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Status and Outlook Fourth Quarter and Full Year 2009

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Status and Outlook Fourth Quarter and Full Year 2009 The preferred partner AKER ASA Aker Status and outlook Fourth quarter and full year 2009 Øyvind Eriksen, President & CEO Olav Revhaug, CFO Oslo, 25 February 2010 4Q09 highlights Increased values, increased dividend Strategy, structure • Det norske merger completed, Aker owns 40.4 per cent • Amendment to Aker Holding agreement Operational • Both Aker Drilling rigs in operation by end Feb 2010 • Aker Solutions NOK 4.4 bn EBITDA in 2009, NOK 2.60 per share dividend proposed • Det norske awarded 10 new licences, operator for 6. Frøy field development project re-initiated with expected investment decision second half 2010 Financial • Board’s dividend proposal: NOK 8 per share (3 % of NAV) • NOK 19.5 billion NAV at year-end, NOK 1 billion (5.4 %) net increase in 2009 • Balance sheet strong: Equity ratio 80 %, Cash ≈ Debt Active industrial ownership 4Q09 | Status and outlook | 2 Made by Norway © Aker ASA | February 2010 1 Aker ASA and holding companies Key indicators Net Asset Value 1 Gross asset values 1 Treasury Debt (NOK bn) (NOK bn) (NOK bn) (NOK bn) 25 25 12 12 10 20 20 10 8 8 15 15 6 6 10 10 4 4 5 5 2 2 0 0 0 0 4Q 1Q 2Q 3Q 4Q09 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 08 09 09 09 08 09 09 09 09 08 09 09 09 09 08 09 09 09 09 Net asset Other Interest-free recvb Interest-free debt value (NAV) Treasury Cash, cash equiv Internal debt before dividend Share investments Short-term recvb External debt Long-term recvb 1 Market price at end of period for listed investments Active industrial ownership 4Q09 | Status and outlook | 3 Made by Norway © Aker ASA | February 2010 Aker ASA and holding companies NAV changes in 2009 NOK billion 20 2.2 19.5 18.5 0.8 AKSO and other changes in market values 18 0.4 Antarctic Navigator 16 and other write-offs Sea Launch guarantee 14 31.12.08 Sea Launch Other NAV growth 31.12.09 exceptional in 2009 items Active industrial ownership 4Q09 | Status and outlook | 4 Made by Norway © Aker ASA | February 2010 2 Aker ASA Dividends NOK % of per share NAV 20 5 18 16 4 14 Dividend policy 2 12 3 10 The company’s objective is to pay 8 2 annual dividends of 2-4 per cent of the 6 company’s net asset value (NAV) 4 1 2 0 0 2005 2006 2007 2008 2009 2010 13,9 2,3 3,8 4,0 2,0 3,0 % of NAV 1 1 20,1 3,3 4,7 5,5 3,4 5,0 % of share price 1 As of beginning of the year 2 Extract, please see web and annual report for full text Active industrial ownership 4Q09 | Status and outlook | 5 Made by Norway © Aker ASA | February 2010 This is Aker Industrial Financial Holdings Holdings Aker Drilling (100 %) Treasury Converto Cap Fund 2 (99.8 %) incl corporate Aker Solutions 1 (24 %) AAM Abs Return Fund 3 (13 %) finance etc Ownership as of 31.12.09 Det norske1 (40 %) Aker BioMarine 1 (83 %) Aker Clean Carbon (50 %) Ownership as of 31.12.09 1 Listed on Oslo Stock Exchange 2 Managed by Converto Cap Mgmt 3 Managed by Aker Asset Management Active industrial ownership 4Q09 | Status and outlook | 6 Made by Norway © Aker ASA | February 2010 3 This is Aker Distribution of assets 1 (market values at 31.12.09) Industrial Financial Holdings Holdings Treasury 1.4 b 1.5 b 31.12.09 10.0 bn (44 %) 10.1 bn (44 %) 6 % 7 % 22.9 bn 30.09.09 22.7 bn Industrial Finan- 31.12.08 Current assets Other 2 holdings cial 20.6 bn See slide 8 See slide 10 See slide 9 1 Aker ASA and holding companies 2 Other treasury incl tangible, non-tangible fixed assets and other long-term financial assets Active industrial ownership 4Q09 | Status and outlook | 7 Made by Norway © Aker ASA | February 2010 Overview of Aker assets Industrial holdings 15 % AKSO 1 Industrial holdings increased 41 % 4.1 bn 41 % in 2009: Stock market changes and new investments AKSO shares up 50 per cent to 75.45 at year end 2009 44 % 10.0 bn AKBM shares nearly doubled to AKD 10.50 at year end 2009 3.5 bn Invested NOK 1.1 billion in DETNOR shares before merger with AKX In NOK and AKD unlisted, no change in value in per cent of 0.8 bn gross asset values AKBM through the year at 31.12.09 DETNOR 1.5 bn 0.1 bn ACC 31.12 30.09 31.12 2008 2009 2009 1 Net value of shares and put/call option Active industrial ownership 4Q09 | Status and outlook | 8 Made by Norway © Aker ASA | February 2010 4 Overview of Aker assets Financial holdings + 2 % from 3Q09 + 7 % from 2Q09 Converto Capital Fund effective 