Aker sells industrial building blocks, expands Aker Solutions' prospects for further growth

Aker sells shares in four product and technology companies to AkerSolutions. These companies are industrial building blocks that expandAker Solutions' foundation for profitable growth in the offshore andenergy sectors.

Aker Solutions is acquiring Aker's 46 per cent stake in Aker OilfieldServices, 50 per cent of Aker DOF Deepwater (formerly Aker DOFSupply), 33 per cent in the listed technology company ODIM and 100per cent of the production company Midsund Bruk.

"With these transactions both Aker and Aker Solutions hit theaccelerator. We have negotiated a powerful industrial solution. It isgood for Aker because it focuses our resources on fewer keycompanies. It is good for Aker Solutions and the other companiesinvolved because their technologies and products complement eachother. It lays the ground for further profitable growth in AkerSolutions, in the crossover sectors between energy, environmental andmaritime operations," says Øyvind Eriksen, President and CEO of AkerASA.

Altogether Aker receives NOK 1 391 million for the shares included inthe transactions. This generates an accounting profit of NOK 478million in the second quarter of 2009. Aker is also reimbursed aboutNOK 207 million in shareholder loans from the companies that arebought by Aker Solutions. These transactions are described in greaterdetail in the attached overview.

The total transaction sum, including transfer of shareholder loanswill remain in the form of a seller's credit, with an earliestmaturity on 1 May 2009. Aker Solutions intends to partly finance theacquisitions and future investments with a new bond issue. Aker hascommitted to buying NOK 1 billion of this bond, which will bemarketed in the capital markets in April.

"In Aker, we have a tradition for finding solutions that createpowerful units with a clear direction. This way, we contribute todemonstrate shareholder value that many may not see at first sight.Aker Solutions is today our largest industrial investment. As anactive owner, Aker shall be a strategic engine in the development ofrobust and valuable operative businesses," says Mr Eriksen.

In a separate deal, Aker and Aker Solutions have agreed that AkerSolutions in the future will be an equal owner with Aker of thecarbon capture company Aker Clean Carbon. Aker Solutions increasesits ownership stake from 30 per cent to 50 per cent through an equityissue by the technology company at the same conditions as thecompany's previous issue.

In addition, Aker Ship Lease AS, a wholly-owned subsidiary of Aker,and AMC International AS, a wholly-owned subsidiary of Aker SolutionsAS, have entered a 10-year bare-boat charter agreement for aconstruction vessel (Aker OSCV 06 L, NB 718) currently being built bySTX Europe. Aker Ship Lease has bought related building contractsfrom Aker Oilfield Services for a price equal to the company's costprice ahead of the transaction with Aker Solutions.

Aker and Aker Solutions have been particularly cautious in thenegotiations about the companies in these transactions. This has beenin accordance with best practice guidelines for transactions betweentwo close parties. A third party, DOF Subsea ASA, is also a part inthe transactions.

The agreements negotiated have been approved by the governing bodiesof Aker and Aker Solutions, including Aker's audit committee, and DnBNOR Markets has analysed the transactions and provided a fairnessopinion on behalf of Aker Solutions.

Arctic Securities was Aker ASA's financial advisor and Wikborg Reinwas the legal advisor in these transactions.

For further information, please contact:Geir Arne Drangeid, EVP Aker ASA, tel. +47 913 10 458

Here are further details about the transactions, in accordance withthe Oslo Stock Exchange's requirements for expanded stock exchangenotices:

Aker Oilfield Services1 April 2009, Aker Capital AS, has sold its 46 percent holding inAker Oilfield Services to Aker Solutions AS for NOK 601 million. Thecarrying amount of Aker's gain from this sale is NOK 254 million. Thetransaction also embraces the transfer of a shareholder loan of NOK131 million from Aker Capital AS to Aker Solutions AS at par value.Two-thirds of the settlement, NOK 488 million, falls due at theclosure of the transaction. Aker Capital AS has extended a seller'scredit for the same amount, with an earliest maturity on 1 May, 2009.The remainder falls due on 20 December 2009.

Aker Oilfield Services is a specialist in intervention work onproduction wells in water depths down to 3 000 metres, andcontributes through its unique solutions to boosting oil and gasrecovery factors on existing subsea fields. Oil companies can achievesubstantial savings in the time and cost of deepwater operationscompared with conventional intervention services currently providedfrom rigs. At a time of lower oil prices, it will be even moreimportant for the oil companies to improve the profitability ofexisting fields by improving their recovery factor.

In partnership with Aker Solutions, the company can deliver completesolutions and maintenance services which - in addition to wellintervention - comprise testing, installation, maintenance andreplacement of subsea trees, equipment and systems. In addition toboosting subsea expertise in Aker Oilfield Services, the transactioncontributes to strengthening Aker Solutions' position as anintegrated supplier of well intervention services.

