Aker — Net Asset Value 2015

May 13, 2015

Aker ASA: First-quarter results 2015 - Net Asset Value of NOK 19.1 billion

Aker ASA: First-quarter results 2015 - Net Asset Value of NOK 19.1 billion

The net asset value of Aker ASA and holding companies (Aker) increased 8.1 per

cent to NOK 19.1 billion in the first quarter 2015. Cash and liquid fund

investments were stable at NOK 3.2 billion in the quarter.

"First quarter 2015 offered a favourable performance in most of Aker's

underlying share prices and values," said Aker President and CEO Øyvind Eriksen.

"Ocean Yield and Havfisk were the frontrunners in the first quarter, but also

Det norske developed favourably benefitting from less volatile oil prices in the

quarter. Det norske made significant steps towards establishing a solid and

diversified funding structure in the quarter, and the announcement from the

company today, was yet another important milestone in that respect."

The value of Aker's Industrial Holdings increased by NOK 1.3 billion in the

first quarter to NOK 18.6 billion. Aker's Financial Investments portfolio

amounted to NOK 7.7 billion, up from NOK 7.6 billion as of 31 December 2014. The

value-adjusted equity ratio increased in the quarter to 73 per cent, up from 71

per cent as of year-end 2014.

The Aker share increased 7.3 per cent in the first quarter. This compares to

7.5 per cent increase in the Oslo Exchange's benchmark index ("OSEBX") and a 4

per cent decline in the oil price in the same period.

"On the other side, if we look at the overall market fundamentals in the oil and

gas sector, the headlines remain the same," said Eriksen. "Oil companies are

cutting costs even more fiercely, and the level of activity in exploration, new

field developments and modification projects continue to drop."

"For Aker, as a long term industrial investor, the balancing act remains to

implement capacity adjustments without jeopardising the capability and

competence required throughout different business cycles, said Eriksen. "At the

same time, a downturn cycle like this could create opportunities to build even

stronger and more valuable businesses when the markets normalise."

On 17 April 2015, Aker's Annual General Meeting approved the distribution of NOK

10 per-share ordinary dividend for 2014, of which half with optional settlement

in new Aker Shares at a 10 per cent discount. The subscription price in the

dividend issue has been set to NOK 156.58 per new share, which constitutes the

average volume-weighted share price from 13 April 2015 to and including 11 May

2015, less a 10 per cent discount, which is in accordance with the resolution by

the Annual General Meeting on 17 April 2015. There will be a subscription period

of two weeks for the dividend issue, which is expected to start on 15 May 2015.

Aker will publish a prospectus with further terms and details for the dividend

issue, expected to be on or about 15 May 2015, following approval by the

Norwegian Financial Supervisory Authority (Nw. Finanstilsynet). The

dividend/shares will be distributed on or about 5 June 2015.

The full report and presentation can be downloaded from www.akerasa.com.

END

Net asset value (NAV) is Aker ASA's core performance indicator. Aker is an

investment company with a majority of listed companies in its portfolio.

Therefore, NAV is a more relevant indicator of the development of Aker's

underlying value than the company's consolidated accounts.

For further information, please contact:

Lars Kristian Kildahl, Head of Investor Relations

Phone: +47 24 13 00 61

Mobile: +47 916 30 061

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1921303]