1 July 2009. Fund returned 6.9 % to Converto year-end. 7 % 1.5 bn Cap Fund AAM Absolute Return Fund returns: 1.2 bn 5.9 per cent in USD tranche, 7.4 per cent in NOK In NOK and in per cent of gross asset values at 31.12.09 AAM 0.3 bn 30.06 30.09 31.12 2009 2009 2009 Active industrial ownership 4Q09 | Status and outlook | 9 Made by Norway © Aker ASA | February 2010 Overview of Aker assets Treasury Cash, Cash and cash Cash 2.5 equiv cash equiv Cash, Equivalents 0.2 cash 2.7 bn equiv other curr Other current assets 0.2 short int-b Short-term interest bearing assets 0.1 Listed Listed bonds bonds 1.9 bn Aker Solutions 1.0 44 % 10.1 bn other Aker BioMarine1 0.4 short-term Aker Drilling 0.2 interest bearing Non-Aker 0.3 Listed Long-term In NOK and bonds Long-term int-bearing Aker Drilling 2.8 in per cent of interest Aker Floating 1.4 bearing items gross asset values 1 Long-term 5.3 bn Aker BioMarine 0.5 at 31.12.09 interest bearing Other 0.5 31.12 30.09 31.12 2008 2009 2009 1 Aker expects to convert NOK 473 net receivable on Aker BioMarine to equity as part of planned refinancing of this company Active industrial ownership 4Q09 | Status and outlook | 10 Made by Norway © Aker ASA | February 2010 5 Aker perspectives Building industry through the cycles ... on the fundament of a strong balance sheet Oil price Stock market Currency (Brent blend USD/bbl) (OSEBX index) (NOK vs USD) 160 600 8 145 523 7,5 140 64 % 33 % 500 7 120 Share of Aker assets Share of Aker assets 6,5 invested in and exposed 400 invested in listed shares 100 to oil and oil services 6 80 300 5,5 60 5 200 188 40 34 4,5 20 100 4 jan. 08 jul. 08 jan. 09 jul. 09 jan. 10 jan. 08 jul. 08 jan. 09 jul. 09 jan. 10 jan. 08 jul. 08 jan. 09 jul. 09 jan. 10 Active industrial ownership 4Q09 | Status and outlook | 11 Made by Norway © Aker ASA | February 2010 The preferred partner AKER ASA Aker Holdings overview 6 Industrial holdings Gjøa topside en Aker Solutions route to mating Global engineering & construction services, technology products and integrated solutions NOK bn 22% Equity 4.1 Receivables 1.0 Transactions, chronology % of gross asset values April 04 Established after 3-way split of ‘old’ (31.12.09) Kvaerner. Listed at 25.30 NOK per share Dec 06 NOK 3 bn sale of Pulping & Power Aker’s view and priorities June 07 Ownership restructured. Aker Holding Record results in 2009, board proposed established in NOK 6.4 bn transaction dividend NOK 2.60 per share. Stable order backlog, approx 1 x 2009 revenues April 09 Expansion in deepwater well services and operations, NOK 1.4 bn transaction Well placed in deepwater & harsh environment megatrends Key figures 4Q08 4Q09 2008 2009 Simplify structure, improve visibility and Revenues 15 455 12 213 58 252 54 077 grow high value, high potential business EBITDA 103 1 044 3 382 4 368 segments. Drive continuous improvement in Backlog 58 016 56 276 58 016 56 276 quality and customer relations Active industrial ownership 4Q09 | Status and outlook | 13 Made by Norway © Aker ASA | February 2010 Industrial holdings Aker Drilling Owns and operates two highly sophisticated drilling rigs for deepwater and arctic operations NOK bn 28% Equity 3.5 Receivables 2.9 Both rigs offshore from end-Feb 2010 % of gross asset values Transactions, chronology (31.12.09) Sept 05 Design and construction contracts Aker’s view and priorities awarded to Aker Solutions Aker Drilling well positioned: Very few rigs Dec 05 IPO and listing on Oslo Stock Exchange, offer similar capacity for deepwater and delisted in Februar 2008 arctic drilling Aug 09 Rigs completed, contracts commence Both rigs are now working. Successful Feb 10 Both rigs working operations will unlock future opportunities Convertible bond to be refinanced, Aker Key figures 4Q08 4Q09 2008 2009 prepared to provide additional funding in Revenues - 534 - 764 first year of operation EBITDA -79 114 -268 -115 Active industrial ownership 4Q09 | Status and outlook | 14 Made by Norway © Aker ASA | February 2010 7 Aker Drilling Operating performance Chartered to Det norske oljeselskap To July 2012 plus 2 x 1 year options On Start 6 weeks contr operations at quayside Aker 26 Jul 9 Aug for repairs Barents 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Aker Spitsbergen On contr Start 6-10 weeks 27 Aug operations at quayside 26 Jan for upgrading Chartered to Statoil To July 2013 plus 5 x 2 year options In operation Undergoing repairs, upgrading 1 To 12 January.
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