SUCCESSFUL PLACEMENT IN AKER FLOATING PRODUCTION
On completion of the private placement, Aker Floating Production is expected to issue approximately 12.0 million shares and have 22 million total shares outstanding. Aker ASA, (through Aker Capital), invested USD 10MM in the private placement. Aker ASA will through its fully owned subsidiary Aker Capital own approximately 48% of the Company following the private placement. Aker ASA has an estimated gain of approximately NOK 800 million in this transaction which will be reflected in the second quarter.
Shares in Aker Floating Production are expected to commence trading on the OTC list of the Norwegian Securities Dealers Association after completion of the private placement, expected to take place on 19 April. The Company intends to seek a listing on the Oslo Stock Exchange during the first half of this year.
As part of the placement Aker ASA, Aker Capital and certain members of management have agreed to a lock up of 360 days and Aker Floating Production have agreed to a lock up of 180 days following completion on the private placement.
Morgan Stanley and Fondsfinans acted as joint placement agents on the private placement.
Svein Olsen, CEO of Aker Floating Production, stated that with the proceeds of the private placement in place, the company is now well positioned to further develop its business and pursue the interest shown by oil companies for the Aker Smart FPSO.
Aker Floating Production plans to build, own and operate a fleet of Smart FPSOs targeted at mid sized and smaller oil companies through the conversion of existing tankers based on a flexible modular design. Aker Smart FPSO Technology is expected to generally meet the requirements of the high growth benign and deepwater areas.
THIS PRESS RELEASE IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (the `Securities Act`) AND may NOT BE OFFERED OR SOLD IN THE UNITED STATES unless registered under the Securities Act or PURSUANT TO AN APPLICABLE EXEMPTION FROM such REGISTRATION. There will be NO PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.