“Aker achieved several strategic objectives in the third quarter, including the demerger of Aker Solutions, and Det norske’s acquisition of Marathon Norway. The latter was in particular a company maker for Det norske, and a milestone in our plan to transform the company from a pure exploration business into a fully integrated E&P player with significant cash flows,” said Aker President and CEO Øyvind Eriksen. “Prior to the closing of the transaction, Det norske was refinanced at favourable terms and at the right time. It completed a NOK 3.0 billion equity rights issue, with Aker subscribing for half of the new shares, ensuring full equity funding for Det norske’s current business plan until production starts at the Johan Sverdrup field.”

Following the equity issue in Det norske, Aker’s cash holdings were reduced by NOK 1.5 billion to NOK 1.6 billion in the third quarter. In addition, Aker held NOK 593 million in liquid fund investments as per 30 September 2014.

The value of Aker’s Industrial Holdings portfolio declined to NOK 21.8 billion in the quarter, mainly due to an underlying value decrease of NOK 1.8 billion, which was offset by the NOK 1.5 billion equity contribution through Det norske’s July rights issue. Aker’s Financial Investments portfolio amounted to NOK 7.6 billion, compared to NOK 9.1 billion in the prior quarter.

“Despite turmoil and falling oil and share prices, we see today more opportunities than threats to Aker. Individually, all of the companies in Aker’s industrial portfolio are stronger now than the last time we experienced turbulence in the capital markets and declining oil prices,” said Eriksen.

The value-adjusted equity ratio was 76 per cent, down from 77 per cent as of 30 June 2014 and down from 81 per cent per year-end 2013, prior to dividend payment.

The Aker share declined 12.8 per cent in the third quarter. This compares to a 1.4 per cent decline in the Oslo Stock Exchange’s benchmark index (OSEBX).

The income statement for Aker ASA and holding companies shows a pre-tax loss of NOK 276 million for the third quarter, compared to a NOK 609 million profit in the prior quarter. The income statement is mainly affected by value changes in the share investments and dividends received.

END

Net asset value (NAV) is Aker ASA's core performance indicator. Aker is an investment company with a majority of listed companies in its portfolio. Therefore, NAV is a more relevant indicator of the development of Aker's underlying value than the company's consolidated accounts.

For further information, please contact:

Media:
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 907 84 878

Investors:
Lars Kristian Kildahl, Head of Investor Relations
Phone: +47 24 13 00 61
Mobile: +47 916 30 061

Aker ASA Interim report 3Q 2014

Aker ASA Presentation 3Q 2014