1 March 2011 - Aker Solutions has completed the transfer of ownership of subsidiary Aker Marine Contractors (AMC) to Singapore listed Ezra Holdings Ltd.

Aker Solutions confirms the transaction details given in the announcement on 22 October 2010.

In the transaction, AMC is valued at USD 250 million. Ezra has settled the transaction by paying Aker Solutions USD 50 million in cash, USD 100 million in shares in Ezra Holdings Ltd, and USD 50 million in a convertible bond with maturity after 36 months. The share instruments have been valued on weighted average price per share over the last 30 days preceding signing.

The final USD 50 million plus interest will be settled in cash on and subsequent to delivery of the AMC Connector vessel.

Upon delivery of AMC Connector, Ezra will take 50 percent ownership in the vessel owning company. The other half will remain under Aker Solutions ownership.

 

ENDS

For further information, please contact:

Media:

Endre Johansen, VP Communications, Aker Solutions. Tel: +47 22 94 58 91, Mob: +47 416 10 605, Email: endre.johansen@akersolutions.com

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 46 billion and employs approximately 20 000 people in about 26 countries.

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.