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2014-04-30

Aker Solutions ASA: Aker Solutions Splits to Boost Competitiveness and Value Creation

April 30, 2014 - Aker Solutions will split into two companies to speed up a
streamlining process that will reduce costs and better position all parts of
the group to meet the needs of customers in an increasingly competitive
global energy industry.

The Subsea, Umbilicals, Engineering and Maintenance, Modifications and
Operations (MMO) areas will form a new company under the Aker Solutions name.
The company will be more strategically aligned, have a narrower focus and
deeper synergies to strengthen its leading position through its unique subsea
technology and state-of-the-art offshore field design.

The other units, including Drilling Technologies, Aker Oilfield Services and
Process Systems, will be developed independently as part of a new
oil-services investment company, named Akastor. These business areas, which
have significant operational, technological and commercial differences, will
have greater strategic freedom to develop individually through both organic
growth and transactions.

The split, which will take place as a spin-off of the new Aker Solutions, is
scheduled to occur around the end of September. Both companies will be listed
on the Oslo stock exchange.

"The new Aker Solutions will be a leaner and more focused company that will be
able to offer customers the unique and cost-effective technology and design
they need to succeed," Executive Chairman Øyvind Eriksen said. "The company
will, through a commitment to operational excellence and organic growth, be
better placed to build on its leading position in the fastest growing areas
of the global energy markets."
Shareholders will get one new Aker Solutions share for each stock held in the
existing company at the time of the separation. They will also keep their
shares in the remaining business, which will be renamed Akastor at the time
of the split, ensuring that the existing shareholder structure is implemented
in each company.

The transaction has met with approval from Aker Solutions' largest
shareholders, Aker Kværner Holding and Aker ASA. An extraordinary general
meeting will be held in August to vote on the separation.
"We are taking a major step in a transformation that began 12 years ago with
the merger of Kværner and Aker Maritime," said Eriksen. "After this
transaction and the 2011 Kværner spin-off, we will have created three
distinct companies to service the global energy industry, providing offshore
construction, unique subsea technology and field design and oilfield
services. We have also divested NOK 12 billion in assets as part of the
process."

New Management
Luis Araujo, the regional president for Aker Solutions in Brazil, will be
chief executive officer of the new Aker Solutions. Frank Ove Reite, currently
managing partner at Converto, will become CEO of Akastor. Øyvind Eriksen will
remain chairman of the board of Aker Solutions.

"While I will continue to play an active role as chairman, it is time for new
leadership to take these companies forward," Eriksen said. "Luis has proved
more than capable in managing our expansion in Brazil and will provide
inspired leadership as the new Aker Solutions builds on its success in the
subsea and deepwater markets. Frank has a long experience within the Aker
group and is excellent at developing businesses and pushing them toward their
full potential. I look forward to working closely with Luis and Frank to
unlock the great values in both companies."

Leif Borge, current chief financial officer of Aker Solutions, will be CFO of
Akastor. Svein Oskar Stoknes, who heads the subsea area's finance function,
will take on the role as CFO of the new Aker Solutions.

Synergies
The new Aker Solutions will be streamlined to focus on the fast-growing
deepwater and subsea oil-services markets and in areas with operational,
commercial and strategic similarities. There will be a swifter realization of
synergies as the subsea and field design areas share the same customers and
main markets. The company will have a simpler strategy focused on value
creation through technological development, organic growth and operational
excellence. It will be uniquely positioned to design, equip, build and
maintain the future subsea production factory and will build on its expertise
within project execution and offshore field design.

"The new Aker Solutions will benefit from greater synergies and a more
coordinated customer approach, leading to a stronger market position and
higher and more predictable returns on capital," said Eriksen.
The Akastor management team has extensive experience in developing companies
and creating value through operations, restructuring and transactions. The
company will provide a structure where the businesses Drilling Technologies,
Aker Oilfield Services, Process Systems, Surface Products and Business
Solutions will be developed as largely independent entities with management
teams, boards of directors and strategies aimed at maximising their value.
Each company will have greater strategic and transactional freedom because it
will no longer be constrained by the competing needs of other businesses. The
entities will be able to focus marketing efforts on core customers and invest
strategically. Akastor will also hold financial and real estate assets
representing about 20 percent of the company's balance sheet.

Drilling Technologies will be the largest business within Akastor, accounting
for about 60 percent of the earnings and workforce.

"There is a strong industrial logic underpinning this move," Eriksen said.
"The businesses that will make up Akastor have significant operational,
technological and commercial differences that have prevented them from
achieving synergies with the other businesses in Aker Solutions. Through this
separation, we will be able to more fully realize the industrial and return
potential of all our business areas and create value for our shareholders."
Aker Solutions will hold a webcast presentation on the separation as part of
its quarterly results press conference starting at 9 a.m. CET today at
Snarøyveien 36 in Fornebu, outside Oslo. We will also hold a conference call
for analysts, investors and media at 5 p.m. CET today. The registration link
will be published on our websitewww.akersolutions.com

ENDS

For further information, please contact:

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

Press Office: +47 908 42 894

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

Career opportunities:
Visithttp://www.akersolutions.com/careers

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
approximately 28,000 people in about 30 countries. Go
towww.akersolutions.comfor more information on our business, people and
values.

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.

Aker Solutions Splits Into Two Companies
http://hugin.info/77/R/1781293/609377.pdf
CEO Bios and Company Facts
http://hugin.info/77/R/1781293/609381.pdf

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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

HUG#1781293

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