Aker ASA: Offer to buy back shares in Aker ASA

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS COMMUNICATION.

In connection with the employee share purchase programme of Aker ASA (the "Company"), as well as for other corporate purposes, the Company hereby launches an offer to all shareholders in the Company to buy back up to 50,000 shares in Aker ASA. The offer will be carried out through a bookbuilding process with an offer price of up to NOK 322 per share. Per 21 December 2016, the Company owns no own shares.

The bookbuilding period commences immediately and will close at 16:30 (CET) on 22 December 2016. The Company reserves the right to accept acceptances received after the end of the bookbuilding period, as well as to extend the bookbuilding period one or several times. Acceptances of the offer are irrevocable and cannot be withdrawn, however if the bookbuilding period is extended, acceptances can be withdrawn up to the expiry of the extended bookbuilding period.

Shareholders who wish to sell their shares can call Arctic Securities on +47 21 01 31 85.

In the event that the total number of received acceptances exceeds 50,000 shares (or the increased amount of shares the Company wishes to purchase), the Company will determine criteria for the allocation of the acceptances in accordance with the best interest of the company and the equal treatment of the shareholders.

Allocation and pricing will follow before 09:00 (CET) on 23 December 2016. The trade date will be 23 December 2016 and settlement will take place on 28 December 2016. If the bookbuilding period is extended, the dates will be postponed correspondingly.

END

For further information, please contact: Investors: Marianne Stigset, Head of Investor Relations Phone: +47 24 13 00 66 Mobile: +47 411 88 482

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

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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The Offer and the distribution of this announcement and other information in connection with the offer may be restricted by law in certain jurisdictions.

Aker ASA does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The offer is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the "United States"). This includes, but is not limited to, facsimile transmission, internet delivery, e-mail, telex and telephones. Accordingly, copies of this release and any related documents are not being, and must not be, mailed, e-mailed or otherwise distributed or sent in or into the United States and so doing may invalidate any purported acceptance.