Aker ASA - Report for the first half of 2011

Net asset value (NAV) of Aker ASA and holding companies (Aker) was NOK 18.4billion as of 30 June 2011. This corresponds to NOK 254.70 per Aker share afterthe NOK 10 per-share dividend payment to shareholders in the second quarter of2011. At the close of the first quarter of 2011, Aker's net asset value amountedto NOK 292.40 per share before dividend allocations.

In the first six months of 2011, Aker ASA shares, which are listed on the OsloStock Exchange, provided a yield of 9.6 percent, including dividend. In the sameperiod, the Oslo Stock Exchange Benchmark Index (OSEBX) fell 4.2 percent.During the second quarter, the Aker share depreciated by 10 percent in thisperiod, the OSEBX fell by 5.9 percent.

Net asset value (NAV) decreased by NOK 2.7 billion in the second quarter of2011. The decrease is largely attributable to a NOK 2 billion value decline onAker's exchange-listed share investments and the NOK 724 million dividend payoutto Aker shareholders.

Aker's Industrial Holdings portfolio amounted to NOK 13.5 billion as of30 June, down NOK 0.3 billion since the close of the first quarter. In thesecond quarter of 2011, NOK 1.8 billion was invested in Aker Kværner Holding.The value of Aker's shareholdings in the listed companies Aker Solutions, AkerDrilling, and Aker BioMarine declined by NOK 2.2 billion in the second quarterof 2011. Aker's share investment in Det norske oljeselskap had second-quarter2011 value growth of NOK 0.1 billion.

On 30 June, Saab and Investor AB exercised their option to sell their combinedten-percent ownership interest in Aker Kværner Holding to Aker. The twocompanies' ownership in Aker Kværner Holding corresponds to 11 033 361 AkerSolutions shares. The per-share purchase price was stipulated in the22 June 2007 put/call agreements; the exercise price amounted to NOK 159.96 perAker Solutions share after adjustment for dividends paid. Following thetransaction, Aker owns 70 percent of Aker Kværner Holding shares; the Norwegiangovernment has the remaining 30-percent shareholding. Aker Kværner Holding owns40.3 percent of Aker Solutions and 41 percent of Kværner. As a result of thetransaction, Aker's indirect ownership in Aker Solutions and Kværner increasedfrom 24 percent to just over 28 percent. Kværner was listed on the Oslo StockExchange on 8 July.

The Funds portfolio amounted to NOK 2 billion as of 30 June; the figure is on apar with the corresponding first-quarter 2011 figure.

Aker's Financial Investments portfolio amounted to NOK 6.1 billion as of30 June. Loans to subsidiaries and associated companies were reduced by NOK 0.3billion in the second quarter of the year. Cash and cash equivalents decreasedfrom NOK 4.8 billion to NOK 2.8 billion in the second quarter; the reductionaccords with announced plans and is a result of the Aker Kværner Holding shareinvestment and dividend payment to Aker shareholders.

For further information, please contact:Atle Kigen, Head of Communications, Aker ASA, tel: +47 90 78 48 78

This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)

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