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Aker ASA: Agreement with Oekokrim reached in TRS case

Reference is made to Aker ASA's press release dated 24 January 2014 stating
that the Norwegian Financial Supervisory Authority had turned over the case
pertaining to a total return swap (TRS) agreement to the Norwegian National
Authority for Investigation and Prosecution of Economic and Environmental
Crime (Oekokrim), on the grounds of potential violation of insider trading
rules. Aker has today decided to accept Oekokrim's penalty notice.

"Based on an evaluation of the alternatives, Aker has concluded that it is
sensible to reach an agreement with Oekokrim and accept the penalty notice.
This has not been an easy decision. We at Aker have always acknowledged the
facts of the case. Aker has chosen to take the consequences of Oekokrim's
" says Aker Chairman and principal shareholder Kjell Inge Røkke.

After cooperating with Oekokrim in the investigation, Aker has chosen to
settle the case and has accepted a penalty notice amounting to NOK 51
million, composed of the confiscation of NOK 17 million in theoretical gains
made on the TRS agreement in November 2013, and a fine based on twice the

Aker entered a TRS agreement in April 2013 with financial exposure to 1.5
million shares in Aker Solutions. This was the first step in a strategy to
increase Aker's long-term investment in Aker Solutions. The extension of the
TRS agreement on 1 November 2013 was scheduled to happen automatically. At
the time of the extension, Aker's management had insider information
regarding the upcoming sale of one of Aker Solutions' business areas. Insider
lists had been established by both Aker Solutions and Aker. Unfortunately,
this was not taken into consideration when the TRS agreement was extended.
The extension was conducted in accordance with the correct procedures, in
that a stock exchange notice was immediately published. The oversight resided
in the fact that no connection was made between the insider list and the TRS

"The TRS case is one of the most dismaying incidents I have experienced at
Aker, aside from accidents that have resulted in the loss of human life or
says Røkke. "On behalf of Aker, I can only say that we apologise to
shareholders and all
other stakeholders, and that this is a case of "Good intentions, bad
execution." We've been faced with a situation that we could have done
without. We now intend to put the matter behind us and to look ahead."

On 29 November 2013, Aker submitted a full assessment to Oslo Stock Exchange
on the facts surrounding the extension of the TRS agreement. The report is
available in Norwegian on Aker'sweb site.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aker ASA via Globenewswire


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