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Update on NOK 3.6 billion (~USD 600 million) initial public offering for Aker Drilling ASA

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES, OR ANY OTHERJURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THEIMPORTANT NOTICE AT THE END OF THE RELEASE FOR CERTAIN OTHER RESTRICTIONS.

Stavanger, 18 February 2011: Reference is made to previous releases regardingthe ongoing initial public offering (the "Offering") of shares in Aker DrillingASA ("Aker Drilling", "Company"). Aker Drilling is pleased to announce that thebook is now over-subscribed within the new indicative price range, due to stronginterest from investors.

Based on orders and price indications received from investors in theinstitutional offering, the Company anticipates that the final offer price willbe in the new range of NOK 19 to NOK 22 per share.

As a result of the new price range, Aker ASA has submitted an order for USD 100million in Aker Drilling in the institutional tranche of the Offering with thepurpose of retaining an ownership in the Company of approximately 40 per centpost Offering. This is in line with Aker's ownership ambition as communicatedthroughout the subscription period.  The final number of shares allocated toAker will be determined by the board of directors of Aker Drilling.

The bookbuilding period for the institutional offering will end on Friday, 18February 2011, at 17.30 hours (CET).

For further queries, please contact:Iain Inglis, Finance Director and IR responsible, Aker Drilling ASA,+47 92 09 35 91

IMPORTANT NOTICEThis announcement is not for publication or distribution, in whole or in part,directly or indirectly, in or into Australia, Canada, Japan or the United States(including its territories and possessions, any state of the United States andthe District of Columbia). Copies of this announcement are not being madeavailable in and may not be distributed or sent into Australia, Canada, Japan orthe United States.

The issue, subscription, purchase or sale of shares of Aker Drilling are subjectto specific legal or regulatory restrictions in certain jurisdictions. AkerDrilling assumes no responsibility in the event there is a violation by anyperson of such restrictions.This announcement does not constitute or form part of any offer or solicitationto purchase or subscribe for securities in the United States. Securities may notbe offered or sold in the United States except pursuant to an effectiveregistration statement under or an exemption from the registration requirementsof the United States Securities Act of 1933, as amended (the "Securities Act").The securities mentioned herein have not been, and will not be, registered underthe Securities Act. All offers and sales outside the United States will be madein reliance on Regulation S under the Securities Act.This announcement is issued pursuant to legal information obligations. It is nota prospectus, disclosure document or offering document and does not purport tobe complete. Nothing in this announcement should be interpreted as a term orcondition of the offering. Investors should not subscribe for, purchase,otherwise acquire, sell or otherwise dispose of shares except on the basis ofinformation in the prospectus to be published by Aker Drilling in connectionwith the initial public offering which will contain further information relatingto the company.

This announcement does not constitute or form part of any offer or invitation tosell or issue, or any solicitation of any offer to acquire any securitiesoffered by any person in any jurisdiction in which such an offer or solicitationis unlawful. The distribution of this announcement and/or the prospectus intojurisdictions other than Norway may be restricted by law. Persons into whosepossession this announcement comes should inform themselves about and observeany such restrictions. Any failure to comply with these restrictions mayconstitute a violation of the securities laws of any such jurisdiction.

Arctic Securities, DnB NOR Markets and Pareto Securities are acting for AkerDrilling and no one else in connection with the initial public offering and willnot be responsible to anyone other than Aker Drilling for providing theprotections afforded to their respective clients or for providing advice inrelation to the initial public offering and/or any other matter referred to inthis announcement.

Forward-looking statements:This announcement and any materials distributed in connection with thisannouncement may contain certain forward-looking statements. By their nature,forward-looking statements involve risk and uncertainty because they reflectAker Drilling's current expectations and assumptions as to future events andcircumstances that may not prove accurate. A number of material factors couldcause actual results and developments to differ materially from those expressedor implied by these forward-looking statements, including the risks anduncertainties to be set out in the prospectus.

This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Aker ASA via Thomson Reuters ONE

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