Akastor — Earnings Release 2015

Jul 16, 2015

Akastor ASA: SECOND QUARTER AND FIRST HALF YEAR RESULTS 2015

Akastor ASA: SECOND QUARTER AND FIRST HALF YEAR RESULTS 2015

The challenging market situation has continued in the second quarter, resulting

in a mixed performance of the investments. Overall, the majority of the

portfolio companies have had satisfactory performance during the second quarter.

As in the previous quarter; MHWirth is the company where the market situation is

having most impact. All of Akastor's portfolio companies are focusing on making

the necessary adjustments to their respective cost bases, as well as improving

operational efficiency. The working capital level for Akastor remains high.

KEY HIGHLIGHTS 2Q 2015:

AKASTOR AS AN INVESTMENT COMPANY

* Significant improvement measures initiated in all portfolio companies.

* Cost saving programs ongoing.

* Substantial reduction in workforce implemented.

* Focus on operational improvements.

* The portfolio companies are affected by the weak oilfield service market.

* Strategy remains firm: Implementing value creation plans for portfolio

companies.

* Divested a property in Norway for around NOK 28 million after closing of the

second quarter.

* Kristian Røkke appointed CEO, succeeding Frank O. Reite, who will take the

position of CFO at Aker ASA.

AKASTOR'S PORTFOLIO

* Revenues of NOK 3 693 million.

* EBITDA of NOK 141 million, with a margin of 3.8 percent.

* Restructuring costs of NOK 20 million in MHWirth charged to the EBITDA.

* Hedge transactions not qualifying for hedge accounting with a negative

effect of NOK 12 million in EBITDA.

* Order intake of NOK 2.3 billion, giving an order backlog of NOK 18.7

billion.

* Working capital level remains high at NOK 3.1 billion, at the same level as

the previous quarter.

* Net interest bearing debt of NOK 6.1 billion.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1939160]