CONTINUED IMPROVEMENT

As of 30 June 2005, Aker ASA and the holding companies in the parent company structure had cash and short-term interest-bearing assets totaling NOK 1.9 billion and an equity ratio of 69 percent. Debt rose somewhat due to the Aker American Shipping acquisition; nevertheless, net interest-bearing items were positive by NOK 358 million. The market value of the Group`s exchange-listed investments, currently recorded in the balance sheet at a book value of NOK 8 billion, exceeded NOK 16 billion as of mid-August. Aker ASA is the parent company of the Aker Group.

Operations of the main companies in the Aker Group have developed favorably. The Group`s total order intake during the past year ensures continued improved earnings and a significantly improved 2005 profit, compared with 2004.

Aker Kværner reports increased revenues, better earnings, and a record-high order backlog at the close of June 2005. The company has indicated that it expects to reach its financial goal for 2006 of an EBITDA of NOK 1.75 billion sooner than projected.

Aker Yards more than doubled its order backlog over the past 12 months. Increasing activity levels and measures to improve operations contributed to the shipyard group`s improved second-quarter profit. Aker Yards confirms its previous forecast of an EBITDA for 2005 somewhat above the EBITDA for 2004.

Aker Seafoods was established through a merger and stock-exchange listed in the second quarter of 2005. Operations of the company developed favorably in the second quarter. Annual synergies of NOK 70-100 million have been identified, and the company has concrete plans for achieving these synergies as early as in 2006.

Aker Material Handling continued the positive development reported in the first quarter of 2005: The order situation developed favorably and operational improvements along with lower steel prices are expected to result in gradually stronger margins.

Please find attached the full second quarter report.