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 website www.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:
Visit http://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 to www.akersolutions.com
for more information on our business, people and values.

This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.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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Source: Aker Solutions ASA via GlobeNewswire
[HUG#1781293]