Aker Drilling: Global offering successfully finalised with shares priced at NOK 19

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES, OR ANY OTHERJURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THEIMPORTANT NOTICE AT THE END OF THE RELEASE FOR CERTAIN OTHER RESTRICTIONS.

Stavanger, 21 February 2011: Aker Drilling ASA (Ticker: AKD) announces thesuccessful completion of the bookbuilding period for the initial public offeringof its shares (the "Offering"), and is pleased with the significant interestreceived during the bookbuilding period. In summary:

·         Aker Drilling ASA will issue 189,473,684 new shares in connection withthe Offering, representing 67.1 percent of the shares of Aker Drilling ASA postOffering. In addition, the Managers have over-allotted 18,947,368 shares, andexercised their option to borrow 18,947,368 shares from Aker Capital AS for thepurpose of covering such over-allotment.·         Shares will be priced at NOK 19 per share. The Offering will raisegross proceeds to Aker Drilling ASA of approximately NOK 3.6 billion, excludingany shares issued pursuant to the 10 percent over-allotment option granted tothe managers.·         Based on the offer price of NOK 19 per share, Aker Drilling ASA willhave a market capitalisation of approximately NOK 5.4 billion, excluding anyshares issued pursuant to the over-allotment option.·         Payment date for the shares allocated in the Offering is 24 February2011.

·         Trading of the shares in Aker Drilling ASA on Oslo Børs will commenceon 25 February 2011.

Approximately 97.4 percent of the shares in the Offering were allottedto investors in the institutional offering and 2.6 percent of the shares toinvestors in the retail and employee offerings. Following the Offering,Aker Drilling ASA is expected to have approximately 1,800 shareholders.

Notifications of allotted shares and the corresponding amounts to bepaid by investors are expected to be distributed in letters to thenvestors on or about 21 February 2011. Investors having access toinvestor services through their VPS account manager will be able tocheck the number of shares allocated to them from 12.00 hours (CET) on21 February 2011 in the VPS.

"Through our listing, we are ready to take Aker Drilling to the nextlevel", says Geir Atle Sjøberg, CEO of Aker Drilling ASA. "Favourablemarket outlook in the ultra-deepwater and harsh environmentsegments and access to capital markets are key enablers for growthgoing forward, underlines Sjøberg.

"Aker Drilling is entering a new era, and we have strong faith in thecompany, its management and assets", says Trond Brandsrud, Chairmanof the board of Aker Capital AS. "We are pleased with the quality of ournew shareholders, and believe this is a strong foundation for continuedvalue creation for all stakeholders going forward".

Assuming full exercise of the managers' option to subscribe for newshares pursuant to the over-allotment option, Aker Capital AS will ownapproximately 40.8 percent of the shares of Aker Drilling ASA postOffering. This includes the 29,833,600 shares allocated to Aker CapitalAS pursuant to their subscription of USD 100 million as previouslyannounced.

Over-allotment optionAker Drilling ASA has granted the managers a 10 percent over-allotmentoption, exercisable by Arctic Securities as stabilising manager within the31(st) day following the first day of trading of the shares on Oslo Børs. Theover-allotment option can be exercised to subscribe for new shares inorder to cover over-allotments or other short positions in connectionwith the Offering.

A separate disclosure will be issued by the stabilisation managerregarding the over-allotment and stabilisation activities.

Aker Capital AS has agreed not to dispose of their shares in Aker DrillingASA for a period of 12 months from the first day of trading of the shareson Oslo Børs, subject to customary exceptions.

Arctic Securities, DnB NOR Markets and Pareto Securities are acting asjoint lead managers and joint bookrunners for the initial public offering.

For further queries, please contact:Iain Inglis, Finance Director and IR responsible, Aker Drilling ASA, tel +4792 09 35 91

Aker Drilling is a fully integrated offshore drilling contractor, owning andoperating two of the world's largest, most advanced and most robust 6thgeneration semisubmersible drilling units of the Aker H-6e design. Aker Drillingis based in Stavanger, Norway, and has approximately 440 employees, of which400 offshore. Long experience and strong focus on HSE characterise both themanagement and the operating organisation.

IMPORTANT NOTICE

This announcement is not for publication or distribution, in whole or in part,directly or indirectly, in or into Australia, Canada, Japan or the United States(including its territories and possessions, any state of the United States andthe District of Columbia). Copies of this announcement are not being madeavailable in and may not be distributed or sent into Australia, Canada, Japan orthe United States.

The issue, subscription, purchase or sale of shares of Aker Drilling are subjectto specific legal or regulatory restrictions in certain jurisdictions. AkerDrilling assumes no responsibility in the event there is a violation by anyperson of such restrictions.

This announcement does not constitute or form part of any offer or solicitationto purchase or subscribe for securities in the United States. Securities may notbe offered or sold in the United States except pursuant to an effectiveregistration statement under or an exemption from the registration requirementsof the United States Securities Act of 1933, as amended (the "Securities Act").The securities mentioned herein have not been, and will not be, registered underthe Securities Act. All offers and sales outside the United States will be madein reliance on Regulation S under the Securities Act.

This announcement is issued pursuant to legal information obligations. It is nota prospectus, disclosure document or offering document and does not purport tobe complete. Nothing in this announcement should be interpreted as a term orcondition of the offering. Investors should not subscribe for, purchase,otherwise acquire, sell or otherwise dispose of shares except on the basis ofinformation in the prospectus to be published by Aker Drilling in connectionwith the initial public offering which will contain further information relatingto the company.

This announcement does not constitute or form part of any offer or invitation tosell or issue, or any solicitation of any offer to acquire any securitiesoffered by any person in any jurisdiction in which such an offer or solicitationis unlawful. The distribution of this announcement and/or the prospectus intojurisdictions other than Norway may be restricted by law. Persons into whosepossession this announcement comes should inform themselves about and observeany such restrictions. Any failure to comply with these restrictions mayconstitute a violation of the securities laws of any such jurisdiction.

Arctic Securities, DnB NOR Markets and Pareto Securities are acting for AkerDrilling and no one else in connection with the initial public offering and willnot be responsible to anyone other than Aker Drilling for providing theprotections afforded to their respective clients or for providing advice inrelation to the initial public offering and/or any other matter referred to inthis announcement.

Forward-looking statements:This announcement and any materials distributed in connection with thisannouncement may contain certain forward-looking statements. By their nature,forward-looking statements involve risk and uncertainty because they reflectAker Drilling's current expectations and assumptions as to future events andcircumstances that may not prove accurate. A number of material factors couldcause actual results and developments to differ materially from those expressedor implied by these forward-looking statements, including the risks anduncertainties to be set out in the prospectus.

This information is subject of the disclosure requirements pursuant to section5-12 of the 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