Moving forward during tough times

The Aker industrial group is not unaffected by the current turbulence in worldwide credit and stock markets, but the company continues to progress along a steady course, closely focused on the company's long-term industrial goals. Over the two past years, the company has built a solid financial foundation. This financial strength provides shareholders with security as to future dividend-paying capacity and prospects for continued value growth via the launch and development of new companies in the Aker family. - Aker creates, develops and improves businesses. This year we are influenced by having many companies in the start-up and early development phases. The group's net profit in the first nine months of the year is therefore negative by nearly NOK 700 million, of which almost NOK 600 million reflect technical accounting effects in Aker Drilling that have no cash impact. In the short-term, results will naturally fluctuate at Aker, which is focused on long-term industrial development. We are moving forward in tough times, says Leif-Arne Langøy, Chairman and CEO of Aker ASA. In the third quarter of 2008, Aker Solutions - the largest Aker company - once again delivered strong profit performance: Aker Solutions reported a record-high 8.5 percent operating margin (EBITDA). Aker Solutions' order backlog is also growing ; these factors generate predictability for the company's activities in the time ahead. In Ghana, Aker was recently selected as the license operator of an extensive deepwater oil and gas exploration area. Promising geological structures have been identified in the acreage covered by the exploration and production license. Comprehensive survey and exploration work are planned for 2009 and thereafter. Key milestones have been passed in many of the new Aker companies recently. Aker Floating Production has begun oil production offshore India, and Aker BioMarine has launched its new business plan. The market value of Aker's shareholdings in stock-exchange listed companies has fallen significantly over the past months, in step with general stock-market developments. As of 30 September 2008, Aker ASA's value-adjusted equity (net asset value) amounted to NOK 25.6 billion, or NOK 354 per Aker ASA share. The equivalent net asset value at the end of 2007 was NOK 33.3 billion. Aker's financial position remains strong, despite current market developments. Total short-term interest-bearing receivables, cash, and cash equivalents of the parent company and holding companies amounted to NOK 6.8 billion as of 30 September 2008. - A continuing positive outlook for market segments will continue to drive further development of companies in industrial sectors in which Aker is well versed. Aker considers that its companies are well positioned as to markets and competitors, and sees significant potential for value growth in its portfolio of companies, says Langøy. The global economy is currently undergoing the most profound changes experienced in several generations. These developments may affect Aker companies' markets over the short and medium term. Nevertheless, Aker considers that the world's ever-growing population will drive demand for energy, high-quality food, and health-promoting products that are produced in a sustainable manner. These trends will generate demand for the technologies, products, expertise, and solutions developed and delivered by Aker companies.

Please find attached the Q3 2008 report.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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