Aker — Interim / Quarterly Report 2010

Aug 13, 2010

Further developing portfolio companies

In the first six months of 2010, Aker ASA's net asset value (NAV) decreased 2.4

percent, from NOK 18.9 billion to NOK 18.5 billion or NOK 255.30 per Aker share.

In the same period, the Oslo Stock Exchange Benchmark Index fell 11.7 percent.

Through the first half of 2010, Aker has worked proactively on strategic

processes designed to strengthen and further develop the operating companies in

Aker's Industrial Holdings and Financial Holdings portfolios.

In the first six months of 2010, Aker has reduced portfolio risk and built a

more robust foundation for future value creation. The company's balance sheet

has been strengthened, liquidity remains excellent, and Aker has considerable

financial clout.

Both Aker Drilling and Aker BioMarine were refinanced in the second quarter of

2010. Total interest-bearing receivables payable to Aker by its subsidiaries and

associated companies have been reduced by approximately NOK 1 billion, to

NOK 5.9 billion so far this year. Aker's interest-bearing debt was reduced by

NOK 0.8 billion to NOK 2.1 billion in the first six months of 2010.

The market value of Aker's exchange-listed shares in Aker BioMarine and Det

norske oljeselskap fell by NOK 1 billion in the first half of 2010. In its role

as equity capital investor, Aker focuses on driving development in its operating

companies and on systematically improving business plans and operations.

In Aker Solutions, measures are being implemented to rationalize and simplify

corporate structures in order to further promote shareholder value. The business

area Process & Construction will be organised as a separate company. Further,

the Field Development unit is preparing for operations with international

partners. Aker's CEO Øyvind Eriksen will remain Aker Solutions' Executive

Chairman until a new CEO is in place.

Aker BioMarine focuses continuing the growth in sales of its dietary

supplements. The biotechnology company develops omega-3-based formulations that

in the long term may receive approval as active pharmaceutical ingredients.

Solutions to commercialize the new technology niche are being explored.

Safe and efficient drilling operations top Aker Drilling's agenda along with

establishing a solid record of operations and stable revenues. In July, upgrades

to Aker Spitsbergen were completed on schedule and according to budget. Its

sister rig, Aker Barents, achieved more than 90 percent paid uptime in the

second quarter. In late June, a wellhead blowout protector (BOP) was retrieved

for minor improvements following routine pressure testing. This resulted in two

weeks of downtime in July and loss of rates in the period.

Aker is expanding its capital management resources and activities via the

establishment of Norron Asset Management in Stockholm. Aker owns 51 percent of

the company, which will launch its first funds toward year-end 2010.

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

(Norwegian Securities Trading Act)

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