Aker — Interim / Quarterly Report 2010

May 7, 2010

Reduced risk and solid foundation for greater value creation

Aker has reduced its portfolio risk and strengthened its foundation for future

value creation. In the first quarter of 2010, both rigs belonging to Aker's

wholly owned subsidiary, Aker Drilling, entered operations for the oil companies

Statoil and Det norske. The rigs generate stable revenue streams. Aker's net

asset value (NAV) increased by NOK 0.9 billion in the first three months of the

year to NOK 20.4 billion (excluding allocations for dividend payments) or

NOK 281.70 per Aker share.

Aker has a strong balance sheet, sound liquidity, and considerable financial

freedom. This position was further strengthened in the first quarter of 2010.

Aker Drilling's two large offshore rigs contributed their first positive cash

flow.

Aker Spitsbergen had two months of full operations in the first quarter of

2010; Aker Barents had 1.5 months of operations in the reporting period.

Experience from Aker Barents' start-up enabled Aker Spitsbergen operation to

begin for Statoil in late January without significant challenges. The rigs have

established stable operations with paid rig uptime of approximately 90 percent.

Aker Drilling has passed a turning point, following a demanding period of delays

and start-up difficulties.

Throughout the first quarter of the year, Aker contributed to the strategic

develop-ment of operational companies and played an active role in the

refinancing of Aker BioMarine and Aker Drilling.

Aker Solutions is pursuing a strategy that focuses on oil and gas products,

technologies, and solutions for deepwater fields and Arctic, harsh-climate

regions.

Aker's financial position is strong. Interest-bearing debt decreased by NOK 0.2

billion to NOK 2.7 billion in the first quarter of 2010. Equity ratio was 81

percent. Cash and cash equivalents amounted to NOK 2.7 billion. Interest-bearing

receivables from subsidiaries and associated companies decreased by NOK 0.2

billion to NOK 6.7 billion in the quarter.

By the end of April 2010, Aker Drilling had completed its placement of a new

three-year, NOK 1.5 billion bond loan with Aker ASA as guarantor. Aker Drilling

will pay interest of NIBOR plus a margin of 400 basis points. Without the

guarantee provided by Aker, Aker Drilling's loan costs would have been

significantly higher. Refinancing at market terms of the company's NOK 800

million convertible bond loan was thus achieved, and Aker Drilling will need to

borrow less from Aker than originally projected. Previously, the estimated

funding requirement was approximately USD 150 million during the first three

quarters of 2010.

The Aker BioMarine refinancing plan implies that Aker's net NOK 0.5 billion

receivable from the biotechnology company will be converted into equity in the

second quarter of 2010.

Through the refinancing of Aker Drilling and Aker BioMarine, and the sale of

approximately NOK 0.5 billion in Aker Solutions bonds in the first quarter

followed by a similar sale in April 2010, Aker ASA has strengthened its

financial position.

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

(Norwegian Securities Trading Act)

[HUG#1412989]