Aker ASA: Sale of Aker ASA's real estate assets

Aker ASA ("Aker") today announced an agreement to sell real estate assets to Kjell Inge Røkke and his company The Resource Group TRG AS ("TRG"). Together with external financing, the transactions will release NOK 1.55 billion in cash to Aker and holding companies upon completion.

The transaction comprises 25 per cent of the shares in the Fornebu Gateway AS real estate consortium and the shares in Aker Maritime Finance AS, which owns eight industrial properties acquired from Akastor ASA. The sale will generate a total cash consideration of NOK 952 million. Prior to the transaction, Aker will receive proceeds of NOK 600 million from external financing of the Akastor industrial properties. The sales price is based upon the fair values set on the shares in Fornebu Gateway AS and the Akastor industrial properties when acquired by Aker-owned subsidiaries in October 2015 and November 2015 respectively. Aker will recognise a gain of NOK 90 million from the transaction, as a result of profit accumulated during the period owned by Aker and reduced tax liabilities.

"Selling our real estate properties to Kjell Inge Røkke and TRG will free up cash to Aker, while still enable us to maintaining control over facilities that are of strategic importance to both Akastor and Aker Solutions," Aker's Chief Executive Officer Øyvind Eriksen said. "Aker strengthens its liquidity, thus enabling the company to uphold an attractive dividend and retain a solid cash buffer to seize opportunities that may arise in the current market downturn."

Kjell Inge Røkke is Aker's chairman and principal shareholder, and is also TRG's majority shareholder. The agreements therefore constitute related-party transactions. The sales processes were conducted at arm's length, in compliance with Aker's own guidelines for related-party transactions and § 3-8 of the Public Limited Liabilities Companies Act.

The transactions are expected to close in Aker's fiscal second quarter of 2016, following approval by Aker ASA's ordinary general meeting to be held on 22 April 2016.

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For further information, please contact:
Investors:
Marianne Stigset, Head of Investor Relations
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82 

Media:
Atle Kigen, Head of Corporate Communications
Phone:  +47 24 13 00 08
Mobile: +47 907 84 878

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