Aker — Interim / Quarterly Report 2010

Nov 4, 2010

Report for the third quarter of 2010

Aker ASA's net asset value (NAV) was NOK 19 billion or NOK 262.80 per share at

the close of the third quarter of 2010, up 2.9 percent from the second quarter.

In the third quarter, Aker continued the efforts to further develop its

portfolio of operating companies.

Aker continued to strengthen the portfolio companies. Further risk reduction was

accomplished in the quarter via agreements and transactions involving Aker

Drilling, Aker Solutions, and Aker BioMarine.

Aker Drilling's total order backlog was NOK 7.5 billion (USD 1.3 billion) as of

30 September 2010. In the third quarter, Det norske oljeselskap extended the

Aker Barents lease agreement by two years, from July 2012 to July 2014. The

estimated contract value for the two-year extension is USD 350-380 million. Det

norske acquired a new option to deploy the rig for an additional two-year

period, from July 2014. Statoil has contracted Aker Spitsbergen until July

2013, and holds an option to extend the drilling contract for five two-year

periods.

Aker Solutions is implementing measures to streamline its oil and gas supplier

activities and simplify its corporate structure. In October 2010, an agreement

was entered into for the sale of 100 percent of Aker Marine Contractors shares,

valued at USD 250 million.

In the third quarter of 2010, Aker BioMarine partnered with Lindsay Goldberg.

The private equity fund purchased a 50 percent stake in Aker BioMarine's

subsidiary Trygg Pharma; the transaction valued Trygg Pharma at NOK 280 million.

Lindsay Goldberg and Trygg Pharma have jointly purchased Epax - one of the

world's leading producers of high-concentrate omega-3 oils. Aker BioMarine

financed its share of the Epax acquisition via a share issue completed in

October. Aker subscribed to NOK 208 million, thus maintaining its 83.3 percent

ownership interest in Aker BioMarine.

Interest-bearing receivables from Aker subsidiaries and associated companies

amounted to NOK 5.7 billion, down NOK 0.2 billion in the third quarter of 2010

and down NOK 1.2 billion since the beginning of the year.

Interest-bearing liabilities were reduced by NOK 0.1 billion in the quarter to

NOK 2 billion. Cash amounted to NOK 2.3 billion as of 30 September, a decline

from NOK 2.5 billion as of 30 June 2010.

The market value of Aker's shareholdings in exchange-listed companies increased

by NOK 0.9 billion in the third quarter of 2010. Aker ASA shares rose five

percent to NOK 116 per share in the quarter, while the Oslo Stock Exchange

Benchmark Index (OSEBX) rose 16 percent.

Aker ASA's wholly owned rig company, Aker Drilling, enjoyed another quarter of

sound progress. The company's two rigs recorded stable operations. The lease

extension for Aker Barents secures revenues from 2012 to 2014, thus contributing

to Aker Drilling's bank loans getting a changed payment profile resulting in

faster repayment of loans to Aker ASA.

Aker took delivery of Aker Wayfarer in October 2010. The offshore construction

vessel is under long-term charter to Aker Solutions, pursuant to the spring

2009 agreement.

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

(Norwegian Securities Trading Act)

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