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AKER SOL : Expiry of Creditor Notice Period; Timetable for Consummation of the Demerger

07/07/2011 | 02:55am US/Eastern

7 July 2011 - The creditor notice period applicable to the demerger of Aker Solutions expired at 24:00 hours CET on 6 July 2011. All conditions to consummation of the demerger have accordingly been satisfied and the consummation of the demerger will be registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret) following close of trading on the Oslo Stock Exchange (Nw. Oslo Børs) today.

Set out below are certain key dates in connection with the consummation of the demerger and the listing of the Kvaerner shares on the Oslo Stock Exchange.

Last day of trading in the Aker Solutions shares inclusive of right to Kvaerner shares: 7 July 2011*

Registration of the consummation of the demerger: 7 July 2011 (after close of trading)

First day of trading in the Aker Solutions shares exclusive of right to Kvaerner shares: 8 July 2011

First day of trading in the Kvaerner shares on the Oslo Stock Exchange: 8 July 2011

Record date for determination of eligible Aker Solutions shareholders: 12 July 2011*

Delivery of Kvaerner shares to eligible Aker Solutions shareholders' VPS accounts: 13 July 2011

* Shareholders of Aker Solutions as of expiry of 7 July 2011 (cut-off date), as such shareholders appear in the shareholders register of Aker Solutions with the Norwegian Central Securities Depositary (VPS) as of expiry of 12 July 2011 (record date), will receive one consideration share in Kvaerner for each share they own in Aker Solutions as of expiry of the cut-off date as recorded with the VPS as of expiry of the record date.

Trading in the Kvaerner shares will commence prior to delivery of such shares to eligible shareholders VPS accounts. No account-to-account transactions and no transactions with settlement prior to 13 July 2011 will be allowed in this period.

ENDS

For further information, please contact:

Media:

Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458

Investor relations:

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194

Astrid Thommesen Sæbø, VP Investor Relations, Aker Solutions. Tel: +47 22 94 63 37, Mob: +47 481 70 035

Suppliers:

For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers.

Career opportunities:

Visit http://www.akersolutions.com/careers.

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.

Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 47 billion and employs approximately 20 000 people in about 30 countries. These figures include Aker Solutions' wholly owned subsidiary Kvaerner.

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.

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