Aker Group Continues Positive Development in Third Quarter

The Aker Group continued its positive development in the third quarter. The order backlog climbed to NOK 88 billion as of 30 September, and operations at all main Group companies continue to develop at a good pace. The Aker Group’s financial position is solid, and additional value potential has been made evident through the establishment of Aker Drilling and the divestiture of Aker House during and after the close of the third quarter.

The book value of the Group’s investments was NOK 8.1 billion. The market value of its listed investments alone exceeded NOK 17 billion as of 2 November 2005. Aker Drilling, Aker House (Aker Hus) and other non-listed assets are not included in the latter figure.

The holding companies of the Aker Group had NOK 1.7 billion in cash and short-term interest-bearing assets as of 30 September 2005; the equity ratio was 69 percent. Net interest-bearing items were in the black by NOK 203 million.

Operations of the main companies in the Aker Group have developed favorably. The Aker Group’s total profit before financial expenses and depreciation (EBITDA) for the first nine months of 2005 amounted to NOK 2.2 billion. The strong order backlog provides a sound basis for continued earnings improvement.