STRATEGIC MOVES STRENGTHEN AKER
In the first quarter of 2007, Aker sold all of thecompany`s shares in Aker Yards and ten percent of its Aker Kværner shareholding. In the second quarter of the year, Aker reorganized its Aker Kværner ownership interest by transferring Aker`s 40-percent Aker Kværner shareholding to a newly established company, Aker Holding.An agreement has been made to sell 40 percent of the Aker Holding shares to the Norwegian government and the two Swedish companies Investor and Saab. The agreed-to share divestiture is being concluded in the fourth quarter of 2007.The sale of shares in Aker Yards and Aker Holding will significantly alter Aker`s balance sheet. In early 2007, listed shares comprised close to 80 percent of Aker`s assets. As of 30 June 2007, taking into account the agreed sale of Aker Holding shares, listed companies` shares comprised just above 50 percent of Aker`s assets.In the first six months of 2007, Aker`s cash and short-term interest-bearing assets increased from NOK 0.9 billion to NOK 6.6 billion without including the agreed sale of Aker Holding shares. The latter transaction will free up an additional NOK 6.4 billion.
Enclosed please find the Q2 2007 report.
For further information, please contact:Geir Arne Drangeid, EVP, Tel: +47 913 10 458