Financial Investments Combined in Aker Invest

Aker and Aker Yards have agreed to establish a new company, Aker Invest, which will manage existing financial investments and identify and develop new value creating projects in the Aker group.

"Aker Invest will initially focus on the development of the value potential of certain investments that historically have been owned by Aker and Aker Yards. In Aker Invest we will also use the group's financial muscle and develop new and profitable investment opportunities related to our existing group activities", said Leif-Arne Langøy, President & CEO of Aker ASA.

Aker Invest will be established by transferring assets from Aker and Aker Yards to the new company (table attached) in exchange for shares. The combined value of the portfolio is NOK 880 million. Based on the relative value of the assets in the transaction, the ownership in Aker Invest is divided 60/40 between Aker and Aker Yards respectively.

The lawfirm Selmer has been financial and legal adviser for Aker Invest, and PriceWaterhouseCoopers has provided a fairness opinion. The transactions have no significant P&L effect on either of the founding parties.

In a separate agreement, Aker Invest have committed to invest US $20 million in the Eastern Drilling project, a state-of-the-art semi-submersible drilling rig which is due for delivery in fourth quarter 2007.