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2014-04-22

Aker Solutions ASA: Aker Solutions and Baker Hughes Form Subsea Production Alliance

April 22, 2014 - Oslo, Norway, and Houston, Texas - Aker Solutions ASA
(OSE:AKSO) and Baker Hughes Incorporated (NYSE:BHI) have agreed to form an
alliance to develop technology for production solutions that will boost
output, increase recovery rates and reduce costs for subsea fields.

The non-incorporated alliance will combine Aker Solutions' strengths in subsea
production and processing systems with Baker Hughes' expertise in well
completions and artificial-lift technology to deliver reliable, integrated
in-well and subsea production solutions that will help mitigate risk,
accelerate output and extend the life of subsea fields. The alliance team
also will focus on advancing the industry's well-intervention capabilities to
further optimize efficiency and reduce risks in subsea developments.

The structure of the alliance provides the flexibility for each company to
offer any products and services to design the best solution for customers'
production challenges.

"Our joint commitment will strengthen the business of each company and help
our customers unlock the vast values that come from subsea production," said
Øyvind Eriksen, Aker Solutions' executive chairman. "Subsea factory
development is a key focus for Aker Solutions and the partnership with Baker
Hughes will provide critical capabilities that will help us develop
technologies to create a fully-functioning subsea production system which
will improve recovery rates and lower costs for oil producers."

"Deepwater subsea fields have so far been characterized by low recovery rates,
and new discoveries in deeper and more hostile environments are making these
fields even more costly to develop," said Martin Craighead, Baker Hughes'
chairman and chief executive officer. "The single-digit recovery rates
currently being achieved at many of these fields don't support a sustainable
business model. By joining forces, Baker Hughes and Aker Solutions will
identify and integrate the most effective combinations of in-well and subsea
technologies, enabling greater production rates-
efficiently and economically-
from subsea fields."

Aker Solutions' Svenn Ivar Fure and Baker Hughes' Brage Johannessen will lead
the alliance for their respective companies as general managers. The alliance
core team will be co-located and based in Houston.

Implementation of the alliance is subject to obtaining any required antitrust
or other regulatory approvals.

###

Aker Solutions is a global provider of products, systems and services to the
oil and gas industry. Our engineering, design and technology bring
discoveries into production and maximize recovery from each petroleum field.
We employ about 28,000 people in approximately 30 countries. Go
towww.akersolutions.comfor more information on our business, people and
values.

Baker Hughes is a leading supplier of oilfield services, products, technology
and systems to the worldwide oil and natural gas industry. The company's
59,000-plus employees work in more than 80 countries helping customers find,
evaluate, drill, produce, transport and process hydrocarbon resources. For
more information on Baker Hughes, visit:www.bakerhughes.com.

Aker Solutions Contacts:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59
42 71, Mob: +47 480 27 575, E-mail:bunny.nooryani@akersolutions.com

Investor Relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30
39, Mob: +47 911 37 194, E-mail:lasse.torkildsen@akersolutions.com

Baker Hughes Contacts:

Media Relations:
Melanie Kania, +1.713.439.8303,melanie.kania@bakerhughes.com

Investor Relations:
Trey Clark, +1.713.439.8039,trey.clark@bakerhughes.com

Eric Holcomb, +1.713.439.8822,eric.s.holcomb@bakerhughes.com

ENDS

This press release may include forward-looking information or statements and
is subject to our disclaimer, seewww.akersolutions.com.

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

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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 Solutions ASA via Globenewswire

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