Aker to sell Aker Drilling

Aker ASA's wholly-owned subsidiary, Aker Capital, today sold 14 959 742 AkerDrilling shares, corresponding to a five-percent ownership interest in thedrilling company to Transocean Offshore Holdings Limited. The NOK 26.50 per-share sales price is 98.5 percent above the NOK 13.35 closing price of AkerDrilling stock on Friday, 12 August 2011.

Transocean, the world's largest offshore drilling company, has announced that itwill make a voluntary offer to purchase all outstanding Aker Drilling shares ata per-share price of NOK 26.50. The offer is contingent upon Transoceanacquiring a total ownership interest that exceeds two-thirds of Aker Drillingshares. Aker Capital has given its acceptance in advance to sell to Transoceanits remaining Aker Drilling shareholding of approximately 36.1 percent or107 873 858 shares.

Aker's understanding is that the voluntary offer will be presented as soon as ithas been approved by the Oslo Stock Exchange.

The NOK 26.50 per-share price corresponds to NOK 3 255 million for Aker's totalownership interest in Aker Drilling. Provided Transocean attains the requiredacceptances of its voluntary tender to Aker Drilling shareholders, thetransaction will generate a NOK 1 191 million accounting gain for Aker ASA andholding companies in the third quarter of 2011 and a gain for the year 2011 ofNOK 921 million

"The offer from the world's foremost drilling contractor represents majorrecognition of Aker Drilling's organization, rigs, and potential. Transocean andAker Drilling will make each other better," says Aker's President and CEO ØyvindEriksen. He continues:

"The transaction will be completed on competitive terms. It will furtherstrengthen Aker's financial clout, and provide additional flexibility in ourgoal-oriented drive to further develop Aker's investment portfolios. Aker iswell positioned for additional value growth," says Mr. Eriksen.

Aker Drilling has built the world's two most advanced drilling rigs. In a secondphase, the company has established a notable performance record for safe andefficient operations. Recently, Aker has been open to participating in theconsolidation of the rig market.

"We have evaluated several alternatives featuring interesting marketparticipants. However, Transocean quickly came onto the playing field with anacceptable all cash offer that is good for Aker Drilling and all shareholders,"says Eriksen.

For further information, please contact:

Atle Kigen, Head of communications, Aker ASA, tel + 47 90 78 48 78

This information is subject of the disclosure requirements acc. to §5-12 vphl(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