Aker Invest Sells NorSea Group Stake

A wholly owned subsidiary of Aker Invest has sold its 34 percent shareholding in the Norwegian supply base and logistics company NorSea Group to the Eidesvik Invest group in Bomlo and the Simon Mokster group in Stavanger. The buyers have been NorSea Group co-owners for a number of years.

An outstanding NorSea Group shareholder loan extended by Aker Invest will be repaid with funds from the share sale. Accordingly, the total cash flow effect for Aker Invest is NOK 356 million. A NOK 80 million gain will be recorded in Aker Invest's 2006 accounts. The Aker Group's gain on the NorSea Group shareholding divestiture amounts to NOK 217 million.

"The sale of Aker's investment to our NorSea partners shows considerable shareholder value growth and is generating significant gains for Aker and Aker Yards shareholders," says Aker Board Chairman and CEO Leif-Arne Langoy,

Aker Invest was established in 2005 to invest in, develop, and realize the value of ownership interests and companies not integral to Aker Group core activities. Aker's wholly owned company Aker Capital owns 60 percent of Aker Invest; the remaining 40 percent is owned by Aker Yards.