Akastor — M&A Activity 2010

Dec 22, 2010

AkerSolutions

part of Aker

Appendix 1

The transaction comprises the sale by Aker P&C Group AS, Aker Solutions BV and Aker Process BV of (i) 100 percent of the shares in Aker P&C Americas AS, Aker P&C US Inc, Aker Solutions Australia Pty Ltd, Aker Process GmbH, Aker Process Limited, Aker Projects (Shanghai) Co Ltd, including, with certain exceptions, the said entities' respective subsidiaries, and (ii) the business of Aker Process B.V., save for a limited number of projects which are close to complete and/or minor in terms of revenue.

Description of the business

The Process & Construction (P&C) business area is a leading global provider of engineering, procurement, construction, commissioning, project execution and services in three onshore industry segments: mining and metals, energy and environmental, and downstream oil, gas and processing. P&C has operations and project sites spanning the Americas, Australia/Asia Pacific, Europe and Africa.

Executive management team

Gary Mandel, EVP, P&C

Mike McCloskey, CFO P&C

Jim McGrath, SVP Business Development and Technology, P&C

John McClellan, SVP - Americas, P&C

Tom Quinn, SVP - Australia/Asia Pacific, P&C

Johan Cnossen, SVP - EMEA, P&C

Linda Prescod - SVP Human Resources, P&C

Other than minor project bonuses and customary retention arrangements for certain senior employees, no agreements have been entered into or are expected to be entered into in connection with the transaction for the benefit of any member of the senior management of Aker Solutions or the senior management of the P&C business.

Number of employees

As of 30 November 2010	Own employees	Crafts	Contract staff	Total number of employees
Americas	1 415	688	407	2 510
Europe	836	-	310	1 146
Asia	418	-	442	860
Corporate	16	-	1	17
Total P&C	2 685	688	1 160	4 533

Aker Solutions ASA

P. O. Box 164, 1324 Lysaker, Visitor: Snarøyveien 36, 1364 Fornebu

Tel +47 6751 3000 www.akersolutions.com

Registered No. 986 581 359 Registered in Norway

© 2010 Aker Solutions

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AkerSolutions
part of Aker

Board of Directors for the legal units to which the transaction applies

Company Name	Directors
Aker Solutions Australia Pty Ltd
Victoria, Australia.
ABN 56 004 239 972	Tom Quinn
Damien Power
Aker Projects (Shanghai) Co., Ltd./Shanghai China	Daniel Moloney (Chairman)
Gary Mandel
Lu Yaohui
Aker Process B.V.
(The Netherlands – 30/09/1974)
Registration no: 27081325	Board:
Johan Piet Cnossen
Douglas Alexander Gordon
	Supervisory Board:
Rama S. Iyer
Joseph Gary Mandel
Michael McCloskey
Aker Process GmbH
(Germany – 25/04/1972)
Registration no: HRB 46635	Johan Piet Cnossen
Aker Process Limited
(England – 10/05/1948)
Registration no: 454398	Johan Piet Cnossen
Douglas Alexander Gordon
	Andrew James (Company secretary)
Aker P&C US Inc. (fka Aker Kvaerner E&C US Inc.)
(Delaware – 8/1/2003)	Michael McCloskey
Gary Mandel
Aker P&C Group AS
Norway	Leif Borge (Chairman)
Marianne M. Aamodt
Niels Didrich Buch
Aker P&C Americas AS
Norway	Leif Borge (Chairman)
Marianne M. Aamodt
Niels Didrich Buch

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AkerSolutions
part of Aker

Key figures for the business

Profit and loss

Amounts in NOK million	2007	2008	2009	Q3 2009	Q3 2010	YTD 2009	YTD 2010
Revenues	5 983	5 523	4 220	876	1 184	3 084	3 131
EBITDA	496	672	272	80	117	238	377
EBIT	487	663	259	77	113	228	364
Net financial items	9	58	(23)	(5)	(21)	(10)	(14)
Taxes	(180)	(176)	(94)	(3)	(29)	(23)	(74)
Net profit	316	545	142	69	63	195	276

Balance sheet

Amounts in NOK million	2007	2008	2009	Q3 2009	Q3 2010
ASSETS
Non-Current Assets	707	503	549	551	452
Other current operating assets	1 171	1 457	1 353	1 655	999
Internal interest bearing receivables	936	855	757	711	570
Cash	707	1 315	1 037	1 034	1 053
Current assets	2 814	3 628	3 147	3 399	2 622
Total Assets	3 521	4 131	3 696	3 950	3 074

EQUITY AND LIABILITIES

Equity	(1 009)	(1 538)	(1 579)	(1 511)	(1 309)
Non-Current Liabilities	(165)	(167)	(341)	(267)	(155)
Other current operating liabilities	(1 873)	(1 934)	(1 423)	(1 818)	(1 256)
Internal interest bearing payables	(475)	(492)	(354)	(354)	(354)
Current Liabilities	(2 347)	(2 426)	(1 777)	(2 171)	(1 610)
Total Liabilities and Equity	(3 521)	(4 131)	(3 696)	(3 950)	(3 074)

To the knowledge of Aker Solutions, there are no significant assets or liabilities being part of the transaction that are not shown in the balance sheet of the business above.