Aker Sells Noreco Shares

Aker has sold its entire shareholding in the oil company Noreco ASA for NOK 33.10 per share. The block of shares was purchased for NOK 22.25 per share in a June 2007 private placement of Noreco shares. Aker’s gain on the share sale is approximately NOK 145 million.

Before the share divestiture, Aker held 13,482,800 Noreco shares, or 14.23 percent of the company; all of these shares have been sold. Aker still holds bonds that can be converted into 6,741,400 Noreco shares at a pre-determined per-share price of NOK 22.25.

The above-mentioned figures for number of shares held and per-share prices have been restated to reflect the one-to-four share split that Noreco completed effective October 17, 2007.