AKER DEBT-FREE FOLLOWING SHARE SALES

The share prices of Aker Kværner and Aker Yards have developed very favorably in the recent period. Since Aker ASA`s stock-exchange listing in September 2004, the value of Aker`s shareholdings in Aker Kværner and Aker Yards has increased by NOK 2.4 billion, to a total of some NOK 8.5 billion. This value growth enables Aker to sell shares worth up to NOK 1.5 billion while maintaining control of the development of its two subsidiaries.

`The share sale demonstrates the financial clout of the Aker Group,` says Aker ASA`s President and CEO Leif-Arne Langøy. `The freed-up assets provide us with the financial strength and independence needed to pursue industrial targets consistent with our Norwegian industrial tradition.`

`Greater market liquidity for both Aker Kværner and Aker Yards shares is another result of the sale,` Mr. Langøy notes. `We believe this will, over time, add to the growing interest in the companies seen in capital markets ? to the benefit of shareholders in Aker, Aker Kværner, and Aker Yards.`

`We will not sell additional Aker Kværner or Aker Yards shares,` states Aker President and CEO Leif-Arne Langøy. `We expect that the positive development in both Aker Kværner and Aker Yards will continue in line with the guidance provided by the companies and we wish to maintain majority stakes in order to play a dynamic leadership role in their development.`

There are no plans for payment of extraordinary dividends by Aker ASA as a result of the Aker Kværner and Aker Yards share sales. Half of the funds from the sales will be applied directly to bank debt repayment; Aker ASA`s total debt to non-group lenders is currently approximately NOK 1.9 billion. Following the sale of shares and debt repayment, Aker`s debt to non-group lenders will be on a par with Aker`s cash and cash equivalents.

Aker is considering paying off the rest of its bank debt by establishing a new long-term bond loan of between NOK 0.5 and NOK 1.0 billion with a term to maturity of 5-7 years. Efforts to establish such a loan will begin as soon as the aforementioned sale of shares is executed. After such refinancing, Aker`s debt structure will include to bond loans; the new loan described above and AKE16 of approximately NOK 360 million.

Aker currently owns 75 percent of Aker Yards shares and 58 percent of Aker Kværner shares. Following the sale of shares in these companies, Aker will own no less than 50.01 percent of Aker Kværner stock and about 55 percent of Aker Yards shares. Aker will retain a larger percentage-wise ownership interest in Aker Yards in order to maintain its majority position in the company in the event that Aker Yards bond holders elect to convert their bonds into shares, as they are entitled to do.

Aker has engaged Enskilda Securities and Carnegie as advisors for the sale of approximately 4.38 million Aker Kværner shares, and Enskilda Securities and First Securities of the sale of approximately 4 million shares in Aker Yards. The shares will be sold in a book building process which starts Monday after trading hours at Oslo Stock Exchange.

The Aker group comprises the parent company Aker ASA and the main subsidiaries Aker Kværner, Aker Yards, Aker Seafoods and Aker Material Handling. The Aker group is Norway`s largest employer in the private sector and the forth largest company listed on the Oslo Exchange measured by operating revenues.

For further informationGeir Arne Drangeid, Exec Vice President Aker ASA. Tel +47 913 10 458