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Marine Log

March 1, 2007

Aker Innovation eyes new projects

Aker, Aker Kvaerner, and Aker Yards have joined forces to establish the company Aker Innovation.

Aker Innovation will identify new industrial projects that it will develop into profitable companies.

Aker Innovation is currently developing several potential projects.

Together with the listed company DOF Subsea, Aker Innovation has identified interesting opportunities within subsea well intervention services for deepwater offshore fields, and is planning to establish a new company Aker Oilfield Services.

The planned new company will be a leading subsea well intervention company.

According to current plans, Aker Kvaerner would deliver complete well access and control equipment and services in addition to complete wireline well intervention equipment and services.

DOF would deliver marine crew and other operational services. Aker Yards would design and construct the state of the art well intervention vessels. Further details of Aker Oilfield Services will be announced at a later stage.

"With the establishment of Aker Innovation we are creating a vehicle for the long-term, industrial cooperation among Aker, Aker Kvaerner, and Aker Yards that we have called Aker's value-creating triangle," says Leif-Arne Langoy, Aker Board Chairman and President and CEO.

The two listed companies Aker Drilling and Aker Floating Production, which have a combined market capitalization of nearly NOK 4 billion, are the direct outgrowth of the industrial cooperation that Aker Innovation is tapping. Through their joint ownership of Aker Innovation, all three founders: Aker, Aker Kvaerner, and Aker Yards will receive future ownership interests in the new projects and companies that are developed. As in the past, the companies in Aker's value-creating triangle can supply expertise and technology to new projects.

Aker owns 67 percent of Aker Innovation, while Aker Kvaerner and Aker Yards each own 16.5 percent of the company. The founding companies' capital contributions to Aker Innovation will be determined by the company's capital needs for future projects.

Aker Innovation's Board of Directors comprises the following members: Leif-Arne Langoy, Bengt A. Rem, and Nils Are Karstad Lyso of Aker's group management; Aker Kvaerner's President and CEO Martinus Brandal; and Aker Yards' President and CEO Karl Erik Kjelstad.