Aker ASA: 2012 First quarter results: Another solid quarter for Aker ASA

Aker and Aker's operating companies delivered strong results in the firstquarter of 2012.

"Aker's net asset value rose 16 percent in the quarter to NOK 22.5 billion, thehighest since the third quarter 2008,'' says Chief Executive Officer ØyvindEriksen in Aker ASA. "Aker's cash increased to NOK 4.3 billion."

Aker ASA's shares rose 20 percent in the first quarter, outpacing an 11 percentadvance in the Oslo Stock Exchange benchmark index.

The value of Aker's Industrial Holdings portfolio was NOK 18.3 billion as of theclose of the first quarter, up NOK 5.9 billion from 31 December 2011. Shareinvestments in the listed companies Aker Solutions and Kvaerner increased invalue by a total of NOK 3.1 billion in the first quarter. Ocean Yield wasestablished, with Aker's investments valued at NOK 2.5 billion, which representshistorical cost.

The value of the investments in Aker BioMarine and Det norske was reduced by NOK134 million. Aker in January sold 1.05 million shares in Det norske at NOK 88per share, reducing its ownership from 50.81 percent to 49.99 percent.

Aker's Financial Investments portfolio amounted to NOK 7.8 billion as of 31March 2012, down from NOK 10.3 billion at the close of the fourth quarter. FundInvestments accounted for NOK 1.2 billion, compared with NOK 1.4 billion in theprevious quarter. Loans to subsidiaries and associated companies totaled NOK1.4 billion, down NOK 1.8 billion from the close of the preceding quarter. Thereduction was mainly due to the conversion of Aker's NOK 1.8 billionshareholding loan in Aker Floating Production into equity as part of theestablishment of Ocean Yield.

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

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Aker ASA via Thomson Reuters ONE