- In the third quarter, Aker initiated and contributed to the mergerbetween Aker Exploration and Det norske oljeselskap. Also in thethird quarter, Converto Capital Management, an Aker-controlledcompany, carried out decisive ownership measures that strengthenedthe industrial development of Aker Seafoods and Bjørge, says ØyvindEriksen, Aker ASA President and CEO.

Aker purchased its first shares in Det norske in May 2009. Just fivemonths later, the merger between Aker Exploration and Det norske wasadopted by the companies' shareholders. Post-merger, the company willbe the second-largest operating on the Norwegian continental shelf interms of the number of operatorships and exploration activity. Thecompany's goal is to increase its oil production to between 15 000and 20 000 barrels a day over a five-year period. Aker will own justover 40 percent of the combined company.

Converto Capital has also demonstrated decisiveness. Working jointlywith the private equity firm Hitec Vision and a local partner,Converto announced in September that it will present a bid to acquirethe entire share capital of Bjørge. Plans are to delist the companyand continue to develop it in partnership with co-venturers and inclose cooperation with the company's management and employees.

Converto Capital has also been a driver in Aker Seafoods' financialrestructuring. Aker Seafoods completed a NOK 180 million share issueand reduced its debt with the repurchase of company bonds and therepayment of short-term bridge financing from Aker.

Aker is concentrating on its role as an industrial investmentcompany. In recent years, Aker has established several new companiesand remained central to their financing. During their start-upphases, these businesses have benefited from interaction with otherAker-owned companies. Aker's object going forward is to develop eachcompany into an independent entity with strong, experiencedoperational management and external financing.

- Further structural and operational simplification of Aker'sbusiness activities will ensue as portfolio companies mature. Aker'sprimary concern is to create shareholder value in each of itsunderlying companies through proactive ownership, says Mr. Eriksen.

Strategic development of operating companies and mergers andacquisitions are Aker's core competencies. These capabilities, inconjunction with continuous operational and structural improvementsat each portfolio company, will both create and demonstrateshareholder value.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.