Aker — Earnings Release 2009

Feb 25, 2010

Value growth, higher dividend

Aker's net asset value (NAV) amounted to NOK 19.5 billion at year-end 2009, up

NOK 1 billion from 31 December 2008. NAV expresses the underlying value of Aker

ASA and companies in its holding company structure. NAV amounted to NOK 269 per

Aker ASA share at year-end 2009.

The company's liquidity and financial position are sound. The Board will propose

payment of a NOK 8 per-share dividend for the 2009 accounting year. The proposed

dividend payment corresponds to 3.0 percent of NAV and a direct yield of 5.2

percent compared with the 24 February 2010 share price.

Strategically and structurally, 2009 was characterized by a few but important

transactions. Aker was a central driver in the merger between Det norske

Oljeselskap and Aker Exploration. The merger was agreed in September, approved

by shareholders in October, and completed on 22 December 2009. Aker owns just

over 40 percent of the shares in the post-merger company, which is the

second-largest oil company on the Norwegian continental shelf, measured in

number of licenses.

In June 2009, all operating companies with the exception of five industrial

investments were transferred to Converto Capital Fund. In April, Aker Solutions

purchased certain specialized companies and company interests from Aker.

Discussions following these transactions led Aker Holding AS owners to sign an

addendum to the current shareholder agreement in January 2010 that details how

transactions between Aker and Aker Solutions as closely related parties are to

be handled in the future.

Financially, 2009 was marked by increased loans to subsidiaries in their

start-up phases. As of 31 December 2009, Aker's receivables from Group companies

and associated companies amounted to NOK 6.9 billion. Of this amount, NOK 3

billion were receivables from Aker Drilling.

Aker enjoys a sound financial position. Gross interest-bearing debt as of

31 December 2009 was NOK 2.9 billion, while cash and cash equivalents amounted

to NOK 2.7 billion. Net interest-bearing receivables amounted to NOK 7,0

billion. Equity ratio as of 31 December 2009 was 80 percent after dividend

allocations; the year-end 2009 equity ratio is on a par with the year-earlier

figure.

Operationally, Aker Drilling proved a challenge in 2009. Delayed delivery of the

two deepwater rigs and resultant revenue postponement, along with the planned

repayment of bank loans, will lead to Aker Drilling needing additional capital

in 2010.

Aker's other industrial holdings developed as projected. Aker Solutions turned

in record results in 2009, and the company's board of directors has proposed a

dividend payout of NOK 712 million for 2009. Aker's share of the dividend

disbursement will be NOK 172 million. Aker BioMarine and Aker Clean Carbon both

achieved breakthroughs in key markets in 2009.

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

(Norwegian Securities Trading Act)

[HUG#1388431]