Aker — Earnings Release 2021

Feb 18, 2022

Aker ASA: Fourth quarter and preliminary annual results 2021 - Net Asset Value of NOK 69.8 billion

Aker ASA: Fourth quarter and preliminary annual results 2021 - Net Asset Value of NOK 69.8 billion

The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended at

NOK 69.8 billion in the fourth quarter of 2021. For the full year, the NAV

increased by NOK 16.4 billion, or 34 per cent, adjusted for dividend.

The per-share NAV amounted to NOK 939 as per 31 December 2021, compared to NOK

953 and NOK 718, as per 30 September 2021 and 31 December 2020, respectively.

The Aker share increased 21 per cent, adjusted for dividend, to NOK 825 in the

fourth quarter, compared to a 3.3 per cent increase in the benchmark index

("OSEBX"). For the full year, the Aker share increased 52 per cent, including

dividend, compared to a 23 per cent increase in the OSEBX.

"Aker delivered significant annual return to shareholders in 2021, with a value

creation of 52 per cent, including dividends. But we do not rest on our laurels.

As 2021 was our year of acceleration, 2022 will be the year of execution in a

more turbulent market environment. Aker's commitment to making a meaningful

contribution to a greener and more sustainable future remains unchanged," said

Øyvind Eriksen, President and CEO of Aker ASA.

The value decrease of Aker's Industrial Holdings portfolio of NOK 7.4 billion in

the fourth quarter to NOK 68.0 billion was mainly due to the sale of Ocean Yield

and a divestment of 2.86 per cent in Aker BP. The value of Aker's Financial

Investments portfolio stood at NOK 12.0 billion at the end of the fourth

quarter, compared to NOK 8.0 billion as per 30 September 2021.

Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 7.0

billion as per 31 December 2021. The value-adjusted equity ratio was 87 per

cent, slightly up from the third quarter.

"In the fourth quarter, Aker strengthened its liquidity reserves through the

sale of Ocean Yield and a divestment of 2.86 per cent in Aker BP. The strategic

rationale behind the divestments was to prepare Aker for the kind of market

volatility that we have gone through so far this year, triggered by increasing

geopolitical tension, higher inflation and increasing interest rates," said

Eriksen. "Aker BP will remain Aker's largest asset and is an important part of

our Industrial Holdings portfolio long term. Aker has no plan or intention to

divest more shares in Aker BP and we appreciate that both BP and the Lundin

family have expressed their excitement for, and commitment to, the combined Aker

BP and Lundin Energy."

Aker's Board of Directors proposes a cash dividend payment of NOK 14.5 per share

for 2021 and will propose for the Annual General Meeting in April 2022 that the

Board is authorised to pay additional cash dividend in 2022 based on the 2021

annual accounts. If an additional cash dividend is declared by the Board in the

second half of 2022 and equals the proposed ordinary dividend for 2021 of NOK

14.5 per share, the total dividend paid during 2022 will be NOK 29.0 per share.

This would represent a 3.5 per cent yield to the share price and 3.1 per cent of

NAV at the close of 2021.

The full report and presentation are available at www.akerasa.com and

www.newsweb.no

-ENDS-

For more information, please contact:

Investors:

Joachim Bjørni, Head of Investor Relations, Aker ASA

Tel: +47 924 22 106

E-mail: joachim.bjorni@akerasa.com

Media:

Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA

Tel: +47 907 84 878

Email: atle.kigen@akerasa.com

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.