Akastor — Earnings Release 2015

Apr 28, 2015

Akastor ASA: First Quarter Results 2015

Akastor ASA: First Quarter Results 2015

The first quarter has been characterized by significant challenges for MHWirth,

as the company is adapting to the current market situation. Overall, the

remaining portfolio companies have had satisfactory performance during the

quarter. The focus for Akastor going forward is to develop and strengthen each

of the companies in the investment portfolio, while maintaining the flexibility

to act opportunistically.

Update 1Q 2015

Akastor as an investment company:

* Exposed to the challenging oilfield service market, in particular the

drilling segment

* Significant cost reduction activities initiated in portfolio companies  in

response to the shifting market

* Developing and implementing value creation plans for portfolio companies

* Strengthening the investment team further

* Sold remaining 17 percent share of a property in the Oslo area, with a  gain

of NOK 37  million

Akastor's portfolio:

* Revenues of NOK 4 546 million

* EBITDA of NOK 177 million, with a margin of 3.9 percent

* Restructuring cost of NOK 40 million in MHWirth, charged to the EBITDA of

NOK 177 million

* Order intake of NOK 3.1 billion, giving an order backlog of NOK 20.0 billion

* Net interest bearing debt of NOK 5.9 billion

* Continued very challenging market for MHWirth

* Significant cost reduction activities implemented in MHWirth, reducing

workforce by 750 persons

* AKOFS Seafarer acquired for USD 122.5 million, financed with new bank debt

The complete 1st quarter 2015 report and presentation will be available at

www.akastor.com and www.newsweb.no.

Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=20159831

Dial in details:

Local - USA + 1646 254 3366

Local - UK +44 (0) 20 3427 1900

Local - Norway +47 2350 0486

Confirmation Code: 1369317

For further information, please contact:

Tore D. Langballe

Head of Communications and Investor Relations

Mob: +47 907 77 841

E-mail: tore.langballe@akastor.com

Akastor ASA is an oilfield services investment company with a flexible mandate

for long-term value creation. The company exercises active ownership combining a

range of strategic, operational and financial measures to develop and unlock the

full value potential of its portfolio of companies. Akastor ASA employs

approximately 7,400 people.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1915510]