Akastor - Board/Management Information 2019

Akastor ASA: Øyvind Paaske appointed as CFO in Akastor

Øyvind Paaske has been appointed as Chief Financial Officer in Akastor ASA

effective from 1 March 2020. He replaces Leif H. Borge who will remain in the

position up to this date, after which he will assume a new position in a company

outside the Aker group.

Øyvind Paaske (35) joined the investment team in Akastor in 2014. Prior to this,

he held the position as Investment Manager in Aker ASA. He holds an MSc in

Financial Economics from the Norwegian School of Economics and Business

Administration (NHH) and UNC Kenan-Flagler Business School.

Akastor CEO Karl Erik Kjelstad says: "I am very pleased that Øyvind has accepted

the CFO position. During his time at Akastor, he has played an important role in

executing our M&A projects and has gained considerable knowledge of all our

portfolio companies, in particular MHWirth."

Øyvind Paaske says: "I am excited to take on the CFO role in Akastor. I very

much look forward to contributing in my new position, with focus on developing

and realizing the values in Akastor's portfolio."

On Leif H. Borge's resignation, Kjelstad comments: "I have had the pleasure of

working closely with Leif for more than 17 years, from when he started his

career in the Aker group as CFO in Aker Yards in 2002, thereafter as CFO in Aker

Solutions from 2008 and finally as CFO & Investment Director in Akastor since

its incorporation in 2014. Leif has throughout this been a highly valuable team

member and we sincerely thank him for his strong contributions and wish him all

the best and success in his new position."

END

For further information, please contact:

Karl Erik Kjelstad, Chief Executive Officer

Mobile: +47 950 85 849

Akastor 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 to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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