Diversity, Equality and Inclusion |
| EAC | Energy Attribute Certificate |
| EAP | Employee Assistance Program |
| EBIT | Earnings Before Interest and Taxes |
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization |
| EIA | Environmental Impact Assessment |
| EMEA | Europe, Middle East and Africa |
| EMM | Electrification, Maintenance and Modifications |
| EMS | Enterprise Management System |
| EMT | Executive Management Team |
| EOR | Enhanced Oil Recovery |
| EPCI | Engineering, Procurement, Construction and Installation |
| EPS | Earnings Per Share |
| ERC | Enterprise Risk Committee |
| ERM | Enterprise Risk Management |
| ERT | Emergency Response Team |
| ESG | Environmental, Social and Governance |
| ESP | Employee Share Purchase Program |
| ESRS | European Sustainability Reporting Standards |
| EU | European Union |
| EUR | Euro (Currency) |
| EVP | Executive Vice President |
| FA | Frame Agreement |
| FEED | Front-End Engineering and Design |
| FPSO | Floating Production, Storage and Offloading Vessel |
| GBP | Great British Pound (Currency) |
| GBS | Gravity-Based Structure |
| GHG | Greenhouse Gas |
| GO | Guarantee of Origin |
| GRI | Global Reporting Initiative |
| GSOC | Global Security Operations Center |
| GWC | Global Works Council |
| HAZID | Hazard Identification Study |
| HAZOP | Hazard and Operability Study |
| HSSE | Health, Safety, Security and Environment |
| HVDC | High-Voltage, Direct Current |
| IBA | Important Bird Area |
| ICFR | Internal Controls over Financial Reporting |
| IDD | Integrity Due Diligence |
| IEA | International Energy Agency |
| IFRS | International Financial Reporting Standards |
| ILO | International Labor Organization |
| IOGP | International Association of Oil and Gas Producers |
| IOR | Increased Oil Recovery |
| IPIECA | International Petroleum Industry Environmental Conservation Association |
| IR | Investor Relations |
| I-REC | International Renewable Energy Certificate |
| ISO | International Standards Organization |
| IT | Information Technology |
| ITB | Invitation to Bid |
| ITT | Invitation to Tender |
| IWOCS | Intervention and Workover Control System |
| JIP | Joint Industry Program |
| JSA | Job Safety Analysis |
| JV | Joint Venture |
| KAM | Key Account Manager |
| KPI | Key Performance Indicator |
| KVA | Kilovolt-Ampere |
| LARS | Launch and Recovery System |
| LCA | Lifecycle Assessment |
| LCI | Life Cycle Information |
| LDs | Liquidated Damages |
| LINCCS | Linking Carbon Capture and Storage |
| LMS | Learning Management System |
| LNG | Liquefied Natural Gas |
| LOI | Letter of Intent |
| LTI | Lost Time Incident |
| LTIF | Lost Time Incident Frequency |
| MBOE | Million Barrels of Oil Equivalent |
| MIPS | Method Integrated Project System |
| MSP | Major Subsea Projects |
| MVA | Megavolt-Ampere |
| MWH | Megawatt hours |
| NCGB | Norwegian Corporate Governance Board |
| NCS | Norwegian Continental Shelf |
| NGO | Non-Governmental Organization |
| NIST | National Institute of Standards and Technology |
| NOC | National Oil Companies |
| NOIA | National Ocean Industries Association |
| NOK | Norwegian Krone (Currency) |
| OCI | Other Comprehensive Income |
| OPEX | Operating Expenses |
| P&O | People and Organization |
| P&T | Performance and Transformation |
| PEM | Project Execution Model |
| PPA | Power Purchase Agreement |
| PPE | Personal Protective Equipment |
| Q&CI | Quality and Continuous Improvement |
| QVL | Qualified Vendor List |
| R&D | Research and Development |
| REC | Renewable Energy Certificate |
| SBT | Science-based Target |
| SBTi | Science Based Targets initiative |
| SDG | Sustainable Development Goals |
| SIF | Serious Incident Frequency |
| SLS | Subsea Lifecyle Services |
| SVP | Senior Vice President |
| TCFD | Task Force on Climate-Related Financial Disclosures |
| TCO | Total Cost of Ownership |
| TES | Tender and Execution Safeguarding |
| TLP | Tension-Leg Platform |
| TRG | The Resource Group |
| TRIF | Total Recordable Incident Frequency |
| TRL | Technology Readiness Level |
| UK | United Kingdom |
| UN | United Nations |
| UNSPSC | United Nations Standard Products and Services Code |
| U.S. | United States |
| USD | United States Dollar (Currency) |
| WACC | Weighted Average Cost of Capital |
| WEC | Working Environment Committee |
| WTW | Wheel to Wheel |