Akastor - Board/Management Information 2017

Akastor ASA: Karl Erik Kjelstad appointed new CEO; Kristian Røkke proposed nominated as Chairman

Akastor ASA announced that its Board of Directors has appointed Karl Erik

Kjelstad as its Chief Executive Officer effective from 1 January 2018. Mr.

Kjelstad will succeed Kristian Røkke who will assume the position as Chief

Investment Officer of Aker ASA on 1 January 2018. Aker ASA will propose to the

nomination committee of Akastor ASA that Kristian Røkke is appointed as Chairman

of the Board of Akastor ASA at the next Annual General Meeting.

"It has been a pleasure to lead Akastor and I am proud of what the team has

accomplished. The company has focused its portfolio, strengthened its balance

sheet, and is well positioned to further develop its core assets - MHWirth and

AKOFS Offshore - over the coming years," said Kristian Røkke. "Karl Erik

Kjelstad has a strong track record and is the right person to develop Akastor

going forward."

"I look forward to leading Akastor into its next phase. Important tasks lie

ahead of us to continue to deliver value to shareholders and I am excited about

these opportunities for Akastor," said Karl Erik Kjelstad.

Karl Erik Kjelstad (born 1966) has been EVP and Investment Director in Akastor

since its establishment in 2014. Mr. Kjelstad joined the Aker group in 1998 and

has held various executive positions throughout the Aker group, including EVP of

Aker Solutions and CEO of Aker Yards ASA in 2003-2007. Mr. Kjelstad holds an MSc

in marine engineering from the Norwegian University of Science and Technology

(NTNU) and an AMP from Harvard Business School. As of December 11, 2017, he

held, through a privately-owned company, 123 074 shares in the company and had

no stock options. Mr. Kjelstad is a Norwegian citizen.

ENDS

For further information, please contact:

Leif Borge

Chief Financial Officer

Mob: +47 917 86 291

Akastor ASA is a Norway-based oil-services investment company with a portfolio

of industrial holdings and other investments. The company has a flexible mandate

for active ownership and long-term value creation.

This information is subject of the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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