Aker Oilfield Services' fleet consists of two chartered-in ships (716and 705), wholly owned by DOF Subsea, and one vessel (719) owned bythe company itself. Ahead of the transactions with Aker Solutions,the building contract for 718 was acquired by Aker Ship Lease, awholly-owned subsidiary of Aker, at a cost price of NOK 205 million.

Aker Oilfield Services made an operating loss (negative EBITDA) ofNOK 48 million in 2008 (2007: NOK 25 million). The table belowprovides a more detailed overview of its financial position. Inaddition to securing the delivery of well intervention vessel 716 fora long-term contract with Petrobras, the company is currently workingto obtain new contracts. It had 40 employees at 31 December (2007:10).

Chief executive: P O BaalerudBoard of directors*: K E Kjelstad (chair), M Brandal, S Lieungh, MAndersen, M S Aase, O Stangeland* The board's composition will be changed after closure of thetransaction.

Aker DOF Deepwater (previously Aker DOF Supply)1 April 2009, Aker Capital AS has sold its 50 per cent holding inAker DOF Deepwater (previously Aker DOF Supply) to Aker Solutions ASfor NOK 189 million. The carrying amount of Aker's gain from the salewill be NOK 159 million. A shareholder loan of NOK 76 million,transferred at par value, also forms part of the transaction. AkerCapital AS has given a seller's credit for these amounts, with anearliest maturity on 1 May, 2009.

Aker DOF Deepwater is due to take delivery of a series of six anchorhandling tug supply (AHTS) vessels in 2010-12. These vessels will bebuilt at the STX yard in Vietnam. The company has previouslyannounced its first contract of two-plus-two years with StatoilHydrooff the coast of Brazil. A construction contract for a platformsupply vessel has been sold to DOF Rederi AS ahead of thetransaction.

Sharing ownership between Aker Solutions and DOF will strengthen thecompany's position in the attractive Brazilian market for deepwaterinstallation services. Aker Solutions and DOF also aim to positionthemselves in the growing deepwater pre-set mooring market.

Aker DOF Deepwater had no operational activities in 2008. The tablebelow provides a more detailed overview of the company's financialposition. The company had no employees at 31 December.

Chief executive: Mons S AaseBoard of directors*: K E Kjelstad (chair), A Stensvold, M S Aase, OStangeland* The board's composition will be changed after closure of thetransaction.

ODIM ASA1 April 2009, Aker ASA and Aker Invest KS have sold selling a totalof 33.0 per cent of the shares in ODIM ASA to Aker Solutions AS forNOK 513 million, corresponding to NOK 33 per share. The carryingamount of Aker's gain from the sale will be NOK 87 million. Aker andAker Invest II KS have given seller's credits corresponding to thisamount, with the earliest maturity on May 1, 2009. After thetransaction, Aker ASA will hold 1.7 per cent of the shares in thecompany.

ODIM is an international technology company which develops and sellsadvanced and complete automated handling systems to the oil and gas,defence and nuclear power markets. It is also making a heavycommitment to the highly promising deepwater market.

As a result of Aker Solutions' strategic shareholding, the twocompanies will be able to offer integrated solutions in key segments,develop technology in partnership and strengthen ODIM's position inthe service and aftermarket segments.

In 2008, ODIM achieved sales of NOK 2 237 million (2007: NOK 1 417million) and an EBITDA of NOK 398 million (2007: NOK 240 million).The table below provides a more detailed overview of the company'sfinancial position. It had 789 employees at 31 December (2007: 577).

Chief executive: J RomestrandBoard of directors: K E Kjelstad (chair), M Brandal, N Sævik, EOlsen, K Krohn Devold, A K Bjørnevik (worker director), Ø Bunes(worker director), H Johnsen (worker director)

Midsund Bruk1 April 2009, Aker Capital AS, has sold all the shares in MidsundBruk AS to Aker Solutions AS for NOK 87.9 million. Aker Capital hasextended a seller's credit for the corresponding amount, with theearliest maturity on May 1, 2009. The sales price entails a loss ofabout NOK 22 million on the carrying amount.

Midsund Bruk is a leading supplier of pressure vessels in theEuropean market. It offers services in design, project management andproduction of all types of pressure vessels, process vessels andstorage tanks in various materials.

As a long-term supplier to Aker Solutions, Midsund is now beingintegrated in a unique network of core competence in process systems,technology and global presence. Its new ownership will strengthen thecompany's development both in existing and new segments.

In 2008, Midsund Bruk had sales of NOK 131 million (2007: NOK 133million) and an EBITDA of NOK 22 million (2007: NOK 12 million). Thetable below provides a more detailed overview of the company'sfinancial position. It had 65 employees at 31 December (2007: 55).

Chief executive: P A TennfjordBoard of directors: N A Karstad Lysø, H Berg, P F Haugen (workerdirector), K A Haugen (worker director)

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.