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Aker ASA: Aker tenders its shares in Ocean Yield ASA in a recommended voluntary cash offer by Octopus Bidco, sponsored by KKR

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Ocean Yield ASA (“Ocean Yield”) and Octopus Bidco AS (currently under name change from WR Start Up 418 AS) (“Octopus Bidco”), a company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (“KKR”), announced today that an agreement has been reached for the launch by Octopus Bidco of a recommended voluntary offer (the “Offer”) for all outstanding shares in Ocean Yield for a cash consideration of NOK 41.00 per share, (subject to certain possible adjustments as described in their joint announcement). The independent directors of the board of directors of Ocean Yield recommend the Offer.

Aker Capital AS (“Aker Capital”), a wholly owned subsidiary of Aker ASA (collectively referred to as “Aker”), holds 61.65% of the shares in Ocean Yield. Aker Capital has irrevocably undertaken to accept the Offer for all its shares on the first day of the offer period.

Aker has been the driving force behind the development of Ocean Yield since it established the company in 2012. As an industrial investment company, Aker is constantly reviewing strategic options related to its investments and has now decided to sell its shares in Ocean Yield after having received an attractive offer for the shares in the company. The sale will result in app. NOK 4.4 billion cash release to Aker, which will be deployed in further investments in current and new business opportunities.

Aker Capital has further entered into an agreement with Octopus Bidco for the sale of its 50% ownership interest in a joint venture with Ocean Yield holding four LR2 product tankers with long-term charters to the Navig8 Group. Octopus Bidco will pay USD 5,100,000 (subject to adjustment as more particularly described in such agreement) to Aker Capital for the shares in the joint venture. The agreement for the sale of the shares in the joint venture may be terminated if the sale of shares in Ocean Yield by Aker Capital to Octopus Bidco under the Offer is not completed.

The law firm BAHR AS acts as legal advisor to Aker in connection with the transaction.

-ENDS-

For more information, please contact:

Atle Kigen, Head of Corporate Communications, Aker ASA
Tel: +47 90784878
Email: atle.kigen@akerasa.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on 13 September, 2021 at 07:30 CEST.

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