Q1 2008 report - New companies take key steps

Over the next 12-18 months, several recently established Akercompanies will pass key developmental milestones. Major investmentprojects will be completed; thereafter, the companies will enter intoa phase with well-established operations that provide a positive cashflow. Recognition of the industrial development underway is key tounderstanding the Aker Group's first-quarter 2008 consolidatedaccounts. Operating profit weakened, while investments in Groupcompanies increased significantly compared with the corresponding2007 reporting period. As of 31 March 2008, the book value of drilling rigs, floatingproduction, storage, and offloading (FPSO) vessels, product tankers,and other property, plant, and equipment was NOK 14.6 billion, upNOK 9.8 billion compared with the close of the first quarter of 2007.Two drilling rigs owned by Aker Drilling comprise NOK 6.9 billion ofthis amount. As the main shareholder in core Aker companies, Aker ASA plays anactive role in fostering the companies' growth and development. Akerprovides support and helps drive growth and development, in accordwith established business plans. In this way, Aker actively createsvalue in these companies and for Aker ASA shareholders over time. Shareholder valueThe development in underlying value for Aker ASA's shareholders ismost readily seen in the combined balance sheet for the parentcompany Aker ASA and holding companies. Market adjusted net asset values amounted to NOK 29.9 billion as of31 March 2008. The figure represents a decrease of NOK 3.4 billioncompared with year-end 2007, and is NOK 2.9 billion below theyear-earlier figure. Net asset values amounted to NOK 413.85 per AkerASA share as of 31 March 2008. Aker ASA, the parent company of the Aker Group, has considerablefinancial capacity. Total cash and cash equivalents of the parentcompany and holding companies amounted to NOK 9.6 billion as of31 March 2008. At year-end 2007, cash and cash equivalents wereNOK 12.3 billion; the decrease in the first quarter of 2008 islargely attributable to the acquisition of additional Aker Drillingshares. Enclosed please find the Q1 2008 report and presentation. For further information, please contactGeir Arne Drangeid, EVP, Aker ASA, tel: +47 913 10 458