Aker — Capital/Financing Update 2011

Feb 7, 2011

Commencement of bookbuilding and application period

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES, OR ANY OTHER

JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.  PLEASE SEE

THE IMPORTANT NOTICE AT THE END OF THE RELEASE FOR CERTAIN OTHER RESTRICTIONS.

Stavanger, 7 February 2011

The bookbuilding and the application period for the initial public offering of

the shares of Aker Drilling ASA ("Aker Drilling") will commence today, 7

February 2011 at 9.00 hours CET. Subject to extensions, the bookbuilding and

application period will end on 18 February 2011 at 12.00 hours (CET) for the

retail and employee offering and on 18 February 2011 at 17.30 hours (CET) for

the institutional offering.

The indicative offer price range has been set to NOK 19 to NOK 27 per share. The

offering is expected to raise gross proceeds of up to NOK 3,600 million (~USD

600 million), excluding any shares issued pursuant to the 10% over-allotment

option granted to the managers.

For further information, please see the prospectus dated 4 February 2011

prepared in connection with the offering and listing, which is available at

www.akerdrill.com, www.arcticsec.no, www.dnbnor.no/markets and www.pareto.no. A

printed version of the prospectus may be obtained free of charge at the premises

of Aker Drilling in Stavanger, Strandsvingen 12  or at Aker ASA in Oslo,

Fjordalléen 16.

Arctic Securities, DnB NOR Markets and Pareto Securities are acting as joint

lead managers and joint bookrunners for the initial public offering.

For further queries, please contact:

Iain Inglis, Finance Director and IR responsible, Aker Drilling ASA,

+47 92 09 35 91

Aker Drilling is a fully integrated offshore drilling contractor, owning and

operating two of the world's largest, most advanced and most robust 6th

generation semisubmersible drilling units of the Aker H-6e design. Aker Drilling

is based in Stavanger, Norway, and has approximately 440 employees, of which

400 are offshore. Long experience and strong focus on HSE characterise both the

management and the operating organisation.

IMPORTANT NOTICE

This announcement is not for publication or distribution, in whole or in part,

directly or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia). Copies of this announcement are not being made

available in and may not be distributed or sent into Australia, Canada, Japan or

the United States.

The issue, subscription, purchase or sale of shares of Aker Drilling are subject

to specific legal or regulatory restrictions in certain jurisdictions. Aker

Drilling assumes no responsibility in the event there is a violation by any

person of such restrictions.

This announcement does not constitute or form part of any offer or solicitation

to purchase or subscribe for securities in the United States. Securities may not

be offered or sold in the United States except pursuant to an effective

registration statement under or an exemption from the registration requirements

of the United States Securities Act of 1933, as amended (the "Securities Act").

The securities mentioned herein have not been, and will not be, registered under

the Securities Act.  All offers and sales outside the United States will be made

in reliance on Regulation S under the Securities Act.

This announcement is issued pursuant to legal information obligations. It is not

a prospectus, disclosure document or offering document and does not purport to

be complete. Nothing in this announcement should be interpreted as a term or

condition of the offering. Investors should not subscribe for, purchase,

otherwise acquire, sell or otherwise dispose of shares except on the basis of

information in the prospectus to be published by Aker Drilling in connection

with the initial public offering which will contain further information relating

to the company.

This announcement does not constitute or form part of any offer or invitation to

sell or issue, or any solicitation of any offer to acquire any securities

offered by any person in any jurisdiction in which such an offer or solicitation

is unlawful. The distribution of this announcement and/or the prospectus into

jurisdictions other than Norway may be restricted by law. Persons into whose

possession this announcement comes should inform themselves about and observe

any such restrictions. Any failure to comply with these restrictions may

constitute a violation of the securities laws of any such jurisdiction.

Arctic Securities, DnB NOR Markets and Pareto Securities are acting for Aker

Drilling and no one else in connection with the initial public offering and will

not be responsible to anyone other than Aker Drilling for providing the

protections afforded to their respective clients or for providing advice in

relation to the initial public offering and/or any other matter referred to in

this announcement.

Forward-looking statements:

This announcement and any materials distributed in connection with this

announcement may contain certain forward-looking statements. By their nature,

forward-looking statements involve risk and uncertainty because they reflect

Aker Drilling's current expectations and assumptions as to future events and

circumstances that may not prove accurate. A number of material factors could

cause actual results and developments to differ materially from those expressed

or implied by these forward-looking statements, including the risks and

uncertainties to be set out in the prospectus.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1485837]