Aker — M&A Activity 2020

Jun 11, 2020

Aker ASA: Joint Venture with Ocean Yield

Aker ASA: Joint Venture with Ocean Yield

Aker Capital AS ("Aker") has entered into an agreement with Ocean Yield ASA

("Ocean Yield") for co-ownership of oil tankers.

Aker has entered into an agreement with Ocean Yield whereby Aker will acquire

from Ocean Yield 50% of seven tankers with long-term charters. The Joint Venture

("JV") will own four LR2 product tankers with long-term charter to the Navig8

Group and three Suezmax tankers with long-term charter to Nordic American

Tankers Ltd. Aker will pay USD 10.2 million for 50% of the shares in two new

holding companies, which is equal to the book values. The investment satisfies

Aker's return requirements.

The transaction is conducted on arm's lengths basis and in accordance with

Aker's principles for related party transactions. Arctic Securities AS has

provided fairness opinion for Aker. The transaction is subject to final

documentation.

END

For further information, please contact:

Investors:

Torbjørn Kjus, Chief Economist & Head of Investor Relations

Phone: +47 94 14 77 30

Media:

Atle Kigen, Head of Corporate Communications

Phone: +47 90 78 48 78

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

-12 of the Norwegian Securities Trading Act.