TRANSITION TO IFRS

Aker will convert from Norwegian Accounting Standards (NGAAP) to International Financial Reporting Standards (IFRS) with reporting effect from Q1 2005. An opening balance is prepared at the date of transition to IFRS (1 January, 2004).

Aker has prepared a pro forma opening balance as of 1 January 2004, as if the establishment of the existing Group (including Aker Kværner ASA Group and Aker Yards ASA Group) took place for accounting purposes as of 1 January 2004. These pro forma figures are provided for information purposes only and are not necessarily indicative of actual results that would have been achieved if the transactions and assumptions described had taken place during the periods presented.

The intention of this transition report is to give the reader a guide to how the transition from NGAAP to IFRS will impact Aker consolidated financial statements. The report including IFRS reconciliations and disclosures have not been audited.

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