Solid Aker in a challenging market

Aker enters 2009 with a solid balance sheet. The parent company AkerASA and its wholly owned holding companies have equity amounting toNOK 18.1 billion; total assets are NOK 20.7 billion. Thecorresponding equity ratio is 88 percent. Gross debt to non-Grouplenders is approximately NOK 1 billion; net interest-bearingreceivables amount to NOK 8.6 billion.

The 2008 profit and loss account and balance sheet show the effectsof the current stock-market decline and consequential majorshare-value write-downs along with the company's prioritization ofcontributing to the development of its subsidiaries, through capitalinfusions and other means.

The Board of Directors will propose to Aker's 2 April 2009 annualshareholders' meeting that a dividend of NOK 5 per share be paid forthe 2008 accounting year.

At year-end 2008, Aker wrote down the book value of itsexchange-listed assets by NOK 5.6 billion. The write-down resulted ina pre-tax loss for 2008 of NOK 4.8 billion for Aker ASA and companiesin its holding company structure, compared with a pre-tax profit ofNOK 12.7 billion for 2007.

As of 31 December 2008, Aker ASA's net asset value before dividendamounted to NOK 18.5 billion, or NOK 255 per Aker ASA share. Netasset value as of year-end 2007 was NOK 33.3 billion. The dividendproposed by the Board constitutes approximately two percent of netasset value and accords with the company's current dividend policy.In determining the proposal, the Board has balanced shareholders'short-term returns and Aker's commitment to long-term industrialdevelopment and growth.

Aker's balance sheet is strong and liquidity reserves are solid. Atyear-end 2008, total cash, cash equivalents, and short-term,interest-bearing assets amounted to NOK 6.3 billion.

Considering the current financial-market crisis, Aker decided toplace needed capital at the disposal of its subsidiaries via loansand other means. At year-end 2008, Aker ASA and holding companies hadmore than NOK 4.6 billion in such outstanding receivables. Thatfigure will increase during the first half of 2009.

A large proportion of these industrial engagements are Akersubsidiaries with rigs, vessels, or facilities for which they havesecured, or are expected to secure, long-term contracts withfirst-rank customers. In 2009 and 2010, several of these companiesare expected to enter ordinary operations with positive cash flows.

Outlook

As anticipated, the ongoing financial crisis has generated majoruncertainty concerning worldwide economic growth projections. Thestock market is already strongly affected, and the situation impactsthe value of Aker's listed assets.

The financial crisis affects business operations at all levels, andthus demand for the products, technologies, and services delivered byAker companies. Long-term projections, however, are not significantlyaltered. Broad-based consensus remains regarding the need to meetincreased demand worldwide for energy and food. In the shorter-term,however, Aker companies will be affected, to varying degrees, bytheir customers' diminished willingness to invest and decliningpurchasing power.

Enclosed please find the Q4 2008 report and presentation.

For further information please contact:Geir Arne Drangeid, senior partner and EVP, tel: +47 24 13 00 65

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