Blind Faith arbitration ruling

17 June 2011 -The final ruling has been delivered in the proceedings between subsidiaries of Aker Solutions and Chevron concerning delivery of the Blind Faith platform. The platform was installed in the Gulf of Mexico and started production in 2008. The ruling will result in a recordable loss of approx NOK 220 million for Aker Solutions in the second quarter 2011. The net cash effect is estimated at USD 10 million negative.

The financial effects described above will be divided between subsidiaries of Aker Solutions and Kvaerner, with 25 percent to Aker Solutions and 75 percent to Kvaerner.

The arbitration hearing took place in January and February 2011. A subsidiary of Kvaerner (upon consummation of the ongoing demerger from Aker Solutions) initiated arbitration proceedings regarding compensation for various changes to the work and associated acceleration work. Chevron U.S.A. Inc. presented various warranty claims and other claims against Aker Solutions.

ENDS

For further information, please contact:

Media:
Geir Arne Drangeid, EVP Corporate Communications, Aker Solutions, Tel:
+47 67 51 30 36, Mob: +47 913 10 458

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions, Tel: +47 67 51 30 39, Mob: +47 911 37 194

Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers

Career opportunities:

Visit http://www.akersolutions.com/careers  

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has aggregated annual revenues of approximately NOK 47 billion and employs approximately 20 000 people in about 26 countries. These figures include Aker Solutions' wholly owned subsidiary Kvaerner, which will be de-merged and listed on Oslo Stock Exchange in July 2011.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.

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